Business Terminology Quiz

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Questions and Answers

What does the phrase 'back to the drawing board' signify?

  • A tangible outcome that is not satisfactory
  • A failure that requires a restart from the beginning (correct)
  • A new plan that is meticulously devised
  • A conviction that one's initial approach was correct

What is the significance of 'sunken costs' in decision-making?

  • They are the costs that have already been incurred and cannot be altered (correct)
  • They are the financial incentives that drive a decision
  • They are the tangible benefits of a particular investment
  • They are the meticulous plans that are devised for a project

What does it mean to be 'disincentivized'?

  • To be motivated to take action
  • To be discouraged from taking action (correct)
  • To have a strong conviction about a particular course of action
  • To be meticulous in one's approach

What is the significance of being 'viscerally' affected by something?

<p>It implies a deep emotional response (C)</p> Signup and view all the answers

In what way might someone be affected by an experience, if they are affected viscerally?

<p>Emotionally, with a deep sense of feeling (A)</p> Signup and view all the answers

In what context might the phrase 'lest' be used?

<p>To indicate a condition or consequence (A)</p> Signup and view all the answers

What is the primary characteristic of someone with a strong conviction?

<p>A firm belief or unwavering commitment (D)</p> Signup and view all the answers

What is the implication of being meticulous in one's approach?

<p>A careful attention to detail and precision (A)</p> Signup and view all the answers

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Study Notes

Design Process in Product Management

  • The design process is a crucial aspect of product management, ensuring that products meet user needs and are developed efficiently.
  • It involves a series of iterative stages that help teams create products that are both functional and user-friendly.

Key Stages of the Design Process

  • Empathize: Understand user needs and pain points through research and analysis.

    • Identify target audience and their goals.
    • Gather feedback and data through surveys, interviews, and observations.
  • Define: Define the problem statement and identify opportunities for innovation.

    • Analyze data and feedback to identify key challenges and areas for improvement.
    • Develop a clear problem statement and design requirements.
  • Ideate: Generate a wide range of potential solutions and ideas.

    • Use brainstorming and idea generation techniques (e.g., mind mapping, SCAMPER).
    • Encourage wild and creative ideas.
  • Prototype: Develop a tangible representation of the solution.

    • Create a low-fidelity prototype to test and validate assumptions.
    • Iterate and refine the prototype based on user feedback.
  • Test: Validate the solution with real users and gather feedback.

    • Conduct usability testing and gather feedback.
    • Refine the solution based on user feedback and testing results.

Integration with Agile Product Management

  • The design process is often integrated into agile development methodologies (e.g., Scrum, Kanban).

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