enes210

How is digitization upending many core tenets of competition among industries? Choose all that apply. By lowering the cost of entering markets. By providing high-speed ways to scale up enterprises. By reducing the complexity of management decisions.

By lowering the cost of entering markets. By providing high-speed ways to scale up enterprises.

What are the qualifications of an adviser that startup teams should desire?

Experience in the industry, market, and/or technology of the startup Skills in communicating Excitement for the startup's idea

What are the typical benefits to producers for using distribution channels? Select all that apply. Faster delivery times Increased exposure to customers Promotional assistance Cost savings Improved communication control

Faster delivery times Increased exposure to customers Promotional assistance Cost savings

Which of these pricing factors are examples of external factors?

Legal constraints Competition Industry constraints

To improve your success in step 6 of the sales process, addressing concerns, what techniques are valuable? Select all that apply Listen patiently Show concern Check back w a solution Get back to the conversation Argue your key views

Listen patiently Show concern Check back w a solution Get back to the conversation

What are the risks of partnering? Select all that apply. Loss of autonomy and control Lack of attention in managing the relationship Slower time-to-market Incompatible cultures Loss of intellectual property, particularly trade secrets

Loss of autonomy and control Lack of attention in managing the relationship Incompatible cultures Loss of intellectual property, particularly trade secrets

What are the possible negative outcomes to producers for using distribution channels? Select all that apply. Lower customer satisfaction Lower exposure to customers Lost product importance Lost revenue Lost communication control

Lost product importance Lost revenue Lost communication control

What are the objectives of customer discovery? Choose all that apply. None of the above. To evangelize your vision. To see if friends and family like your solution. To sell your solution.

None of the above

In the sales process, the act of looking for potential customers is called:

Prospecting

The Lean Product Process consists of six steps. Which of these is NOT one of these six steps? Test your MVP with customers Define your value proposition Identify underserved customer needs Specify your Minimum Viable Product (MVP) feature set Determine your target customer Create your MVP prototype Select a market where customers are satisfied with existing solutions

Select a market where customers are satisfied with existing solutions

What are the prerequisites for co-founders? Choose all that apply. Share a common vision and values Offer complementary skill sets Bring a pre-existing friendship

Share a common vision and values Offer complementary skill sets

What is the purpose of a value proposition? Check all that apply. Tells the target customer why they should buy from you and not from the competition Defines specific benefits that will be delivered by your product Explains how your product solves customers' problems or improves their situation Describes the technical specifications of your solution

Tells the target customer why they should buy from you and not from the competition Defines specific benefits that will be delivered by your product Explains how your product solves customers' problems or improves their situation

What are the 4Us of problem definition? Choose the four that apply. Unavoidable Unworkable Urgent Underserved Undesireable

Unavoidable Unworkable Urgent Underserved

To determine the best distribution channels for a product, the producer should ask what key questions? Select all that apply. What successful channels are competitors using? Where do customers seek to purchase the product? How can I have complete control over the product?

What successful channels are competitors using? Where do customers seek to purchase the product?

Business expenses that remain the same regardless of the volume produced by the business are

fixed costs

An engineer and developer type person that can build the functional prototype (MVP) and alpha is often called the:

hacker

A person with design and user experience (UX) know-how to improve UX and conversion is often called the:

hipster

Partnerships formed between partners operating in the same business area are called

horizontal partnerships

How would you assess this sample value proposition: "ABC, Inc. delivers revenue-focused marketing automation and sales effectiveness solutions to unleash collaboration throughout the revenue generation ecosystem". It's clear and succinct. It's unclear and succinct. It's clear and not succinct. It's unclear and not succinct.

its unclear and not succinct

When a low price is initially set by the company to build up sales and market share, with the plan of later raising prices once its market position is established, this pricing strategy is called:

penetration pricing

In the sales process, the act of planning the method of approach for potential customers with a deal or sales pitch that they may be interested in is called:

pre-approach

Which of the 4Ps is the only source of income?

price

What are the 4Ps of the marketing mix? Select four. People Place Promotion Product Price

product place price promotion

When a startup's promotional strategy is to create advertising, media campaigns, and buzz about a product, this is called a: Pull Strategy Push Strategy

pull strategy

When a startup's promotional strategy is to place the product with retailers, trade shows, and other venues for the customer to experience, this is called a: Push Strategy Pull Strategy

push strategy

Revenues earned from consistent ongoing payments rendered to the company for either the delivery of the value proposition or after sales care for the customer are called:

reoccurring revenues

What is Squarespace's (Links to an external site.) revenue model? Licensing Subscription Asset Sale Advertising

subscription

To effectively answer the question of whether the problem is worth solving, you also need to understand the specifics of the target customers who experience the problem. What is the best term to describe this? Largest Customer Segment Target Customer Market Total Addressable Market Target Customer Segment

target customer segment

In early-stage valuation, what factor are most influential in valuation? Select all that apply. Profitability Traction Reputation Revenues

traction reputation revenues

Asking existing customers for referrals to prospective customers is a valuable sales technique? true false

true

Based on Noam Wasserman's research, the more power retained by founders, the less valuable their companies are likely to become. True False

true

Having a product or service that is faster, cheaper and better is not enough to make it compelling. true false

true

Most successful startup teams are comprised of individuals with different skill sets that align with specific roles on the team. true false

true

Product-market fit means being in a good market with a product that can satisfy that market. true false

true

The Lean Product Process is an iterative process. true false

true

To raise the equity funding that's often critical to grow their startup, founders are forced to relinquish a level of control of their startup. True False

true

You should interview potential customers before you have a prototype to get their insights on what features and values matter to them. True False

true

Businesses that focus on the creation and delivery of high-value value propositions, to include those that may be customized to the customer segments' preferences, are typically described as: cost driven value driven

value driven

Business expenses that are heavily dependent on the volume of output a company produces are: fixed cost variable cost

variable

Which of these pricing factors are examples of internal factors? Select all that apply. Variable costs Market behavior Market segments Fixed costs Industry trends

variable costs market segments fixed costs

Partnerships between a firm and its suppliers or distributors are called

vertical partnerships

What are the typical goals of a startup's promotional activities? Select all that apply. Addressing competitor's actions Improved brand equity Increase in sales Significant near term return on investment Acceptance of a new product

Addressing competitor's actions Improved brand equity Increase in sales Acceptance of a new product

To prepare for advisers, which questions should the startup team consider? Select all that apply. Does the candidate adviser care about your industry and solution? How will the adviser be compensated? What does the startup team need right now?

All

What are best practices for managing advisers? Select all that apply. Ask advisers for their strategies, ideas, advice, contacts, etc. Be timely with payments. Be flexible with when and how to meet instead of setting base expectations.

Ask advisers for their strategies, ideas, advice, contacts, etc. Be timely with payments.

In the sales process, the act of finding out what the needs of your prospects are is called:

Cross questioning and identification

What are the typical major targets of promotional activities? Select all that apply. Customers Distributers Investors Influencers

Customers Distributers Influencers

What are the 3Ds for evaluating a value proposition? Choose 3. Defensible technology Dynamic solution Disruptive business model Discontinuous innovation

Defensible technology Disruptive business model Discontinuous innovation

What is the first step to developing your marketing mix? Understanding the Competition Understanding the Consumer Defining the Unique Selling Proposition

Defining the Unique Selling Proposition

When a company owns all elements of its distribution channel, this is called a: Direct Distribution Channel Reverse Distribution Channel Dual Distribution Channel Indirect Distribution Channel

Direct Distribution Channel

What are the five elements that make up the promotional mix? Direct marketing Pricing strategy Sales promotions Personal selling Advertising Public relations and sponsorships

Direct marketing Sales promotions Personal selling Advertising Public relations and sponsorships

What type of distribution channel is most likely to result in a user experience that may vary, and an inconsistent image for the company's product? Reverse Distribution Channel Indirect Distribution Channel Direct Distribution Channel Dual Distribution Channel

Dual Distribution Channel

As an aspiring entrepreneur, when should you feel most comfortable in investing the resources required to build your product? When you've revised your hypotheses based on what you've learned in the lean product process? When you've completed all six steps of the lean product process? When you've repeated the lean product process for additional waves with customers demonstrating positive feedback, ease of use, and high value.

When you've repeated the lean product process for additional waves with customers demonstrating positive feedback, ease of use, and high value.

What types of intermediaries typically purchase the product and gain ownership before selling the product to the next intermediary or end user? Select all that apply. Agents Wholesalers Retailers

Wholesalers retailers

According to Ben Horowitz, which of these are widely held, but false, beliefs? Check all that apply. Once you have product/market fit, you don't have to sweat the competition. Once you achieve product/market fit, you can't lose it. It's patently obvious when you have product/market fit. Product market fit is always a discrete, big bang event.

all

Competitive analysis is valuable to your startup plans in what ways? Choose all that apply. It helps you understand your competition. You may identify changes that you should make to your business strategies. You may take advantage of competitors' weaknesses.

all

What are the elements of the typical initial team structure in today's agile, high-performance startups? Choose all that apply. Significant experience in launching and growing multiple successful startups Multiple startup peers that you can learn from, and share with Several active advisers that bring experience, wisdom, and relationships to the team 1 to 3 co-founders with complementary skills and a common interest in the startup's mission Minimal investment of $0 to $100,000 Membership in an incubator environment, such as a University-based entrepreneurship program or a local co-working space

all

What are the typical benefits of channel segmentation? Select all that apply. Relevant products may be provided to the right channel Local price differentiation may be possible Needs of every channel segment can be addressed separately More targeted and relevant promotional activities may be possible

all

What key questions should an entrepreneur consider when developing their revenue model? Select all that apply. What benefits are customers currently paying for? What percentage of the total revenues does each revenue stream represent? Are there unrealized benefits that customers would pay more for? How are customers paying for these benefits today? What type and frequency of payment would be preferable to the status quo?

all

When creating your business model, what cost related questions should you consider: (Select all that apply.) Is your business more value driven or cost driven? Are these activities matched to the Value Propositions for your business? What activities create costs in your business?

all

Which activities should startups perform before determining the price of their product or service? Select all that apply. Assess the Environment Estimate the Demand Curve Calculate Costs Develop the Marketing Strategy Set Pricing Objectives

all

Which techniques are valuable to gathering competitive intelligence? Check all that apply. Evaluate their marketing and advertising campaigns. Visit their locations, if they have an offline presence. Analyze their websites and marketing materials.

all

Which characteristics are helpful for you to categorize consumers into customer segments? The group needs a separate distribution channel to be reached. Each consumer group feels strongly enough to pay for a different version of the product or service, tailored to their preferences. The groups require relationships of different kinds. The customer groups have a particular need which justifies the creation of a product to match this need. There is a very clear difference in the level of profitability each group represents for the organization.

all of the above

In the sales process, when the prospective customer agrees to purchase the product or service and pays, this is called:

closing the sale

When selling a product or service to a business, which two problem criteria are most influential to the buying decision? Craving Critical Concealed Conspicuous

critical conspicuous

What is the first step to creating a winning value proposition? define measure evaluate build

define

When costs fall with higher volumes that spread fixed costs more thinly, thereby making the cost per unit fall dramatically, the producer is experiencing:

economies of scale

When there is a reduction of costs when a producer invests in multiple markets or a larger breadth of operations, the producer is experiencing:

economies of scope

A startup adviser is an individual who provides advice on running your startup and holds decision-making control on the management team. true false

false

Based on their innovative nature, startups are less vulnerable to competition than established companies. true false

false

If a thorough competitive analysis is done when you are starting your company, you will not need to do a competitive analysis on a regular basis. true false

false

Throughout the life cycle of a product, it is best to maintain one consistent type of promotional activity and a singular strategy true false

false

To build rapport with the management team, a startup advisor will typically work for free for several months before expecting compensation. true false

false