ENES 210 EXAM QUESTIONS AND
ANSWERS ALL CORRECT
What is the purpose of a value proposition? - Answer-- tells the target customer why
they should buy from you and not the competition
- explains how your product solves customers' problems or improves their situation
- defines specific benefits that will be delivered by your product
What are the 3ds for evaluating a value proposition? - Answer-- discontinuous
innovation
- defensible technology
- disruptive business model
Which characteristics are helpful for you to categorize consumers into customer
segments? - Answer-- the groups require relationships of different kinds
- the group needs a separate distribution channel to be reached
- there is a very clear difference in the level of profitability each group represents for the
organization
- the customer groups have a particular need which justifies the creation of a product to
match this need
- each consumer group feels strongly enough to pay for a different version of the
product or service, tailored to their preferences
what are the 4Us of problem definition? - Answer-- unavoidable
- underserved
- unworkable
- urgent
to define your target market and understand its problems or desires, the first question to
ask is: - Answer-who is the customer?
which techniques are valuable to gathering competitive intelligence? - Answer-- visit
their locations
- evaluate their marketing and advertising campaigns
- analyse their websites and marketing materials
(t / f) based on their innovative nature, startups are less vulnerable to competition than
established companies - Answer-false
, competitive analysis is valuable to your startup plans in what ways? - Answer-- it helps
you understand your competition
- you may identify changes that you should make to your business strategies
- you may take advantage of competitors' weaknesses
typical structure of a modern startup - Answer-- one to three co-founders
- incubator environment
- $0 - $100,000 investment
- demonstrates evidence of customers for your product or service
minimum viable team - Answer-- hacker (engineers and developers; builds functional
prototypes)
- hipster (design and user experience)
- hustler (marketing and business; growth hacking, scale customer acquisition and
distribution)
phase one of the opportunity analysis canvas - Answer-- entrepreneurial mindset
- entrepreneurial motivation
- entrepreneurial behavior
phase two of the opportunity analysis canvas - Answer-- industry condition
- industry status
- macroeconomic change
- competition
phase three of the opportunity analysis canvas - Answer-- value innovation
- opportunity identification
why do startups fail - Answer-- customers are not interested enough in the product
- team is not positioned for success
- unable to market the product effectively
- not enough money
critical to starting a company - Answer-- value proposition
- team strategy
- market strategy
- financial strategy
value proposition - Answer-- problem
- competition
- product-market fit
team strategy - Answer-- founders
- advisers
ANSWERS ALL CORRECT
What is the purpose of a value proposition? - Answer-- tells the target customer why
they should buy from you and not the competition
- explains how your product solves customers' problems or improves their situation
- defines specific benefits that will be delivered by your product
What are the 3ds for evaluating a value proposition? - Answer-- discontinuous
innovation
- defensible technology
- disruptive business model
Which characteristics are helpful for you to categorize consumers into customer
segments? - Answer-- the groups require relationships of different kinds
- the group needs a separate distribution channel to be reached
- there is a very clear difference in the level of profitability each group represents for the
organization
- the customer groups have a particular need which justifies the creation of a product to
match this need
- each consumer group feels strongly enough to pay for a different version of the
product or service, tailored to their preferences
what are the 4Us of problem definition? - Answer-- unavoidable
- underserved
- unworkable
- urgent
to define your target market and understand its problems or desires, the first question to
ask is: - Answer-who is the customer?
which techniques are valuable to gathering competitive intelligence? - Answer-- visit
their locations
- evaluate their marketing and advertising campaigns
- analyse their websites and marketing materials
(t / f) based on their innovative nature, startups are less vulnerable to competition than
established companies - Answer-false
, competitive analysis is valuable to your startup plans in what ways? - Answer-- it helps
you understand your competition
- you may identify changes that you should make to your business strategies
- you may take advantage of competitors' weaknesses
typical structure of a modern startup - Answer-- one to three co-founders
- incubator environment
- $0 - $100,000 investment
- demonstrates evidence of customers for your product or service
minimum viable team - Answer-- hacker (engineers and developers; builds functional
prototypes)
- hipster (design and user experience)
- hustler (marketing and business; growth hacking, scale customer acquisition and
distribution)
phase one of the opportunity analysis canvas - Answer-- entrepreneurial mindset
- entrepreneurial motivation
- entrepreneurial behavior
phase two of the opportunity analysis canvas - Answer-- industry condition
- industry status
- macroeconomic change
- competition
phase three of the opportunity analysis canvas - Answer-- value innovation
- opportunity identification
why do startups fail - Answer-- customers are not interested enough in the product
- team is not positioned for success
- unable to market the product effectively
- not enough money
critical to starting a company - Answer-- value proposition
- team strategy
- market strategy
- financial strategy
value proposition - Answer-- problem
- competition
- product-market fit
team strategy - Answer-- founders
- advisers
