entrep 12 summative 2

Mr. Zu a new entrepreneur borrowed small amounts of capital from his siblings, who

believe that Mr. Zu’s new product is a breakthrough, they agreed to finance

his new business venture. What marketability validation is he using?

• crowd funding

• beta testing

• competitive analysis

• ringing the cash registrar

Checking or proving the accuracy of something

• measure

• validate

• research

• market survey

What is the first and arguably the best way to validate the marketability of of a product?

• making initial sales

• receiving orders

• receiving product recommendations

• receiving positive comments from the product testers

The ability of a product or a service to be sold or marketed

• feasibility

• marketability

• durability

• palatability

An individual or a business that purchases goods and services

• supplier

• manufacturer

• seller

• customer

The process of presenting a concept for a product to its target market and learns from those prospective buyers whether or not the idea is worth pursuing.

• prototyping

• Market validation

• product validation

• market study

Which of the following sentences are the two of the most common approaches to market validation?

• interview people in the target

• surveys

• conduct market research

• conduct product sampling

Which of the terms below refers to the marketing copy used to describe a

product’s value to potential customers?

• product value

• product prototype

• product design

• product description

What should be done when your potential buyers are not interested in

your product?

• Test your product with a few variants of concepts.

• Play around with some methods of delivery and adding value.

• Do your research and find out what feature should be changed or added.

• All the choices are correct.

What do you call a written report outlining your business strategy and a description of the future of your business

• Operational Plan

• Business Plan

• Financial Plan

• Strategic Plan