MAR4832

5 ways to validate your innovation

-Fit -time -de-bias -act -grow

What is the advantages of digital media (facebook, insta, snapchat, twitter)

-inexpensive -visually dynamic -broad coverage(sharing) -flexibility -interactive -data analytics -big splash -personal power -time -speed/timing

What is the disadvantages of digital media (facebook, insta, snapchat, twitter)

-once started, out of your control -cannot multitask -no dream effect

What are the 4 qualities that must be true in order to be an innovation

1. An innovation must be a product, service, and/or process 2. the innovation must be new 3. it must provide unique value to a group of people, regardless of the groups size or whether the group is an intended or unitended market for the innovation, and this group must never have had access to this particular type of value before the innovation became available.In the context of innovation, value is something of worth that uniquely satisfies a consumers want and / or need. 4. the innovation must be adopted and used by a group of people, again, regardless of the groups size or whether the group is an intended or unintended market for the innovation

What is maslows hierarchy of needs

1. Biological and Physiological needs 2. Safety and Security needs 3. Love and Belonging Needs 4. Self esteem needs 5. cognitive needs 6. aesthetic needs 7. self actualization needs 8. transcendence needs

These are the five traits that are unique to high performers

1. Clarity 2. Energy 3. Courage 4. Productivity 5. Influence

4 ways to prevent your product from being copied

1. Make it obvious you are the original creator 2. get to market asap 3. get your message and audience interaction right 4. innovate outside the product

What are the 3 types of innovation

1. continous 2. Incremental (dynamically continuos) 3. disruptive (discontinuous)

4 fundamental building blocks of talent innovation

1. differentiated capabilites 2. performance acceleration 3. leadership development 4. talent culture

stages of group development

1. forming 2. storming 3. norming 4. performing 5. adjournment

· 4 ways to select the right people to construct an innovative community including the following:

1. internal canidates 2. External 3. joint venture 4. strategic alliance

· Having a sound vision and mission statement benefits the organization in several ways. The following are a summary of these benefits:

1.They provide a common goal for all the employees. o 2. They help in strategic and tactical planning by providing a clear focus. o 3. They allow stakeholders to see the purpose and future growth potential of the company. o 4. They drive innovation by aligning the development of goods and services with the mission and vision.

storming

: After the initial pleasantries, researchers have found that one or more group members usually seek leadership of the group. Top management must assert their authority to reinforce the goals, roles, and objectives of the group while allowing a hierarchy to be established.

Joint venture

A business venture in which two or more parties agree to under-take a business venture and share in the profits and losses. Increases the available revenues but can be difficult to manage teams remotely and profits and expenses may not equal leading to a potential lack of commitment on firms with a minor interest

Adjournment

A point where the task is complete, and the group adjourns. Management could have a celebration in which rewards are given or group members are assigned to their old task or a new one. The ability to know what employees seek on the part of management regarding rewards is the key to a successful adjournment. Employees are either intrinsically motivated, extrinsically motivated, or both in terms of rewards they seek. Intrinsic rewards are the feelings one gets by helping others not involving visible reward (e.g., sense of accomplish, the ability to help, a thank you, etc.). Extrinsic rewards are visible rewards (e.g., plaque, special party, parking spot, etc.).

5W2H

A popular method used to help define problem statements and develop an action plan is the 5W2H. The name is derived from the questions that you and your team will ask,

bundle pricing

A pricing strategy that bundles typically services at an initial low cost to get consumers to trial the products, influencing their purchase in the future. Examples of this strategy include cable television companies offering a low price for cable television, Internet, and phone.

What is an innovation

An innovation is a product, service, or process that provides new value to a group of people, and because it provides new value, it is adopted. Moreover, the success of the innovation has less to do with what it is and more to do with the amount of value it provides, coupled with the size of the group or market who is using it.

6. Aesthetic needs

Appreciation and search for beauty, balance, form, etc

3.love and belonging needs

Friendship, intimacy, trust, and acceptance, receiving and giving affection and love. Affiliating, being part of a group

3. Disruptive (discontinuous):

Innovation requiring significant change in consumer behavior and that reshapes the dynamics of the industry. This type of innovation is also called "new-to-the-world products" as they have never been seen or offered to consumers. Examples include the first smartphones, automobiles, laptops, and the Internet.

2. Incremental (dynamically continuous):

Innovation that requires consumers to slightly modify their behavior or moderately changes an industry. It falls between continuous and disruptive innovation as consumers have previous experience with these types of products but will be required to learn a new method of using them. Examples include satellite television, ordering online, and hybrid vehicles.

continuos

Innovation that requires very little change in consumer behavior to interact with the good or service, nor does it change the dynamics of an industry. This type of innovation usually includes attribute changes or upgrades in products. Examples include toothpaste with whitening, shampoo and body wash combination, or a new flavor of potato chip.

5. cognitive needs

Knowledge and understanding, curiosity, exploration, need for meaning and predictability

4. esteem needs

Maslow classified into two categories: (i) esteem for oneself (dignity, achievement, mastery, independence) and (ii) the desire for reputation or respect from others (e.g., status, prestige)

norming

Once the storming is over and a natural leader and team are defined, norms of what the group wants to accomplish are spelled out, and the project becomes the focus of the group.

Innovate outside the product

Once you launch a product, you must continue to innovate. Don't get hung up that your one product is the only one you will ever produce. Launch the product, get feedback, and keep innovating.

Strategic alliance

One firm partners with another or several to develop a product without forming a separate company. Starbucks and Barnes and Noble: Placing a coffeeshop inside a retail location, thus benefitting both retailers.

self-actualization needs

Realizing personal potential, self-fulfillment, seeking personal growth and peak experiences

· Criteria for Evaluating High-Performance Products in Three Stages

Stage one: One-to-Three Word Alignment with User Value: step two: Stage 2: Three Levels of Assurances to Satisfy User Expectation step three:The Promise of an Optimal User Experience:

forming

The initial stage of group formation. This phase is characterized by polite conversation and getting to know one another. It is important for the company to encourage interaction and to develop relationships among group members (a key ingredient of community).

Stage 1: One-to-Three Word Alignment with User Value:

What word might a team decide best aligns with Harley-Davidson fans' expectations? One word might be authenticity. What if we were focused on a product for fans of superbikes? A few words might be racing, speed, or agility.

1. Biological and Physiological needs

air, food, drink, shelter, warmth, sex, sleep

expenses

are the costs (direct and general and administrative) incurred by a company.

financial projections

are used to show current and future revenue, plus expenses that will impact a company.

mission statement

communicates to the company's stakeholders the purpose of the organization and what it represents.

What type of data is most valuable and why does it matter

data regarding real-time analytics of usage, and here's why: Speed matters, and we emphasize this concept throughout the text. they can leverage data regarding real-time analytics of usage much more than units sold because it allows those firms to detect a drop-off in actual usage of their products, which in turn often serves as a warning for an imminent drop-off in units sold.

SLIDE 18-19

in review, LOOK OVER

the vision statement

is document meant to communicate what the company wishes to accomplish to sustain growth (two to ten years).

Missionary Selling

is indirect selling where a salesperson provides information to a buyer about products versus direct sales, which actively tries to sell products.

3. Courage

mental fortitude needed to overcome fear and succeed. High performers vocalize what they want and despite their fear take risks in order to achieve what they set out to accomplish. They possess an aura of confidence because they know they can be successful even when the path to success is laden with obstacles.

· the following suggestions are for writing a useable vision statement:

o 1. Assemble the authors: Those involved in writing the vision statement should be the company's "C-suite" level of management in charge of implementing the strategies of the company (CEO), (COO), (CFO), (CMO). A recommended practice before writing the vision statement is to brainstorm what the company wishes to accomplish both internally and externally. o 2. Be concise: The vision statement must contain wording that accurately describes what the company wants to accomplish in as few words as possible. The vision statement should be concise and should be written in a manner anyone could read and comprehend. o 3. Review the draft by the team and edit what is needed: Sometimes it is easier to write the vision and then to table it for a short period of time. It is recommended to have the team read it again and then edit what does not fulfill the vision of the company. o 4. Seek a second opinion: Once the final draft is written, seek the opinion of others to see if the vision statement clearly describes to others what the company seeks to do. o 5. Post the vision for the stakeholders to read: Once the vision is agreed on, post the vision statement, allowing it to be seen by stakeholders. Another practice is to post the vision internally for employees to see. It is also recommended to preach the vision to employees, expressing what the company seeks to accomplish with their help. The vision should drive the actions, decisions, and innovations of the company.

· Once We Have the Necessary Talent, How Do We Increase Commitment and Retention to Achieve the Mission and Vision? Forbes offers additional ways to retain valuable members of the community:

o 1. Communicate, communicate, communicate: By communicating with employees, businesses strengthen the sense of community by providing a roadmap for employees to express where they wish to go and how the firm can help to get them there. o 2. Value individual contributions: Perform a review of each employee's performance and reward those who support the mission and vision of the company and achieve the goals of the organization. o 3. Provide training: provide training to show value to those employees who can help achieve the goals of the organization. Training also helps to deepen commitment to the firm and increase productivity. o 4. Mentor: Similar to providing a quality orientation, match an experienced employee to help new hires for use as a reference, answering questions, and helping to develop them into great employees. o 5. Ask questions and listen to answers: Employees can help top management solve problems when they listen to the answers they provide to make the company better. o 6. Engage employees to solve business problems: Top management should never be afraid to listen to what employees feel can help improve the performance of the company. Engagement increases empowerment, which is a part of community. Employees are part of the community, so empower them to help make things better through their interaction. o 7. Recognize employees and praise effort: reward employees who contribute to the betterment of the company in a manner that satisfies their intrinsic or extrinsic needs.

3 suggestions to advance innovation

o 1. Define the innovation that drives growth and meets strategic objectives. Top managers must lead the charge to drive the innovation efforts for the rest of the company. Without continuous encouragement from top managers, innovation efforts will fall short. o 2. Make innovation part of the meeting agenda. Including an agenda item highlighting innovation sends a strong message that innovation is always a part of the plans the company wishes to pursue. o 3. Establish measurable and obtainable targets and goals for innovation. Top managers should reward (extrinsic or intrinsic) innovators and encourage their behavior. An example of a measurable goal for financial strategies could be launching a product within a year (goal 1) and obtaining 10 percent market share in six months (goal 2). Whatever the strategy employed, goals that are defined and obtainable both motivate and hold teams accountable. It also encourages healthy competition, which also is a motivator for success.

3 steps required for any product, service, or process to reach the hallowed status of an innovation

o 1. Every innovation begins with a process that engages creativity o 2. Every innovation must manifest as an invention, no matter if it is a product, service, or process. The earliest stage of this, especially as the purpose of this text is to focus on developing products, is to create at least one physical prototype. The purpose of this second stage is to arrive at an invention, which means that what your team has created must be considered "something that has never been made before while also remembering that "not all new inventions are major advances; many are simply alterations to older technologies." The last part of the invention stage is when the product is made available to the market via a launch event. o 3. the third and final stage that your new product must reach in order to achieve the status of an innovation, and that is adoption. adoption stage begins immediately after a launch event and is a way of measuring success, not through typical metrics such as units sold, but by the number of consumers who are using the product and the value that the new product is providing (real or perceived) to its users. The formula for success is this: The greater value the product provides, the greater likelihood more people will adopt the product to benefit from its increased value over any other product of its kind in the market. Simply put, no value, no adoption. Therefore, no adoption, no innovation, no matter how unique or spectacular. If people are not adopting the product, the product cannot be referred to as an innovation. · The only people who truly have the right to call your product an innovation are your customers.

Innovator characteristics

o 1. Innovative people can look at the world around them and see connections in ways not seen by others. o 2. Stamina is an important trait for innovative people. Stamina is the strength to persevere in the face of difficulty. It hinges on two fronts: § Attitude is important, as most people will disagree with your thought process. One must keep the right attitude and fight through negativity. Attitude is the feelings one has toward an object or organization. Innovative people always a have a bit of a "Maverick" personality. A maverick personality is one that is comfortable taking risks and receiving criticism and that perseveres through difficult situations. § Getting it right. Rarely is the product, service, or innovation right the first time. Failure is the norm; thus, one learns, evolves, and moves forward.

· The following are some common pitfalls experienced when writing a vision statement:

o 1. Lack of originality: Companies have no idea what a vision statement is sup-posed to convey so they copy another firm. Each company's vision is unique; therefore, the vision must be original to have purpose and drive the company toward greatness. o 2. One author: The vision statement should have the ability to be read by anyone and allow them to clearly understand the direction and purpose of the company. Having multiple authors ensures this will happen through reaching a consensus. o 3. Not concise: Many vision statements are too wordy. Vision statements must be concise, meaning they should clearly communicate the exact meaning of companies' intentions. o 4. Too internally driven: A vision statement must convey what the company intends to do not only for itself, but for its stakeholders.

the mission statemenr answers what questions

o 1. What does the organization do? o 2. Who does it do it for? o 3. How does it accomplish its purpose? o The mission statement is written in a concise manner (one or two sentences) and represents a shorter period (one to two years) than the vision statement (two to ten years).

· Furthermore, the top five reasons why these small businesses are as follows:

o 19 % were outcompeted o 23 % didn't have the right personnel in place o 29 % went bankrupt o 42 % couldn't identify the right markets to buy their products o 82 % had cash flow issues

WHY DO FIRMS FAIL TODAY

o 20 % in the first year o 34 % by the second year o 50 % by the fifth year o 70 % by the tenth year

leadership development

o : Is the right leadership in place and being developed? § Leadership development is identifying those individuals who possess the ability to take charge, have a vision for success, and have the mental capacity to handle rapidly changing market complexities.

transcendence needs

o A person is motivated by values that transcend beyond the personal self (e.g., mystical experiences and certain experiences with nature, aesthetic experiences, sexual experiences, service to others, the pursuit of science, religious faith, etc.)

Price penetration

o A price strategy that starts out low and raises over time. It is a good strategy to gain market share. This strategy is popular with utilities and cable television. Consumers pay an initial low price and this price increases over time.

psychological pricing

o A pricing strategy that attempts to make the price seem less than it really is. Items sound cheaper at $2.99 than at $3.00, or buy one, get another for 50% off. Consumers are very susceptible to these types of strategies because they make the offer sound so enticing that it is hard to not buy.

Price skimming

o A pricing strategy that starts out with a high unit price and reduces it over time. This type of strategy is popular with electronics such as cell phones.

· High Performance Creates Aura

o Aura is the distinctive atmosphere that surrounds a person, place, or thing and that elevates whatever is the subject of aura to an almost surreal status, and each aura is unique.

1. make it obvious you are the orginal creator

o Consumers' value perceptions of original items are quite favorable in terms of quality and paying a higher price.

3. Get your message and aydience interaction right

o Copycat's strategy is short-term profits. They will not advertise their product because once sales slow, they move on. Therefore, as the original, be sure you have an effective message stating you are the original and why your product is superior. This will help you charge a premium price.

internal canidates

o Current employees of the company selected based on their experience, skill sets, and training § A collection of people from similar backgrounds and thought processes tend to fall into groupthink. Groupthink is found in groups who reach a consensus without critically analyzing or evaluating consequences or alternatives.

performance acceleration

o Does the ability to attract the right talent improve the workforce? § Performance acceleration refers to the method in which companies manage performance in terms of how to measure, compensate, and promote employees.

1. differentiated capabilites

o Does the company have the skills, knowledge, and abilities to capture a competitive advantage? § Differentiated capabilities are the collective skills, abilities, and expertise that allows one company a superior advantage over its competitors.

· A business plan is comprised of several sections, which help to drive the strategies and operations of the firm. These sections include the following:

o Executive summary o Business description o Market analysis o Organization and management o Sales strategies o Funding requirements o Financial projections o Risks and counter measures

2. external (full time or contract) canidates

o Full-time is a permanent hire, while contract employees are brought in for a specified time § Full-time employees tend to be more loyal and devoted due to their inclusion into the community. On the other hand, contract employees may feel little loyalty due to the fact they are hired on a temporary basis. § Hiring external candidates has advantages that may help companies meet the demands of being more innovative. External candidates bring in fresh perspectives, current knowledge of industry trends, reduce complacency, and overcome the lack of talent the current organization may have.

Act

o Innovators must act before the act, meaning an action plan must be in place to map out the way the process will proceed to bring a new product to market.

talent culture

o Is the right culture in place to attract a diverse workforce? § Talent culture is community's reputation that attracts and retains the best talent needed to innovate. § The PWC study reveals that four factors drive engagement: · 1. The level of respect, value, and recognition felt on the part of employees · 2. The perception that an employee's job betters the company · 3. The level of pride in the organization and its mission and vision · 4. The level of trust and ability in top managers

performing

o Once the goal at hand is accomplished and the success of the team is shared among the team, management can organize a focus group to reveal what best practices were used and evaluate each team member's performance.

Stage 3: The Promise of an Optimal User Experience:

o The last stage in determining whether the product you and your team are designing for a desired market is whether it will provide the user with an optimal experience. People who want or need high performance expect the product to either provide or support the occasion of an optimal experience. If your product can ensure the user will have an optimal experience using the product, again using the example of Harley-Davidson, an optimal experience in authenticity, then your product is more likely to succeed.

Stage 2: Three Levels of Assurances to Satisfy User Expectation:

o The second part is to use this pairing of high performance with whatever values align with your users' expectations. Using the example of Harley fans and authenticity, you want to ensure that the new product design inspires the target user with positive § 1. emotions that feel congruent with authenticity, § 2. actions that behave congruent with authenticity, and § 3. thoughts that are cognitively congruent with authenticity. If you can satisfy users' wants or needs at each of these levels as they align with the three areas of your users' brains, you are likely to launch a product innovation, but there is one more stage to satisfy.

Get to market ASAP

o This entire chapter is based on this concept of speed to market, and it is not surprising that this is one of the aspects that helps prevent a firm's product idea from being copied by others. Since the fidget cube was open to the public for donations, it also allowed for others to see the innovation and thus get copied. Develop the product, test it, and launch it, then follow up. launch the product and fix it as you go. Be the first to market and realize first-mover advantages.

Everyday low prices

o This strategy offers consumers prices that are usually below the normal price paid at competitors. It is highly effective because consumers feel they can get the lowest prices in any market segment when companies use this. This is a common strategy used for retailers such as Walmart.

Hiring process in the 21st century

o To recruit the best talent focused on innovation, companies must change the way they hired employees in the past. A major contributor to this is the emergence of Generation X and Y replacing the baby boomers in the workforce. While these three generations coexist in the workplace, each generation is distinct from the other. o For example, baby boomers (1946-1964) seek monetary rewards, stability, and a flexible retirement plan. They aren't in need of constant feedback from managers and are very goal oriented. They also seek promotions, feel valued for their expertise, like large offices and reserved parking spots, and like having prestigious job titles to reaffirm their hard work. Gen X (1965-1980) seeks a good work-life balance as they have watched the baby boomer parents work so hard to make money and climb the corporate ladder. They prefer to work without a lot of supervision and a high percentage start their own businesses. They value opportunity, flexible work schedules, being recognized for their accomplishments, telecommuting, and opportunities to grow. Gen Y (after 1980) seeks ways to give back to the community and is attracted to corporate social responsibility, thrive off environmentally friendly workspaces, value a good culture, and like flexible work schedules. They also like the latest technology, time off, immediate feedback, and prefer structure and continued learning. o Employers must realize that gen X and Y will replace baby boomers by 2020, accounting for 60-75 percent of the global workforce. As gen X and Y take over as the dominate workforce, hiring practices must be adapted to what is most important to these generational workers. Besides generational differences, other changes in the modern workforce are the flattening of the organizational chart due to inefficiencies of multiple layers of management and the ineffectiveness it causes, hampering the ability to compete in a global workplace. Today's workforce is promoted much faster based on proven leadership, performance, and demonstrated skill sets. In addition, the hiring practices of the past relied on human resources to fill spots to bring about innovation with little help from top-level managers. o A study conducted by Strategy and PWC looked at global workforce trends and found that top managers need to change the old hiring practices to attract the most innovative employees. The study identified demographic and generational shifts in the marketplace that require a change in the way attracting and hiring top innovators takes place. global workforce is made up of only 17 percent white males.

What is the order of the 5W2H that they believe yields the greatest results

o Who: Who is involved or impacted by the problem? o Why: Why is it a problem? Why do we care? o What: What is happening that causes the problem to occur? o Where: Where is the problem happening? Where is the problem occurring in Maslow's hierarchy of needs? o When: When is the problem happening? When did the problem begin? o How: How does the problem happen (in regard to process)? How do we know it's a problem? o How: How can the problem be defined quantitatively? How frequently does the problem occur? How much of a problem is it? How many stakeholders are affected? How many factors are involved?

5. Influence

o direct or indirect power one has to inspire action in others. High performers have excellent people skills, especially with active listening and practicing empathy. Because of this, others are naturally drawn to them as they are successful yet approachable. They also tend to be very kind and generous.

fit

o how well their product fits the needs of their target audience § A bottom-up approach studies the target market from an empathic perspective to see how the firm can satisfy their target market's needs. A top-down approach identifies if the target market wants or needs the product. Consumer insights are an accumulation of evidence that reveals insights about the marketplace rather than focusing on an individual's needs.

time

o important to be at the right place in the right time § Identify future needs and trends and try to predict what is to come § Time the validation by working with customers to know when the value proposition you are offering is the most accepted by them now and in the future. § Validating an innovation for development has several pitfalls: · Waiting too long to launch a product · Excessive product testing before launch · Failing to know when the time is right to enter the markets.

Grow

o it is important to think beyond one good product § Ways to continue to grow: Monitor customer needs, Know the best time to launch a product, Have a plan

Clarity

o the ability to have a clear vision of what is to be accomplished. High performers are clear on three things. They know themselves, what they want to achieve, and how to interact with others. The possess excellent focus and due to their high levels of clarity, they are always striving to achieve their goals.

2. Energy

o the inner drive that provides the power to keep one moving closer toward achieving a goal. They put in the extra time and accomplish the impossible because they have the energy to sustain themselves when others simply quit.

de bias

o — Bias is a feeling, opinion, trend, or notion that is pre-conceived without an objective or evidence-based reason, and it either positively or negatively influences the decisions we make § To prevent bias the following questions should be asked · Did you use the correct data? Did you interview a representative sample of the target market? If the analysis was too good to be true, then re-run it. Have the analyst run the data in front of you. Do the benefits just scream at you?

To align your media sources with your target market, firms must practice the three P's, which are

planning, preparation, and persistence.

2. safety needs

protection from elements, security, order, law, stability, freedom from fear.

the revenue is

the amount of money earned from selling a company's products.

4. Productivity

using the time available to achieve maximum results. High performers accomplish more than their counterparts because they are focused and efficient with their time.

o The following are traits the good innovators possess and use to drive success:

§ 1. Innovators must be leaders. Leaders can motivate a team of employees to accomplish the mission, vision, and purpose of the task at hand. Leaders must have a passion that is contagious to their subordinates and excite them to want to carry out the goal at hand. Leaders must also inspire people to work together to bring the creative innovative concept to life. In addition, good leaders use data to help drive decisions. § 2. Another trait of leaders is the ability to manage a diverse team. Innovation teams should be comprised of a diverse group of employees to reduce groupthink, explore a greater variety of thoughts, and understand how new products affect others. § 3. Innovators understand the need for establishing and maintaining both internal and external networks. Internal and external networks are groups of stakeholders that are found inside and outside the organization that provide the opportunity to succeed. § 4. A key element of innovation is the support of top management. Managers are the internal network that knows how to innovate with speed due to having the authority and trust of their employees. Innovative people realize this and work with C-suite executives by keeping them abreast of the progress and accomplishments of their work. § 5. Innovators are risk takers. Innovators are not afraid to take chances to accomplish the goal of improving a current good or service, or to create a new-to-the-world one. The ability to take risks or have the courage to take chances is not typical, as most people don't want to jeopardize their careers. Therefore, the ability to take chances, endure criticism, and have the courage to try new things is what motivates innovators.

media source alignment 3 steps

§ First, firms must identify who their target market is. It is hard to sell products when you have no idea who will buy them. Marketing research can help with this task and should be utilized to avoid wasting valuable resources by trying to reach a market that has no interest in the product. § Second, firms must identify what media sources their target market utilize. Typically, consumers use many channels, but a more strategic approach could help to determine what the media mix should be and what are the long-and short-term objectives. § Third, firms must devise a plan. Planning can include frequency of advertising, objectives of the advertising campaign, targeted return on investment, or increase in sales. To be successful, the plan needs to be realistic, measurable, and attainable.

How we define performance matters greatly

· "the action or process of carrying out or accomplishing an action, task, or function," along with two of its supporting or sub-definitions: "a task or operation seen in terms of how successfully it is performed," and in relation to the specific performance of a product, "the capabilities of a machine, product, or vehicle."

high performance

· High-performance people and products have a positive effect on us, and it should come as no surprise that companies desire to hire employees who they believe will be the highest performers, and consumers seek to purchase "high-performance" products, especially when those products provide an important value to the consumer relative to price. Our desire for you is to learn and practice the very methods that will increase your value to a "high-performance" status while simultaneously developing and launching high-performance products.

The ability of companies to attract innovative employees is the key to future growth and success. The hiring practices and ways of promoting employees of the 20th century have changed drastically. As generational change from baby boomers to more gen X and genY employees occurs, ways to stimulate these generations will need to be recognized to retain and attract core employees. In addition, companies need to develop ways to foster and grow leaders. How do they do this

· One way to do this is through empowerment. Let young leaders take on projects and initiatives and give them the right to fail. Too often there is a fear-of-failure culture, but if young leaders learn from their mistakes, it will make them stronger leaders in the future. Leaders exhibit the ability to motivate, think quickly and decisively, work with a variety of people and cultures, and promote innovation. Identifying these people and nurturing them will help to increase the pool of leaders to drive growth and success now and in the future.

what is the five whys

· The five why's is a common, proven method used in the design community to ask various stakeholders "why" several times over as that is the usual number of times required for a stakeholder to answer in a way that provides meaningful, actionable insights that you and your team can leverage or integrate into the design of your innovation.

Customer dominated markets:

· These shifting variables require firms to have greater market intelligence, which also causes them to increasingly rely on market research to understand who the target markets are and how they are trending in various countries. This means that firms must strive to maintain the current client base while adding new customers. · In addition, they will also offer suggestions on new target customers and profitability reports and assist with creating specialized offers and conduct missionary selling. Missionary selling is indirect selling where a salesperson provides information to a buyer about products versus direct sales, which actively tries to sell products.

How does that help companys quickly make adjustments?

· This provides an important and unique opportunity to use that information to quickly to make adjustments, which will allow the firm to address whatever issues its active customers are encountering, rather than learning after its consumers have begun abandoning the product, spreading word to other consumers that the product is not as valuable as once perceived.

How do you achieve optimal performance

· businesses need to clarify and train their employees on what level of performance is acceptable and strive to set standard to help everyone know what is expected.

the vision of a company

· identifies where the company is headed and what it seeks to accomplish.

product development plan

· is a document that outlines the company's process for modifying or creating a new product, and it defines what resources are required to complete the project.

Community

· is a feeling of fellowship with others created by sharing interactions and relationships formed within the community. It involves sharing common attitudes, interests, behaviors, and goals. Community represents a choice an individual makes, and it does not change as people come and go, because it was already in existence before they arrived. Therefore, community strives to empower its members that they may get out what they put in. interaction based, not learned -empowers its members -binds its members through relationships -shares common interests

an income statement

· is a financial statement measuring a company's financial performance over a specified period. The income statement shows the revenue, expenses, total income, and net income for a firm.

A cash flow projection

· is a statement showing inflows and outflows of cash into a business over a specific period (usually one year). It helps to predict any shortcomings, which would require raising capital to meet the need to fund business operations.

countermeasure

· is an action taken to counteract a danger or threat. Notice the word action in countermeasure. Without acting, a countermeasure will never be effective; therefore, companies must act to counter the threat present.

High performance

· is better and faster and operates more efficiently than normal performance.

risk

· is exposure to danger, imperil, hazard, or threat

Culture

· is learned behavior either by family or acclimation as you are exposed to different cultures (e.g., what would your behavior be like growing up in a farm community and then moving to a major city?). Culture is the sum of actions, beliefs, rules, customs, language, and attitudes. -no interaction required -learned behavior -taught by family or through acclimation -common language, customs, or rules

total income

· is the income resulting when you subtract revenue minus expenses before income tax. The income statement gives the company and stakeholders a view at the current and anticipated earnings the firms seek to achieve in a prescribed period.

When you communicate why first, then how, you are speaking dierctly to the oldest most central part of the brain known as

· otherwise known as the limbic brain, which "is responsible for all our feelings, such as trust and loyalty. It is also responsible for all human behavior and all our decision-making.

how do we measure a high performance product

· product is how well it performs while being used by consumers' values, including hopes and expectations, of its particular market.

balance sheet

· shows a company's assets, liabilities, and shareholder equity at a specified point in time.

what is the order in which the most advantageous way to communicate is

· the most advantageous way to communicate with anyone is to do so at an emotional level first, then at the behavioral level, and finally at a cognitive level. He describes this as the golden circle, which "correspond[s] precisely with the three major levels of the brain," and he recommends this as a way of understanding effective communication.

flywheel effect-

· to depict how businesses go from good to great, not in one fell swoop, but through the continuous effort by a group of people who have focused their efforts to achieve greatness and feeding off of their team's energy and momentum to accomplish great things.