Question 1

Markets are,by definition,virtual spaces.

Accepted Answer

A) True 
 B)False  False

Question 2

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  True

Question 3

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

Accepted Answer

A) True 
 B)False  True

Question 4

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 5

Proxy products can sometimes offer psychological information about a customer.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following represents the "chain of customers"?

Accepted Answer

A) customers,producers,influencers 
B) purchasers,customers,influencers 
C) customers,consumers,saboteurs 
D) users,purchasers,influencers 
A) customers,producers,influencers 
B) purchasers,customers,influencers 
C) customers,consumers,saboteurs 
D) users,purchasers,influencers

Question 7

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 8

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 9

Sanity checks are necessary when calculating your market size just to be certain you aren't overlooking something obvious.

Accepted Answer

A) True 
 B)False

Question 10

What is the last step in the process of calculating market size?

Accepted Answer

A) competition research 
B) sanity review of calculations 
C) developing an advertising plan 
D) contacting early adopter customers directly 
A) competition research 
B) sanity review of calculations 
C) developing an advertising plan 
D) contacting early adopter customers directly

Question 11

People in the early majority category are both practical and extremely risk-tolerant.

Accepted Answer

A) True 
 B)False

Question 12

How does the targeting process in entrepreneurship differ from the targeting process in traditional marketing?

Accepted Answer

A) Entrepreneurs begin the process by identifying a viable customer segment. 
B) Entrepreneurs begin the process with the idea for a new product. 
C) Entrepreneurs begin the process by developing an end user profile. 
D) Entrepreneurs often skip developing the psychological profile part of their potential customer base altogether. 
A) Entrepreneurs begin the process by identifying a viable customer segment. 
B) Entrepreneurs begin the process with the idea for a new product. 
C) Entrepreneurs begin the process by developing an end user profile. 
D) Entrepreneurs often skip developing the psychological profile part of their potential customer base altogether.

Question 13

Which of the following is a core component of a beachhead market?

Accepted Answer

A) The customers are distributed in a relatively tight geographic area. 
B) The product will not have to rely on word of mouth among customers. 
C) The customers do not have expectations of value for the product. 
D) The customers are already buying similar products. 
A) The customers are distributed in a relatively tight geographic area. 
B) The product will not have to rely on word of mouth among customers. 
C) The customers do not have expectations of value for the product. 
D) The customers are already buying similar products.

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

The act of calculating market size is a vital step for any startup.

Accepted Answer

A) True 
 B)False

Question 16

How does the combination of demographics and psychographics help the entrepreneur to create a buyer persona?

Accepted Answer

A) It both identifies the broad characteristics of the customer,and then analyzes their behavior profiles. 
B) It largely doesn't; at best,it helps the entrepreneur create a buyer profile. 
C) It matches characteristics that determine product need with psychological aspects that would encourage purchase. 
D) The combination of broad demographic characteristics and psychological components of a population yield reliable predictions of behavior. 
A) It both identifies the broad characteristics of the customer,and then analyzes their behavior profiles. 
B) It largely doesn't; at best,it helps the entrepreneur create a buyer profile. 
C) It matches characteristics that determine product need with psychological aspects that would encourage purchase. 
D) The combination of broad demographic characteristics and psychological components of a population yield reliable predictions of behavior.

Question 17

Which of the following is true of the customer journey map?

Accepted Answer

A) It charts the company's experience with the customer. 
B) It focuses on buyer characteristics and demographics. 
C) It helps the entrepreneur better exploit customer weaknesses. 
D) It is a visual representation. 
A) It charts the company's experience with the customer. 
B) It focuses on buyer characteristics and demographics. 
C) It helps the entrepreneur better exploit customer weaknesses. 
D) It is a visual representation.

Question 18

Which of the following best describes the concept of a market?

Accepted Answer

A) the demand that exists among potential customers for a product 
B) the collection of suppliers and their goods and services 
C) the sum total of customers and customer demand for a category of product or service 
D) a place where a supply can be sold to those who wish to purchase it 
A) the demand that exists among potential customers for a product 
B) the collection of suppliers and their goods and services 
C) the sum total of customers and customer demand for a category of product or service 
D) a place where a supply can be sold to those who wish to purchase it

Question 19

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 20

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

Markets are,by definition,virtual spaces.

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.

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

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

Proxy products can sometimes offer psychological information about a customer.

Which of the following represents the "chain of customers"?

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

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

Sanity checks are necessary when calculating your market size just to be certain you aren't overlooking something obvious.

What is the last step in the process of calculating market size?

People in the early majority category are both practical and extremely risk-tolerant.

How does the targeting process in entrepreneurship differ from the targeting process in traditional marketing?

Which of the following is a core component of a beachhead market?

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

The act of calculating market size is a vital step for any startup.

How does the combination of demographics and psychographics help the entrepreneur to create a buyer persona?

Which of the following is true of the customer journey map?

Which of the following best describes the concept of a market?

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

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

Practicing Entrepreneurship

Activating an Entrepreneurial Mindset

Creating and Recognizing New Opportunities

Using Design Thinking

Building Business Models

Testing and Experimenting With New Ideas

Supplement A: Financial Statements and Projections for Startups

Developing Networks and Building Teams

Supplement B: the Pitch Deck

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

Filters

Exam 6: Developing Your Customers

Markets are,by definition,virtual spaces.

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.

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

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

Proxy products can sometimes offer psychological information about a customer.

Which of the following represents the "chain of customers"?

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

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

Sanity checks are necessary when calculating your market size just to be certain you aren't overlooking something obvious.

What is the last step in the process of calculating market size?

People in the early majority category are both practical and extremely risk-tolerant.

How does the targeting process in entrepreneurship differ from the targeting process in traditional marketing?

Which of the following is a core component of a beachhead market?

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

The act of calculating market size is a vital step for any startup.

How does the combination of demographics and psychographics help the entrepreneur to create a buyer persona?

Which of the following is true of the customer journey map?

Which of the following best describes the concept of a market?

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

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

Practicing Entrepreneurship

Activating an Entrepreneurial Mindset

Creating and Recognizing New Opportunities

Using Design Thinking

Building Business Models

Testing and Experimenting With New Ideas

Supplement A: Financial Statements and Projections for Startups

Developing Networks and Building Teams

Supplement B: the Pitch Deck

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

Filters