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COMP3219 > Week 8 > Flashcards

Week 8 Flashcards

1
Q

Kano model

A

Expresses features and their implementation against satisfaction

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2
Q

Basic needs (Kano model)

A

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

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3
Q

Performance needs (Kano model)

A

Expressed as “x per y” Generally expressed by people

Satisfaction increases are more is provided

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4
Q

Excitement needs (Kano model)

A

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

Surprise and delight the customer

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5
Q

Which needs do customers express?

A

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

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6
Q

Delight from features over time

A

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

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7
Q

Innovator’s Dilemma

A

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

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8
Q

Sustaining innovation

A

Focuses on satisfying current needs by improving performance et al.

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9
Q

Flaws of traditional methods for identifying customer needs

A

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

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10
Q

Surveys

A

Ask the customer questions

Importance of achieving representative samples and adequate response rates

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11
Q

Disruptive innovation

A

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

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12
Q

Traditional Market Research

A

Questionnaires

Focus Groups

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13
Q

Focus groups

A

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

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14
Q

Ethnography

A

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

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15
Q

Market analysis steps

A

Industry overview
Target market
Competition
Pricing and forecast

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16
Q

5 methods of pricing

A

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

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17
Q

Psychological pricing

A

When you look cheaper

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18
Q

Premium pricing

A

When you look more expensive

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19
Q

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

A

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

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20
Q

Web Data

A

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

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21
Q

Method of analysing competition for market analysis

A

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

22
Q

Price elasticity definition

A

Effect of price on quantity

23
Q

Elastic demand

A

Change in price leads to bigger percentage change in demand

24
Q

Inelastic demand

A

Change in price leads to a smaller percentage change in demand

25
Q

Method for pricing and forecasting

A

Using statista reports

26
Q

Innovation definition

A

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

27
Q

Schumer and Pavitt’s innovation topology

A 
New products
New services
New production methods/processes
New ways of business organisation
New markets
New business models
28
Q

Technological innovations

A

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

29
Q

Factors which restrict innovation

A

Harsh business environments
Regulatory barriers
Difficult technology (reliability issues)

30
Q

TRL

A

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

31
Q

Levels 1 and 2 of the TRL

A

Observing principles and showing potential applications

32
Q

Levels 3, 4 and 5 of the TRL

A

Demonstrating proof of concept and validating it

33
Q

Levels 6 and 7 of the TRL

A

Demonstrating prototype and validating it

34
Q

Levels 8 and 9 of the TRL

A

System completion and use in successful operations

35
Q

Valley of death

A

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

36
Q

TRA in the private sector

A

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

37
Q

Corporate social responsibility synonyms

A

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

38
Q

CSR definition

A

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

39
Q

Alternative CSR definition

A

Responsibility of enterprises for their impacts on society

40
Q

CSR key themes

A 
Voluntary
Practices and values
Transparent
Requires multi-stakeholder orientation
Beyond simple philanthropy
Sustainability
Essentially contested construct
41
Q

CSR policies

A

Derived from externalities

Consequences of production born by society

42
Q

Externalities of an economic transaction

A

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

43
Q

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

A

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

44
Q

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

A

Economic responsibilities
Legal compliance
Ethical responsibilities

45
Q

Stakeholders

A

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

46
Q

Stakeholders examples

A 
Providers of capital
Suppliers
General public
Community
Pressure groups
Competitors
Employees
Customers
47
Q

Ethical management/stakeholder management

A

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

48
Q

Primary stakeholders

A

Have influence and importance

49
Q

Secondary stakeholders

A

Have influence or importance

50
Q

Influence

A

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

51
Q

Importance

A

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

52
Q

Funding sources vs technology readiness levels

A

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

COMP3219 (14 decks)

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