Fundementals

What is a Vision?

• A) A document presenting the company’s strategy and expected financial performance.

• B) An informed and forward-looking statement of purpose that defines the long-term destiny of a company.

• C) The percentage of the total available market targeted by a product.

• D) The most difficult stage of the technology life cycle.

Answer: B) An informed and forward-looking statement of purpose that defines the long-term destiny of a company.

What does a Business Plan include?

• A) A strategy for occupying a distinctive place in the customer’s mind.

• B) A roadmap for the company's long-term vision.

• C) The company’s strategy and expected financial performance for the years to come.

• D) A model for the technology life cycle.

Answer: C) The company’s strategy and expected financial performance for the years to come.

What does SAM (Served Available Market) measure?

• A) The total available market.

• B) The most challenging stage of the technology life cycle.

• C) The percentage of the total available market targeted and served by a company.

• D) The readiness of customers to adopt innovation.

Answer: C) The percentage of the total available market targeted and served by a company.

What is the Chasm in the technology life cycle?

• A) The stage where customers are skeptical of change.

• B) The easiest stage for a product to gain mass adoption.

• C) The most difficult stage of the technology life cycle for a product to move through.

• D) The final stage of the product development cycle.

Answer: C) The most difficult stage of the technology life cycle for a product to move through.

Which group of customers is most resistant to adopting a product?

• A) Innovators

• B) Laggards

• C) Late majority

• D) Early adopters

Answer: B) Laggards.

Who are the Late Majority?

• A) Customers bound by tradition and price.

• B) Customers who are eager to try out new products.

• C) Customers skeptical of change.

• D) Customers who act as partners for burning needs.

Answer: C) Customers skeptical of change.

Who are Innovators?

• A) Customers who are eager to be the first to try out an innovative item.

• B) Customers bound by tradition and price.

• C) Customers skeptical of change.

• D) The largest segment of the market.

Answer: A) Customers who are eager to be the first to try out an innovative item.

What is a Burning Need?

• A) A product feature customers cannot live without.

• B) A market segment that absolutely needs your product and acts as partners.

• C) A critical technology stage in a product’s life cycle.

• D) A strategy for entering a new market.

Answer: B) A market segment that absolutely needs your product and acts as partners.

What is Positioning?

• A) Designing the product offering and image to occupy a distinctive place in the target customer's mind.

• B) A step in the product development cycle.

• C) A framework for determining customer needs.

• D) The act of predicting market trends.

Answer: A) Designing the product offering and image to occupy a distinctive place in the target customer's mind.

What does the Product Development Model (PDM) include?

• A) Market research and customer validation.

• B) Alpha/Beta testing, customer discovery, and launch date.

• C) Concept/seed round, product development, Alpha Beta Test, and launch First Customer Shipment Date.

• D) Building a distinctive place in the customer’s mind.

Answer: C) Concept/seed round, product development, Alpha Beta Test, and launch First Customer Shipment Date.

____ Is part of customer development model

a. Product testing

b. Company building

c. Product launch

d. None of the above

b. Company building

As for people the business plan does not focus on ……….

a. Whom they know

b. How well thev are known

c. Their grades in degree programs

d. What do they know

c. Their grades in degree programs

The golden circle concept (sinek theory) consists of…….

a. Consistency of what

b. Discioline of how

c. Clarity of why

d. All the above mentioned

d. All the above mentioned

The size of the startup's market is………

a. Number and growth rate of those customers for that product

b. Number and growth rate of competition

c. Number and growth rate of substitute products

d. Number and growth rate of venture capitalists and economy

a. Number and growth rate of those customers for that product

A business model canvas has ............... Building blocks

a. Nine

b. Seven

c. Eight

d. Ten

a. Nine

Means the pursuit of opportunity beyond resources controlled.

a. Strategy

b. Entrepreneurship

c. Mission

d. Vision

b. Entrepreneurship

'Key partners' is an important aspect of:

a. Vision

b. Strategy

c. Business model canvas d. Testing

c. Business model canvas

The three framework that make a product compelling include all the framework exept:

a. In the market large and growing?

b. Do you have team in the technology and business?

c. Is your product 10 times better than the competitor?

d. Having a big office

d. Having a big office

The product development model does not include…….

a. Launch/ ship 1st date

b. Product develop

c. Concept/ seed round

d. Customer discovery

d. Customer discovery

Which of the following risks in not a risk to be considered when trying to find if an ideas is good or not?

a. Team risk

b. Capital risk

c. Competitive risk

d. Product risk

c. Competitive risk

Bureaucratic mindset includes……

a. Product

b. Capital

c. Market

d. People

b. Capital

………..means a plan or road map of the actions that a firm will take to achieve its vision, Mission, and goals

a. Strategy

b. Entrepreneurship

c. Mission

d. Vision

a. Strategy

Very few companies know why they do what they do. Why is not about ...........that is a result

a. Making money

b. Making product

c. Making a team

d. Making a structure

a. Making money

The business model does not include the following ... a. Cost

b. Empathy

c. Distribution

d. Product

b. Empathy

The concept of "build it and they will come" is true for a. Software products

b. Consumer products

c. For life and death products

d. None of the above

c. For life and death products

…….is number and growth rate of those costumer for a particular product

a. Entrepreneurship

b. Bureaucratic mindset

c. Market share

d. Market

d. Market

The acronym STP stands for segmentation, targeting and…….

a. Pointing

b. Population

c. Positioning

d. Product

c. Positioning

.............. Must be more than a sales support function. It is not just ad tag line

a. Positioning

b. Sinek theory

c. Marketing

d. Five why's concepts

c. Marketing

The elements of establishing a compelling vision include all except

a. Clear

b. Concise

c. Consistency

d. Purposeful

b. Concise

................ Is a brief, persuasive speech that you use to spark interest in what your company does.

a. The Elevator Pitch

b. The golden circle

c. The burning need

d. Entrepreneurial screen

a. The Elevator Pitch

(True/False)
The quality of a start up's product can be defined as -how many (or rather tour fen) bugs does it have?

true

(True/False)

Bureaucratic mindset goes after opportunity recognition

FALSE, ENTERPRENEURS

(True/False)

Capital, resources and risk define the entrepreneurial mind set.

FALSE, BUEACRAT MIND

(True/False)

The business model canvas is a lean start up approach for developing new business models.

True

(True/False)

The product development model focuses on "first shipment date" instead of focusing on testing the business model.

True

(True/False)

The customer development model (cdm) has four key steps.

TRUE, discovery, validation, creation, company building

(True/False)

Companies that change the future do more than satisfy customers, they constantly amaze them.

True

(True/False)

Many startups are likely to die upon the first contact with customers.

True

(True/False)

Flexibility, speed, and the ability to find out product-market fit are critical.

True

(True/False)

This course focuses on engineering fundamentals.

False

What differentiates an idea from a viable opportunity?
a) An idea requires no research
b) A viable opportunity has market potential
c) An idea is always profitable
d) A viable opportunity is based solely on intuition

b) A viable opportunity has market potential

Creativity is best described as

a) Following established industry trends

b) Generating unique and valuable ideas

c) The ability to memorize information accurately

d) Using existing ideas without alteration

b) Generating unique and valuable ideas

What is the role of prototyping in design thinking?

a) To test and refine solutions based on feedback

b) To avoid user testing

c) To generate ideas without user input

d) To finalize a product without further changes

a) To test and refine solutions based on feedback

In design thinking, the main goal of the 'Ideate' phase is to

a) Define the problem statement

b) Launch the final product

c) Generate a broad range of possible solutions

d) Test solutions with end users

c) Generate a broad range of possible solutions

Why is empathy crucial in the design thinking process?

a) It ensures solutions are user-centered

b) It eliminates the need for market research

c) It limits the need for prototyping

d) It reduces project timelines

a) It ensures solutions are user-centered

(True/False)
An entrepreneurial mindset involves a willingness to take risks and adapt to change. 

True

(True/False)
Incremental innovations typically cause major disruptions in the market.

False

(True/False)
For an idea to be considered a viable opportunity, it must fulfill an actual market need. 

True

Iteration, Ideation, Prototype, Collaboration, Diversity, Feedback, Insight, Customer, Ecosystem, Define 

An _________ combines observations with reasoning to form new understanding. 

Insight

Iteration, Ideation, Prototype, Collaboration, Diversity, Feedback, Insight, Customer, Ecosystem, Define 

_________ in a team brings unique perspectives, improving creativity and innovation. 

Diversity

Iteration, Ideation, Prototype, Collaboration, Diversity, Feedback, Insight, Customer, Ecosystem, Define 

Gathering _____________ from users is essential for improving product design.

Feedback

Airline Industry – Impact of COVID-19 on Global Market

In 2020, the global airline market was projected to reach AED 800 billion, with North America accounting for AED 300 billion. Emirates Airlines' sales worldwide (WW) were projected to be AED 100 billion. Emirates’ sales distribution by region was expected to be: Middle East 40%, Europe 25%, Asia 20%, and the Rest of the World 15%. Due to the COVID-19 pandemic, Emirates had to suspend operations in Asia, while flights in other regions continued as scheduled.

Questions:

1. What is the WW pre-pandemic airline TAM for 2020 in AED?
   
   

2. What is the size of the Middle East TAM for Emirates Airlines for 2020 in AED?
   
   

3. What is Emirates Airlines’ Europe SOM pre-pandemic in AED?
   
   

4. What is Emirates Airlines’ Rest of the World SOM pre-pandemic in AED?
   
   

5. What is Emirates Airlines’ Asia SOM post-pandemic in AED?

1. What is the WW pre-pandemic airline TAM for 2020 in AED?
   Answer: AED 800 billion
   
   

2. What is the size of the Middle East TAM for Emirates Airlines for 2020 in AED?
   Answer: AED 40 billion
   (Calculation: 40% of Emirates’ AED 100 billion sales)
   
   

3. What is Emirates Airlines’ Europe SOM pre-pandemic in AED?
   Answer: AED 25 billion
   (Calculation: 25% of Emirates’ AED 100 billion sales)
   
   

4. What is Emirates Airlines’ Rest of the World SOM pre-pandemic in AED?
   Answer: AED 15 billion
   (Calculation: 15% of Emirates’ AED 100 billion sales)
   
   

5. What is Emirates Airlines’ Asia SOM post-pandemic in AED?
   Answer: AED 0
   (Explanation: Due to the pandemic, Emirates suspended operations in Asia, resulting in a SOM of zero for that region post-pandemic.)

Company: PureWater

PureWater, founded in 2000, began as a small bottled water company focused on delivering clean, fresh water sourced from natural springs. Under CEO Carla Lewis and Chief Innovation Officer Alex Tan, PureWater has since expanded its mission to address the global clean water crisis by developing affordable water purification technologies.

In 2018, PureWater introduced its “Pure for All” initiative, launching a line of portable water purifiers designed for regions with limited access to clean water. This initiative allowed PureWater to build a loyal customer base among eco-conscious consumers and community organizations. By sharing stories from regions where its purifiers were distributed, PureWater also inspired support from a global community invested in sustainable water solutions.

In addition to product innovation, PureWater is committed to environmental responsibility. The company has invested in sustainable packaging and sources materials from eco-friendly suppliers. These initiatives have helped PureWater remain competitive in the bottled water market, while also aligning with consumer values of health and sustainability.

Based on the above case, answer the following questions:

1. What term best describes PureWater first type of customers who adopted the “Pure for All” portable purifiers early on?

a) Late majority

b) Early adopters

c) Innovators

d) Laggards

2. PureWater’s commitment to addressing the global clean water crisis reflects which aspect of its business?

a) Mission

b) Marketing

c) Operations

d) Product development

3. The “Pure for All” initiative to develop portable water purifiers for underserved regions represents which focus area?

a) Customer acquisition

b) Product innovation

c) Branding

d) Environmental policy

4. What part of PureWater’s strategy does sharing stories from regions it serves represent?

a) Customer service

b) Marketing

c) Research

d) Financial planning

PureWater’s investment in eco-friendly packaging and sustainable suppliers allowa them to increase their what?

a) Sustainability

b) Product marketing

c) Financial planning

d) Customer support

Company: PureWater

PureWater, founded in 2000, began as a small bottled water company focused on delivering clean, fresh water sourced from natural springs. Under CEO Carla Lewis and Chief Innovation Officer Alex Tan, PureWater has since expanded its mission to address the global clean water crisis by developing affordable water purification technologies.

In 2018, PureWater introduced its “Pure for All” initiative, launching a line of portable water purifiers designed for regions with limited access to clean water. This initiative allowed PureWater to build a loyal customer base among eco-conscious consumers and community organizations. By sharing stories from regions where its purifiers were distributed, PureWater also inspired support from a global community invested in sustainable water solutions.

In addition to product innovation, PureWater is committed to environmental responsibility. The company has invested in sustainable packaging and sources materials from eco-friendly suppliers. These initiatives have helped PureWater remain competitive in the bottled water market, while also aligning with consumer values of health and sustainability.

Based on the above case, answer the following questions:

1. What term best describes PureWater first type of customers who adopted the “Pure for All” portable purifiers early on?

a) Late majority

b) Early adopters

c) Innovators

d) Laggards

Answer: b) Early adopters

2. PureWater’s commitment to addressing the global clean water crisis reflects which aspect of its business?

a) Mission

b) Marketing

c) Operations

d) Product development

Answer: a) Mission

3. The “Pure for All” initiative to develop portable water purifiers for underserved regions represents which focus area?

a) Customer acquisition

b) Product innovation

c) Branding

d) Environmental policy

Answer: b) Product innovation

4. What part of PureWater’s strategy does sharing stories from regions it serves represent?

a) Customer service

b) Marketing

c) Research

d) Financial planning

Answer: b) Marketing

PureWater’s investment in eco-friendly packaging and sustainable suppliers allowa them to increase their what?

a) Sustainability

b) Product marketing

c) Financial planning

d) Customer support

Answer: a) Sustainability

An important element in empathy that is an act of reasoning from evidence or factual knowledge is called?

a) Observation

b) Insight

c) Inference

d) None of the Above

c) Inference

Brainstorming involves all of the following rules except:

a) Coming up with as many ideas as possible.

b) No judgment.

c) Building on the ideas of others.

d) Having many conversations all at the same time.

d) Having many conversations all at the same time.

Which of the following best describes Innovative Work?

a) Work that is done with increased variance and failure is expected.

b) Work that is done without variance to reduce the possibility of failure.

c) Work that is done with increased variance and failure is not expected

d) Work that is done with decreased variance and failure is expected.

a) Work that is done with increased variance and failure is expected.

Which of the following types of thinking will help the designer come up with different ideas and choices?

a) Narrow-minded thinking

b) Divergent Thinking

c) Convergent Thinking

d) All of the above

b) Divergent Thinking

The bureaucratic mindset includes _____________

a) Product

b) Market

c) Capital

d) None of the above

c) Capital

The Business model canvas does not include the following …………….

a) Cost

b) Distribution

c) Product

d) Empathy

d) Empathy

The concept of “Build it, and they will come” is true for

a) Software products

b) Consumer products

c) Life and death products

d) None of the above

c) Life and death products

_________ is the number and growth rate of those customers for a particular product.

a) Entrepreneurship

b) Market

c) Bureaucratic mindset

d) Market share

b) Market

Staying connected with people to seek stories, finding people unlike you, and seeing the world through their eyes helps a design thinker to an important step in the empathy phase called:
a) Immerse
b) Observe
c) Engage
d) None of the Above

a) Immerse

Entrepreneurial Screen does not include:

a) Health requirements

b) Burning Need

c) Big Enough Market

d) Scalable Business Model

a) Health requirements

The elements of establishing a Compelling vision include all; except:

a) Clear

b) Concise

c) Consistency

d) Purposeful

b) Concise

______________ is part of the Customer Development Model.

a) Product Testing

b) Company Building

c) Product Launch

d) None of the above

b) Company Building

……………. must be more than a sales support function. It is not just ad tag lines.

a) Positioning

b) Sinek's theory

c) Marketing

d) Five Why's Concepts

c) Marketing

……………. is the percentage of the targeted market that is realistically reached because of competition.

a) TAM

b) SAM

c) SOM

d) None of the above

c) SOM

The Golden Circle concept (Sinek theory) consists of ……………. a) Consistency of What

b) Discipline of How

c) Clarity of Why

d) All of the above-mentioned

d) All of the above-mentioned

The size of the startup’s market refers to the _______________

a) Number and growth rate of customers for that product

b) Number and growth rate of competition

c) Number and growth rate of substitute products

d) Number and growth rate of venture capitalists and economy

a) Number and growth rate of customers for that product

……………. means the pursuit of opportunity beyond resources controlled.

a) Strategy

b) Entrepreneurship

c) Mission

d) Vision

b) Entrepreneurship

‘Key partners’ is an important aspect of the:

a) Vision

b) Business Model Canvas

c) Strategy

d) Testing

b) Business Model Canvas

Observation + Inference = ?

a) Insight

b) Empathy Map

c) Brainstorming

d) Journey Map

a) Insight

(True/False)
The Product Development model includes Customer Discovery

False

(True/False)
"When I am frustrated, I give up." This is a characteristic of the Growth Mindset.

false

(True/False)
The Customer Development Model (CDM) has four key steps.

true

(True/False)
Companies that change the future do more than satisfy customers; they constantly amaze them.

true

(True/False)
The quality of a start-up’s product can be defined as “How many (or rather how few) bugs does it have?

true

(True/False)
A bureaucratic mindset goes after Opportunity recognition.

false

(True/False)
Capital, Resources, and Risk define the Entrepreneurial mindset.

false

(True/False)
The ‘5 Why Analysis’ method does not help us to know the root cause of a problem

false

(True/False)
Design thinking is a human-centered approach to innovation that integrates the needs of people with the possibilities of technology.

true

(True/False)
The Product Development Model focuses on the “First Shipment date” instead of focusing on testing the business model.

true

(True/False)
A bureaucratic mindset goes after Opportunity recognition.

false

(True/False)
Capital, Resources, and Risk define the Entrepreneurial mindset.

false

(True/False)
The ‘5 Why Analysis’ method does not help us to know the root cause of a problem.

false

(True/False)
The Product Development model includes Customer Discovery

False

(True/False)
"When I am frustrated, I give up." This is a characteristic of the Growth Mindset.

False

(True/False)

The Customer Development Model (CDM) has four key steps.

True

(True/False)

Companies that change the future do more than satisfy customers; they constantly amaze them.

True

(True/False)

Design thinking is a human-centered approach to innovation that integrates the needs of people with the possibilities of technology.

True

(True/False)

The Product Development Model focuses on the “First Shipment date” instead of focusing on testing the business model.

True

(True/False)
The quality of a start-up’s product can be defined as “How many (or rather how few) bugs does it have?

True