Question 1

Why is it important to identify segments with innovative customers?

Accepted Answer

A)  So R&D becomes more expensive 
B)  So you can save money on distribution 
C)  So different distribution opportunities become available 
D)  Because innovative customers are more likely to try new products 
A)  So R&D becomes more expensive 
B)  So you can save money on distribution 
C)  So different distribution opportunities become available 
D)  Because innovative customers are more likely to try new products D

Question 2

For the chocolate example in the book, examples of new market opportunities for the company included:

Accepted Answer

A)  Selling custom printed M&Ms for different types of occasions 
B)  Great tasting energy bars 
C)  Healthy, nutritionally tuned snacks for the elderly 
D)  All of the above 
A)  Selling custom printed M&Ms for different types of occasions 
B)  Great tasting energy bars 
C)  Healthy, nutritionally tuned snacks for the elderly 
D)  All of the above D

Question 3

A customer who is stuck on a problem and desperate for help is likely to?

Accepted Answer

A)  Look for a cheap solution to their problem 
B)  Be open to a new solution and pay a high price 
C)  Wait for a solution to come along 
D)  Avoid seeking out a new solution 
A)  Look for a cheap solution to their problem 
B)  Be open to a new solution and pay a high price 
C)  Wait for a solution to come along 
D)  Avoid seeking out a new solution B

Question 4

Successful startups typically

Accepted Answer

A)  try to be all things to all people. 
B)  use mass marketing. 
C)  target a specific industry segment or niche. 
D)  try to invest the least in acquiring customers. 
A)  try to be all things to all people. 
B)  use mass marketing. 
C)  target a specific industry segment or niche. 
D)  try to invest the least in acquiring customers.

Question 5

What is a characteristic of a market segment?

Accepted Answer

A)  Customers have different needs 
B)  Customers live in different areas 
C)  Customers have similar core needs 
D)  Customers look for different alternatives 
A)  Customers have different needs 
B)  Customers live in different areas 
C)  Customers have similar core needs 
D)  Customers look for different alternatives

Question 6

What are customer attitudes?

Accepted Answer

A)  Specific desires and frustrations 
B)  Cognitive values or belief systems of end-users and buyers 
C)  Physical activities surrounding the use case 
D)  Demographic variables 
A)  Specific desires and frustrations 
B)  Cognitive values or belief systems of end-users and buyers 
C)  Physical activities surrounding the use case 
D)  Demographic variables

Question 7

Why is it important to try to find innovative customers to start a company - particularly for a B2B venture? What are the different ways that such customers can help an entrepreneur? If you are having trouble thinking of an example, you can take use the case of a software company trying in some way to help doctors improve the care of their patients when they are not in the hospital.

Accepted Answer

It is important to find innovative custo

Question 8

What are customer behaviors?

Accepted Answer

A)  Demographic variables 
B)  Specific desires and frustrations 
C)  Cognitive values or belief systems 
D)  Physical activities surrounding the use case 
A)  Demographic variables 
B)  Specific desires and frustrations 
C)  Cognitive values or belief systems 
D)  Physical activities surrounding the use case

Question 9

What would not be a good axes for a customer segmentation grid?

Accepted Answer

A)  Age Groups 
B)  Genders 
C)  Predicted Industry Growth 
D)  Income 
A)  Age Groups 
B)  Genders 
C)  Predicted Industry Growth 
D)  Income

Question 10

What are useful segmentation variables for a B2C customer and a B2B customer?

Accepted Answer

A)  Age and gender 
B)  Gender and size of business 
C)  Income and education 
D)  Lifestyle and family size 
A)  Age and gender 
B)  Gender and size of business 
C)  Income and education 
D)  Lifestyle and family size

Question 11

What is an end-user?

Accepted Answer

A)  The person who buys your product 
B)  The person who uses the product 
C)  The person who sells the product 
D)  The person who offers product support 
A)  The person who buys your product 
B)  The person who uses the product 
C)  The person who sells the product 
D)  The person who offers product support

Question 12

Why is customer segmentation so very important in crafting the strategy for a new venture? How does that segmentation provide a focus for different activities within the business? Give an example, say for a travel company.

Accepted Answer

Customer segmentation is crucial in craf

Question 13

Customers who are willing to give their time to help design & test a solution are often called:

Accepted Answer

A)  Testers 
B)  Fools 
C)  Lead Users 
D)  Developers 
A)  Testers 
B)  Fools 
C)  Lead Users 
D)  Developers

Question 14

What is not considered a vertical market?

Accepted Answer

A)  Banking 
B)  Manufacturing 
C)  Running 
D)  Financial Services 
A)  Banking 
B)  Manufacturing 
C)  Running 
D)  Financial Services

Question 15

The combination of the target industry segment/niche, the target customer with that industry area, and the amount of revenue that can be generated is called the:

Accepted Answer

A)  Target Market 
B)  Profit Market 
C)  User Market 
D)  Addressable Market 
A)  Target Market 
B)  Profit Market 
C)  User Market 
D)  Addressable Market

Question 16

Successful entrepreneurs tend to

Accepted Answer

A)  take complicated approaches to market segmentation. 
B)  avoid the segmentation issue. 
C)  keep segmentation simple and powerful. 
D)  target all segments. 
A)  take complicated approaches to market segmentation. 
B)  avoid the segmentation issue. 
C)  keep segmentation simple and powerful. 
D)  target all segments.

Question 17

Give an example of a simple customer segmentation for a B2C product - such as sneakers; and then, give another example for a B2B service, such as tax accounting/auditing for different businesses. Sketch a customer segmentation framework for each example.

Accepted Answer

For a B2C product like sneakers, a simpl

Question 18

In general, successful entrepreneurs

Accepted Answer

A)  always start capital intensive businesses. 
B)  create a powerful brand backed by an equally powerful product or service that dramatically improves the customer experience. 
C)  typically try of offer new solutions that are 20 percent better than existing solutions. 
D)  do not care about what competitors do in the marketplace. 
A)  always start capital intensive businesses. 
B)  create a powerful brand backed by an equally powerful product or service that dramatically improves the customer experience. 
C)  typically try of offer new solutions that are 20 percent better than existing solutions. 
D)  do not care about what competitors do in the marketplace.

Question 19

What is a key characteristic of a customer segment of a market?

Accepted Answer

A)  Customers within that segment have different core needs 
B)  Customers within that segment are homogeneous 
C)  Customers are considered a mass market 
D)  Customers within the segment behave differently 
A)  Customers within that segment have different core needs 
B)  Customers within that segment are homogeneous 
C)  Customers are considered a mass market 
D)  Customers within the segment behave differently

Question 20

Customer segmentation should be: Meaningful, Measureable, and ______

Accepted Answer

A)  Adjustable 
B)  Actionable 
C)  Important 
D)  None of the above 
A)  Adjustable 
B)  Actionable 
C)  Important 
D)  None of the above

Why is it important to identify segments with innovative customers?

For the chocolate example in the book, examples of new market opportunities for the company included:

A customer who is stuck on a problem and desperate for help is likely to?

Successful startups typically

What is a characteristic of a market segment?

What are customer attitudes?

What are customer behaviors?

What would not be a good axes for a customer segmentation grid?

What are useful segmentation variables for a B2C customer and a B2B customer?

What is an end-user?

Why is customer segmentation so very important in crafting the strategy for a new venture? How does that segmentation provide a focus for different activities within the business? Give an example, say for a travel company.

Customers who are willing to give their time to help design & test a solution are often called:

What is not considered a vertical market?

The combination of the target industry segment/niche, the target customer with that industry area, and the amount of revenue that can be generated is called the:

Successful entrepreneurs tend to

Give an example of a simple customer segmentation for a B2C product - such as sneakers; and then, give another example for a B2B service, such as tax accounting/auditing for different businesses. Sketch a customer segmentation framework for each example.

In general, successful entrepreneurs

What is a key characteristic of a customer segment of a market?

Customer segmentation should be: Meaningful, Measureable, and ______

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

Defining the Needs of Target Customers

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 2: Defining the Target Customer

Why is it important to identify segments with innovative customers?

For the chocolate example in the book, examples of new market opportunities for the company included:

A customer who is stuck on a problem and desperate for help is likely to?

Successful startups typically

What is a characteristic of a market segment?

What are customer attitudes?

What are customer behaviors?

What would not be a good axes for a customer segmentation grid?

What are useful segmentation variables for a B2C customer and a B2B customer?

What is an end-user?

Why is customer segmentation so very important in crafting the strategy for a new venture? How does that segmentation provide a focus for different activities within the business? Give an example, say for a travel company.

Customers who are willing to give their time to help design & test a solution are often called:

What is not considered a vertical market?

The combination of the target industry segment/niche, the target customer with that industry area, and the amount of revenue that can be generated is called the:

Successful entrepreneurs tend to

Give an example of a simple customer segmentation for a B2C product - such as sneakers; and then, give another example for a B2B service, such as tax accounting/auditing for different businesses. Sketch a customer segmentation framework for each example.

In general, successful entrepreneurs

What is a key characteristic of a customer segment of a market?

Customer segmentation should be: Meaningful, Measureable, and ______

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

Defining the Needs of Target Customers

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