Exam

Question 1

What is Design Thinking?

Answer 1

Problem solving tool consisting of 4 elements

Question 2

What are the 4 elements of Design Thinking?

Answer 2

1. Define the Problem
2. Create and Consider Many Problems
3. Refine Selected Directions(may repeat)
4. Pick the Winner, Execute

Question 3

Define the Problem (DT)

Answer 3

The goal of the definition stage is to target the right problem to solve, and then to frame the problem
in a way that invites creative solutions.

Observation takes center stage.
Requires cross functional insight into each problem by
varied perspectives as well as constant and relentless questioning, like that of a small child, Why?,
Why? Why?

Question 4

Create and Consider Many Problems (DT)

Answer 4

No matter how obvious the solution may seem, many solutions be created for consideration.

Better answers happen when 5 people work on a problem for a day, than one person for five days.

Question 5

Refine Selected Directions(may repeat) (DT)

Answer 5

A handful of promising results need to be embraced and nurtured

At this stage many times options will need to be combined and smaller ideas
integrated into the selected schemes that make it through.

Repeat Steps 2-3 as need.

Question 6

Pick the Winner, Execute (DT)

Answer 6

At the end of stage 4 the problem is solved or the

opportunity is fully uncovered.

Question 7

What is a team?

Answer 7

A collection of individual with complimentary skills who coorperate with each other to achieve mutually recognized goals

Question 8

What is a group?

Answer 8

Two or more interacting and interdependent individuals who come together to achieve particular goals

Question 9

What are team norms?

Answer 9

Informally agreed-on standards that regulate team behaviour. Powerful influence on work behaviour . Regulate the everyday behaviours of a team

Question 10

Team cohesiveness

Answer 10

The extent to which members are attracted to the team and motivated to remain in it

Question 11

Team Size (in regards to cohesiveness)

Answer 11

Smaller teams tend to be more cohesive than larger team because it is easier for a few people to agree on goals and coordinate work activities.

Question 12

Advantages of a team

Answer 12

• Customer satisfaction
• Product and service quality
• Speed/Efficiency in Product Development
• Employee satisfaction
• Decision making

Question 13

Disadvantages of a team

Answer 13

• Initially High employee turnover

- Social Loafing

Question 14

Elements of an effective team?

Answer 14

• Shares info openly
• Participates in teams task
• Encourages each other
• Uses all team resources

Question 15

What is S.C.O.R.E?

Answer 15

Strategy
Clear Roles and Responsibility 
Open Communication
Rapid Response
Effective Leadership

Question 16

Some principles of leadership?

Answer 16

• Know yourself and seek self-improvement
• Keep your workers informed
• Set the example
• Take responsibility for own actions

Question 17

Leadership Traits?

Answer 17

Honesty
Self-management
Adapts to others
Cooperation 
Competence

Question 18

What is the Product Lifecycle?

Answer 18

The life of a product is the period over which is appeals to customers

Question 19

Stages in the Product Lifecycle?

Answer 19

1. Development
2. Launch
3. Growth
4. Maturity
5. Saturation
6. Decline

Question 20

Development Stage?

Answer 20

1st stage in PLC

• Initial ideas,
  planned R&D,
  market analysis

Question 21

Launch Stage?

Answer 21

2nd Stage in PLC

Advertising campaigns,
monitoring of sales,
publicity,
high costs and low sales

Question 22

Growth Stage?

Answer 22

3rd Stage in PLC

Sales rise,
consumer awareness,
revenue increases,
monitor competitor response.

Question 23

Maturity Stage?

Answer 23

4th Stage in PLC

Sales reach peak,
ratio of revenue costs high,
sales growth low, market share maybe high,
greater competition

Question 24

Saturation Stage?

Answer 24

5th Stage in PLC

Developing new strategies, 
new ideas, 
product adaption, 
re-packaging, 
improve standard or quality, 
develop product range

Question 25

Decline Stage?

Answer 25

6th Stage in PLC Product outlives/outgrows its usefulness/value Tech changes Sales decline

Question 26

Technology Lifecycle?

Answer 26

Very short lifecycle Concerned with time and cost of development May be furthered through patents/trademarks

Question 27

Innovation Adoption Lifecycle Categories?

Answer 27

1. Innovators 2. Early Adopters 3. Early Majority 4. Late Majority 5. Laggards

Question 28

Innovators?

Answer 28

``` First to adopt Highest social class Great financial liquidity ```

Question 29

Early Adopters?

Answer 29

High degree of opinion leadership Advanced education Financial liquidity

Question 30

Early Majority

Answer 30

Time to adoption significantly longer Above average social status Contact with early adopters

Question 31

Late Majority

Answer 31

Adopt after the average member of society High degree of skepticism Below average social status Very little financial liquidity

Question 32

Laggards

Answer 32

Last to adopt Little to no opinion leadership Aversion to change/"traditional" Oldest of all adopters

Question 33

How could Phaesun market themselves?

Answer 33

``` Increase consumer awareness Monitor market See what competitors offer Align with opinion leaders in communities Target people with financial liquidity ```

Question 34

What is the Boston Matrix?

Answer 34

Looks are growth rate, market share and cash flow

Question 35

Four categories of the Boston Matrix?

Answer 35

Problem Child (High growth, low market share) Stars (High, high) Dogs ( low growth, low market share) Cash Cows (Low growth, high market share)

Question 36

Upcycling?

Answer 36

Converting waste materials or useless products into new materials or products.

Question 37

What is a business model?

Answer 37

Describes the rationale of how an organization creates, delivers and captures value

Question 38

Elements of the Business Model Canvas?

Answer 38

1. Key Partners 2. Key Activities 3. Key Resources 4. Value propositions 5. Customer Relationships 6. Customer Segments 7. Channels 8. Cost Structure 9. Revenue Streams

Question 39

Point about Business Model Canvas?

Answer 39

All elements should be connected

Question 40

Ways to Finance Solar projects?

Answer 40

1. MFI's (Micro-Finance Institution) | 2. In-House Financing

Question 41

What is In-House Financing?

Answer 41

Collecting payments by technicians when they service the solar equipment

Question 42

What is an MFI?

Answer 42

Micro-Finance Institution - loans small amounts of loans to poorer customers. Compulsory in some countries (e.g. India) as only financial institutions can offer interest-bearing credit

Question 43

MFI's or In-House financing?

Answer 43

In short, offering financing in-house comes with a handful of issues (e.g., where to find working capital financing, how to keep collection costs low in particular for smaller ticket items). But even when working with MFIs and banks is a necessity, marketers should also know that they cannot just “outsource” the credit issue to financiers.

Question 44

Con of MFI's

Answer 44

Lack technological know-how. However MFI's are still preferred. MFIs only reach out to a small fraction of the poorest population

Question 45

Innovation in Corporate Culture?

Answer 45

- Focus on "open floor" plans to foster communication - Remove hierarchy in the organization (put everyone on the "same level") - Trust - Self-managed teams - Openness and communication

Question 46

What is a lean startup?

Answer 46

Proposed by Eric Ries in 2011. Research shows 75% of start-ups fail A method for developing businesses and products - shortening product development cycles.

Question 47

Principles of lean startups?

Answer 47

1. Minimum viable product (MVP) - version of a new product which allows a team to collect the maximum amount of validated learning. 2. Business Model Canvas

Question 48

Phaesun?

Answer 48

Produce BOSS (Business Opportunities with Solar Systems) kits - want to find a way to market them.