Week 8

Question 1

Kano model

Answer 1

Expresses features and their implementation against satisfaction

Question 2

Basic needs (Kano model)

Answer 2

Must-haves, rarely excite people, people don’t express that they’re required
Dissatisfaction if not present

Question 3

Performance needs (Kano model)

Answer 3

Expressed as “x per y” Generally expressed by people

Satisfaction increases are more is provided

Question 4

Excitement needs (Kano model)

Answer 4

Seldom expressed as they’re new to the world and unexpected

Surprise and delight the customer

Question 5

Which needs do customers express?

Answer 5

Customers tend to only express performance/linear needs, not basic/excitement needs

Question 6

Delight from features over time

Answer 6

Over time, needs shift down from excitement to performance, then to basic needs

Question 7

Innovator’s Dilemma

Answer 7

Listening to your customers can satisfy their “next generation” needs, yet if their suggestions are bad…
If you stay too close to customers, you may be outmaneuvered if disruptive innovation occurs

Question 8

Sustaining innovation

Answer 8

Focuses on satisfying current needs by improving performance et al.

Question 9

Flaws of traditional methods for identifying customer needs

Answer 9

Customers are usually unable to articulate complex issues, or answer direct questions with respect to Kano

Question 10

Surveys

Answer 10

Ask the customer questions

Importance of achieving representative samples and adequate response rates

Question 11

Disruptive innovation

Answer 11

Focus on meeting customer’s future needs and establishing new markets (long-term survival)
Cheaper, lower performance
Lower margins

Question 12

Traditional Market Research

Answer 12

Questionnaires

Focus Groups

Question 13

Focus groups

Answer 13

Group of people assembled to participate in a discussion about x
Cost effective and offer rich data
Time consuming to plan conduct and analyse carefully. Require expertise and not always generalisable

Question 14

Ethnography

Answer 14

Observation of people using products and services in real situations
Real insight, extremely personal
Data isn’t always representative

Question 15

Market analysis steps

Answer 15

Industry overview
Target market
Competition
Pricing and forecast

Question 16

5 methods of pricing

Answer 16

Cost-plus pricing (cost + markup)
Competitive pricing
Price skimming (start high, reduce over time)
Penetration pricing (start low, increase over time)
Price bundling

Question 17

Psychological pricing

Answer 17

When you look cheaper

Question 18

Premium pricing

Answer 18

When you look more expensive

Question 19

Comparison of customer insight methods from personal and accurate to more representative

Answer 19

Repertory grid, ethnography, interview, focus group, survey, questionnaire

Question 20

Web Data

Answer 20

Use web data to observe patterns, target new customers, drive traffic and increase sales. Can find unmet needs

Question 21

Method of analysing competition for market analysis

Answer 21

Strategy canvas (sentiment analysis, feature-by-feature comparison, market share)

Question 22

Price elasticity definition

Answer 22

Effect of price on quantity

Question 23

Elastic demand

Answer 23

Change in price leads to bigger percentage change in demand

Question 24

Inelastic demand

Answer 24

Change in price leads to a smaller percentage change in demand

Question 25

Method for pricing and forecasting

Answer 25

Using statista reports

Question 26

Innovation definition

Answer 26

Innovation is "the development and implementation of new ideas" (Van de ven 1986) and "the successful expoloitation of new ideas" (Cox 2005)

Question 27

Schumer and Pavitt's innovation topology

Answer 27

``` New products New services New production methods/processes New ways of business organisation New markets New business models ```

Question 28

Technological innovations

Answer 28

New or significantly modified technological products and processes, where technological novelty emerges, unlike improvements, from their performance characteristics

Question 29

Factors which restrict innovation

Answer 29

Harsh business environments Regulatory barriers Difficult technology (reliability issues)

Question 30

TRL

Answer 30

Technology readiness levels which assess the maturity level of a given technology

Question 31

Levels 1 and 2 of the TRL

Answer 31

Observing principles and showing potential applications

Question 32

Levels 3, 4 and 5 of the TRL

Answer 32

Demonstrating proof of concept and validating it

Question 33

Levels 6 and 7 of the TRL

Answer 33

Demonstrating prototype and validating it

Question 34

Levels 8 and 9 of the TRL

Answer 34

System completion and use in successful operations

Question 35

Valley of death

Answer 35

Where most technology fails When moving from research to innovation Hard to show practicality, and until then, the private/public sector can't use your innovation

Question 36

TRA in the private sector

Answer 36

1,2,3 (Basic principles and proof of concept) Public sector / research organisations 4,5,6 (Prototype development before validation in a significant environment) Death valley 7,8,9 (Demonstration and validation before mass-market adoption) Private sector and industry

Question 37

Corporate social responsibility synonyms

Answer 37

Business for society and environment Corporate compassion Social entrepreneurship Single planet economy

Question 38

CSR definition

Answer 38

Companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis

Question 39

Alternative CSR definition

Answer 39

Responsibility of enterprises for their impacts on society

Question 40

CSR key themes

Answer 40

``` Voluntary Practices and values Transparent Requires multi-stakeholder orientation Beyond simple philanthropy Sustainability Essentially contested construct ```

Question 41

CSR policies

Answer 41

Derived from externalities | Consequences of production born by society

Question 42

Externalities of an economic transaction

Answer 42

Impact on a party that is not directly involved in the transaction

Question 43

Caroll's pyramid of CSR 1991 (From top to bottom)

Answer 43

Philanthropic responsibilities/being good corporate citizen Ethical responsibilities Legal responsibilities Economic responsibilities

Question 44

Baden's pyramid of CSR 2016 (Top to bottom)

Answer 44

Economic responsibilities Legal compliance Ethical responsibilities

Question 45

Stakeholders

Answer 45

People who have a legitimate interest in the corporation Corporations are not just managed in the interests of their stockholders alone Any group or individual who can affect or is affected by the achievement of the organization's objectives

Question 46

Stakeholders examples

Answer 46

``` Providers of capital Suppliers General public Community Pressure groups Competitors Employees Customers ```

Question 47

Ethical management/stakeholder management

Answer 47

First phase is stakeholder analysis (identify each stakeholder's influence and importance)

Question 48

Primary stakeholders

Answer 48

Have influence and importance

Question 49

Secondary stakeholders

Answer 49

Have influence or importance

Question 50

Influence

Answer 50

Extent to which a stakeholder is able to affect the organisation, as a measure of power

Question 51

Importance

Answer 51

Extent to which a stakeholder's problems, needs and interests are affected by the organisation's activities

Question 52

Funding sources vs technology readiness levels

Answer 52

Levels 1-3 = University research Levels 4-6 = Collaborative R&D projects Leve;s 7-9 = Company based