Entrepreneurship and Small Business Practice Test Questions #6

You create a new strategy for lawncare services that involves assessing lawn health, applying the correct herbicides and pesticides and other necessary solutions to quickly bring a lawn back to health. 

Which one is not an item you would need to consider regarding the mass delivery of your service? (three of them are things you should consider)

• Finding a source of materials to support your service

• Developing the product website and social media campaign

• Training employees with the knowledge to consistently deliver the service

• Creating an effective demonstration of your service for potential customers

You have an idea for a new service. Market research suggests that service is needed to solve a problem and will be enthusiastically embraced by customers.

What is one of the first steps you must do before offering a new service?

• Launch a marketing campaign

• Pre-Sale the service for funding

• Create a social media following

• Identify knowledge required

A bakery has developed  a new artisan bread. The staff are giving away taste samples to customers as they enter the store.

What are two criteria the bakery can use to determine the quality of their new product?

• Test the ingredients for freshness AND Measure sales of the new bread after customers have sampled it

• Observe how customers respond to the packaging AND Observe customers reactions while they taste the product

• Measure sales of the new bread after customers have sampled it AND Observe customers reactions while they taste the product

• Ensure the ingredients are all organic AND Observe how customers respond to the packaging

Product/Market Fit

A fit exists when people need your product rather than just seeing a potential benefit of using it

• True

• False

Product/Market Fit:

Startups should develop a growth hypothesis before testing their value hypothesis.

• True

• False

Product/Market Fit:

Before hypothesizing a solution, first determine if there is a problem worth solving.

• True

• False

Product/Market Fit:

When users love your product so much they tell other people to use it, your have a product/market fit.

• True

• False

Which tool is most useful in helping Customer Service support sales strategies?

• Contact list

• Remote Desktop

• Customer Relationship Management (CRM)

• Website

Which two types of Sales Channels sell primarily to other businesses?

• Wholesale AND B2B

• Online AND Direct-to-Consumer

• Retail AND Wholesale

• B2B AND Retail

Which is the primary characteristic of all physical and digital sales channels?

• Branding

• Closing sales

• Market dominance

• B2B