Innovation & Strategy
Q: Name one real company that succeeded through disruptive innovation and how.
A: Netflix disrupted Blockbuster by using a subscription DVD model and later streaming, changing how people accessed movies.
Q: What are the five stages of Design Thinking?
A: Empathize, Define, Ideate, Prototype, Test.
Q: What does a market penetration strategy mean?
A: Increasing market share within existing markets using tactics like promotions or competitive pricing.
Q: How did Netflix disrupt the traditional video rental market?
A: By offering DVDs by mail and later streaming, removing late fees and adding convenience.
Q: Name one resource at Duke entrepreneurs can use for market research.
A: Ford Library at Fuqua.
Q: Explain the difference between sustaining and disruptive innovation with an example.
A: Sustaining improves existing products (e.g., iPhone camera upgrades), while disruptive creates new markets (e.g., Uber creating rideshare).
Q: What is the Value Proposition in a Business Model Canvas?
A: The unique value a product offers to solve customer problems and meet their needs.
Q: Name two critical data points you would look for in an industry report.
A: Market size and growth trends.
Q: Why did Blockbuster fail to innovate like Netflix?
A: They focused on in-store rentals and late fees instead of adapting to new customer behaviors.
Q: What is the business library at Fuqua called?
A: Ford Library.
Q: What is the purpose of using PESTLE analysis before launching a product?
A: To understand external factors (Political, Economic, Social, Technological, Legal, Environmental) that may affect the business.
Q: How would you use the Customer Segment block in your BMC to improve your product?
A: By defining specific target groups to tailor features and marketing strategies.
Q: Explain benchmarking in competitor analysis.
A: Comparing your business to industry leaders to identify improvement areas.
Q: Why has Tesla succeeded while many electric car startups failed?
A: They focused on performance, branding, and building charging infrastructure.
Q: What are two common challenges early-stage entrepreneurs face?
A: Funding and market validation.
Q: Give a practical example of a company using Porter’s Five Forces to improve strategy.
A: A coffee shop analyzing supplier power and customer loyalty to adjust pricing and partnerships.
Q: How could you use prototyping in Design Thinking for your Duke IBS project?
A: By creating a low-cost, early version of your product to gather user feedback.
Q: Describe one trend in your project’s industry and how you can leverage it.
A: Example: Increased interest in sustainability → Using eco-friendly materials in your product.
Q: How did Apple use design thinking when developing the iPhone?
A: By focusing on user needs for simplicity, touch navigation, and aesthetics.
Q: What is an MVP (Minimum Viable Product)? Give an example.
A: The simplest version of a product to test with users; e.g., Dropbox’s demo video.
Q: Explain Blue Ocean Strategy and provide an industry example.
A: Creating uncontested market space by offering unique value (e.g., Cirque du Soleil combining circus and theater).
Q: What does “fail fast, learn fast” mean in Design Thinking?
A: Testing ideas quickly to identify flaws and improve efficiently without wasting resources.
Q: What is the difference between competitive advantage and competitive positioning?
A: Advantage is what sets you apart (e.g., unique tech); positioning is how you present this to the market.
Q: Why did Airbnb succeed using a sharing economy model?
A: By leveraging unused residential spaces to offer affordable, personalized travel experiences.
Q: What three data points from an industry report would you highlight in a pitch?
A: Market size, growth potential, and customer demand trends.