Arbus 200 - Chapter 8 Flashcards
(15 cards)
What is an assumption?
beliefs or ideas that are accepted as true without evidence, can lead to misconceptions
what is a hypothesis?
testable staement based on evidence, research and decision-making process
Value hypothesis
- smart guess you can test to see if your product truly solves a problem for customers
- hypothesis allows startupsto test in low risk environment
value proposition
Explains the “what” and “why” of your product showing how it eases a specific pain point. targets a specific group of customers
Customer Segmentation
studying your target audiences demographics, needs, nehaviours, and problems
problem statement
defines exact issue your product will solve, focusing on the pain point.
validating the value hypothesis
- MVP testing
- Prototyping
mistakes to avoid with the value hypothesis
- confirmation bias
- shiny object syndrome
- clinging to the first hypothesis
- mixing up busywork with real progress
comanies with successful hypothesis
starbucks: person is willing to pay high price for premium coffee
Ikea: people are willng to assemble thier own furniture
Amazon: people trust to buy products online without physcially seeing/touching them
market research techniques
- surveys
- interviews
- focus groups
3 parts of competitive landscape analysis
- identifying competitors
- market gaps discovery
- crafting a winning strategy
components of strong hypothesis
- clear statement/outcome
- rationale behind hypothesis
- testing conditions
defining measurable outcomes and metrics
- Importance of measurable outcomes
- establishing clear KPIs (key performance indicators)
- informed decision making
how to incorporate hypothesis test results into business model
- enhance product offerings
- imporve marketing strategies
- boosting customers engagement
strategies for pivoting and adapting
- flexibility
- market demand response
- willingness to change
