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Entrepreneurship > Quiz 1 > Flashcards

Quiz 1 Flashcards

1
Q

What is design thinking?

A

Match people’s needs with what is technologically feasible and viable (convert market opportunities into customer values)

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2
Q

What are the stages of Design Thinking

A
  1. Empathize
  2. Define
  3. Ideate
  4. Prototype
  5. Test
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3
Q

What is the ‘Human Rule’?

A
  1. Human Rule - All design activity is ultimately social in nature, and any social innovation will bring us back to the ‘human-centric point of view’
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4
Q

What is the ‘Ambiguity Rule’?

A
  1. Ambiguity Rule - Design thinkers must preserve ambiguity by experimenting at the limits of their knowledge and ability, enabling the freedom to see things differently
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5
Q

What is the ‘Re-design Rule’?

A
  1. Re-design Rule - All design is re-design; this comes as a result of changing technology and social circumstances but previously soled, unchanged human needs
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6
Q

What is the ‘Tangibility Rule’?

A
  1. Tangibility Rule - The concept that making ideas tangible always facilitates communication and allows designers to treat prototypes as ‘communication media’
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7
Q

Why practice Design Thinking?

A
  1. Design thinking informs human-centred innovation
  2. Design thinking adds value to innovation
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8
Q

What does SCAMPER stands for?

A
  1. Substitute; 2. Combine; 3. Adapt; 4. Modify; 5. Put to another use; 6. Eliminate; 7. Reverse
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9
Q

What is the 6 Thinking Hats concept?

A
  1. A method of compartmentalizing our thinking in order to focus on specific aspects of the problem/idea (We only wear one hat at a time)
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10
Q

What each of the 6 Thinking Hats represents?

A
  1. Blue: Management and rules
  2. White: Information and facts
  3. Green: Creativity and Possibilities
  4. Yellow: Optimism, value, and benefits
  5. Red: Emotion, feelings, and intuition
  6. Black: Devil’s Advocate, difficulties, and consequences
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11
Q

What are the steps followed to determine Market Feasibility?

A
  1. The concept for your venture
  2. An assessment of your market
  3. The technical feasibility of your idea
  4. The supply situation
  5. Cost-profit analysis
  6. Your plans for future action
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12
Q

What are the 5 types of markets (or types of customers)

A
  1. B2C - The consumer market
  2. B2B - The institutional market
  3. B2B - The industrial market
  4. B2B - The government
  5. B2B - The International market
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13
Q

What are the types of Market Segmentation

A
  1. Geographic - part of a city or town, country, province, region, or country
  2. Demographic - age, gender, marital status, family size, race, religion, education level, income, and occupation
  3. Psychographic - Activities, interests, and opinions, lifestyle characteristics, and life stage
  4. Behavioural - reasons for buying products or services similar to yours, loyalty, timing and means of purchasing
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14
Q

What are the 4 P’s of Marketing Feasibility?

A

Product, Price, Place, and Promotion

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15
Q

What are the 4 basic steps involved in Market Research?

A
  1. Define the need for information
  2. Search for secondary data
  3. Gather primary data
  4. Interpret the information
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16
Q

Describe the Primary Gather of Data

A
  1. You do your own research
  2. Best method to obtain current, relevant information
  3. Observational Methods => observing people in particular situations
  4. Questioning Methods => survey research and experimentation
17
Q

Describe the Secondary Gather of Data

A
  1. It’s less expensive than the Primary
  2. Comes from a variety of resources: Statistics Canada, industry reports, trade journals, investment journals, competitors financial statements, Canada Business Services for Entrepreneurs, the internet
18
Q

What are the 4 Competitive Strategies?

A
  1. Cost Advantage
  2. Differentiation Advantage
  3. Marketing Advantage
  4. Focus on a Market Niche
19
Q

What are the 4 Design Thinking Principles?

A
  1. Human Rule; 2. Ambiguity rule; 3. Re-design rule; 4. Tangibility rule
20
Q

How do we do do ‘Design Thinking’?

A
  1. Discovery; 2. Observe; 3. Empathize; 4. Leverage Stories; 5. Frame & Reframe; 6. Ideate; Decide; 8. Prototype; 9. Validate; 10. Iterate
21
Q

Why assess feasibility?

A
  1. Helps transform your concept from idea to market
  2. Determines the probability of success of your venture
  3. Provides a solid analysis and evaluation

Entrepreneurship (2 decks)

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