Textbook Flashcards
A bare-bones offering that allows entrepreneurs and product developers to collect customer feedback and to validate concepts and assumptions that underlie a business idea.
MVP
A systems development method in which requirements and solutions rapidly and iteratively evolve through collaboration between self-organizing, cross-functional teams, rather than a top-down, centrally-managed, schedule-driven approach.
agile software development
Positive influence created when someone finds out that others are doing something.
earned media
A software development approach where an organization’s developers release products, features, and updates in shorter cycles, when ready, rather than wait for centrally-managed delivery schedules.
continuous deployment
A bare-bones offering that allows entrepreneurs and product developers to collect customer feedback and to validate concepts and assumptions that underlie a business idea.
minimum viable product
A key concept in entrepreneurship and new product development that conveys the degree to which a product satisfies market demand. Successful efforts should be desired by customers, and scale into large, profitable businesses.
product/market fit
Pricing that shifts over time (also known as dynamic pricing), usually based on conditions that change demand (e.g. charging more for high-demand items with limited availability).
demand pricing
The amount of money a firm spends to convince a customer to buy (or in the case of free products, try or use) a product or service.
customer acquisition costs
The rate at which consumers leave a product or service.
churn rate
Refers to efforts where an organization pays to leverage a channel or promote a message. Paid media efforts include things such as advertisement and sponsorships.
paid media
Altering a product offering, business model, or target market in hopes that the change will lead to a viable business.
pivot
The value of future cash flows discounted into today’s dollars (it is discounted because a dollar today should be worth more in the future assuming inflation or the potential to earn money on the dollar if it is invested).
net present value
Positive influence created when someone finds out that others are doing something.
social proof
Sometimes abbreviated as CLV, CLTV, or LTV. Refers to the current value of future profits that will accrue from acquired customers. CLV = NPV (future customer profits).
customer lifetime value
In software development (sometimes also called project fork). When developers start with a copy of a project’s program source code, but modify it, creating a distinct and separate product from the original base.
fork
Exists when a firm’s potential partners see that firm as a threat. This threat could come because it offers competing products or services via alternative channels or because the firm works closely with especially threatening competitors.
channel conflict
Money owed for products and services purchased on credit.
account payable
A classification of software that monitors trends among customers and uses this data to personalize an individual customer’s experience.
collaborative-filtering
The number of times inventory is sold or used during a specific period (such as a year or quarter). A higher figure means a firm is selling products quickly.
inventory turns
Marketing practice where a firm rewards partners (affiliates) who bring in new business, often with a percentage of any resulting sales.
affiliate marketing program
Problems that arise when organizations cannot easily convert assets to cash. Cash is considered the most liquid asset—that is, the most widely accepted with a value understood by all.
liquidity problems
A line of identifying text assigned and retrieved by a given Web server and stored by your browser.
cookie
Offering deep discounts of a limited quantity of inventory. Flash sales often run for a fixed period or until inventory is completely depleted. Players include Guilt Groupe and Amazon’s MyHabit in fashion, and OneKingsLane in home décor.
flash-sales
Pricing that shifts over time, usually based on conditions that change demand (e.g., charging more for scarce items).
dynamic pricing
