Entrepreneurship_Q4

What is the purpose of creating a prototype of a product?

• To confuse customers with multiple versions
• To waste time and resources
• To increase the cost of production
• To visualize, test, and refine a product idea before full production.

Which of the following tasks best demonstrates understanding of testing a product prototype?

• Writing a summary of the prototype's features
• Asking colleagues for feedback on the prototype
• Creating a detailed test plan and executing tests on the prototype
• Ignoring the prototype and moving straight to production

Which of the following tasks best demonstrates understanding of validating the service description of a product with potential customers to determine its market acceptability?

• Sending emails to random recipients
• Posting on personal social media accounts
• Ignoring customer feedback
• Conducting surveys or focus groups with potential customers

Which of the following tasks best demonstrates understanding of selecting/pinpointing potential suppliers of raw materials and other inputs necessary for the production of a product or service?

• Ignoring potential suppliers and randomly selecting one
• Identifying and evaluating potential suppliers through market research and negotiation.
• Choosing suppliers based on personal preferences rather than market research
• Selecting suppliers without negotiating terms

What is the purpose of including customer reviews and testimonials in a product description?

• To showcase the product's drawbacks

• To highlight technical specifications

• To provide a broad target audience description

• To add credibility and build trust in the product

What are the 4Ms of operations?

• Money, Marketing, Management, Materials

• Manpower, Method, Machine, Materials

• Manufacturing, Maintenance, Measurement, Monitoring

• Motivation, Market Analysis, Machinery, Merchandise

Which of the following elements is often included in a product description to highlight its unique selling points and benefits?

• Manufacturing location and facilities

• Competitor analysis and market trends

• Warranty and customer support information

• Payment options and shipping details

Which of the following elements is typically included in a product description to provide a visual representation and aid in the buying decision?

• Testimonials and customer reviews

• Product dimensions and weight

• Marketing slogans and taglines

• High-resolution product images and videos

Which of the following elements is NOT typically included in a product description?

• Features and specifications

• Pricing and discounts

• Target audience and market segment

• Manufacturing process and materials used

Which of the following correctly describes the 4Ms (Manpower, Method, Machine, Materials) in relation to a business opportunity?

• Manpower refers to physical equipment, Method involves selecting appropriate machinery, Machine encompasses the human resources, and Materials are the step-by-step processes.

• Manpower relates to the physical equipment, Method involves managing inventory levels, Machine encompasses the raw materials, and Materials are the human resources.

• Manpower involves the human resources, Method refers to the step-by-step processes, Machine encompasses the physical equipment, and Materials are the resources required.

• Manpower relates to managing inventory levels, Method involves the raw materials, Machine encompasses the human resources, and Materials are the physical equipment.