Week 1/2 Flashcards Preview

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Flashcards in Week 1/2 Deck (12):
1

What is a product?

Something that someone offers in exchange for money.

2

What is the goal of a product?

Solve a problem for the customer

3

What must products have?

Memorable and associative name
Value proposition (clearly solve problem)

4

What should products have?

High value proposition (solve the problem better)

Long shelf-life
Adaptability
Cheap
Deeper message; lifestyle

5

What does a marketing statement consist of?

Why people buy
Problem statement and solv
Advantages over competition

6

What is disruption?

A product that significantly enhances the current state of a solution

7

Give an example of product disruption vs destroying

iPhone disrupted mobile phones

MP3 destroyed cassette tapes

8

Why do companies pivot? Give an example

To avoid being disrupted or to take advantage of new Market

Ex Netflix

9

Why are startups good at disruption?

Creative
High risk tolerance
Focus on a new problem

10

What is user centred design?

Design, optimize, upgrade design of system for user

Intuitive interaction with product
High visibility
Does what it’s supposed to do
Admit and embrace limits

11

5 steps in user-ventures design

Identify user
Define problem
Analyze existing soln
Design, develop, test
Review

12

5 steps of design thinking

Empathize
Define
Ideate
Prototype
Test