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- As usually, let's summarize
what we have covered.

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So first, we spoke about OKRs.

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It's a goal-setting
framework for thinking big.

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OKRs help to establish

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high level, measurable
goals for a business

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by establishing ambitious
objectives and outcomes

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that can be tracked
long-term and every quarter.

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A product vision or
product vision statement

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is different from
company's vision statement.

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It describes the overarching
long-term mission

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for your product.

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Product vision statements are aspirational

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and concise like elevator page.

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A short description of a product
that explains the concept

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in such a way that any
listener can understand it.

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The goal is to convey the
overall product concept

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in an exciting, clear, and
concise way, starting with why.

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Design thinking, lean
startups and design sprints

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allow to ideate, prototype
and validate a product concept

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before the product is built
without wasting any time.

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Think about lean, reduction of waste.

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These are all important
techniques in ensuring

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that we are building the right product

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that will delight our customers.

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As a result of these activities,

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we will define MVP, minimum viable product

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based on customer needs

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and then identify all
the necessary details

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to build a prioritized list of
features and start execution.

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As we're doing lean startup,

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the next step is to
validate your knowledge.

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Like in lesson one, I'm offering
you a five question quiz.

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I will show and read the question.

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Please pause the video
after you see the question

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and write down your answer
before restarting the video.

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And then I will reveal the answer for you.

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Here are questions one through five.

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What is a product elevator pitch?

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Please pause your video
and select one letter

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to represent one of the
answers on your screen.

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And now I will reveal the correct answer.

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Product design technique aligned

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with the enterprise pricing strategy.

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We spoke about four Ps of marketing,

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pricing is very important.

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And that's a formal definition

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of the product elevator pitch.

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Let's look at the question two.

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When should an organization
start using OKRs?

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Again, please pause your
video and select the answer.

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And now let me reveal the answer.

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At any time.

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There are hardly any prerequisites
to start OKR adoption.

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We even spoke about personal OKRs

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to build your family
finance and any health,

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any other goal you may want to achieve.

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Now, let's go to question three.

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Which is not a benefit of OKRs?

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Please pause your video

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and put a letter that corresponds
to the correct answer.

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And the correct answer is B.

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OKRs help define promotions
and compensations.

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Actually, that's one of the poor practices

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with OKRs adoption.

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OKRs should be completely separate

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from promotions and compensations.

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Because OKRs, separately
from management by objective

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or any performance review process,

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OKRs are set up by those
teams and team members

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who are responsible for achieving them.

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So if you want OKRs to be aggressive

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and difficult to achieve,

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they have to be fear free,

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not related to promotions or compensation.

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Now let's go to question four.

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What does it mean to
fail fast, succeed faster

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in the concept of the lean startup?

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Please pause your video
and select the answer.

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And now let me reveal the answer.

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By validating a hypothesis,

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we are able to define successful products

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before even building them.

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It's almost like reading customer's minds.

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By the way, fail fast, succeed faster

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is one of the lean startup principles.

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Now let's go to question five.

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What is a design sprint?

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Please pause your video
and select the letter.

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And now let me reveal the answer.

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The correct answer is A.

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Google Ventures' customer
research technique.

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Day by day, the whole week.

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The one that we reviewed in this lesson.

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So I hope you got all
the answers correctly

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and I look forward to
seeing you in lesson three