Venture_Lesson4_Your Business Snapshot

Another name for a business pitch is an "elevator pitch". WHY? Select all the reasons!

• The goal is to be clear and concise about your business.

• Get the point across quickly!

• The explanation should be finished in the time it takes to complete a short elevator ride.

• "Escalator pitch" just doesn't sound right. (Don't select this answer!)

What should be included in a marketing plan for a new business?

Select all the reasons!

• Price of the product

• Where product will be sold

• Description of the target market

Which of the following would be used to describe an effective elevator pitch? Select all that apply!

• Lengthy

• Informatve

• Brief

• Engaging

Which statement is the best description of a Value Proposition?

• The deciding factor when you are trying to choose between two different product options.

• The cost of creating the product.

• A component of the business plan that identifies the target market for the product.

• The features and benefits that make the product or business unique.

What is the main purpose of developing a business pitch?

• To determine whether your business idea is a business opportunity.

• To briefly share the most important information about your business to people in an engaging way.

• To tell investors all the important details and goals of your business so they don't need to read the business plan.

• To provide customers with an in-depth description of how your business was formed.

Which of the following is probably NOT an important point to include in a business pitch?

• How the product or service is different.

• The problems that the product or service solves or the demands it meets.

• A detailed description of the meaning behind the company's name.

• Clear reasons why the potential customers and investors should care about the business.

Why is it important to conduct market research on your target audience BEFORE building your marketing plan?

• It doesn't matter which one is done first.

• Newspapers and magazines will give you a discount on advertisements if you show them your research.

• Customers enjoy sharing their opinions, so market research will make your product sell more.

• Knowing potential customers will help determine effective marketing strategies.

On a scale of 1 (I wouldn't eat here) to 5 (I'm ready to pitch on Shark Tank), how would you rate your food truck BUSINESS PLAN?

• 1

• 2

• 3

• 4

• 5