Chat with AIExam 4: Defining Solutions for Customers
Why is a "good, better, best" suite of offerings often so important for a new venture? What might this mean for your own term project venture? Give an example of a "good, better, best" as it might apply to your own venture idea.
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Answered by Examlex AI CopilotA "good, better, best" suite of offerings is often important for a new venture because it allows the business to cater to a wider range of customers with varying needs and budgets. By offering different levels of products or services, the venture can attract customers at different price points and provide options that suit their specific requirements. This can help the venture to maximize its market potential and appeal to a larger customer base.
For my own term project venture, which is a meal delivery service, offering a "good, better, best" suite of offerings could mean providing different meal plans at varying price points and levels of customization. For example, the "good" option could be a standard meal plan with a set menu, the "better" option could offer more flexibility and customization, and the "best" option could include premium ingredients or additional services such as nutrition coaching or personalized meal planning.
This approach would allow my venture to appeal to customers with different budgets and dietary preferences, ultimately increasing our market reach and potential for success. Additionally, it would provide a competitive advantage by offering a range of options that cater to a diverse customer base.
What is the key to creating a base-level product, system, or service and then quickly making variations (good, better, best)?
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VerifiedA
A distinctive sign which identifies certain goods or services are those produced or provided by a specific person or enterprise is a/an:
(42) VerifiedB
When it comes to a new product-service strategy, which of the following statements is true?
(41) Which of the following could be an example of an approach to platforming?
(33) What is a plan for developing and launching specific products, systems or services for specific uses in selected market segments is called?
(37) ___________ helps create new streams of revenue by easily serving closely related sets of customers
(38) An entrepreneur can define levels of incremental functionality or additional services to base-level product or service. What is the end result?
(33) Successful new ventures tend to offer a product portfolio that
(31) For a new service venture, what is a good principle to adhere to when it comes to a new service strategy?
(35) In the United States, a utility patent provides protection from the date of patent filing for:
(33) What is a product platform? Why is it important for a business? For your own venture idea, what might be product or service platform that could be leveraged across your various products or services? What would you want that platform to do in terms of delivering performance and value to all the products or services that use it?
(36) A business that is an example of NOT creating a services portfolio is:
(41) Why is IP important to consider for any venture? What are the different types of IP for a venture? Even though you are at an early stage of venture planning, is there IP potential in your venture and if so, what do you think it might be?
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