Initiative - ✔✔An organizational priority that identifies a direction or strategic area of focus
Innovation - ✔✔Process of developing and implementing a new product or process that
delivers value to users or customers Iterative - ✔✔Repeated cycles that increasingly
approach the desired result Creativity - ✔✔Generation of novel or unique ideas Critical
Thinking - ✔✔Disciplined process of rational, evidenced-based, and open-minded thinking
that involves analysis and evaluation of inputs to reach an answer Market Share - ✔✔The
percentage of sales in a market controlled by a particular company or product Customer
Value - ✔✔The benefit (vs. cost) a customer receives from a product or service offering
Product Innovations - ✔✔New or improved goods or services offered to the market Process
Innovations - ✔✔New or improved ways of conducting business, such as the application of
new technology, production techniques, or distribution methods Invention - ✔✔The
creation of a unique new idea, process, or object Which type of innovation adds indirect
value to customers by lowering costs and increasing the quality of new or existing products
or services? - ✔✔Process Research and Development - ✔✔Organizational activities with
the goal of innovating products and services Incremental Innovations - ✔✔Gradual
improvements to products or processes Breakthrough Innovation - ✔✔The development of
an entirely new product or process Transformational Innovation - ✔✔Organizational
adaptation and development of new processes and business models Business Model -
✔✔A company's plan for creating value, including the types of products and services it will
offer to earn revenue Which type of innovation results in the development of entirely new
products or processes? - ✔✔Breakthrough Key Point - ✔✔Innovation is an activity or
process that leads to more effective products, processes, services, technologies, or ideas.
Innovation is the development of customer value through solutions that meet unmet needs
in new ways. Key Point - ✔✔Creativity is the generation of new ideas. Innovation is the
development and implementation of a new idea through a series of stages. Key Point -
✔✔Three types of innovation include breakthrough, incremental, and transformational.
Breakthrough innovation results in the development of completely new products or
processes. Incremental innovation occurs through gradual improvements.
Transformational innovation radically changes an existing product or process into a new
model. Design Thinking - ✔✔A human-centered process for innovation consisting of six
iterative stages—empathize, define, ideate, prototype, test, and implement Scientific
Method - ✔✔Empirical approach or procedure used to hypothesize and test observations
Wicked Problem - ✔✔A challenging or complex problem without a clear solution, usually
social or cultural in nature How does design thinking differ from traditional problem-
, solving? - ✔✔Develops iterative solutions Stages of Design Thinking - ✔✔Empathize,
define, ideate, prototype, test, and implement Empathy - ✔✔The ability to understand or
be attuned to the feelings, thoughts, or experiences of another human being Human
Centered Design - ✔✔Approach to design that begins with the people (users) affected by
the problem or potential solution Define Stage - ✔✔Stage of Design Thinking process that
builds on observations of users to identify and refine a problem statement Ideate Stage -
✔✔Stage of Design Thinking process where ideas are brainstormed and generated
Prototype Stage - ✔✔Stage of Design Thinking process where designers create testable
versions of the ideated solution; draft or example version of a solution that can be tested
and evaluated Test Stage - ✔✔Stage of Design Thinking process where the prototype is
tested and additional information can be gathered to inform the solution Implement Stage
- ✔✔Stage of Design Thinking process where a solution is brought to scale as a market
offering or is adopted throughout the organization Problem Statement - ✔✔Brief
description of the issue to be addressed through the design of a solution Scale - ✔✔Grow
or expand production, distribution, and sale of a product in a profitable way A company
designed and evaluated a new product concept with customers and received useful
feedback to improve the product's design. Which stage of design thinking should the
company address next? - ✔✔Prototype Internet of things (IoT) - ✔✔Connection of everyday
devices via the internet, using sensors, gauges, and a variety of computing technologies
What is one of the strengths of design thinking? - ✔✔Ideas are adjusted during the
process. Key Point - ✔✔The design thinking process provides a powerful, iterative, human-
centered approach to problem-solving and innovation. Key Point - ✔✔The process is
particularly useful as an approach to wicked problems of which defining the problem and
the solution is part of the challenge. Key Point - ✔✔Design thinking is a process that values
diversity of experience, multiple iterations, and an agile mindset. It can help teams faced
with many types of challenges find a common approach. Key Point - ✔✔There are six
stages in the design thinking process: empathize, define, ideate, prototype, test, and
implement. The stages may repeat or cycle through multiple iterations. Key Point - ✔✔The
process begins with developing an empathic understanding of the user experience.
Observations are compiled to define a problem statement. The team then brainstorms
ideas for a solution, creates draft (prototype) versions, and tests them with users. The
process may loop back to any stage, or a solution may be implemented and cycle back to
empathy. Strategic Management - ✔✔The process of ensuring alignment between all
organizational activities and business objectives Decision-Making Process - ✔✔A seven-
step process to make strategic decisions informed by data Data Analysis - ✔✔Process of