ESB Domain 3

Multiple Choice

The version of a product with just enough features to be usable by early customers for future development is?

• Maximum Viable Product

• Minimum Viable Product

• Minimum Validated Product

• Maximum Validated Product

Multiple Choice

The goal of Test-Marketing the Product is......

• The company agree with the product, a prototype will be made (model of the actual product)

• Collect customers responses to see if the product is likely to be a success.

• For the team to evaluate each idea listed for the new product.

• Help companies to focus on the people most likely to buy their goods or services.

Multiple Choice

Refers to the value a company promises to deliver to customers should they choose to buy their product.

• Valuation

• Value Propagation

• Value Distribution

• Value Proposition

Multiple Choice

This tool is used to check that the marketing activities of a company are on track and are used to track performance to make sure the firm is on track to meet specific objectives.

• SMART Objectives

• Goals

• Objectives

• Key Performance Indicators

Multiple Choice

What does the "S" stand for in SMART?

• Strategic

• Specific

• Static

• Scholastic

Multiple Choice

What does the "M" stand for in SMART goals?

• Monthly

• Monstrous

• Moments

• Measurable

Multiple Choice

What does the "A" stand for in SMART goals?

• Attainable

• Assist

• Actual

• Absolute

Multiple Choice

What does the "R" stand for SMART goals?

• Roundly

• Routine

• Relevant

• Reasonable

Multiple Choice

What does the "T" stand for in SMART goals?

• Troublesome

• Thoroughly

• True

• Time-Based

Multiple Choice

The process of market and trend research, merchandising, design, and development of the final creation is called______________.

• Merchandising

• Designing

• Product Development

• Research Development

Multiple Choice

A model of a new product.

• protagonist

• prototype

• proton

• production

Multiple Choice

Batch Production is where products are made in groups of similar products.

• True
• False

Multiple Choice

Personal selling done over the telephone

• Call registry

• Telemarketing

• Antitrust Las

• Monopoly

Multiple Choice

___________is the process of promoting some products of certain brands and earning your commission out of every sale.

• Email Marketing

• Article Marketing

• Blog Marketing

• Affiliate Marketing

Multiple Choice

Which type of product might require a more direct marketing channel to avoid delays and too much handling?

• lower-priced products

• perishable products

• high-priced products

• products in their maturity stage

• products in their decline stage

Multiple Choice

Which type of product might require a more direct marketing channel to avoid delays and too much handling?

• lower-priced products

• perishable products

• high-priced products

• products in their maturity stage

• products in their decline stage

Multiple Choice

A producer decides to use agents to get his products in the market. The producer is using…

• Direct distribution

• Channel A Distribution

• Intermediaries

• No distribution

Multiple Choice

The final intermediary in an indirect channel that sells products to consumers

• Sales Agents

• Wholesalers

• Producers

• Retailers

Multiple Choice

A warehouse that is designed to MOVE product, not store it is:

• Private Warehouse

• Public Warehouse

• Storage Center

• Distribution Center

Multiple Select

Which are 2 characteristics of direct distribution that differ from fulfillment centers?

• Direct distribution is also known as a zero level channel.

• Inventory is stored for longer periods of time.

• Packing and shipping is done by a third-party.

• The manufacturer controls all aspects of distribution.

• Warehousing is outsourced.

Multiple Select

What might one have to do when listening to feedback from customers? Choose two answers.

• Communicate with investors regarding the funding of the products

• Offer free promotional products

• Change markets

• Create completely new products

Multiple Choice

Kevin owns a toy company. How should he ensure that his customers are receiving a high-quality product?

• Offer a discount on future purchases to customers

• Survey customers and ask for suggestions

• Repair products that have been sold to customers and are broken

• Test a prototype

Multiple Select

What might one have to do when listening to feedback from customers? Choose two answers.

• Communicate with investors regarding the funding of the products

• Offer free promotional products

• Change markets

• Create completely new products

Multiple Choice

What is value engineering?

• Substituting high-quality components with low-cost components that still meet the product's lifetime duration and basic purpose

• Engineering products that are not meant to be replaced but have a high cost

• Substituting low-cost components with high-quality components that still meet the product's lifetime duration and basic purpose

• Engineering products that are meant to be replaced frequenlty but have a low cost

Multiple Choice

What should happen after one determines a company's quality control process meets the company's quality standards?

• The process should not be revised again

• Each member of the quality control team must confirm that the process is effective before the process can become permanent

• An internal team should review the results of product testing and look for ways to refine and improve upon the quality control process

• An internal team should review the results of product testing and sign off on the process to confirm it is effective

Multiple Select

Which outside agencies might set quality control standards in some industries? Choose three answers.

• CEOs

• A company's department head

• A government regulatory agency

• Industry leaders

• Local health and safety inspectors

Multiple Select

Which are two examples of direct distribution channels?

• Wholesaler sales

• Retail sales

• Door-to-door sales

• E-commerce sales

Multiple Choice

In addition to identifying the problem a product or service solves, a value hypothesis should promote things like product features, pricing, and the _______________ as a means of enticing potential customers to purchase the product.

• business model

• materials

• production cost

• buyer fees

Multiple Choice

What should one research before creating a product?

• How much money investors are willing to invest in the product

• The number of products that will need to be produced

• What is required to make the product

• How much it will cost to compensate employees

Multiple Choice

What do fulfillment centers do?

• Store products indefinitely but have slow shipping times

• Temporarily store products for retail stores

• Strategically store a company's products so that the product can be picked up by the customer

• Strategically store a company's products so that the product can be quickly picked up and sent out

Multiple Choice

A ______________ distribution channel is the shortest and least complicated distribution channel.

• Digital

• Direct

• Indirect

• Physical

Multiple Choice

Ease-of-use is one of the two aspects of a product that Minimum Viable Products (MVPs) test. What is the second aspect?

• Durability

• Functionality

• Profitability

• Desirability

Multiple Choice

In which stage does one develop a concept for a product or service?

• Growth

• Idea

• Traction

• Launch

• Prototype

Multiple Choice

In which stage does one start to earn revenue?

• Growth

• Idea

• Traction

• Launch

• Monetization

Multiple Choice

In what stage does one find their product/market fit?

• Growth

• Idea

• Traction

• Launch

• Monetization

Multiple Choice

In which stage is a Minimum Viable Product (MVP) created?

• Growth

• Idea

• Traction

• Launch

• Prototype

Multiple Choice

In which stage do sales gain momentum?

• Growth

• Idea

• Traction

• Launch

• Monetization

Multiple Choice

In which stage should one develop a value hypothesis?

• Growth

• Idea

• Traction

• Launch

• Prototype