Question 1

As an entrepreneur, one should think like a scientist and ______.

Accepted Answer

A) act like one as well 
B) not put as much time or precision in experiments as a scientist would 
C) conduct experiments with more precision since the results will be acted upon 
D) use the same methods as a scientist 
A) act like one as well 
B) not put as much time or precision in experiments as a scientist would 
C) conduct experiments with more precision since the results will be acted upon 
D) use the same methods as a scientist

Question 2

What did the founder of Amazon come to discover that encouraged him to begin the scientific process?

Accepted Answer

A) He read about the growth of online shopping on the Internet. 
B) He read about the huge growth of Internet usage. 
C) He read that bookstores were struggling to keep up with the costs of keeping book inventories. 
D) He read that bookstores were experiencing a decline in sales. 
A) He read about the growth of online shopping on the Internet. 
B) He read about the huge growth of Internet usage. 
C) He read that bookstores were struggling to keep up with the costs of keeping book inventories. 
D) He read that bookstores were experiencing a decline in sales.

Question 3

How did the founders of Parlor Skis test and finalize their custom product?

Accepted Answer

A) They had advanced simulation machines that tested the product. 
B) They customized each pair for each customer who placed an order. 
C) through four years of testing with family, friends, and " demo days." 
D) by growing the business slowly so that corrections could be made 
A) They had advanced simulation machines that tested the product. 
B) They customized each pair for each customer who placed an order. 
C) through four years of testing with family, friends, and " demo days." 
D) by growing the business slowly so that corrections could be made

Question 4

Why do some organizations discourage experimentation?

Accepted Answer

A) Their product or service is already optimized. 
B) They lack the skills required for experimentation. 
C) They no longer have the time to engage in experimentation. 
D) They fear failure of incurring short-term loss. 
A) Their product or service is already optimized. 
B) They lack the skills required for experimentation. 
C) They no longer have the time to engage in experimentation. 
D) They fear failure of incurring short-term loss.

Question 5

Sabrina just received a toy from her mother for her seventh birthday.She is describing all the things she likes and dislikes about the new toy.What type of customer is Sabrina's mother?

Accepted Answer

A) decision maker 
B) end user 
C) intermediary 
D) economic buyer 
A) decision maker 
B) end user 
C) intermediary 
D) economic buyer

Question 6

Had sales been negatively affected by the reduced cost of the Subways foot-long sub, what would Subway have done?

Accepted Answer

A) not offered the $5 sub 
B) not offered the $5 sub, but asked why it affected the sale of higher priced items 
C) made all the items on the menu lower cost 
D) increased the cost of the foot-long sub 
A) not offered the $5 sub 
B) not offered the $5 sub, but asked why it affected the sale of higher priced items 
C) made all the items on the menu lower cost 
D) increased the cost of the foot-long sub

Question 7

A true experiment identifies a clear hypothesis.

Accepted Answer

A) True 
 B)False

Question 8

In storyboarding, who or what is at the center of the story?

Accepted Answer

A) the company 
B) the customer 
C) the manufacturer 
D) the viewer 
A) the company 
B) the customer 
C) the manufacturer 
D) the viewer

Question 9

What do the authors suggest about using data that was not specifically gathered to test the hypothesis?

Accepted Answer

A) It can be discarded as it will not address the issue at hand. 
B) It should not be ignored.Keep track of everything. 
C) It should be kept if it is positive information. 
D) Discard it unless there is a minimum of six pieces of information saying the same thing. 
A) It can be discarded as it will not address the issue at hand. 
B) It should not be ignored.Keep track of everything. 
C) It should be kept if it is positive information. 
D) Discard it unless there is a minimum of six pieces of information saying the same thing.

Question 10

Customers who have the ability to approve large scale purchases are called which of the following?

Accepted Answer

A) recommenders 
B) economic buyers 
C) decision makers 
D) end users 
A) recommenders 
B) economic buyers 
C) decision makers 
D) end users

Question 11

The customers who actually buy, use, and give feedback on your product are called decision makers.

Accepted Answer

A) True 
 B)False

Question 12

In designing experimentation opportunities, on which of the following should the entrepreneur focus?

Accepted Answer

A) partners 
B) customers 
C) distributors 
D) all of these 
A) partners 
B) customers 
C) distributors 
D) all of these

Question 13

If the experiment fails to deliver the results the entrepreneur anticipated, the experiment is a failure.

Accepted Answer

A) True 
 B)False

Question 14

Taking apart products and putting them together again can be thought of as experimentation because doing so ______.

Accepted Answer

A) generates ideas about how we can make our products or services work better 
B) gives us important information about how products are made 
C) increases creativity as one imagines how to put the parts together again 
D) increases general creative capacities that can transfer to other projects 
A) generates ideas about how we can make our products or services work better 
B) gives us important information about how products are made 
C) increases creativity as one imagines how to put the parts together again 
D) increases general creative capacities that can transfer to other projects

Question 15

How have large businesses traditionally gauged customer tastes and preferences?

Accepted Answer

A) by analyzing large amounts of historical data 
B) by conducting short market experiments 
C) by surveys and questionnaires 
D) by asking employees 
A) by analyzing large amounts of historical data 
B) by conducting short market experiments 
C) by surveys and questionnaires 
D) by asking employees

Question 16

People with a large following who can affect purchasing decisions are called ______.

Accepted Answer

A) recommenders 
B) end users 
C) influencers 
D) decision makers 
A) recommenders 
B) end users 
C) influencers 
D) decision makers

Question 17

What hypothesis did Subway marketers make during the 2008 recession?

Accepted Answer

A) Sales would improve if there were fewer stores. 
B) Selling foot-long subs at the reduced price of $5 would increase sales. 
C) More foot-long subs would sell if more expensive items were removed from the menu. 
D) Subway sales would improve after the recession were over. 
A) Sales would improve if there were fewer stores. 
B) Selling foot-long subs at the reduced price of $5 would increase sales. 
C) More foot-long subs would sell if more expensive items were removed from the menu. 
D) Subway sales would improve after the recession were over.

Question 18

What is the advantage of storyboarding that makes it so effective?

Accepted Answer

A) It is shorter. 
B) it provokes discussion. 
C) The visual element gets the idea across quickly. 
D) all of these 
A) It is shorter. 
B) it provokes discussion. 
C) The visual element gets the idea across quickly. 
D) all of these

Question 19

Imagine that you are a salesperson for a whiteboard tool that is used in schools.The board is exceptionally easy to clean and does not glare when pictures of it are taken.Describe the various customers you may have to work with in selling this product.

Accepted Answer

Answers may include the end users (teach

Question 20

Rent the Runway conducted three experiments prior to starting the company.What did the first experiment reveal?

Accepted Answer

A) that women would rent a designer dress and return it in good condition 
B) that clothes rented better if people could try the clothes on 
C) that designer closes rented better if they were from top designers 
D) that the Internet was a good marketing source for the fashion designers 
A) that women would rent a designer dress and return it in good condition 
B) that clothes rented better if people could try the clothes on 
C) that designer closes rented better if they were from top designers 
D) that the Internet was a good marketing source for the fashion designers

As an entrepreneur, one should think like a scientist and ______.

What did the founder of Amazon come to discover that encouraged him to begin the scientific process?

How did the founders of Parlor Skis test and finalize their custom product?

Why do some organizations discourage experimentation?

Sabrina just received a toy from her mother for her seventh birthday.She is describing all the things she likes and dislikes about the new toy.What type of customer is Sabrina's mother?

Had sales been negatively affected by the reduced cost of the Subways foot-long sub, what would Subway have done?

A true experiment identifies a clear hypothesis.

In storyboarding, who or what is at the center of the story?

What do the authors suggest about using data that was not specifically gathered to test the hypothesis?

Customers who have the ability to approve large scale purchases are called which of the following?

The customers who actually buy, use, and give feedback on your product are called decision makers.

In designing experimentation opportunities, on which of the following should the entrepreneur focus?

If the experiment fails to deliver the results the entrepreneur anticipated, the experiment is a failure.

Taking apart products and putting them together again can be thought of as experimentation because doing so ______.

How have large businesses traditionally gauged customer tastes and preferences?

People with a large following who can affect purchasing decisions are called ______.

What hypothesis did Subway marketers make during the 2008 recession?

What is the advantage of storyboarding that makes it so effective?

Imagine that you are a salesperson for a whiteboard tool that is used in schools.The board is exceptionally easy to clean and does not glare when pictures of it are taken.Describe the various customers you may have to work with in selling this product.

Rent the Runway conducted three experiments prior to starting the company.What did the first experiment reveal?

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

As an entrepreneur, one should think like a scientist and ______.

What did the founder of Amazon come to discover that encouraged him to begin the scientific process?

How did the founders of Parlor Skis test and finalize their custom product?

Why do some organizations discourage experimentation?

Sabrina just received a toy from her mother for her seventh birthday.She is describing all the things she likes and dislikes about the new toy.What type of customer is Sabrina's mother?

Had sales been negatively affected by the reduced cost of the Subways foot-long sub, what would Subway have done?

A true experiment identifies a clear hypothesis.

In storyboarding, who or what is at the center of the story?

What do the authors suggest about using data that was not specifically gathered to test the hypothesis?

Customers who have the ability to approve large scale purchases are called which of the following?

The customers who actually buy, use, and give feedback on your product are called decision makers.

In designing experimentation opportunities, on which of the following should the entrepreneur focus?

If the experiment fails to deliver the results the entrepreneur anticipated, the experiment is a failure.

Taking apart products and putting them together again can be thought of as experimentation because doing so ______.

How have large businesses traditionally gauged customer tastes and preferences?

People with a large following who can affect purchasing decisions are called ______.

What hypothesis did Subway marketers make during the 2008 recession?

What is the advantage of storyboarding that makes it so effective?

Imagine that you are a salesperson for a whiteboard tool that is used in schools.The board is exceptionally easy to clean and does not glare when pictures of it are taken.Describe the various customers you may have to work with in selling this product.

Rent the Runway conducted three experiments prior to starting the company.What did the first experiment reveal?

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