Question 1

What issue did Andrew Reid discover about the flaw of market research practices?

Accepted Answer

A) Companies used old, historical data in their analysis. 
B) Companies monitored what customers did, but not why they did it. 
C) Companies failed to form reasonable hypotheses. 
D) Companies conducted far too many studies. 
A) Companies used old, historical data in their analysis. 
B) Companies monitored what customers did, but not why they did it. 
C) Companies failed to form reasonable hypotheses. 
D) Companies conducted far too many studies.

Question 2

Why is experimentation required?

Accepted Answer

A) to meet the requirements of investors and loan officers 
B) to generate ideas that can be used in further business development 
C) to make sure that entrepreneurs have the right assumptions about meeting the demands of potential customers 
D) to form hypotheses about customer behavior towards their product or service 
A) to meet the requirements of investors and loan officers 
B) to generate ideas that can be used in further business development 
C) to make sure that entrepreneurs have the right assumptions about meeting the demands of potential customers 
D) to form hypotheses about customer behavior towards their product or service

Question 3

Paula, an author, is delighted when a blogger posts his praises about her new book.The blogger has a large following.The blogger is what kind of customer?

Accepted Answer

A) a recommender 
B) an influencer 
C) an end user 
D) a decision maker 
A) a recommender 
B) an influencer 
C) an end user 
D) a decision maker

Question 4

Why is it important to try out new experiences?

Accepted Answer

A) Those who try out new experiences are more likely to generate new business ideas. 
B) New experiences tend to keep the mind sharp. 
C) New experiences give you the opportunity to copy what others have done. 
D) New experiences help entrepreneurs relax and refresh. 
A) Those who try out new experiences are more likely to generate new business ideas. 
B) New experiences tend to keep the mind sharp. 
C) New experiences give you the opportunity to copy what others have done. 
D) New experiences help entrepreneurs relax and refresh.

Question 5

Which of the following was the most significant advantage Rent the Runway had in conducting the experiments with customers rather than using traditional market research methods?

Accepted Answer

A) They were able to handle all of the research themselves. 
B) They enlisted early customers, launching the website with an established customer base. 
C) They learned a great deal about the experimental method. 
D) They were able to able to get the experiments done in less than a year. 
A) They were able to handle all of the research themselves. 
B) They enlisted early customers, launching the website with an established customer base. 
C) They learned a great deal about the experimental method. 
D) They were able to able to get the experiments done in less than a year.

Question 6

What was the original hypothesis that the founder of Amazon tested?

Accepted Answer

A) There was a market for standard products, such as books, to be sold online. 
B) The Internet could offer more books because there was no need to store the books. 
C) Mail order products could be sold online. 
D) Items from the top 10 items sold through mail order should be selected for online sales. 
A) There was a market for standard products, such as books, to be sold online. 
B) The Internet could offer more books because there was no need to store the books. 
C) Mail order products could be sold online. 
D) Items from the top 10 items sold through mail order should be selected for online sales.

Question 7

How did Subway carry out their experiment to test the effect of $5 subs?

Accepted Answer

A) They lowered the price of the sub throughout the summer of 2008. 
B) They tested the price of the sub at selected stores for a limited period of time. 
C) They tested the price of the sub at their flagship store. 
D) They conducted a survey to see if people would be willing to purchase the $5 sub. 
A) They lowered the price of the sub throughout the summer of 2008. 
B) They tested the price of the sub at selected stores for a limited period of time. 
C) They tested the price of the sub at their flagship store. 
D) They conducted a survey to see if people would be willing to purchase the $5 sub.

Question 8

Kristin is a buyer for a local big box store.She is interested in having your line of one-of-a-kind jewelry displayed during a weekend promotion.She suggests that she talk with Larry French who is in charge of all the company's big box stores on the West Coast.What type of customer would Larry French be?

Accepted Answer

A) a decision maker 
B) an economic buyer 
C) a saboteur 
D) an end user 
A) a decision maker 
B) an economic buyer 
C) a saboteur 
D) an end user

Question 9

Who is credited with developing the idea of storyboarding?

Accepted Answer

A) Warner Brothers 
B) Walt Disney 
C) Bell Laboratories 
D) U.S.Steel 
A) Warner Brothers 
B) Walt Disney 
C) Bell Laboratories 
D) U.S.Steel

Question 10

Consider a situation where you were the end user of a product.What other "customers" where involved in your decision to purchase the product?

Accepted Answer

Answers will vary.There may be a saboteu

Question 11

Scott Cook, founder of Intuit, reasons which of the following about failure?

Accepted Answer

A) Failure is the result of poor experimentation. 
B) Failure is key to creating evidence. 
C) Failure is caused by using intuition. 
D) Failure only tells you about your mistakes; it doesn't tell you how to correct them. 
A) Failure is the result of poor experimentation. 
B) Failure is key to creating evidence. 
C) Failure is caused by using intuition. 
D) Failure only tells you about your mistakes; it doesn't tell you how to correct them.

Question 12

The ability to make connections, expand our knowledge, and become more innovative is often the result of which of the following?

Accepted Answer

A) formal in-depth study 
B) gaining experience in a particular industry or profession 
C) trying out new experiences and learning new skills 
D) hours of work in a particular area 
A) formal in-depth study 
B) gaining experience in a particular industry or profession 
C) trying out new experiences and learning new skills 
D) hours of work in a particular area

Question 13

Observe the two-lane option of a McDonald's drive-through service.Create a storyboard that prototypes this service.

Accepted Answer

The storyboard should identify

Question 14

The best way to conduct an experiment is to ______.

Accepted Answer

A) test the product, service, or idea in a controlled environment 
B) test the product, service, or idea with family and friends 
C) test the product, service, or idea with real customers 
D) conduct the experiment in another location where you will not be using "real" customers 
A) test the product, service, or idea in a controlled environment 
B) test the product, service, or idea with family and friends 
C) test the product, service, or idea with real customers 
D) conduct the experiment in another location where you will not be using "real" customers

Question 15

Why is experimentation required?

Accepted Answer

A) to meet the requirements of investors and loan officers 
B) to strengthen ideas 
C) to help with inspiration 
D) to form hypotheses 
A) to meet the requirements of investors and loan officers 
B) to strengthen ideas 
C) to help with inspiration 
D) to form hypotheses

Question 16

One of the disadvantages of storyboarding is that it requires artistic talent.

Accepted Answer

A) True 
 B)False

Question 17

Experiments do not need to be completed in order to produce results.

Accepted Answer

A) True 
 B)False

Question 18

In Rent the Runway's final experiment, what was the added information the company gained about its potential service?

Accepted Answer

A) People would rent the clothing even if they were not able to try the clothing on first. 
B) People would not rent clothing that they could not try on. 
C) People were not interested in renting clothes that were not officially designer clothing. 
D) It determined the size of the market by seeing what percentage of women would prefer to rent online. 
A) People would rent the clothing even if they were not able to try the clothing on first. 
B) People would not rent clothing that they could not try on. 
C) People were not interested in renting clothes that were not officially designer clothing. 
D) It determined the size of the market by seeing what percentage of women would prefer to rent online.

Question 19

What best describes the pattern of experimentation?

Accepted Answer

A) controlling the environment, manipulating a single factor, assessing the results 
B) forming a hypothesis, conducting a formal study, analyzing the data 
C) taking action, learning from collected information, developing the next iteration 
D) taking action, forming a hypothesis, acting on the hypothesis 
A) controlling the environment, manipulating a single factor, assessing the results 
B) forming a hypothesis, conducting a formal study, analyzing the data 
C) taking action, learning from collected information, developing the next iteration 
D) taking action, forming a hypothesis, acting on the hypothesis

Question 20

If an experiment outcome indicates that the original hypothesis was incorrect, what should the entrepreneur do?

Accepted Answer

A) conduct another experiment 
B) adapt the original assumption 
C) move forward until there is another assumption to test 
D) terminate the product or business concept 
A) conduct another experiment 
B) adapt the original assumption 
C) move forward until there is another assumption to test 
D) terminate the product or business concept

What issue did Andrew Reid discover about the flaw of market research practices?

Why is experimentation required?

Paula, an author, is delighted when a blogger posts his praises about her new book.The blogger has a large following.The blogger is what kind of customer?

Why is it important to try out new experiences?

Which of the following was the most significant advantage Rent the Runway had in conducting the experiments with customers rather than using traditional market research methods?

What was the original hypothesis that the founder of Amazon tested?

How did Subway carry out their experiment to test the effect of $5 subs?

Who is credited with developing the idea of storyboarding?

Consider a situation where you were the end user of a product.What other "customers" where involved in your decision to purchase the product?

Scott Cook, founder of Intuit, reasons which of the following about failure?

The ability to make connections, expand our knowledge, and become more innovative is often the result of which of the following?

Observe the two-lane option of a McDonald's drive-through service.Create a storyboard that prototypes this service.

The best way to conduct an experiment is to ______.

Why is experimentation required?

One of the disadvantages of storyboarding is that it requires artistic talent.

Experiments do not need to be completed in order to produce results.

In Rent the Runway's final experiment, what was the added information the company gained about its potential service?

What best describes the pattern of experimentation?

If an experiment outcome indicates that the original hypothesis was incorrect, what should the entrepreneur do?

Entrepreneurship: a Global Social Movement

Practicing Entrepreneurship

Developing an Entrepreneurial Mindset

Supporting Social Entrepreneurship

Generating New Ideas

Using Design Thinking

Building Business Models

Planning for Entrepreneurs

Creating Revenue Models

Learning From Failure

Bootstrapping for Resources

Financing for Startups

Developing Networks

Navigating Legal and Ip Issues

Marketing and Pitching Your Idea

Financial Statements and Projections for Startups

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Exam 7: Testing and Experimenting in Markets

What issue did Andrew Reid discover about the flaw of market research practices?

Why is experimentation required?

Paula, an author, is delighted when a blogger posts his praises about her new book.The blogger has a large following.The blogger is what kind of customer?

Why is it important to try out new experiences?

Which of the following was the most significant advantage Rent the Runway had in conducting the experiments with customers rather than using traditional market research methods?

What was the original hypothesis that the founder of Amazon tested?

How did Subway carry out their experiment to test the effect of $5 subs?

Who is credited with developing the idea of storyboarding?

Consider a situation where you were the end user of a product.What other "customers" where involved in your decision to purchase the product?

Scott Cook, founder of Intuit, reasons which of the following about failure?

The ability to make connections, expand our knowledge, and become more innovative is often the result of which of the following?

Observe the two-lane option of a McDonald's drive-through service.Create a storyboard that prototypes this service.

The best way to conduct an experiment is to ______.

Why is experimentation required?

One of the disadvantages of storyboarding is that it requires artistic talent.

Experiments do not need to be completed in order to produce results.

In Rent the Runway's final experiment, what was the added information the company gained about its potential service?

What best describes the pattern of experimentation?

If an experiment outcome indicates that the original hypothesis was incorrect, what should the entrepreneur do?

Entrepreneurship: a Global Social Movement

Practicing Entrepreneurship

Developing an Entrepreneurial Mindset

Supporting Social Entrepreneurship

Generating New Ideas

Using Design Thinking

Building Business Models

Planning for Entrepreneurs

Creating Revenue Models

Learning From Failure

Bootstrapping for Resources

Financing for Startups

Developing Networks

Navigating Legal and Ip Issues

Marketing and Pitching Your Idea

Financial Statements and Projections for Startups

the Pitch Deck

Filters