Flashcards in Week 1/2 Deck (12):
What is a product?
Something that someone offers in exchange for money.
What is the goal of a product?
Solve a problem for the customer
What must products have?
Memorable and associative name
Value proposition (clearly solve problem)
What should products have?
High value proposition (solve the problem better)
Deeper message; lifestyle
What does a marketing statement consist of?
Why people buy
Problem statement and solv
Advantages over competition
What is disruption?
A product that significantly enhances the current state of a solution
Give an example of product disruption vs destroying
iPhone disrupted mobile phones
MP3 destroyed cassette tapes
Why do companies pivot? Give an example
To avoid being disrupted or to take advantage of new Market
Why are startups good at disruption?
High risk tolerance
Focus on a new problem
What is user centred design?
Design, optimize, upgrade design of system for user
Intuitive interaction with product
Does what it’s supposed to do
Admit and embrace limits
5 steps in user-ventures design
Analyze existing soln
Design, develop, test