Question 1

What is a product application?

Accepted Answer

A) the degree of customer or market demand for a specific product 
B) the goods or services created to meet a customer or market demand 
C) the need a customer has that spurs creation of a specific product 
D) the potential profitability and market penetration of a new product 
A) the degree of customer or market demand for a specific product 
B) the goods or services created to meet a customer or market demand 
C) the need a customer has that spurs creation of a specific product 
D) the potential profitability and market penetration of a new product

Question 2

The existence of some saboteurs as a type of customer for a particular product could be the result of a mistake or practice on the part of the entrepreneur.

Accepted Answer

A) True 
 B)False

Question 3

What is the problem with relying on demographics when creating an end user profile?

Accepted Answer

A) They emphasize behavior over purchasing capacity. 
B) They tend to generate too narrow a customer base. 
C) They offer no help in identifying target end user. 
D) They don't tell you much about attitudes or likes and dislikes. 
A) They emphasize behavior over purchasing capacity. 
B) They tend to generate too narrow a customer base. 
C) They offer no help in identifying target end user. 
D) They don't tell you much about attitudes or likes and dislikes.

Question 4

According to marketing expert Geoffrey Moore,where in the technology adoption life cycle is the "chasm"?

Accepted Answer

A) between early adopters and early majority 
B) between innovators and early adopters 
C) between early majority and late majority 
D) between late majority and laggards 
A) between early adopters and early majority 
B) between innovators and early adopters 
C) between early majority and late majority 
D) between late majority and laggards

Question 5

Which of the following is a recommended strategy when conducting a bottom-up analysis?

Accepted Answer

A) Make optimistic sales estimates in order to attract potential investors. 
B) Keep your product launch limited to a relatively small and manageable geographic area. 
C) Determine product price point without relying on comparisons to similar products already on the market. 
D) Be quite conservative in initial sales and profit estimates. 
A) Make optimistic sales estimates in order to attract potential investors. 
B) Keep your product launch limited to a relatively small and manageable geographic area. 
C) Determine product price point without relying on comparisons to similar products already on the market. 
D) Be quite conservative in initial sales and profit estimates.

Question 6

You are doing market sizing research for your new restaurant.One potential customer,Greg,lives two blocks from your new restaurant,has good disposable income,and eats out often.Which of the following does Greg definitively appear in?

Accepted Answer

A) TAM 
B) TAM,SAM,and SOM 
C) SAM and SOM 
D) TAM and SAM 
A) TAM 
B) TAM,SAM,and SOM 
C) SAM and SOM 
D) TAM and SAM

Question 7

What is the overall goal of Everett Rogers' technology adoption life cycle?

Accepted Answer

A) describing the development of an end user profile for a new technology 
B) describing the product life of a new technology,from conception to removal or replacement in the marketplace 
C) describing the process of how to develop a new technology for market 
D) describing how different groups of people accept new innovations over time 
A) describing the development of an end user profile for a new technology 
B) describing the product life of a new technology,from conception to removal or replacement in the marketplace 
C) describing the process of how to develop a new technology for market 
D) describing how different groups of people accept new innovations over time

Question 8

How does a consumer differ from a customer?

Accepted Answer

A) The consumer pays for the product or service. 
B) The consumer uses the product or service. 
C) The consumer is a repeat purchaser of the product or service. 
D) The consumer stays with a particular company for purchase of the product or service. 
A) The consumer pays for the product or service. 
B) The consumer uses the product or service. 
C) The consumer is a repeat purchaser of the product or service. 
D) The consumer stays with a particular company for purchase of the product or service.

Question 9

Why,compared with a couple of decades ago,has it become even more important to understand your customer before you try to sell to that customer?

Accepted Answer

A) Competition and diversity of product have increased in most markets. 
B) More customers make buying decisions without the input of the seller. 
C) Analytical tools for forming psychological pictures of customers have improved. 
D) The customer base itself is more diverse. 
A) Competition and diversity of product have increased in most markets. 
B) More customers make buying decisions without the input of the seller. 
C) Analytical tools for forming psychological pictures of customers have improved. 
D) The customer base itself is more diverse.

Question 10

Which of the following is true of what makes up a market?

Accepted Answer

A) It includes both supply and demand,and it can be a physical or virtual location. 
B) It includes both supply and demand,but cannot be defined by space. 
C) It must have both customers and consumers. 
D) It must have customers,but not necessarily consumers,and it is defined by the presence of demand but not necessarily supply. 
A) It includes both supply and demand,and it can be a physical or virtual location. 
B) It includes both supply and demand,but cannot be defined by space. 
C) It must have both customers and consumers. 
D) It must have customers,but not necessarily consumers,and it is defined by the presence of demand but not necessarily supply.

Question 11

What should you avoid doing with people who fit your product's exclusionary persona?

Accepted Answer

A) Allow them to purchase and review your product. 
B) Consider that they might influence your product in the social sphere. 
C) Spend resources trying to convert them into customers. 
D) Engage with them. 
A) Allow them to purchase and review your product. 
B) Consider that they might influence your product in the social sphere. 
C) Spend resources trying to convert them into customers. 
D) Engage with them.

Question 12

Which of the following would be calculated first in a top-down analysis?

Accepted Answer

A) both SAM and SOM 
B) TAM 
C) SAM 
D) SOM 
A) both SAM and SOM 
B) TAM 
C) SAM 
D) SOM

Question 13

What is one common aspect of the creation of a launch market,the bowling pin strategy,and the beachhead strategy?

Accepted Answer

A) the shared customer journey map 
B) the need to prove the widespread appeal of your product or service 
C) the need to show you have a group of ready customers who want your product or service 
D) the need to begin with the "early majority" customer segment 
A) the shared customer journey map 
B) the need to prove the widespread appeal of your product or service 
C) the need to show you have a group of ready customers who want your product or service 
D) the need to begin with the "early majority" customer segment

Question 14

When crossing the chasm,it is important to work out kinks in the product before distributing wider because the early majority will be less forgiving of glitches than your early adopters.

Accepted Answer

A) True 
 B)False

Question 15

Markets are,by definition,virtual spaces.

Accepted Answer

A) True 
 B)False

Question 16

The first touchpoint in the visual customer journey map is typically the first time the customer uses or directly encounters the product.

Accepted Answer

A) True 
 B)False

Question 17

SAM represents ______.

Accepted Answer

A) the entrepreneur-intended portion of the total available market for your product or service 
B) the portion of the total available market for your product or service that is likely to purchase the product 
C) the portion of the total available market that will likely be profitable for your product or service 
D) the entire portion of the market that is a potential customer base for your product or service 
A) the entrepreneur-intended portion of the total available market for your product or service 
B) the portion of the total available market for your product or service that is likely to purchase the product 
C) the portion of the total available market that will likely be profitable for your product or service 
D) the entire portion of the market that is a potential customer base for your product or service

Question 18

Before creating an end-user profile,you must ______.

Accepted Answer

A) define a target customer group 
B) carry out the customer segmentation process 
C) build a buyer persona 
D) conduct market sizing 
A) define a target customer group 
B) carry out the customer segmentation process 
C) build a buyer persona 
D) conduct market sizing

Question 19

In the technology adoption life cycle,which two groups represent the largest parts of the customer base?

Accepted Answer

A) early and late majorities 
B) early adopters and early majorities 
C) innovators and laggards 
D) late majority and laggards 
A) early and late majorities 
B) early adopters and early majorities 
C) innovators and laggards 
D) late majority and laggards

Question 20

A journey map is necessary in which stage of your business?

Accepted Answer

A) only when (if)you're considering an IPO 
B) late stages 
C) middle stages 
D) early stages 
A) only when (if)you're considering an IPO 
B) late stages 
C) middle stages 
D) early stages

What is a product application?

The existence of some saboteurs as a type of customer for a particular product could be the result of a mistake or practice on the part of the entrepreneur.

What is the problem with relying on demographics when creating an end user profile?

According to marketing expert Geoffrey Moore,where in the technology adoption life cycle is the "chasm"?

Which of the following is a recommended strategy when conducting a bottom-up analysis?

You are doing market sizing research for your new restaurant.One potential customer,Greg,lives two blocks from your new restaurant,has good disposable income,and eats out often.Which of the following does Greg definitively appear in?

What is the overall goal of Everett Rogers' technology adoption life cycle?

How does a consumer differ from a customer?

Why,compared with a couple of decades ago,has it become even more important to understand your customer before you try to sell to that customer?

Which of the following is true of what makes up a market?

What should you avoid doing with people who fit your product's exclusionary persona?

Which of the following would be calculated first in a top-down analysis?

What is one common aspect of the creation of a launch market,the bowling pin strategy,and the beachhead strategy?

When crossing the chasm,it is important to work out kinks in the product before distributing wider because the early majority will be less forgiving of glitches than your early adopters.

Markets are,by definition,virtual spaces.

The first touchpoint in the visual customer journey map is typically the first time the customer uses or directly encounters the product.

SAM represents ______.

Before creating an end-user profile,you must ______.

In the technology adoption life cycle,which two groups represent the largest parts of the customer base?

A journey map is necessary in which stage of your business?

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

What is a product application?

The existence of some saboteurs as a type of customer for a particular product could be the result of a mistake or practice on the part of the entrepreneur.

What is the problem with relying on demographics when creating an end user profile?

According to marketing expert Geoffrey Moore,where in the technology adoption life cycle is the "chasm"?

Which of the following is a recommended strategy when conducting a bottom-up analysis?

You are doing market sizing research for your new restaurant.One potential customer,Greg,lives two blocks from your new restaurant,has good disposable income,and eats out often.Which of the following does Greg definitively appear in?

What is the overall goal of Everett Rogers' technology adoption life cycle?

How does a consumer differ from a customer?

Why,compared with a couple of decades ago,has it become even more important to understand your customer before you try to sell to that customer?

Which of the following is true of what makes up a market?

What should you avoid doing with people who fit your product's exclusionary persona?

Which of the following would be calculated first in a top-down analysis?

What is one common aspect of the creation of a launch market,the bowling pin strategy,and the beachhead strategy?

When crossing the chasm,it is important to work out kinks in the product before distributing wider because the early majority will be less forgiving of glitches than your early adopters.

Markets are,by definition,virtual spaces.

The first touchpoint in the visual customer journey map is typically the first time the customer uses or directly encounters the product.

SAM represents ______.

Before creating an end-user profile,you must ______.

In the technology adoption life cycle,which two groups represent the largest parts of the customer base?

A journey map is necessary in which stage of your business?

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