Question 1

If your product enters the "tornado," it triggers a particular need to ______.

Accepted Answer

A) cross the "chasm" 
B) generate new demand for your product 
C) meet customer demand efficiently 
D) avoid the "period of calm" 
A) cross the "chasm" 
B) generate new demand for your product 
C) meet customer demand efficiently 
D) avoid the "period of calm" C

Question 2

Define a market and describe some of its characteristics.

Accepted Answer

Markets can be virtual or physical,comprising a space where supply (people selling goods and services)meets demand (people who wish to buy goods and services).A market comprises a set of actual or potential customers for a given set of products or services who have a common set of needs or wants and who reference each other when making buying decisions.

Question 3

Under what conditions can customers be divided into segments? Why is customer segmentation a good idea for an entrepreneur?

Accepted Answer

A few conditions can make customer segmentation possible: their needs validate an offering,they have different distribution channels,they call for varying relationships,they have very different profitabilities,and they are willing to pay for different aspects of the offer.In general,different types of customers must be approached in different ways because they will have varying needs--for the best relationships and thus the best sales,it makes sense for the entrepreneur to segment the customer base to make different strategies for each.

Question 4

In recent years,the best way to build buyer personas is by conducting real interviews with potential customers.

Accepted Answer

A) True 
 B)False

Question 5

Compare and contrast the benefits and weakness of each calculation--TAM,SAM,and SOM.

Accepted Answer

TAM is the broadest measure,showing tota

Question 6

As offered by the text's "six basic steps" in creating a customer journey map,what is the last step in the process?

Accepted Answer

A) Identify customer pain points. 
B) Reach out to customers to seek direct feedback. 
C) Think about how to resolve customer problems. 
D) Create a visual representation of the customer going through the process. 
A) Identify customer pain points. 
B) Reach out to customers to seek direct feedback. 
C) Think about how to resolve customer problems. 
D) Create a visual representation of the customer going through the process.

Question 7

What is a core benefit of building an exclusionary persona?

Accepted Answer

A) knowing who will rate your product poorly on social media 
B) defining who your "laggard" customers will be 
C) avoiding wasted effort marketing to people who will never buy your product 
D) increasing the number of potential customers in the marketplace 
A) knowing who will rate your product poorly on social media 
B) defining who your "laggard" customers will be 
C) avoiding wasted effort marketing to people who will never buy your product 
D) increasing the number of potential customers in the marketplace

Question 8

Of the following,which would be safest for an entrepreneur to ignore when launching a new product or service?

Accepted Answer

A) laggards 
B) late majority 
C) early majority 
D) innovators 
A) laggards 
B) late majority 
C) early majority 
D) innovators

Question 9

Jakara has determined market size for her new line of high-end juicers.In her bottom-up analysis,she has calculated that she could reasonably sell 1500 juicers in the first six months of launch.If she wanted to estimate what kind of market and sales numbers she might expand to a year or more down the road,she would do best to calculate ______.

Accepted Answer

A) SOM 
B) SAM 
C) TAM 
D) total market size 
A) SOM 
B) SAM 
C) TAM 
D) total market size

Question 10

What is most likely to reveal a market opportunity for a specific product application?

Accepted Answer

A) cost/benefit analysis 
B) recognition of low supply 
C) degree of customer demand 
D) lack of market penetration 
A) cost/benefit analysis 
B) recognition of low supply 
C) degree of customer demand 
D) lack of market penetration

Question 11

Lucas is directing his business to develop a new product to bring to market after believing he has identified a market opportunity.Which of the following behaviors is likely to mark him as a new entrepreneur rather than an experienced one?

Accepted Answer

A) applying for patents or copyrights on the new product 
B) focusing on the fact that his new product has never been seen before in any market 
C) being too cautious and staying in the planning phase too long before introducing his product to market 
D) focusing too much on the ability of his new product to generate money 
A) applying for patents or copyrights on the new product 
B) focusing on the fact that his new product has never been seen before in any market 
C) being too cautious and staying in the planning phase too long before introducing his product to market 
D) focusing too much on the ability of his new product to generate money

Question 12

How does a customer journey map differ from a buyer persona?

Accepted Answer

A) It focuses on profit motive rather than simple experience. 
B) It focuses on buyer experience rather than characteristics. 
C) It focuses on one buyer instead of many. 
D) It does not include exclusionary personas. 
A) It focuses on profit motive rather than simple experience. 
B) It focuses on buyer experience rather than characteristics. 
C) It focuses on one buyer instead of many. 
D) It does not include exclusionary personas.

Question 13

As described in the text,what would be the TAM for a new restaurant in a major U.S.city?

Accepted Answer

A) the range of people who eat out at restaurants and who live in a reasonable travel distance from your restaurant 
B) every possible customer who visits restaurants in the United States,has the income that matches your price point,and is likely to hear about your restaurant 
C) every customer who visits restaurants in that city 
D) every possible customer who visits restaurants in the United States 
A) the range of people who eat out at restaurants and who live in a reasonable travel distance from your restaurant 
B) every possible customer who visits restaurants in the United States,has the income that matches your price point,and is likely to hear about your restaurant 
C) every customer who visits restaurants in that city 
D) every possible customer who visits restaurants in the United States

Question 14

Marian is developing a customer journey map for the new food truck she is introducing in the neighborhood.Of the following,which would be the first touchpoint in her customer journey map?

Accepted Answer

A) when the customer receives a flyer in the mail announcing the food truck 
B) the first time a customer tastes the food from the food truck 
C) when the customer visually sees the food truck for the first time 
D) when the customer leaves their first review online about the food truck 
A) when the customer receives a flyer in the mail announcing the food truck 
B) the first time a customer tastes the food from the food truck 
C) when the customer visually sees the food truck for the first time 
D) when the customer leaves their first review online about the food truck

Question 15

According to Everett Rogers' technology adoption life cycle,how do customers in the early majority group differ from those in the early adopter group?

Accepted Answer

A) They tend to be less risk-averse. 
B) They are more swayed by mass market appeal. 
C) They are not motivated by their enthusiasm for a new technology. 
D) They tend to be more influential in business,government,and culture. 
A) They tend to be less risk-averse. 
B) They are more swayed by mass market appeal. 
C) They are not motivated by their enthusiasm for a new technology. 
D) They tend to be more influential in business,government,and culture.

Question 16

In the process of crossing the chasm,what is the second step after identification of the beachhead market?

Accepted Answer

A) identifying early adopters 
B) distributing the product through the right channels 
C) making sure your product is fully complete and tested 
D) positioning the product 
A) identifying early adopters 
B) distributing the product through the right channels 
C) making sure your product is fully complete and tested 
D) positioning the product

Question 17

A bottom-up analysis aims will generate a more accurate predicted total sales figure than will a top-down analysis.

Accepted Answer

A) True 
 B)False

Question 18

The SAM is the section of the TAM that your product is realistically likely to reach.

Accepted Answer

A) True 
 B)False

Question 19

Of the following,which is likely to be smallest in size or number?

Accepted Answer

A) SOM 
B) SAM 
C) TAM 
D) All are roughly equal in size,though they represent different segments of a potential customer base. 
A) SOM 
B) SAM 
C) TAM 
D) All are roughly equal in size,though they represent different segments of a potential customer base.

Question 20

Describe the three broad ways in which an entrepreneur can verify the findings of the customer mapping process.

Accepted Answer

Website analytics can provide customer l

If your product enters the "tornado," it triggers a particular need to ______.

Define a market and describe some of its characteristics.

Under what conditions can customers be divided into segments? Why is customer segmentation a good idea for an entrepreneur?

In recent years,the best way to build buyer personas is by conducting real interviews with potential customers.

Compare and contrast the benefits and weakness of each calculation--TAM,SAM,and SOM.

As offered by the text's "six basic steps" in creating a customer journey map,what is the last step in the process?

What is a core benefit of building an exclusionary persona?

Of the following,which would be safest for an entrepreneur to ignore when launching a new product or service?

What is most likely to reveal a market opportunity for a specific product application?

Lucas is directing his business to develop a new product to bring to market after believing he has identified a market opportunity.Which of the following behaviors is likely to mark him as a new entrepreneur rather than an experienced one?

How does a customer journey map differ from a buyer persona?

As described in the text,what would be the TAM for a new restaurant in a major U.S.city?

Marian is developing a customer journey map for the new food truck she is introducing in the neighborhood.Of the following,which would be the first touchpoint in her customer journey map?

According to Everett Rogers' technology adoption life cycle,how do customers in the early majority group differ from those in the early adopter group?

In the process of crossing the chasm,what is the second step after identification of the beachhead market?

A bottom-up analysis aims will generate a more accurate predicted total sales figure than will a top-down analysis.

The SAM is the section of the TAM that your product is realistically likely to reach.

Of the following,which is likely to be smallest in size or number?

Describe the three broad ways in which an entrepreneur can verify the findings of the customer mapping process.

Practicing Entrepreneurship

Activating an Entrepreneurial Mindset

Creating and Recognizing New Opportunities

Using Design Thinking

Building Business Models

Testing and Experimenting With New Ideas

Developing Networks and Building Teams

Creating Revenue Models

Planning for Entrepreneurs

Anticipating Failure

Bootstrapping and Crowdfunding for Resources

Financing for Startups

Navigating Legal and Ip Issues

Engaging Customers Through Marketing

Supporting Social Entrepreneurship

Financial Statements and Projections for Startups

The Pitch Deck

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Exam 6: Developing Your Customers

If your product enters the "tornado," it triggers a particular need to ______.

Define a market and describe some of its characteristics.

Under what conditions can customers be divided into segments? Why is customer segmentation a good idea for an entrepreneur?

In recent years,the best way to build buyer personas is by conducting real interviews with potential customers.

Compare and contrast the benefits and weakness of each calculation--TAM,SAM,and SOM.

As offered by the text's "six basic steps" in creating a customer journey map,what is the last step in the process?

What is a core benefit of building an exclusionary persona?

Of the following,which would be safest for an entrepreneur to ignore when launching a new product or service?

What is most likely to reveal a market opportunity for a specific product application?

Lucas is directing his business to develop a new product to bring to market after believing he has identified a market opportunity.Which of the following behaviors is likely to mark him as a new entrepreneur rather than an experienced one?

How does a customer journey map differ from a buyer persona?

As described in the text,what would be the TAM for a new restaurant in a major U.S.city?

Marian is developing a customer journey map for the new food truck she is introducing in the neighborhood.Of the following,which would be the first touchpoint in her customer journey map?

According to Everett Rogers' technology adoption life cycle,how do customers in the early majority group differ from those in the early adopter group?

In the process of crossing the chasm,what is the second step after identification of the beachhead market?

A bottom-up analysis aims will generate a more accurate predicted total sales figure than will a top-down analysis.

The SAM is the section of the TAM that your product is realistically likely to reach.

Of the following,which is likely to be smallest in size or number?

Describe the three broad ways in which an entrepreneur can verify the findings of the customer mapping process.

Practicing Entrepreneurship

Activating an Entrepreneurial Mindset

Creating and Recognizing New Opportunities

Using Design Thinking

Building Business Models

Testing and Experimenting With New Ideas

Developing Networks and Building Teams

Creating Revenue Models

Planning for Entrepreneurs

Anticipating Failure

Bootstrapping and Crowdfunding for Resources

Financing for Startups

Navigating Legal and Ip Issues

Engaging Customers Through Marketing

Supporting Social Entrepreneurship

Financial Statements and Projections for Startups

The Pitch Deck

Filters