Business Innovation Dictionary – we have prepared a list of the most important terms and definitions that accompany our field. If you want to find out what is the difference between forecasting and foresight, what trend research gives and why it is worth using scenarios – this is the right place.
CTA (call to action) – prompts a subject to perform an action; used in an experiment in order to test one or more hypotheses.
conversion – a percentage of visitors who came to your store and completes purchase
personas – a semi-fictional representation of a group of customers who have similar goals, buyer journeys and personal profiles.
business design – is a way of operating that combines the tools of business thinkers, analysts, and strategists with the methods and mindsets of design.
business innovation – is an organization’s process for introducing new ideas, workflows, methodologies, services or products.
black swan event – is a metaphor that describes an event that comes as a surprise, has a major effect, and is often inappropriately rationalized after the fact with the benefit of hindsight.
forecasting – a technique that uses historical data as inputs to make informed estimates that are predictive in determining the direction of future trends.
foresight – anticipation or the art of reorganizing the present to prepare for the future
futures-oriented / future-fit – forward-looking or which allows offering extended multiple yet concrete perspectives
future-proof – it is the process of anticipating the future and developing methods of minimizing the effects of shocks and stresses of future events.
futurist – specialist or professional in foresight
macrotrend – is a pervasive and persistent shift in the direction of some phenomenon on a global level. Examples of current macro trends include urbanization, automation as well as changing demographics.
microtrend – is a tendency in the direction of some phenomenon that is fairly pervasive within a given sphere of influence and lasts for a few years.
fad, trend, buzz, hype – is any form of collective behaviour that develops within a culture, a generation or social group in which a group of people enthusiastically follow an impulse for a finite period. Fads are objects or behaviours that achieve short-lived popularity but fade away.
aha! moment – event, experience, or a moment of user’s sudden insight or discovery. (sometimes revering as wow effect)
business model – rationale of how an organization creates, delivers and captures value.
customer Insight – a minor or major breakthrough in your customer understanding helping you design better value propositions and business models.
validation – a series of hypotheses you will test that will either prove your assumptions to be correct or incorrect. The outcomes from these tests will help you understand the viability of your business idea.
value proposition – describes the benefits customers can expect from your products and services.
scenarios – a coherent sequence of events and decisions that create a vivid, compelling vision of what the future could look like. Generated by considering all possible factors or drivers, their relative impacts, the interactions between them.