business and entrepreneur test

which three statements help define a market/fit hypothesis

-A fit exists when people need your product rather than just seeing a potential benefit of using it -Product/market fit exists when you have the right solution to a problem worth solving. -When users love your product so much they tell other people to use it.

The owner of an organic pet food store would like to analyze the sales data to determine if the business is growing, declining or remaining flat. The owner had the following data: -sales revenue last year=350,000 -sales revenue current year=402,500

15%

a owner of a landscaping business has noticed that none of his competitors are including ponds or other water features in gardens they create. The land scraper wants to determine the viability of this business opportunity. What should this entrepreneur do first before offering to design and build water features as part of his landscaping business?

Ask the customers in the area if they are interested in adding a water feature to their gardens.

Which tool is most useful in helping customer service support sales strategies

CRM

what is a target market?

Customers to whom a company wants to sell its products and services.

Which three are segments in a Marking plan?

Demographic, Behavioral, Geographic

which sales channel has been opened to manufacturers because of digital tools?

Direct-to-Consumer

Which two characteristics fulfillment centers differ from direct distribution?

Fulfilment centers pack and ship for a manufacturer., Warehousing is a primary role.

which two documents summarize the business plan of the company

Lean Canvas and Pitch deck

A bakery has developed a new artisan bread. The staff are giving away taste samples to customers as they enter the store. what are two criteria the bakery can use to determine the quality of their new product?

Measure sales of the new bread after customers have sampled it and Observe customer reactions while they taste the product.

which two should be included when calculating a start up costs for a business

Permits, licenses, and incorporation fees and Business cards

you operate a small insurance office with a partner. Which expense is a fixed cost?

Property lease for the office

your company is manufacturing a new product. you need to establish a Product Quality control process. What are three things u must do to create establish your product Quality control process?

Review the results of internal quality assurance testing., Determine what standards have to be met based on the product and industry., Establish the method to use for testing product quality.

Which 3 elements are required to have a trade secret?

Subject to reasonable efforts to maintain its secrecy Others cannot legitimately obtain the information Information has economic value not generally known

which 2 are offline marking platforms?

TV ads, flyers and pamphlets

which are two characteristics of direct distribution that differ from fulfilment centers

The manufacturer controls all aspects of distribution.

which is the primary characteristic of all physical and digital sale channels

closing sale

what is primary data?

information collected through original research

which three characteristics help identify a business opportunity

price, service, marketing

which two types of sales channels sell primarily to other businesses?

whole sale, and B2B