Exam 2 - Sage Vantage Questions with
correct answers
The business model presented in the textbook is a journey to gather evidence and prove the startup can
be ______. - correct answer ✔✔sustainable
General Mills had to change its business model to make new yogurt with less sugar T/F - correct answer
✔✔False
Entrepreneurs use ______ to try to encourage existing customers to switch to their product. - correct
answer ✔✔differentiation
The advent of Massive Open Online Courses (MOOCs) is an example of the business model ______. -
correct answer ✔✔disruption
Efficient changes to the business model can be made during the startup stage because ______. - correct
answer ✔✔the business is small in the beginning
When considering customers, entrepreneurs must ask themselves ______. - correct answer ✔✔1. How
will you reach your target audience?
2. How will you maintain customer relations once they're established?
3. Who will pay for what I am offering?
Infrastructure includes financial forecasts. T/F - correct answer ✔✔False
The four parts of the business model exist on their own. T/F - correct answer ✔✔False
The ______ is a statement that describes exactly what products or services your business offers and sells
to customers. - correct answer ✔✔customer value proposition
, What is the message of CVP? - correct answer ✔✔promising value to the customer
What is a way in which entrepreneurs solve the customer's problem of lack of money? - correct answer
✔✔Deliver previously unaffordable products or services for less.
What was Tata's CVP for its product to replace scooters in India? - correct answer ✔✔Provide an
affordable, safer mode of transportation.
An example of a lack-of-access problem is solar energy. T/F - correct answer ✔✔True
A ______ market comprises a large group of customers with similar needs and problems. - correct
answer ✔✔mass
What are the three main types of approaches to creating value propositions? - correct answer
✔✔resonating-focus, all-benefits, points-of-difference
Segmenting markets is not a good way to generate more business.T/F - correct answer ✔✔False
The CVP helps delineate the value of the entrepreneur's idea. T/F - correct answer ✔✔True
In order to create the business model canvas, the business ______ is broken into nine components. -
correct answer ✔✔model
The business intends to create, deliver, and capture value for customers is known as the business
______. - correct answer ✔✔model canvas
What are the channels for the delivery of the value proposition? - correct answer ✔✔distribution,
communication, sales
What is the difference between a customer and a consumer? - correct answer ✔✔A customer buys the
product while the consumer uses it.
correct answers
The business model presented in the textbook is a journey to gather evidence and prove the startup can
be ______. - correct answer ✔✔sustainable
General Mills had to change its business model to make new yogurt with less sugar T/F - correct answer
✔✔False
Entrepreneurs use ______ to try to encourage existing customers to switch to their product. - correct
answer ✔✔differentiation
The advent of Massive Open Online Courses (MOOCs) is an example of the business model ______. -
correct answer ✔✔disruption
Efficient changes to the business model can be made during the startup stage because ______. - correct
answer ✔✔the business is small in the beginning
When considering customers, entrepreneurs must ask themselves ______. - correct answer ✔✔1. How
will you reach your target audience?
2. How will you maintain customer relations once they're established?
3. Who will pay for what I am offering?
Infrastructure includes financial forecasts. T/F - correct answer ✔✔False
The four parts of the business model exist on their own. T/F - correct answer ✔✔False
The ______ is a statement that describes exactly what products or services your business offers and sells
to customers. - correct answer ✔✔customer value proposition
, What is the message of CVP? - correct answer ✔✔promising value to the customer
What is a way in which entrepreneurs solve the customer's problem of lack of money? - correct answer
✔✔Deliver previously unaffordable products or services for less.
What was Tata's CVP for its product to replace scooters in India? - correct answer ✔✔Provide an
affordable, safer mode of transportation.
An example of a lack-of-access problem is solar energy. T/F - correct answer ✔✔True
A ______ market comprises a large group of customers with similar needs and problems. - correct
answer ✔✔mass
What are the three main types of approaches to creating value propositions? - correct answer
✔✔resonating-focus, all-benefits, points-of-difference
Segmenting markets is not a good way to generate more business.T/F - correct answer ✔✔False
The CVP helps delineate the value of the entrepreneur's idea. T/F - correct answer ✔✔True
In order to create the business model canvas, the business ______ is broken into nine components. -
correct answer ✔✔model
The business intends to create, deliver, and capture value for customers is known as the business
______. - correct answer ✔✔model canvas
What are the channels for the delivery of the value proposition? - correct answer ✔✔distribution,
communication, sales
What is the difference between a customer and a consumer? - correct answer ✔✔A customer buys the
product while the consumer uses it.
