Exam 12: Rent the Runway: Entrepreneurs Expanding an Industry

Circle the equation that is true most firms with a profitable customer base:

Rent the Runway's primary warehouse is the largest single dry cleaning operation in the United States.

How is Rent the Runway working to encourage entrepreneurship among women?

Several have wondered how big sharing firms can get. Airbnb has more beds than any hotel chain and Uber dwarfs any taxi or car service firm, but ZipCar never grew as large as major car rental firms. To get a sense of the size of the firm, Rent the Runway has had over 5.5 million women as customers of their service.

One of the challenges of Rent the Runway Unlimited is that it will require women to further rethink their relationship with fashion and ownership.

Most e-commerce shoppers buy brands they are already familiar however, ____percent of Rent the Runway customers rent brands they've never bought before.

Determining product/market fit is often very expensive for entrepreneurs, since it amounts, essentially, to fully building out a firm's website and operational model.

The term _______________________ is often used in entrepreneurship and new product development and refers to a bare-bones offering that allows entrepreneurs and product developers to collect customer feedback and to validate concepts and assumptions that underlie a business idea.

The term _________________________ is used in the business press to refer to startups valued at $1 billion or more.

Rent the Runway sees a much higher (75 percent) conversion rate from friend referrals than from other marketing methods

What is Rent the Runway Unlimited? "A flexible, subscription-based ownership model for accessories and clothing. For $139 a month, women create a queue of requested items. Customers choose the items they want first and can keep them as long as they'd like. Send an item back and choose the next item you want."]

How can data analytics inform operations at Rent the Runway?

Like Uber, the airline industry, hotels, and other service providers with limited inventory and varying demand, Rent the Runway also leverages analytics for ___________________.

Stores can also function as _________ with same-day rental of certain styles.

_________________ is a software development approach where an organization's developers release products, features, and updates in shorter cycles, when ready, rather than wait for centrally-managed delivery schedules.

______________________ is a systems development method in which requirements and solutions rapidly and iteratively evolve through collaboration between self-organizing, cross-functional teams, rather than a top-down, centrally-managed, schedule-driven approach.

Rent the Runway shut down its Facebook presence because photos showing a dress on another (non-model) customer resulted in a dramatically lower than average rental percentage.

The term ________________________ refers to the current value of future profits that will accrue from acquired customers.

According to CEO, Jenn Hyman, Rent the Runway is a "fashion company with______________"

Which of the following is NOT true about mobile app development: