Flashcards in Chapter 14: Bottom-Up Mindset Deck (18):
Number of products launched worldwide each year?
100,000 food products
80,000 non-food products
What percentage of US products are successful?
Only 1500 out of 30,000
How can a paint-point be beneficial?
Bottom-up mindset allows you to address the pain point with a differentiating tactic, and building a strategy around the tactic.
What are the 3 reasons a bottom-up mindset is necessary?
1. Startups don't have established relationships
2. Startups don't have a well-known image
3. Startups don't have big business financial resources
What is the key to a bottom-up mindset?
Identifying a differentiating tactic and directing all resources towards it.
True or false? Top-down marketing slows product development down?
Startups must fine a way to accelerate what?
Define a BOTTOM-UP MINDSET
1. Focuses on making the most of what you have
2. Goes where the money is and quickly adjusts the competitive angle in a way that makes the competition irrelevant.
3. Transitions a winning marketing tactic into a long-term successful business strategy.
True or false? "Me too" tactics are just as bad as "me too" products.
What question do startup marketers ask?
"What do I have that I can use and how will it make my competitors irrelevant?"
True or false? Majority of successful entrepreneurs do it by modifying current products, not new ideas.
What is the R&D APPROACH? (startup marketing)
Refine & Design (Rip off and Duplicate)
What are the 3 reasons for using the R&D approach?
1. Startups must obtain funding from investors to launch their new business.
2. Startups don't have the financial resources to create a new product category on their own.
3. Startups don't have the financial resources to do traditional research and development. In addition, even if they had the spare cash, they can't take the risk of failure.
True or false? Entrepreneurs (business owners) have the highest overall well-being and work longer hours?
What are the 3 GUY KAWASAKI principles?
1. Increase the quality of life
2. Right a wrong
3. Prevent the end of something good
True or false? Innovation is incremental?
Entrepreneurs must achieve success the old fashion way, which is?
Earning it through creative, low-cost tactics.