Question 1

A product concept includes:

Accepted Answer

A)  The target customer 
B)  The product description and the most important design points 
C)  Primary use cases and customer benefits 
D)  All of the above 
A)  The target customer 
B)  The product description and the most important design points 
C)  Primary use cases and customer benefits 
D)  All of the above D

Question 2

Which of the statements are true

Accepted Answer

A)  A functional benefit for a new product is when it provides better performance than existing products 
B)  An emotional benefit is when a new product makes the user "feel better" or more satisfied, empowered, etc. 
C)  A social benefit is when the new product contributes in some way to a larger societal good, either from the product itself or the business behind the product. 
D)  All of the above 
A)  A functional benefit for a new product is when it provides better performance than existing products 
B)  An emotional benefit is when a new product makes the user "feel better" or more satisfied, empowered, etc. 
C)  A social benefit is when the new product contributes in some way to a larger societal good, either from the product itself or the business behind the product. 
D)  All of the above D

Question 3

Latent needs are _____________________.

Accepted Answer

A)  implied or hidden needs without the customer knowing the solution 
B)  obvious needs that address users initial commitment to a product 
C)  observable customer needs 
D)  a missing piece of the product 
A)  implied or hidden needs without the customer knowing the solution 
B)  obvious needs that address users initial commitment to a product 
C)  observable customer needs 
D)  a missing piece of the product A

Question 4

A balance of which two concepts should you base your target market upon?

Accepted Answer

A)  User needs and industry 
B)  Financial projections and market price 
C)  Internal and external factors 
D)  White space and venture concept 
A)  User needs and industry 
B)  Financial projections and market price 
C)  Internal and external factors 
D)  White space and venture concept

Question 5

What is a mandatory requirement for successfully creating a new venture?

Accepted Answer

A)  Being in the right place 
B)  Always having a sense of urgency 
C)  Spending time with customers in a selected industry niche 
D)  Trusting your instincts 
A)  Being in the right place 
B)  Always having a sense of urgency 
C)  Spending time with customers in a selected industry niche 
D)  Trusting your instincts

Question 6

Which is true with regard to the target customer?

Accepted Answer

A)  The target customer is the target buyer. 
B)  The target customer is the target end-user. 
C)  The target customer can be a target end-user and/or a target buyer. 
D)  The target customer is always the target user. 
A)  The target customer is the target buyer. 
B)  The target customer is the target end-user. 
C)  The target customer can be a target end-user and/or a target buyer. 
D)  The target customer is always the target user.

Question 7

Consider, first and foremost, ______________ to guide your innovation.

Accepted Answer

A)  the cost of entering the market 
B)  customer needs frustrations 
C)  competitors' current industry position 
D)  adjacent markets 
A)  the cost of entering the market 
B)  customer needs frustrations 
C)  competitors' current industry position 
D)  adjacent markets

Question 8

A valued trend is ______________.

Accepted Answer

A)  emerging but not yet mainstream 
B)  constant growth 
C)  fluctuating revenues 
D)  financing milestones 
A)  emerging but not yet mainstream 
B)  constant growth 
C)  fluctuating revenues 
D)  financing milestones

Question 9

What is value?

Accepted Answer

A)  A function of the short-term benefits of a product or service 
B)  How long the product will last 
C)  The price of the product 
D)  A function of the short and long-term benefits of a product or service exceeding the costs of purchasing and maintaining it 
A)  A function of the short-term benefits of a product or service 
B)  How long the product will last 
C)  The price of the product 
D)  A function of the short and long-term benefits of a product or service exceeding the costs of purchasing and maintaining it

Question 10

What is the true litmus test for a venture concept?

Accepted Answer

A)  Whether or not the customer sees value in the concept and is willing and able to pay for it 
B)  Whether or not customers are at least willing to try your product 
C)  An experiment that proves your prototype works 
D)  Whether or not the customer reacts positively to the concept 
A)  Whether or not the customer sees value in the concept and is willing and able to pay for it 
B)  Whether or not customers are at least willing to try your product 
C)  An experiment that proves your prototype works 
D)  Whether or not the customer reacts positively to the concept

Question 11

In which of the following areas are latent needs often found?

Accepted Answer

A)  Safety 
B)  Sustainability 
C)  Personalization 
D)  All of the above 
A)  Safety 
B)  Sustainability 
C)  Personalization 
D)  All of the above

Question 12

Which of the following is not a latent need?

Accepted Answer

A)  Safety 
B)  Reuse 
C)  Personalization 
D)  Price 
A)  Safety 
B)  Reuse 
C)  Personalization 
D)  Price

Question 13

What is a key caveat of using observation of customers?

Accepted Answer

A)  Quality is more important than quantity 
B)  Observe as many customers as possible 
C)  Observe customers in only one location 
D)  Only allow one venture team member to do the observation 
A)  Quality is more important than quantity 
B)  Observe as many customers as possible 
C)  Observe customers in only one location 
D)  Only allow one venture team member to do the observation

Question 14

What is the difference between perceived and latent needs? Give one clear example of that difference with a B2B business; and then another clear example for a B2C business.

Accepted Answer

Perceived needs are the needs that custo

Question 15

Demonstrate your understanding of a use case scenario for a particular product or service. Be sure to include the "before - during - after" elements. You can even use taking this course for learning about entrepreneurship as an example if you so choose.

Accepted Answer

Sure, I can provide a use case scenario

Question 16

What does a "persona" of a target customer not contain?

Accepted Answer

A)  The customer's demographic information, either consumer or business related 
B)  The design of your own product or service for the customer 
C)  The customer's core needs, values, and beliefs 
D)  The customer's purchase preferences 
A)  The customer's demographic information, either consumer or business related 
B)  The design of your own product or service for the customer 
C)  The customer's core needs, values, and beliefs 
D)  The customer's purchase preferences

Question 17

How should entrepreneurs think about leveraging latent needs?

Accepted Answer

A)  Latent needs should lead to new solutions 
B)  Latent needs should be considered in the design, but not the focus of the product 
C)  Latent needs should be considered only in the packaging of the product 
D)  Latent needs should be disregarded 
A)  Latent needs should lead to new solutions 
B)  Latent needs should be considered in the design, but not the focus of the product 
C)  Latent needs should be considered only in the packaging of the product 
D)  Latent needs should be disregarded

Question 18

Which of the following statements is true?

Accepted Answer

A)  There are fewer B2C customers to potentially observe in a market 
B)  It is much more difficult to observe B2C customers 
C)  A B2C customer's use environment is more difficult to define 
D)  Gaining access to potential B2B customers is much more difficult compared to B2C customers 
A)  There are fewer B2C customers to potentially observe in a market 
B)  It is much more difficult to observe B2C customers 
C)  A B2C customer's use environment is more difficult to define 
D)  Gaining access to potential B2B customers is much more difficult compared to B2C customers

Question 19

What is ethnography?

Accepted Answer

A)  Data collection done through participant observation and interviews in a customer's context of use 
B)  The study of what encourages people to buy 
C)  Data collection done through internet surveys 
D)  The study of product placement 
A)  Data collection done through participant observation and interviews in a customer's context of use 
B)  The study of what encourages people to buy 
C)  Data collection done through internet surveys 
D)  The study of product placement

Question 20

What is the recommended number of quality conversations with potential customers?

Accepted Answer

A)  6-12 
B)  3-6 
C)  12-15 
D)  Over 20 
A)  6-12 
B)  3-6 
C)  12-15 
D)  Over 20

A product concept includes:

Which of the statements are true

Latent needs are _____________________.

A balance of which two concepts should you base your target market upon?

What is a mandatory requirement for successfully creating a new venture?

Which is true with regard to the target customer?

Consider, first and foremost, ______________ to guide your innovation.

A valued trend is ______________.

What is value?

What is the true litmus test for a venture concept?

In which of the following areas are latent needs often found?

Which of the following is not a latent need?

What is a key caveat of using observation of customers?

What is the difference between perceived and latent needs? Give one clear example of that difference with a B2B business; and then another clear example for a B2C business.

Demonstrate your understanding of a use case scenario for a particular product or service. Be sure to include the "before - during - after" elements. You can even use taking this course for learning about entrepreneurship as an example if you so choose.

What does a "persona" of a target customer not contain?

How should entrepreneurs think about leveraging latent needs?

Which of the following statements is true?

What is ethnography?

What is the recommended number of quality conversations with potential customers?

Defining Your Industry Focus and the Type of Business You Want to Start

Defining the Target Customer

Defining Solutions for Customers

Defining the Business Model for a Venture

Positioning and Branding a Venture in the Marketplace

A Reality Check on the Venture Concept and the Business Model

Financial Sources for Startups and Corporate Ventures

Projecting the Financial Performance and Requirements for the Venture

Organizing the Venture Team

Writing the Business Plan

Making the Pitch

Filters

Exam 3: Defining the Needs of Target Customers

A product concept includes:

Which of the statements are true

Latent needs are _____________________.

A balance of which two concepts should you base your target market upon?

What is a mandatory requirement for successfully creating a new venture?

Which is true with regard to the target customer?

Consider, first and foremost, ______________ to guide your innovation.

A valued trend is ______________.

What is value?

What is the true litmus test for a venture concept?

In which of the following areas are latent needs often found?

Which of the following is not a latent need?

What is a key caveat of using observation of customers?

What is the difference between perceived and latent needs? Give one clear example of that difference with a B2B business; and then another clear example for a B2C business.

Demonstrate your understanding of a use case scenario for a particular product or service. Be sure to include the "before - during - after" elements. You can even use taking this course for learning about entrepreneurship as an example if you so choose.

What does a "persona" of a target customer not contain?

How should entrepreneurs think about leveraging latent needs?

Which of the following statements is true?

What is ethnography?

What is the recommended number of quality conversations with potential customers?

Defining Your Industry Focus and the Type of Business You Want to Start

Defining the Target Customer

Defining Solutions for Customers

Defining the Business Model for a Venture

Positioning and Branding a Venture in the Marketplace

A Reality Check on the Venture Concept and the Business Model

Financial Sources for Startups and Corporate Ventures

Projecting the Financial Performance and Requirements for the Venture

Organizing the Venture Team

Writing the Business Plan

Making the Pitch

Filters