ESB V2 - Domain 3 Production and Distribution exam questions and answers.

Market/Fit Hypothesis Exists when you have the right solution to a problem worth solving. Exists when people need your product rather than just seeing a potential benefit of using it. Exists when users love your product so much they tell other people to use it. Onscreen Pop-Up Quizzes Conducting these during the course would be an effective way to measure your teaching performance Growth hypothesis Startups should determine and test their value hypothesis before they move on to their Value to the market Hypothesizing how to handle growth is meaningless if the product doesn't first have this Potential benefit of using it A fit exists when people need your product rather than just seeing this problem worth solving Before hypothesizing a solution, first determine if there is a product-market fit When users love your product so much they tell other people to use it, you have Observe customer reactions When giving samples of a new tamale to customers, one criteria Rick's can use to determine the quality of the new tamale business model In addition to identifying the problem a product or service solves, a value hypothesis should promote things like product features, pricing, and the _____ as a means of enticing potential customers to purchase the product. functionality A minimum viable product is a prototype used to test ease-of-use and __ Quality __ is measured by how well the product or service successfully serves its users' purpose. change markets or create completely new products What might one have to do when listening to feedback from customers? Test a prototype How should Rick ensure that his customers are receiving a high-quality product? Traction stage Sales gain momentum and a business starts to grow Prototype stage Identify how a product or service solves customers problems Monetization stage A business starts to earn revenue Idea stage Develop an idea for a product or service Growth stage See growth and continue to grow the business Launch stage The business is legally formed, and sales start to occur idea The fi rst phase of product/market fit is the _____ stage. prototype The second stage is the ________ stage. launch The third stage is the ______ stage. traction The fourth stage is the _______ stage. monetization The fifth stage is the __________ stage. growth The sixth and final stage is the _________ stage. grow Product/market fit occurs when a business continues to ________ due to customer demand. repeatedly Using a product ___________ is an indicator of product/market fit. why A value hypothesis explains _____ a customer may choose to use a product. satisfaction A business must provide customers with quality products to maintain customer ___________ Minimum Viable Product (MVP) A ______________ is a prototype used to test ease-of-use and functionality to help determine the user's experience and ultimately improve t