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BAEP 451 Miterm Questions and Correct
Answers
What is a business model? (4 questions) Ans: Asks:
Who are your customers
what are the risks
how will you charge them
what are the benefits for your customers
also evaluates market size, the pain you address, customer
pipelines, MVP
What is customer discovery Ans: The process of discovering who
your customers are and what they want. As you talk to your
customer you will see what they are interested in
How do you spot opportunity Ans: • Causation: search & select
o Conscious intent to capture niche area in market not yet
explored
o Finite set of possibilities - predetermined goals
• Effectuation: creation & transformation
© 2025 All rights reserved
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o Evolving means to achieve new and different goals
• Know your why, visualize your ideal scenario (SMART goals:
specific, measurable, achievable, realistic, time bound)
how do u pivot successfully Ans: Be flexible about your business
model, it is average to have three changes. Listen to the customer!
Focus on your minimum viable product
how would you market a new business with no money Ans: Social
media, word of mouth, bootstrapping, strategic partnership
Business roadmap Ans: Basic: product service or idea -- testing --
go to market
in depth: strategy and customer pipeline ideas. Research legalities,
write out possible business models / strategies. Research
feasibility. Take legal precautions. Hire team. Build and test MVP.
Evaluate and adjust.
cost plus pricing model Ans: what is cost me + 10%
premium pricing model Ans: customers pay high prices because
product is the best
© 2025 All rights reserved
BAEP 451 Miterm Questions and Correct
Answers
What is a business model? (4 questions) Ans: Asks:
Who are your customers
what are the risks
how will you charge them
what are the benefits for your customers
also evaluates market size, the pain you address, customer
pipelines, MVP
What is customer discovery Ans: The process of discovering who
your customers are and what they want. As you talk to your
customer you will see what they are interested in
How do you spot opportunity Ans: • Causation: search & select
o Conscious intent to capture niche area in market not yet
explored
o Finite set of possibilities - predetermined goals
• Effectuation: creation & transformation
© 2025 All rights reserved
, 2 | Page
o Evolving means to achieve new and different goals
• Know your why, visualize your ideal scenario (SMART goals:
specific, measurable, achievable, realistic, time bound)
how do u pivot successfully Ans: Be flexible about your business
model, it is average to have three changes. Listen to the customer!
Focus on your minimum viable product
how would you market a new business with no money Ans: Social
media, word of mouth, bootstrapping, strategic partnership
Business roadmap Ans: Basic: product service or idea -- testing --
go to market
in depth: strategy and customer pipeline ideas. Research legalities,
write out possible business models / strategies. Research
feasibility. Take legal precautions. Hire team. Build and test MVP.
Evaluate and adjust.
cost plus pricing model Ans: what is cost me + 10%
premium pricing model Ans: customers pay high prices because
product is the best
© 2025 All rights reserved
