ESB V2 Domain 3 exam questions and answers

Product/Market Fit The stage where a business's sales are high and continue to grow because their product or service is something customers want and continue to purchase. MVP Minimum Viable Product is a prototype used to test ease-of-use and functionality to help determine the user's experience and ultimately improve the user's experience with the product. Steps of Product/Market Fit 1. Launch 2. Traction 3. Prototype 4. Growth 5. Monetization 6. Idea Value Hypothesis Promotes thing like product features, pricing, and a company's business model as a means of enticing potential customers to purchase the product. Quality Control Testing Process 1. Set quality standards 2. Establish the product quality testing method 3. Review the internal quality testing results 4. Refine and improve quality methods and measures, as needed Distribution Channel A method used to get a product from the manufacturer to the end-users. 2 Types of Distribution Channels 1. Direct 2. Indirect Distribution and Fulfillment Centers Store and ship products for businesses and are both indirect channels. Is Amazon a distribution center or fulfillment center? Fulfillment Center Is Macy's a distribution center or fulfillment center? Distribution Center Is DICK's Sporting Goods a distribution center or fulfillment center? Distribution Center Is Wayfair a distribution center or fulfillment center? Fulfillment Center Chamber of Commerce A local agency with information on participating local businesses. Employee An individual hired by a company and compensated for their work. Entrepreneur An individual who aspires to start and run a successful business. Ethical Practices Standards of professional conduct professionals should uphold. Forward-Thinking Mentality Thinking about and planning for the future. Grit The characteristic of being able to tackle goals with courage and perseverance. Initiative A characteristic in which an individual acts to turn ideas into action. Personal Agency One's ability to act to work toward achieving a goal. Problem-Solving The process of coming up with solutions to solve a problem. Revenue The number of sales and other income in a business for a given period. Sales Pitch A persuasive speech prepared to entice a potential customer to purchase a service or