end-user benefit/need and technology
Ergonomics can be best defined as:
studying human characteristics in order to develop appropriate designs.
In the Lean Product Process, the MVP
refers to Minimum Viable Product: the minimum functionality the customer considers viable
In the Build – Measure – Learn Loop, we
recognize outcomes from testing and apply learning to the next iteration of the Loop.
In developing the most effective configuration of bristles for its Oral-B toothbrush, Gillette studied the habits of people in brushing their teeth, making for a more user-friendly design. In this process, Gillette is applying
ergonomics
When using price bundling as a pricing strategy,
“b” and “c” are correct
If three-pronged blivets are characterized by inelastic demand, and the producer raises the price,
total revenue will increase, but demand will decrease
Consumers are likely to be more sensitive to the price of a product or service when:
the consumer is aware of substitutes
According to Gerard Tellis, author of “Beyond the Many Faces of Price,” complementary pricing and price bundling are both pricing strategies to help the firm in
managing the product mix.
In the growth stage of the business life cycle a firm is best advised to pursue
market development strategies.
First quarter analysis of price elasticities of demand for widgets indicate the following: for blue widgets, E = .22, while for red widgets, E = 3.89. From this analysis we can conclude that, most likely,
blue widgets have few, if any, substitutes
Customer lifetime value
is the net present value of future cash flows as projected from a customer relationship.
With prototyping, designers should:
“a” and “b” are correct
In seeking the Voice of the Customer (VOC), product and service managers
conduct surveys and interviews with customer groups
The present value of future cash flows as projected from a customer relationship is a measure called:
customer lifetime value
From the case about EpiPen we learn that:
“a”, “b” and “c” are correct
Differentiation is an effective MVP strategy for entrepreneurs when it is based upon
all of the above are good bases of differentiation
Of the following, the most likely to have an elastic demand curve would be
beachfront vacation resort rentals
About Zappos we learn that:
Zappos’s founder Nick Swinmurn used the MVP process to demonstrate the viability of online shoe sales.
Let’s say a new cell phone service provider, East Bay Wireless, wants to enter the highly competitive mobile phone marketplace in Northern California. As one tool to accomplish this goal, East Bay Wireless executives offer drastically-reduced fees on both phones and services, below competitors’ current rates, to new customer sign-ups. This would be an example of
penetration pricing strategy
In the development of products and services, outliers
may offer differentiated approaches or innovative opportunities in solving problems, and should not be avoided
As a creativity technique for generating ideas, the 5 Whys technique
“b” and “c” are correct
In the context of product and service development, we can say that a pivot
means a change in strategy without a change in vision
Given an interest in authentic Afghan cuisine and the choices below, what should entrepreneurs in starting up a new Bay Area restaurant, do first?
Determine the target customer.
Jeff Links Leashes (JLL) is a business start-up that provides one-day to one-month dog exchange services in major West Coast cities. JLL connects and pairs registered dog owners away on business or vacation with those pre-screened individuals who, for various reasons, have a temporary need for a dog’s companionship or specialized training. An app and companion website helps paring dog owner with dog renter. The revenue streams for JLL come from placement fees charged to the dog owners and service fees billed to those renting the dogs. JLL’s B2C business model could best be described as a
platform model
A(n) _____ is designed to capture the events leading up to a product or service launch, trying to understand the thinking behind decisions made.
after action review
________uses the market’s perception of what a product or service is worth – not the seller’s cost – as the basis for pricing.
value-based pricing
“Oh no! What’s happened to the price of my favorite North Coast cheese? When I last shopped at Safeway, this cheese was a good deal! Now, it’s way over-priced. I’m taking my business to Wisconsin!” Likely, this consumer
has a reference price in mind for cheese, at odds with the current sales price of her favorite cheese
In applying design thinking, ideate most likely would include
brainstorming to suggest improved service features.
The Embrace® infant child warmer is most likely a good example of this principle of universal design:
affordable functionality
In developing the Customer Profile for Value Proposition Design, Jobs include
the things customers are trying to get done in their work or life
From the case about Starbucks we learn that:
all the above are correct.
The early majority in the Technology Adoption Life Cycle model
“b” and “c” are correct.
In the Four Pillars of Pricing, as discussed by Utpal Dholakia,
“a”, “b” and “c” are correct
Global “top brands” like Apple, Google and Coca-Cola are ranked by Interbrand (www.interbrand.com) according, in part, to:
net present values of projected future earnings, from data supplied each year by the brand owners.
