Chapter 3 business final

which of the following statements about the customer segments section of the business model are correct

often more than one type of custom segment, customer segments build from IDEO screen work-up, each customer segment has its own problem and value proposition

a customer segment is a group

or subgroup of potential purchasers that can be approached in a coherent manner

a problem is also called a

pain and is what the company product/service is seeking to solve for customers

a value proposition section of a model canvas is the businesses

unique selling points or benefits that customers can expect from the goods or services, including benefits that make you diff from competitor

which of the following is a rarely used source of business ideas

universities and gov agencies

in the context of the IDEO screen, the term customer job is given to what

a potential customer is trying to do, perform, or complete some sort of task

what is SCAMPER

acronym for cues that trigger to help one develop new ideas

which of the following was not described as a source of business ideas

assignment given to employee from boss

the customer relationship section of the business model canvas

describes how the business will best care for its most valuable resource

when one is taking a casual approach to start a new business, which of the following are examples of sources of ideas

education or expertise, chance: being there at right time, idea websites

true or false: commercially successful new products are easy for companies to develope

false

true or false: educational institutional and gov agencies develop few new technologies often for the betterment of humanity

false

true or false: in customer job interviews, entrepreneurs are first required to tell potential customers their idea for a product or service

false

which is the correct order for the entrepreneurial process

feel, check, plan, do

which of the following is true about the entrepreneurial process

feel, check, plan,do, some opportunities may exist just not in the community, entrepreneurs alertness is working when they feel the possibilities

License is a legal agreement

granting rights to use a particular piece of intellectual property

the customer relationships section of the business model canvas describes

how the business will best care for its most valuable resource

the revenues section of the business model canvas describes

how the business will earn profits solving customers problems or pains

the channels portion of the business model canvas has to do with

how the business will get its product/service to the customer

a business model is a way to

identify and organize key info on a business and how it achieve its goals

the business model is a way to

identify and organize key info on a business and how it achieves it its goals

which of the following are pitfalls that business can experience when attempting to become more innovative

identifying the wrong problem, stopping with the first good idea, judging ideas too quickly

which of the following are true of entrepreneurial alertness

includes motivations to search for opportunities, ability to notice things that have been overlooked

in the casual model of entrepreneurship,

individuals need to think about what they need to do to bring their new product/service into existence

design thinking is a customer-focused approach using

interviews, observations, and exercises to create services/products that provide demonstrated of solving customers problems

which of the following is true of opportunity recognition

involves creative thinking that results in the discovery of novel and useful ideas

in the context of screening ideas, which of the following is true of the IDEO screen

its a technique for performing a rapid initial analysis of ideas to determine their potential

which of the following is true of the term gain in the context of the business model approach

its one of the two driving forces to create new services or products

a gain is any

kind of outcome or potential customers would like to encounter or be able to depend on

the ---- pays the ---- for the rights to use a particular piece of intellectual property

licensee, licensor

in the context of the IDEO screen, in which of the following elements should new ideas be high

market desirability, technical feasibility, business viability

which of the following statements about the freemium approach are correct

model that provides customers with something for free and lets them by addons, dropbox and angry bird are exmaples

which of the following are pitfalls that entrepreneurs may fall victim to when attempting to become more innovative

obeying rules that dont exist, failing to act, stopping with first good idea

which of the following take place during a brainstorming session

participants are asked to think of a situation of product/service, asked to think of specific ways to improve a product/service in terms of quality and usability

which of the following statements about a royalty are correct

payment per item sold, MP3 format, dolby noise reduction, gaterade are examples, famous tv shows

a royalty is

payment to a licensor based on the number or value of item that are sold

which of the following is the four steps for organizing creative thinking

preparation, incubation, illumination, verification

in the context of painstorming, starting with the pains and aggravations is likely to help entrepreneurs

quickly design new ways to improve or replace existing products or services

a radical innovation strategy is

rejecting existing ideas, and presenting a way to do things differently

which of the following statements about ideas are correct

research eliminates 90%of ideas, testing eliminates another 60% ideas, takes 3,000 initial ideas to develop one commercially successful product

maya purchases fresh fruits and vegetables from a farmers market outside the city at reduced prices. She then resells these fruits and veggies in her store at regular market prices, In this scenario, maya engaged in

retail arbritage

in the context of the opportunity identification process, which of the following were the findings of Galigo and Katz

serial entrepreneurs can fashion new ideas in nearly any situation, experienced entrepreneurs think of various kinds of business ideas depending on situation

entrepreneurial alertness involves having

special set of observational and thinking skills that helps businesspersons identify good opportunites

incremental strategy is

taking an idea and offering a way to do something slightly better than it is presently done

which of the following are true of the effectuation model of entrepreneurship

talking to people they know to determine if these people can commit to the entrepreneurial idea, starting out with the skills, knowledge, and networks they possess

licensee is a person or firm

that is obtaining the rights to use a particular piece of intellectual property

imitative strategy is an overall strategic approach in which

the entrepreneur does more or less what other are already doing

in the causal model of entrepreneurship, individuals need to

think about what they need to do to bring their new product or service into existence

true of false: the opportunity identification process describes the steps that entrepreneurs use to asses whether the situation is faced is the same of has changed

true

which of the following statements about feasibility is correct

two main way to examine feasibility are the business model and feasibility study, extent to which an idea is viable and realistic, next-step process after IDEO screen

the revenues section of the business model canvas describes how the

business will earn profits solving its customers problem or pain

one way to think about opportunities and business creation depends on an individuals dreams or ideas about new or yet-to-be-created products or services. This is referred to the

casual model of entrepreneurship

opportunity recognition involves

searching and capturing new ideas that generate business opportunities

which pf the following statements about the business model canvas are true

analytic tool used in developing a start-up that would appeal to customers, 11 factors such as value proposition, key partners, and revenue streams, great way to identify and organize key info about business

the value proposition section of the business model canvas is the small

business owners unique setting points or benefits that customers can expect from the goods/services

creativity is

the process of producing an idea or opportunity that is novel and useful

which of the following statements about the process for organizing creative thinking are correct

worked for many creative people(leonardo da vinci, albert), useful when exploring business problems, useful when attempting to identify additional business opportunities