2.7: 2 Review and an Exercise - Video Tutorials & Practice Problems

<v ->As usually, let's summarize what we have covered.</v> So first, we spoke about OKRs. It's a goal-setting framework for thinking big. OKRs help to establish high level, measurable goals for a business by establishing ambitious objectives and outcomes that can be tracked long-term and every quarter. A product vision or product vision statement is different from company's vision statement. It describes the overarching long-term mission for your product. Product vision statements are aspirational and concise like elevator page. A short description of a product that explains the concept in such a way that any listener can understand it. The goal is to convey the overall product concept in an exciting, clear, and concise way, starting with why. Design thinking, lean startups and design sprints allow to ideate, prototype and validate a product concept before the product is built without wasting any time. Think about lean, reduction of waste. These are all important techniques in ensuring that we are building the right product that will delight our customers. As a result of these activities, we will define MVP, minimum viable product based on customer needs and then identify all the necessary details to build a prioritized list of features and start execution. As we're doing lean startup, the next step is to validate your knowledge. Like in lesson one, I'm offering you a five question quiz. I will show and read the question. Please pause the video after you see the question and write down your answer before restarting the video. And then I will reveal the answer for you. Here are questions one through five. What is a product elevator pitch? Please pause your video and select one letter to represent one of the answers on your screen. And now I will reveal the correct answer. Product design technique aligned with the enterprise pricing strategy. We spoke about four Ps of marketing, pricing is very important. And that's a formal definition of the product elevator pitch. Let's look at the question two. When should an organization start using OKRs? Again, please pause your video and select the answer. And now let me reveal the answer. At any time. There are hardly any prerequisites to start OKR adoption. We even spoke about personal OKRs to build your family finance and any health, any other goal you may want to achieve. Now, let's go to question three. Which is not a benefit of OKRs? Please pause your video and put a letter that corresponds to the correct answer. And the correct answer is B. OKRs help define promotions and compensations. Actually, that's one of the poor practices with OKRs adoption. OKRs should be completely separate from promotions and compensations. Because OKRs, separately from management by objective or any performance review process, OKRs are set up by those teams and team members who are responsible for achieving them. So if you want OKRs to be aggressive and difficult to achieve, they have to be fear free, not related to promotions or compensation. Now let's go to question four. What does it mean to fail fast, succeed faster in the concept of the lean startup? Please pause your video and select the answer. And now let me reveal the answer. By validating a hypothesis, we are able to define successful products before even building them. It's almost like reading customer's minds. By the way, fail fast, succeed faster is one of the lean startup principles. Now let's go to question five. What is a design sprint? Please pause your video and select the letter. And now let me reveal the answer. The correct answer is A. Google Ventures' customer research technique. Day by day, the whole week. The one that we reviewed in this lesson. So I hope you got all the answers correctly and I look forward to seeing you in lesson three