Test Flashcards
The Golden Circle
Why (purpose), How (values and principles), What (results/actions/products features)
Design Thinking Core Elements
People (Desirability), Technology (Feasibility), Business (Viability)
- Human centric
- Highly iterative
- Rapid prototyping
Design Thinking
Empathize, Define, Ideate, Prototype, Test
Marketing Mix
Product, Place, Price, Promotion
Solution, Access, Value, Education
Product Life Cycle
Development Introduction Growth Maturity Saturation Decline
Innovative Culture
Risk
Freedom
Engagement
Learning-Failure
Strategy
Purpose Where will be play How will we win What capabilities must be in place What management systems are required
Types of Attack strategies
Prospectors -first, innovators
Analyser -fast followers
Defenders -maintain niche
Reactor -respond under duress
Entry strategy
Depends on:
Newness of the market
Technology required
Capabilities of the company staff
Auditing a companys NPD effort
Percentage of revenue and profits produced by new products Success, Fail, Kill rates Time-to-market & slip-rate On budget Climate and Culture
Innovation management
Stage Gate (FUll, XPress, Lite), Agile
Stage Gate
Discovery -> Idea Screen Scoping -> Second Screen Business Case -> Go to development Development ->Go to testing and validation Testing and Validation -> Go to launch Launch -> Post-launch review
Stage Gate pros
Adds discipline and constraints into NPD efforts
Places Emphasis on quality decision making
is transparent to all involved
Can be adapted to wide range of organisations
Stage Gate cons
Potential to become over-bureaucratic
When not fully understood, can seem too rigid and costly
Discipline and constraints perceived as stifling creativity
Agile
Rapid iterative approach
Fast moving, constant testing/feedback
Responsive
Sprints, Scrums, Product backlog
Product backlog
A prioritized features list containing short description of all functionality desired in the product
Agile individual team member
Individual team member -empowered to take responsibility for project execution
Agile product owner
-person outside the team representing stakeholder interests
Agile Scrum Master
-team member responsible for facilitating daily meetings and communication with product owner
Agile pros
fast moving and flexible
lightly controlled and transparent
Iterative
Agile cons
Can lead to scope creep
If task not well defined, may spread over several sprints
requires managers to trust the team
Purpose of market research
Focused on gaining insights related to our customers
identify target markets, segments and competitors
Identify consumer needs and expectations
Create excitement
Evaluate effectiveness of advertising and promotion
Market research process
define problems and objectives develop research plan collect information analyse data present cases
Market segmentation
geographic
demographic
psychographic
behavioural
Consumer buying behaviour: factors influencing purchasing decisions
cultural
social
personal
psychological
Consumer buying behaviour: roles in buying process
influencers
initiators
users
deciders
Decision making process
Need recognition information search evaluation of alternatives purchase decision post-purchase behaviour
Adoption categories
Innovators Early adopters Early majority Late Majority Laggards
Factors influencing Business buying decisions
Environment business is in
Organizational factors
interpersonal/social
Individual
Tradeoff of costs
Cost of order
Cost of storage
Cost of downtime
Key Elements to the business case
The product defined -what will we develop/deliver
The project justified -why invest
The action plan developed -how will we get there, who will do work, resources needed
Stimuli scaling
Paired Ranking Category sorting Likert scales Category scales Graphic ratings Willingness to purchase
Information required
Finalise concept
Identify potential consumers
Market potential
Information types
Subject
Classification
identification
Question Types
Unstructured
Multiple choice
Dichotomous
Sampling design: Nonprobability
Convenience
Judgemental
Quota
Snowball
Sampling design: Probability
Simple random
Systematic
Cluster
Stratified
