WGU - D081 Innovative and Strategic Thinking

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Unit 4:

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rtho Practice questions for this set Learn1 / 7Study using Learn New or improved ways of conducting business, such as the application of new technology, production techniques, or distribution methods InitiativeAn organizational priority that identifies a direction or strategic area of focus InnovationProcess of developing and implementing a new product or process that delivers value to users or customers IterativeRepeated cycles that increasingly approach the desired result Choose an answer 1Product Innovations2Process Innovations 3Radical Innovations4Managerial Innovations Don't know?

CreativityGeneration of novel or unique ideas Critical ThinkingDisciplined 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 or 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 Which type of innovation adds indirect value to customers by lowering costs and increasing the quality of new or existing products or services?Process Research and DevelopmentOrganizational activities with the goal of innovating products and services Incremental InnovationsGradual improvements to products or processes Breakthrough InnovationThe development of an entirely new product or process Transformational InnovationOrganizational adaptation and development of new processes and business models Business ModelA company's plan for creating value, including the types of products and services it will offer to earn revenue Which type of innovation results in the development of entirely new products or processes?Breakthrough Key PointInnovation is an activity or process that leads to more effective products, processes, services, technologies, or ideas. Innovation is the development of customer value through solutions that meet unmet needs in new ways.Key PointCreativity is the generation of new ideas. Innovation is the development and implementation of a new idea through a series of stages.Key PointThree types of innovation include breakthrough, incremental, and transformational. Breakthrough innovation results in the development of completely new products or processes. Incremental innovation occurs through gradual improvements. Transformational innovation radically changes an existing product or process into a new model.

Design ThinkingA human-centered process for innovation consisting of six 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 How does design thinking differ from traditional problem-solving?Develops iterative solutions Stages of Design ThinkingEmpathize, define, ideate, prototype, test, and implement 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 Define StageStage of Design Thinking process that builds on observations of users to identify and refine a problem statement Ideate StageStage of Design Thinking process where ideas are brainstormed and generated Prototype StageStage of Design Thinking process where designers create testable versions of the ideated solution; draft or example version of a solution that can be tested and evaluated Test StageStage of Design Thinking process where the prototype is tested and additional information can be gathered to inform the solution Implement StageStage of Design Thinking process where a solution is brought to scale as a market offering or is adopted throughout the organization Problem StatementBrief description of the issue to be addressed through the design of a solution ScaleGrow or expand production, distribution, and sale of a product in a profitable way A company designed and evaluated a new product concept with customers and received useful feedback to improve the product's design.Which stage of design thinking should the company address next?Prototype Internet of things (IoT)Connection of everyday devices via the internet, using sensors, gauges, and a variety of computing technologies What is one of the strengths of design thinking? Ideas are adjusted during the process.

Key PointThe design thinking process provides a powerful, iterative, human-centered approach to problem-solving and innovation.Key PointThe process is particularly useful as an approach to wicked problems of which defining the problem and the solution is part of the challenge.Key PointDesign thinking is a process that values diversity of experience, multiple iterations, and an agile mindset. It can help teams faced with many types of challenges find a common approach.Key PointThere are six stages in the design thinking process: empathize, define, ideate, prototype, test, and implement. The stages may repeat or cycle through multiple iterations.Key PointThe process begins with developing an empathic understanding of the user experience. Observations are compiled to define a problem statement. The team then brainstorms ideas for a solution, creates draft (prototype) versions, and tests them with users. The process may loop back to any stage, or a solution may be implemented and cycle back to empathy.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 The process of strategic management entails:Specifying the organization's mission, vision, and objectives Developing policies and plans that are designed to achieve these objectives Allocating resources to implement these policies and plans WidgetsMini-apps that can be added to customize a home screen Scenario PlanningMethod of strategic planning that uses plausible scenarios to help an organization create flexible long-term plans in the face of uncertainty EntrepreneurOne who undertakes innovations in an effort to deliver market adoption with a viable business model Entrepreneurial MindsetAn important component of entrepreneurship, a mindset of passion, drive, ambition, creativity, vision, and persistence What is a characteristic of strategic management? Applies scenario planning to anticipate change Business AnalysisUse of data about the internal and external business environment to identify business needs and objectives