BizInnovator Startup - Know Your Customer

Which of the 4 "P's" of marketing pertains to advertising?

• Promotion
• Place
• Price
• Product

Which statement provides a valuable assumption about the use of Customer Discovery?

• provides an entrepreneur with imporant information about their product.
• is a waste of time.
• should only be conducted once.
• hinders an entrepreneur in the start up process.

Target Markets can be everyone.

• false
• true

Which of the 4 "P's" of marketing deals with financial aspects of your product?

• Price
• Promotion
• Place
• Product

What role do customers play in the success of a product/business?

• Customers must like the business idea and be willing to use/purchase the product.
• Customers do not play a vital role in the success of the product.
• Customers are generally clueless about products.
• Customers come and go. No need to keep the same people as a customer.

Which of the following resources could provide you with Secondary Research Data?

• Trade Magazines
• Focus Groups
• Online Surveys
• Customer Interviews

What do the letters MVP stand for in Entrepreneurship?

• Minimum Viable Product
• Maximum View Potential
• More Ventures Pro
• My Viable Price

Define Channel from a marketing perspective.

• Sharing your value propositon with others.
• A station you watch on TV.
• The way you "turn" out your product to the public
• Using boats on a body of water.

Which statement accurately desribes why an entrepreneur should understand the concepts of branding?

• Branding provides the product with a recognizable identity.
• Branding will help your competitors realize you mean business.
• Branding is only done at the onset of your business.
• Branding is costly and should be scrutinized before embarking on branding endeavors.

Customer Relationships are critical to an entrepreneurs success. Which statement below is false.

• Customer relationships are easy to create and maintain.
• There are many ways to create a positive customer relationship.
• Customers will "return" if they trust the entrepreneur and like their product.
• Relationships take time to cultivate, and, if nurtured can be lasting.