Quiz #3

Which statement accurately describes why an entrepreneur should understand the concepts of branding?

Branding provides the product with a recognizable identity.

What role do customers play in the success of a product/business?

Customers must like the business idea and be willing to use/purchase the product.

Which statement provides a valuable assumption about the use of Customer Discovery?

provides an entrepreneur with important information about their product.

True or False: Target Markets can be everyone.

False

Select all the processes that fall under Market Research for entrepreneurs: 1. Test product features 2. Determine company mission and vision 3. Determine market and growth potential 4. Assess competitive advantage 5. Communicate financials to stakeholders

1, 3, 4

Customer Relationships are critical to an entrepreneur's success. Which statement below is false.

Customer relationships are easy to create and maintain.

Select the best definition for: Buying Behavior

How your customers buy and how they intend to use your product, including understanding of their needs versus wants, spending patterns, brand preferences, and how they are influenced by advertising

What do the letters MVP stand for in Entrepreneurship?

Minimum Viable Product

Which is the most important difference between primary and secondary market research or data?

Primary market research is designed with a specific outcome in mind and is often expensive to collect and analyze. It is collected directly from the source.

Which of the 4 "P's" of marketing deals with financial aspects of your product?

Price

Which of the 4 "P's" of marketing pertains to advertising?

Promotion

What is most important when it comes to customers?

Relationships

Define Channel from a marketing perspective.

Sharing your value proposition with others.

Which of the following resources could provide you with Secondary Research Data?

Trade Magazines

Customer Segments refers to __________________.

Who you believe will benefit from your value proposition, also know n as your target market.

Select the best definition for: Demographics

Who your customer is, including age, gender, ethnic background, income level, marital status.

Select the best definition for: Psychographics

Why your customers buy, including attitudes and beliefs, lifestyle, interests, hobbies, social status or identify