Question 1

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 2

What are website analytics least likely to be able to provide?

Accepted Answer

A) customer location 
B) your customer's overall impression of your product 
C) how often your customer engages with the product online 
D) problems with the website that frustrate customers 
A) customer location 
B) your customer's overall impression of your product 
C) how often your customer engages with the product online 
D) problems with the website that frustrate customers

Question 3

Why is providing TAM,SAM,and SOM for a product or service unlikely to fully satisfy potential investors?

Accepted Answer

A) Even when well researched,they tend to be unreliable. 
B) They tend to focus too much on competition. 
C) They don't provide information about where the market is going in the future. 
D) They tend to be overly optimistic,especially about the customers your marketing is likely to reach. 
A) Even when well researched,they tend to be unreliable. 
B) They tend to focus too much on competition. 
C) They don't provide information about where the market is going in the future. 
D) They tend to be overly optimistic,especially about the customers your marketing is likely to reach.

Question 4

Why did Smart Skin Care choose to first seek out and market primarily to 30-somethings who engaged in extreme sports?

Accepted Answer

A) They needed to test the product with a real-life sample group before bringing it to a wider audience. 
B) They needed this group as a beachhead market because the larger sunscreen market was too competitive and diverse. 
C) Marketing suggested this was where the greatest profitability in the life cycle of their product could be found. 
D) They knew that marketing to the "early majority" group would pay greater dividends faster than seeking out innovators and early adopters. 
A) They needed to test the product with a real-life sample group before bringing it to a wider audience. 
B) They needed this group as a beachhead market because the larger sunscreen market was too competitive and diverse. 
C) Marketing suggested this was where the greatest profitability in the life cycle of their product could be found. 
D) They knew that marketing to the "early majority" group would pay greater dividends faster than seeking out innovators and early adopters.

Question 5

In the six basic steps for creating a customer journey map,you should seek to identify up to 10 specific aspects of the customer experience to explore.

Accepted Answer

A) True 
 B)False

Question 6

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 7

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 8

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 9

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 10

What is the first step in calculating market size?

Accepted Answer

A) conducting a bottom-up analysis 
B) conducting a top-down analysis 
C) defining TAM 
D) defining your market segment 
A) conducting a bottom-up analysis 
B) conducting a top-down analysis 
C) defining TAM 
D) defining your market segment

Question 11

Match the order of the following calculations with the correct order of their likely matching names in the answer choices below: the population of the U.S.city in which the product is released; the population of the United States; the immediate neighborhood surrounding the available location of the newly released product.

Accepted Answer

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

Question 12

Why is building a buyer persona better than developing research in customer demographics and psychographics?

Accepted Answer

Demographics and psychographics can be h

Question 13

In the process of developing buying personas for her gourmet cold-press coffee shop,Maria also develops an exclusionary persona.What might that exclusionary persona look like?

Accepted Answer

Student answers will vary.Her exclusiona

Question 14

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.

How does a consumer differ from a customer?

What are website analytics least likely to be able to provide?

Why is providing TAM,SAM,and SOM for a product or service unlikely to fully satisfy potential investors?

Why did Smart Skin Care choose to first seek out and market primarily to 30-somethings who engaged in extreme sports?

In the six basic steps for creating a customer journey map,you should seek to identify up to 10 specific aspects of the customer experience to explore.

SAM represents ______.

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?

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

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

What is the first step in calculating market size?

Why is building a buyer persona better than developing research in customer demographics and psychographics?

In the process of developing buying personas for her gourmet cold-press coffee shop,Maria also develops an exclusionary persona.What might that exclusionary persona look like?

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

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

How does a consumer differ from a customer?

What are website analytics least likely to be able to provide?

Why is providing TAM,SAM,and SOM for a product or service unlikely to fully satisfy potential investors?

Why did Smart Skin Care choose to first seek out and market primarily to 30-somethings who engaged in extreme sports?

In the six basic steps for creating a customer journey map,you should seek to identify up to 10 specific aspects of the customer experience to explore.

SAM represents ______.

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?

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

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

What is the first step in calculating market size?

Why is building a buyer persona better than developing research in customer demographics and psychographics?

In the process of developing buying personas for her gourmet cold-press coffee shop,Maria also develops an exclusionary persona.What might that exclusionary persona look like?

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

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