Week 6 Entrep

Ash Maurya, the creator of Lean Business Model Canvas, concluded from his years of research that many business ideas have failed because

• Lack of funding

• Poor management of company

• Product/service does not meet the needs of the target customers

• Price of product/service is set too high

By validating the “Customer Segment” of Lean Business Model Canvas, besides determining the potential market size, you should also ascertain the _____________.

How do you validate the Problems faced by the Customer Segment?

• Carry out empathetic interviews.

• Determine the roots cause of the problems.

• Ascertain the existing alternatives used to solve these problems.

• All the above.

The Unique Value Proposition of a Financial Plan for Retirement offered by a bank should be:

• To provide a sum of money for retirement.

• To enable regular savings before retirement.

• To offer a comfortable lifestyle after retirement.

• To accumulate enough inheritance for the children.

When showing the proposed product/service to the Customer Segment, it is important to

• Present a Minimum Viable Product.

• Ask for improvement or feedback.

• Find out the affordable price range.

• All the above.

If you are proposing a product aiming at polytechnic students, which promotion channel you are least likely to use?

• Newspapers

• In-game advertisements.

• Social media.

• Outdoor advertisements.

For a promotion campaign through social media, how will you know its effectiveness?

• The number of likes.

• The subscription rates.

• The response rate.

• All the above.

From the list below, which is the best way to strengthen your Unfair Advantage to raise the entry barrier of competitors?

• Seek collaborations with organisations which have high concentration of your Customer Segments.

• Price the product/service below cost to attract customers.

• Give the product/service free to anyone as they will pass to others.

• All the above