ENES 210 Quizzes | Questions and Answers

ENES 210 Quizzes | Questions and Answers What is the purpose of a value proposition? Select all that apply. To explain how your product solves customers' problems or improves their situation To tell the target customer why they should buy your product or service instead of the competition's To define the specific benefits that will be delivered by the product or service to the customer What is the first step to creating a winning value proposition? Define the problem to determine whether it's a problem worth solving How would you assess this sample value proposition: "We deliver revenue-focused marketing automation and sales effectiveness solutions to unleash collaboration throughout the revenue generation ecosystem". It's unclear and not succinct. What questions should a winning value proposition address? Select all that apply. What is the benefit of using it? What makes your product or service unique versus competitors? What product or service is your company selling? Who the product or service is for? Which questions are most critical to consider when developing your value proposition? Select all that apply. What kind of disruptive business model can you bring to market? What solution can you deliver uniquely well? What problems do you understand uniquely well? What are the objectives of customer discovery? Select all that apply. To validate the fit of your solution to that problem. To validate the problem. The aim of asking the question of "Is the problem worth solving?" is to discern: If there are enough customers willing to pay. To define your target market and understand its problems or desires, the first question to ask is: Who is the customer? What are the 4Us of problem definition? Select all that apply. Is fixing the problem Unavoidable? Is the problem Unworkable? Is the problem Urgent? Is the problem Underserved? Which characteristics are helpful for you to categorize consumers into customer segments? Select all that apply. The group needs a separate distribution channel to be reached. Each consumer group feels strongly enough to pay for a different version of the product or service, tailored to their preferences. The customer groups have a particular need which justifies the creation of a product to match this need. The groups require relationships of different kinds. Which of these conditions typically motivate new competitors to enter the market? Select all that apply. The industry enjoys relatively high profit margins. Entering the market is relatively easy and inexpensive. The market is growing. Which techniques are valuable to gathering competitive intelligence? Select all that apply. Search blogs and Twitter feeds as well as review and recommendation sites. Visit competitors' locations, if they have an offline presence. Evaluate competitors' marketing and advertising campaigns. Search the Internet for news, public relations, and other mentions of your competition. Analyze competitors' websites and marketing materials. Competitive analysis is valuable to your startup plans in what ways? Select all that apply. It helps you understand your competition. You may take advantage of competitors' weaknesses. You may identify changes that you should make to your business strategies. If a thorough competitive analysis is done when you are starting your company, you do not need to conduct a competitive analysis on a regular basis. False A competitive analysis should exclusively focus on direct competitors. False According to Steve Jobs, focus means: Saying no to the hundred other good ideas that there are As an aspiring entrepreneur, when should you feel most comfortable in investing the resources required to build your product? When you've repeated the Lean Product Process for additional waves with customers demonstrating positive feedback, ease of use, and high value. Product-market fit means being in a good market with a product that can satisfy that market. True The MVP approach is aimed at: Building only what is needed to create enough value in the eyes of your target customer to validate that you are heading in the right direction The Lean Product Process consists of six steps. Which of these is the first step? Determine your target customer The most effective entrepreneurial leaders typically demonstrate which aspects? Select all that apply. Humility to realize that their learning and development is never done. Encouraging of other's sharing of ideas and advice. Vulnerable enough to acknowledge that they don't have all of the answers. The team member that can find a way to sell the product or service, scale customer acquisition, and distribute the product or service is often called the: Hustler What are the prerequisites for co-founders? Select all that apply. Share a common vision and values Offer complementary skill sets An engineer and developer type person that can build the functional prototype (MVP) and alpha is often called the: Hacker Most successful startup teams are comprised of individuals with different skill sets that align with specific roles on the team. True What is a typical compensation rate for an adviser for one year of service in terms of startup equity? 1% Partnerships formed between partners operating in the same business area are called: Horizontal Partnerships A startup adviser is an individual who provides advice on running your startup and controls the management team. False To prepare for advisers, which questions should the startup team consider? Select all that apply. Does the candidate adviser care about your industry and solution? What does the startup team need right now? How will the adviser be compensated? What are best practices for managing advisers? Select all that apply. Be specific with when and how to meet by setting base expectations. Ask advisers for their strategies, ideas, advice, contacts, etc. Be timely with payments. When a low price is initially set by the company to build up sales and market share, with the plan of later raising prices once its market position is established, this pricing strategy is called: Penetration Pricing Which activities should startups perform before determining the price of their product or service? Select all that apply.