PRELIMS Flashcards by Athea Ordis

A group of companies producing similar products or services, often characterized by their primary business activities.

A. Domain
B. Market Need
C. Problem Space
D. Industry

D. Industry

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Refers to a specific area of knowledge, expertise, or focus. It can also refer to a particular environment or context in which businesses operate.

A. Market
B. Domain
C. Industry
D. Market Need

B. Domain

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The set of challenges or issues in a particular area that offers opportunities for solutions or innovations.

A. Industry
B. Domain
C. Market
D. Problem Space
E. Market Need

D. Problem Space

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A set-up where buyers and sellers interact to exchange goods, services, or information, often facilitated by a physical or virtual platform.

A. Market
B. Market Need
C. Industry
D. Domain

A. Market

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It is an unmet demand or consumer desire in a particular market.

A. Market
B. Domain
C. Market Need
D. Problem Space

C. Market Need

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It is a broad classification of the economic activities based on similar business interests or activities.

A. Industry
B. Sector
C. Macro Trends
D. Market Research

B. Sector

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It is the process of gathering, analyzing, and interpreting information about a market, including information about potential customers, competitors, and the industry.

A. Market Research
B. Industry Insights
C. Historical Market Trends
D. Sector

A. Market Research

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Deep understandings or revelations about a specific sector or market based on research and analysis.

A. Sector
B. Market Research
C. Industry Insights
D. Historical Market Trends

C. Industry Insights

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Past patterns of change or movement in a market over a specific period.

A. Sector
B. Macro Trends
C. Historical Market Trends
D. Industry Insights

C. Historical Market Trends

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Large-scale, overarching trends that affect industries and populations over an extended period.

A. Historical Market Trends
B. Macro Trends
C. Micro Trends
D. Sector

B. Macro Trends

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HOW TO DISCOVER REAL-WORLD PROBLEMS?

Identify market gaps, addressing consumer complaints, and staying updated on emerging trends and technologies.

A. Observe the Market & Industry Trends

B. Experiencing Problems Personally

C. Social Listening

D. Customer Research

A. Observe the Market & Industry Trends

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HOW TO DISCOVER REAL-WORLD PROBLEMS?

Conduct surveys, interviews, or focus groups to understand customer needs.

A. Observe the Market & Industry Trends

B. Experiencing Problems Personally

C. Social Listening

D. Customer Research

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HOW TO DISCOVER REAL-WORLD PROBLEMS?

Use social media platforms to track what potential customers are discussing or complaining about.

A. Observe the Market & Industry Trends

B. Experiencing Problems Personally

C. Social Listening

D. Customer Research

C. Social Listening

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HOW TO DISCOVER REAL-WORLD PROBLEMS?

Reflect on personal pain points or frustrations you encounter in daily life.

A. Observe the Market & Industry Trends

B. Experiencing Problems Personally

C. Social Listening

D. Customer Research

B. Experiencing Problems Personally

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It is the process where people move from rural areas to cities in search of better opportunities and amenities. It’s driven by factors like jobs, education, and lifestyle.

A. Demography
B. Technological Trends
C. Migration
D. Urbanization

D. Urbanization

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Patterns in the development and adoption of new technologies over time.

A. Research & Development
B. Unicorns
C. Technological Trends
D. Metropolis

C. Technological Trends

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It is the study of populations, focusing on the structure, distribution, and trends within human groups. It examines characteristics of populations, like age or gender birth, marriage, and death rates.

A. Demography
B. Psychography
C. Problem Statement
D. Urbanization

A. Demography

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It is a way to measure the average yearly growth rate of an investment over multiple years.

A. Demography
B. Primary Data
C. Mergers and Acquisition (M&A)
D. Compound Annual Growth Rate (CAGR)

D. Compound Annual Growth Rate (CAGR)

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A clear and concise description of a specific issue or challenge that needs addressing.

A. Technological Trends
B. Metropolis
C. Demography
D. Problem Statement

D. Problem Statement

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Data collected directly from original sources, typically for a specific research purpose.

A. Primary Data
B. Secondary Data
C. Research and Development
D. Psychography

A. Primary Data

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Data previously collected for another purpose and reused for a different research objective.

A. Secondary Data
B. Primary Data
C. Migration
D. Metropolis

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A. Secondary Data

Large, important cities that are the main centers of population, commerce, and cultural activities.

A. Industry
B. Metropolis
C. Domain
D. Urbanization

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B. Metropolis

Activities undertaken by companies or institutions to innovate and introduce new products or services.

A. Unicorns
B. Private Sector
C. Technological Trends
D. Research and Development

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D. Research and Development

The movement of people from one place to another, often for economic, social, or environmental reasons.

A. Psychography
B. Metropolis
C. Urbanization
D. Migration

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D. Migration

**It refers to the analysis of a person's character, personality traits, or psychological makeup.** A. Unicorns B. Demography C. Private Sector D. Psychography

D. Psychography

**It is the process of combining (merging) or purchasing (acquiring) different companies.** A. Private Sector B. Research and Development C. Mergers and Acquisition D. Unicorns

C. Mergers and Acquisition

**Startups or young companies valued at over $1 billion, typically in the tech or digital sectors.** A. Private Sector B. Unicorns C. Migration D. Market Projection

B. Unicorns

**The part of the economy that is run by individuals and companies for profit and not controlled by the state.** A. Private Sector B. Domain C. Industry D. Unicorns

A. Private Sector

* **Founders or leaders frequently identify problems based on their own or family's experiences.** * **These personal encounters provide clear insight into areas lacking adequate solutions.** * **Such realizations & experienced pains motivate founders to address the problem.** A. Personal Passions B. Personal Experiences C. Professional Experiences D. Observation

B. Personal Experiences

* **This can be a powerful driver.** * **Their deep engagement gives unique perspective on neglected areas.** * **This passion drives them to find and implement targeted solutions.** A. Personal Passions B. Personal Experiences C. Professional Experiences D. Observation

A. Personal Passions

* Highlights inneficiencies and unmet needs. * Leaders notice challenges by empathetically understanding customers. * This awareness initiates problem identification. A. Personal Passions B. Personal Experiences C. Professional Experiences D. Observation

D. Observation

* Enable leaders to spot industry-specific inefficiencies. * Expertise and daily exposure to field practices reveal opportunities for improvement. * These insights drive professionals to solve these problems with innovative solutions. A. Personal Passions B. Personal Experiences C. Professional Experiences D. Observation

C. Professional Experiences

* Leads to movement of pollution, housing, transportation and other issues from city growth. * These challenges drive innovation and policy for sustainable people to cities with traffic, urban living. * The goal is to create efficient, fair environments for city residents. A. Urbanization Trends B. Socio Economic Trends C. Domain Trends D. Technological Changes

A. Urbanization Trends

* Changes related to income, education, and health of larger numbers of citizens highlight systematic issues. * Innovators use these insights to meet new demands and foster inclusivity. * The aim is to enhance life quality for the varied population groups in a city, region or country. A. Urbanization Trends B. Socio Economic Trends C. Domain Trends D. Technological Changes

B. Socio Economic Trends

* Industry trends shift market dynamics, revealing new problems. * They expose gaps in current services and new consumer needs. * Innovators are prompted to develop solutions for these evolving challenges. A. Urbanization Trends B. Socio Economic Trends C. Domain Trends D. Technological Changes

C. Domain Trends

* New technologies often disrupts or changes the way consumers use services or companies do business. * Leaders leverage these trends to redefine industry standards and introduce new operational methods. * The drive to innovate stems from recognizing technology's potential to be competitive. A. Urbanization Trends B. Socio Economic Trends C. Domain Trends D. Technological Changes

D. Technological Changes

PROCESS OF FINDING POWERFUL IDEAS **Who is facing the problem? How urgent and important is it to fix?** A. Be Curious B. Identify Problems C. Validate Problems D. Generate Ideas

C. Validate Problems

PROCESS OF FINDING POWERFUL IDEAS **Find ideas that resonate with your passion and offer delightful solutions to users/customers.** A. Be Curious B. Identify Problems C. Validate Problems D. Generate Ideas

D. Generate Ideas

PROCESS OF FINDING POWERFUL IDEAS **Observe the world around you. Discover your passion.** A. Be Curious B. Identify Problems C. Validate Problems D. Generate Ideas

A. Be Curious

PROCESS OF FINDING POWERFUL IDEAS **Based on personal experience, observations, trends, etc.** A. Be Curious B. Identify Problems C. Validate Problems D. Generate Ideas

B. Identify Problems

**It is a systematic process of examining and understanding the underlying issues, challenges, or obstacles that individuals, organizations, or communities face. It involves identifying the root causes of problems, analyzing contributing factors, and developing insights to guide effective solutions or interventions.** A. Problem Analysis B. Statement Problem C. Market Saturation D. Root Cause

A. Problem Analysis

**It is the fundamental reason for the occurrence of a problem or issue, which, if addressed, prevents the problem from recurring.** A. Problem Analysis B. Statement Problem C. Market Saturation D. Root Cause

D. Root Cause

**Predicted future trends or movements in a market based on current data and analysis.** A. Problem Analysis B. Statement Problem C. Market Saturation D. Market Projection

D. Market Projection

**A situation where a product or service has been maximized in a market; further growth is difficult.** A. Problem Analysis B. Statement Problem C. Market Saturation D. Market Projection

C. Market Saturation

**The process of confirming that a perceived problem is real, significant, and worth solving. The entrepreneur's way of ensuring a problem is genuine and worth solving, before diving headfirst into a business idea.** A. Statement problem B. Problem Validation C. Market Orientation D. Root Cause

B. Problem Validation

**A business approach where companies focus primarily on identifying and meeting the needs and wants of consumers rather than just focusing on the technology or design of the product alone.** A. Statement problem B. Problem Validation C. Market Orientation D. Root Cause

C. Market Orientation

**A clear and concise description of a specific issue or challenge that needs addressing.** A. Statement problem B. Problem Validation C. Market Orientation D. Root Cause

A. Statement problem

**Innovators prioritize making a meaningful impact over being right about their initial ideas.** A. Open-mindedness B. Customer Empathy C. Impact over ego

C. Impact over ego

**Guides innovators to step into the shoes of their customers.** A. Open-mindedness B. Customer Empathy C. Impact over ego

B. Customer Empathy

**Innovators remain open to a range of potential solutions, avoiding a tunnel vision.** A. Open-mindedness B. Customer Empathy C. Impact over ego

A. Open-mindedness

**It is a method of solving a problem at its source, rather than just treating the symptoms.** A. 5 Why Method B. Problem Analysis C. Root Cause D. Root Cause Analysis

D. Root Cause Analysis

**This is a problem-solving technique that involves asking "why" repeatedly to uncover the root cause of an issue.** A. 5 Why Method B. Problem Analysis C. Root Cause D. Root Cause Analysis

A. 5 Why Method

PRELIMS Flashcards

(52 cards)