Test

Question 1

The Golden Circle

Answer 1

Why (purpose), How (values and principles), What (results/actions/products features)

Question 2

Design Thinking Core Elements

Answer 2

People (Desirability), Technology (Feasibility), Business (Viability)

• Human centric
• Highly iterative
• Rapid prototyping

Question 3

Design Thinking

Answer 3

Empathize, Define, Ideate, Prototype, Test

Question 4

Marketing Mix

Answer 4

Product, Place, Price, Promotion

Solution, Access, Value, Education

Question 5

Product Life Cycle

Answer 5

Development
Introduction
Growth
Maturity
Saturation
Decline

Question 6

Innovative Culture

Answer 6

Risk
Freedom
Engagement
Learning-Failure

Question 7

Strategy

Answer 7

Purpose
Where will be play
How will we win
What capabilities must be in place
What management systems are required

Question 8

Types of Attack strategies

Answer 8

Prospectors -first, innovators
Analyser -fast followers
Defenders -maintain niche
Reactor -respond under duress

Question 9

Entry strategy

Answer 9

Depends on:
Newness of the market
Technology required
Capabilities of the company staff

Question 10

Auditing a companys NPD effort

Answer 10

Percentage of revenue and profits produced by new products
Success, Fail, Kill rates
Time-to-market & slip-rate
On budget
Climate and Culture

Question 11

Innovation management

Answer 11

Stage Gate (FUll, XPress, Lite), Agile

Question 12

Stage Gate

Answer 12

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

Question 13

Stage Gate pros

Answer 13

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

Question 14

Stage Gate cons

Answer 14

Potential to become over-bureaucratic
When not fully understood, can seem too rigid and costly
Discipline and constraints perceived as stifling creativity

Question 15

Agile

Answer 15

Rapid iterative approach
Fast moving, constant testing/feedback
Responsive
Sprints, Scrums, Product backlog

Question 16

Product backlog

Answer 16

A prioritized features list containing short description of all functionality desired in the product

Question 17

Agile individual team member

Answer 17

Individual team member -empowered to take responsibility for project execution

Question 18

Agile product owner

Answer 18

-person outside the team representing stakeholder interests

Question 19

Agile Scrum Master

Answer 19

-team member responsible for facilitating daily meetings and communication with product owner

Question 20

Agile pros

Answer 20

fast moving and flexible
lightly controlled and transparent
Iterative

Question 21

Agile cons

Answer 21

Can lead to scope creep
If task not well defined, may spread over several sprints
requires managers to trust the team

Question 22

Purpose of market research

Answer 22

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

Question 23

Market research process

Answer 23

define problems and objectives
develop research plan
collect information
analyse data
present cases

Question 24

Market segmentation

Answer 24

geographic
demographic
psychographic
behavioural

Question 25

Consumer buying behaviour: factors influencing purchasing decisions

Answer 25

cultural social personal psychological

Question 26

Consumer buying behaviour: roles in buying process

Answer 26

influencers initiators users deciders

Question 27

Decision making process

Answer 27

``` Need recognition information search evaluation of alternatives purchase decision post-purchase behaviour ```

Question 28

Adoption categories

Answer 28

``` Innovators Early adopters Early majority Late Majority Laggards ```

Question 29

Factors influencing Business buying decisions

Answer 29

Environment business is in Organizational factors interpersonal/social Individual

Question 30

Tradeoff of costs

Answer 30

Cost of order Cost of storage Cost of downtime

Question 31

Key Elements to the business case

Answer 31

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

Question 32

Stimuli scaling

Answer 32

``` Paired Ranking Category sorting Likert scales Category scales Graphic ratings Willingness to purchase ```

Question 33

Information required

Answer 33

Finalise concept Identify potential consumers Market potential

Question 34

Information types

Answer 34

Subject Classification identification

Question 35

Question Types

Answer 35

Unstructured Multiple choice Dichotomous

Question 36

Sampling design: Nonprobability

Answer 36

Convenience Judgemental Quota Snowball

Question 37

Sampling design: Probability

Answer 37

Simple random Systematic Cluster Stratified