Chapter 10-Using Data to Make Business Decisions

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Before performing market research, the first thing you should do is

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identify your research objective

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The most important reason to do ongoing market research is

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to test assumptions about a business opportunity

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How do you organize market research data?

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create a grid that compares the characteristics of three or four direct competitors

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How do you analyze market research data?

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make comparisons between categories, look for trends or patterns in the data, use your critical thinking skills

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Business model validation means

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to use market research to prove that your business idea is a valid opportunity

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Market research will help you validate a business idea before you invest too much money in it.

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True

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Organizing your market research data into pie charts or graphs can help you identify trends.

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True

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Lean startup methodology involves running your business while you conduct market research, instead of doing the market research before you open for business.

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True

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The Minimum Viable Product (MVP) is the least amount of product you need to sell to make a profit. True or False?

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False

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Conducting market research will help you avoid costly mistakes. True or False?

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True