22-23 BM2B: Unit 1 Quiz

Leo is thinking about opening a greeting card store on main street in town. In addition to thinking about the business's feasibility in terms of the customers he hopes to attract, which aspects of feasibility should leo prioritize during research?

• skills, abilities

• laws, codes

• trends, competitors

• resources, labor

The idea of selling flavored water to dogs is an example of

• an unconventional product being offered to interested customers.

• how a business plan should highlight the experience of the CEO

• an idea that was difficult to implement for the actual users

• A business idea not rising to the level of a business opportunity that meets customer demand

A solid business ___ addresses a customer's ____.

• plan; impulses

• idea; values

• opportunity; needs

• strategy; likes

Which answer best describes the role of a business plan?

• permanent

• essential

• optional

• exhaustive

What is the SECOND step in developing a business idea?

• generate multiple ideas

• develop a minimally viable vision

• test the product with customers

• decide if the idea is feasible

A recent business plan for a new industrial cleaning product includes a slide titled "Penetrate Alkaline-Based B2C Chemical Converter @ 30% YOY." Which is a potential problem with including text like this in a business plan?

• It might not be understood by most people.

• It sounds cautious about the product's potential.

• It doesn't speak directly to investors.

• It doesn't tell a convincing story.

Which is a focus of the ideation step?

• to think about which products the target market uses most often.

• to research how a similar product has been received in the market.

• to generate as many potential business ideas as possible.

• to narrow the list of ideas down to only the most feasible ones.

Originally named Mrs. Fields' Chocolate Chippery, Debbi Fields and her husband grew Mrs. Field's to a company over 400 locations and 4,000 employees. In describing the many obstacles she overcame along the way, to what does Debbi Fields credit her persistence?

• Focus on doing what you love

• Knowing how to deal with success

• Giving back to the community

• Hiring Talented family members

Which is a method for tamping down the initial excitement of a potentially "winning" idea during the ideation stage?

• Ask yourself if your idea reflects the company's mission and vision.

• Still if the idea still seems like a good one after a few days have passed.

• Build a simple prototype and show it to members of the target market.

• Consider how you would feel if you didn't move forward with the idea.

In the case of Segway, makers of the Segway personal mobility vehicle, the company discovered that individuals would be reluctant to purchase their products for personal use only after it had spent over $100 million in research and development. Instead of scrapping the product, Segway SHIFTED their sales and marketing toward organizations like police, warehouse and mall security. Which phrase BEST describes the approach they took?

• Pivoting to new market

• Refining an existing offering

• Creating a minimally viable product

• Using feedback to iterate on a product