ESB Domain 3 Prep

Which three statements help define a Market/Fit Hypothesis? (Choose THREE)

• A rapid growth hypothesis ensures market/fit

• Product/market fit can be predicated with direct-to-customer sales.

• Product/market fit exists when you have the right solution to a problem worth solving.

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

• When users love your product so much they tell other people to use it.

In addition to identifying the problem a product or service solves, a value hypothesis should promote things like product features, pricing, and the _______ as a means of enticing potential customers to purchase the product.

• business model

• materials

• buyer fees

• production cost

A minimum viable product (MVP) is a prototype used to test ease-of-use and _____.

• functionality

• performance

• cost

• vibility

Match the following product/market stages

• Traction

• Identify how a service or product solves customers' problems

• Idea

• Develop an idea for a product or service

• Prototype

• A business starts to earn revenue

• Launch

• Sales gain momentum and a business starts to grow

• Monetization

• The business is legally formed, and sales start to occur

Arrange the phases of product/market fit in the correct order

• Launch

• Idea

• Traction

• Growth

• Prototype

Product/market fit occurs when a business continues to grow due to customer demand.

• True

• False

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.

What are three things you will need to consider regarding the mass delivery of your service? (Choose THREE)

• Establishing quality control measures and accountability.

• Finding a source of materials to support your service.

• Setting up your test marketing strategy

• Creating an effective demonstration of your service for potential customers.

• Training employees with the knowledge to consistently deliver the service.

Buying office space is _________ in the long run in comparison to leasing.

• less difficult

• less expensive

• more expensive

• more difficult

When it comes to setting one's own quality standards, one must ensure they are______.

• reviewed

• written

• measurable

• profitable

What is Value engineering?

• Engineering products that are not meant to be replaced but have a high cost

• Substituting high-quality components with low-cost components that still meet the product's lifetime duration and basic purpose

• Engineering products that are meant to be replaced frequently but have a low cost

• Substituting low-cost components with high-quality components that still meet the product's lifetime duration and basic purpose