UTD ENTP 3301.001 FINAL EXAM REVIEW

UTD ENTP 3301.001 FINAL EXAM REVIEW
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Design Thinking - correct answer✔ ✔
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approaching management problems as designers approach
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design problems
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- How many desire this?
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- Can you pull it off? What will it do?
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- Can you make a profitable business?
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Xbox & Uber: Uber isn't profitable, Xbox loses $$$ for co
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nsoles sold but they make money from subscriptions and g
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ames.


Feasibility Analysis - correct answer✔ ✔
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the process of determining if a business idea is viable
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Initial evaluation to determine whether an idea is useful, d
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oable, and viable and therefore worth persuing.
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- Reduces risk and avoids bad ideas
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,-
FG Gives founders a checklist and template to always refer to
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.
- Can be simple on paper
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How Feasibility Works - correct answer✔ ✔
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New Business Venture --
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> Product/Service Feasibility, Market Industry Feasibility, T
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eam Organizational Feasibility and Financial Feasibility --
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> Yes in all 4 areas? Go for it!
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Feasibility Analysis Elements - correct answer✔ ✔ -
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Organizational feasibility: skills, personalities, team dynami
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cs, experience, shared vision/goal
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product/service feasibility: product positioning, need vs. nic
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e product
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market/industry feasibility: customers, competitors, market
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window/timing (too early, just right, too late)
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- financial feasibility: business model, funding, revenues
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, Market Research - correct answer✔ ✔
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Company must be market driven, not technology driven.
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- Are there enough customers?
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Marketing Segmentation Strategy - correct answer✔ ✔ -
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Set a direction of where to go and what market you'll co
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nquer


Product/Service Positioning - correct answer✔ ✔
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Position products within market: price, performance, custo
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mer service, style, reliability...
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Where companies blow it: forgetting what customers actuall
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y want, design fail / performance not as promised, building
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customer loyalty
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Intelligence Gathering - correct answer✔ ✔ -
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Primary Market Research: Direct from source, customer in
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terviews, focus groups, surveys, comparison shopping
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Secondary Market Research: Investment analyst reports (pu
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blic companies), press releases, articles
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