coarse-grained level of product - answerdescription od a Product at the level that
captures the Product essence - the information considered critical to develop and
launch a winning product
excel - answerv. To do well; to be better or greater than others.
eg: In which areas the product is going to excel?
Product value - answerThe worth assigned to the product by the customer
Q: which needs will the product address?
What value does the product add?
feasible - answerreasonable; capable of being carried out
lock in customers - answermaking it difficult or expensive for customers to switch to
another product
sources of revenue - answersales and fees earned
target price - answerprice based on customers' perceived value for the product and the
price that competitors charge
Q: what is the target price?
competitors - answercompanies in the same industry that sell similar products or
services to customers
springboard - answer1. An object used to power/spring a gymnast over something.
2. a beginning from which an enterprise is launched
Unique selling point - answerAny aspect of a product that makes it stand out form those
offered by rival businesses,
Any aspect of or characteristic of a product that differentiates it from the competition.
Firms will often want to stress this in their marketing.
Product Vision - answera brief statement of the desired future state that would be
achieved through the project initiative.
, Pichler: The vision should communicate the essence of the future product in a concise
manner and describe a shared goal that provides direction but is broad enough to
facilitate creativity.
Should be: shared and unifying: people are connected, bound together by a common
aspiration; broad and engaging: goal that guides the development efforts but leaves
enough room for creativity, consensus driven goal; short and sweet: less is more
consensus-driven approach - answerteam works together to build a vision around what
they are building
yields - answerMakes, creates, produces; Arrow in chemical equation
overspecified - answervery complex
Pichler: resist the temptation to provide too much detail or to overspecify the product.
More functionality is discovered and captured in the product backlog as the projekt
progresses.
Elevator Pitch - answerVery concise presentation of an idea covering all of its critical
aspects, and delivered within a few seconds (the approximate duration of an elevator
ride)
identify your goal
explain what you do
communicate your uniqueness
engage with a question
put it all together
practice
Moore's elevator test - if you can not explain your product in the time it takes us to ride
up,the vision od likely to be too long or complex.
to change certain failure into unmitigated success - answerchanging big failure in
absolute, unqualified success thanks to the adaptation
unrivaled - answerhaving no equal or competition
fairly well; to a large extent; pretty much - answer
"Markets that do not exist can not be analyzed" - answerChristensen 1997
it set a new standard for smartphones - answeriPhone which launched in 2007
narrow set of customer needs - answerfocusing on the few most important capabilities,
leaving out some functinality, avoiding the trap to please too mamy people at once
a fresh look at - answer
hinder - answerto delay; to stop or prevent from happening
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