SPMA 4P10 TEST STUDY GUIDE
What will tell if it's a good decision? - Answer -time
Employee Entrepreneur or Intrapreneur - Answer -an employee who channels that
same creativity and innovation to develop new products and services - and sometimes
even markets - for an employer
Causes of Over Optimism - Answer -successful role models
always wanted this, gotta be a success
overestimate the true value of your skills
skills and knowledge
leadership and management deficiency
but everyone is in sales!
Innovation - Answer -any idea, practice, or material artifact perceived as new by the
relevant unit of adoption
a common misunderstanding is that innovation must be completely new
Innovation is Three Different Things - Answer -an outcome
- innovation as an outcome emphasizes output
a process
- discover -> develop -> deliver -> repeat
a mindset
- mindset consideration is the incorporation of design thinking, a human-centered
approach to innovation
Problem Thinking Solution - Answer -problem solving model used to ideate
Design Thinking - Answer -empathize (understanding people)
define (figuring out the problem)
ideate (generating your ideas)
prototype (creation and experimentation)
test (refining the product)
Problems/Opportunities in Innovation - Answer -1. technological innovation
2. products/services innovation
3. strategic innovation
- eg. new pricing, new value proposition, new business model, sustainability
4. culture innovation
Business Model - Answer -"how will this make money?"
a company's plan for making profit
, first question: what are you selling?
Business Model Elements - Answer -1. Revenue Model
sources of revenue
- what you charge
revenue form
- how you charge (eg. cash, direct deposit, etc.)
cash flow
- when you get paid
2. Product/Market Focus
we sell __ to [whom?] via [how?]
conjoint analysis
- to find optimized product offering
- used in survey from reading
3. Value Proposition
consumers are going to use our product because...
reasons customers will come to yours business
features, attributes, benefits
Licensing - Answer -a business model
royalty payment to property
putting another logo on a product
eg. blue jays dog bowl
royalty rate x total item sold ($)
Retail - Answer -a business model
bricks and mortar
- showroom with a cash register
wholesale
- buy from manufacturer and resell
off-price
- same as above, but only buy depressed goods (eg. liquidations, overstock, end of
season)
factory direct
- sell your own products
consignment
- zero financing (eg. value village, but get a commission if someone buys your stuff)
Franchise - Answer -a business model
franchise fees
royalties
What will tell if it's a good decision? - Answer -time
Employee Entrepreneur or Intrapreneur - Answer -an employee who channels that
same creativity and innovation to develop new products and services - and sometimes
even markets - for an employer
Causes of Over Optimism - Answer -successful role models
always wanted this, gotta be a success
overestimate the true value of your skills
skills and knowledge
leadership and management deficiency
but everyone is in sales!
Innovation - Answer -any idea, practice, or material artifact perceived as new by the
relevant unit of adoption
a common misunderstanding is that innovation must be completely new
Innovation is Three Different Things - Answer -an outcome
- innovation as an outcome emphasizes output
a process
- discover -> develop -> deliver -> repeat
a mindset
- mindset consideration is the incorporation of design thinking, a human-centered
approach to innovation
Problem Thinking Solution - Answer -problem solving model used to ideate
Design Thinking - Answer -empathize (understanding people)
define (figuring out the problem)
ideate (generating your ideas)
prototype (creation and experimentation)
test (refining the product)
Problems/Opportunities in Innovation - Answer -1. technological innovation
2. products/services innovation
3. strategic innovation
- eg. new pricing, new value proposition, new business model, sustainability
4. culture innovation
Business Model - Answer -"how will this make money?"
a company's plan for making profit
, first question: what are you selling?
Business Model Elements - Answer -1. Revenue Model
sources of revenue
- what you charge
revenue form
- how you charge (eg. cash, direct deposit, etc.)
cash flow
- when you get paid
2. Product/Market Focus
we sell __ to [whom?] via [how?]
conjoint analysis
- to find optimized product offering
- used in survey from reading
3. Value Proposition
consumers are going to use our product because...
reasons customers will come to yours business
features, attributes, benefits
Licensing - Answer -a business model
royalty payment to property
putting another logo on a product
eg. blue jays dog bowl
royalty rate x total item sold ($)
Retail - Answer -a business model
bricks and mortar
- showroom with a cash register
wholesale
- buy from manufacturer and resell
off-price
- same as above, but only buy depressed goods (eg. liquidations, overstock, end of
season)
factory direct
- sell your own products
consignment
- zero financing (eg. value village, but get a commission if someone buys your stuff)
Franchise - Answer -a business model
franchise fees
royalties
