D081 Innovative and Strategic Thinking

D081 Innovative and Strategic Thinking 5.0 (1 review) Students also studied Terms in this set (27) Save Test Prep - WGU - Principles of Man...105 terms C_BondePreview Innovative and Strategic Thinking - ...137 terms pgray_wguPreview Sales Management - D099 263 terms marlio4Preview Practic 19 terms aud Practice questions for this set Learn1 / 7Study using Learn The ability to understand or be attuned to the feelings, thoughts, or experiences of another human being.InitiativeAn organizational priority that identifies a direction or strategic area of focus.IterativeRepeated cycles that increasingly approach the desired result.InnovationProcess of developing and implementing a new product/process that delivers value to users/customers.CreativityGeneration of novel or unique ideas.Choose an answer 1Initiative2Business model 3Empathy4Critical Thinking Don't know?

Critical ThinkingDisciplines process of rational, evidenced-based, and open-minded thinking that involves analysis and evaluation of inputs to reach an answer.Market shareThe percentage of sales in a market controlled by a particular company or product.Customer valueThe benefit (vs. cost) a customer receives from a product or service offering.Product innovationsNew or improved goods/services offered to the market.Process innovationsNew or improved ways of conducting business, such as the application of new technology, production techniques, or distribution methods.InventionThe creation of a unique new idea, process, or object.Research & DevelopmentOrganizational activities with the goal of innovating products and services.Incremental innovationsGradual improvements to products or processes.Business modelA company's plan for creating value, including types of products and services it will offer to earn revenue.Design thinkingA human-centered process for innovation consisting of 6 iterative stages - empathize, define, ideate, prototype, test, and implement.Scientific methodEmpirical approach or procedure used to hypothesize and test observations.Wicked problemA challenging or complex problem without a clear solution, usually social or cultural in nature.AgileProject management approach, originally used for software development, characterized by quick, iterative cycles and frequent adaptations.EmpathyThe ability to understand or be attuned to the feelings, thoughts, or experiences of another human being.Human-centered designApproach to design that begins with the people (users) affected by the problem or potential solution.Problem statementBrief description of the issue to be addressed through the design of a solution.PrototypeTestable versions of an ideated solution; draft or example version.ScaleGrow or expand production, distribution, and sale of a product in a profitable way.Strategic managementThe process of ensuring alignment between all organizational activities and business objectives.

Decision-making processA seven-step process to make strategic decisions informed by data.Data AnalysisProcess of evaluating and interpreting data using analytical and statistical tools to uncover business insights.Business analysisUse of data about the internal and external business environment to identify business needs and objectives.Scenario planningMethod of strategic planning that uses plausible scenarios to help an organization create flexible long-term plans in the face of uncertainty.