Business Concepts Flashcards

Front

Brainwriting

Back

Silent form of idea generation where individuals contribute ideas in writing without verbal communication.

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Cart Abandonment Rates

Back

Percentage of online shopping carts which are initiated and then left incomplete.

Front

Chicken-and-Egg Problem

Back

Difficulty identifying whether the demand for a product or service will exist before the product or service exists.

Front

Churn

Back

Percentage of customers who stop using a service during a given period.

Front

Competitive Advantage

Back

Unique strength or attribute which sets the business apart from its competition.

Front

Customer Retention Rates

Back

Percentage of customers a business keeps or maintains over a specific period.

Front

Design Thinking Process

Back

Approach to innovation which focuses on keeping humans at the center of the design.

Front

Empathize

Back

Understanding the needs and experiences of the consumer.

Front

Evaluation

Back

Process of looking at what an individual has created and identifying the failures and successes within it.

Front

Ideation

Back

Process of generating, developing, and refining ideas.