Design Thinking Process
5 Steps
The government provides programs such as SNAP
and unemployment compensation to improve
public welfare
Businesses that regularly perform environmental
scanning can identify
Challenges (threats) and opportunities
What is an organized inquiry into the possible success of a business idea or venture
A feasibility study
What is the process of issuing a permit allowing an individual or a business to function in the marketplace
Licensing
Which process, research users' needs and values
Empathize
monetary policy, interest rates, fiscal policy, and disposable income fall under which specific purpose?
To stabilize the economy
A business cannot control its
External Environment
Feasibility studies are used for a number of different potential endeavors such as
What is new products, expansions, mergers or
acquisitions, or entirely new businesses.
What are the physical and social characteristics of the population. Include age, gender, income, employment status, family status, education, geographic location, religious beliefs, and race or ethnic origin.
Demographics
Which process identifies the problem to be solved and state users' needs
Define
The government involvement in business has some specific purposes. How many specific purposes?
10
How many factors are in an environmental scan? Name the factors
6 factors; Demographics, Society and Culture, The economy, competition, government, technology
Business owners hire professionals to conduct their feasibility study because it reduces?
Bias
What are the four examples of social trends
that affect business decision making:
Changing of family roles, Need for convenience, fitness and health, going green.
Who uses the design thinking process?
Entrepreneurs and Established businesses
Exists when a single business influences the entire
production of a particular good or service
Monopoly
What does dynamic and interrelated mean pertaining to a environmental scan?
Dynamic meaning changing all the time. Interrelated meaning they affect each other.
A current description of the industry, A description of the current or projected demand, information about your target market and competitors belongs in what section of the feasibility study?
Perform a market analysis.
What is essential for obtaining funding through bank loans or investors
Business Plan
What are the steps of the design thinking process?
Empathize, Define, Ideate, Prototype, Test
Government has two main sources of revenue to pay the costs of regulation, what are they?
Taxes and Borrowing
How many steps are in a environmental scan? Who will participate in your business’s environmental scanning
5 steps and all employees should be participating in environmental scanning
What is an outline of how the chain of command will flow throughout the business?
What is the competition between different products satisfying same need called?
Substitute products competition