The first step of creating a quality control process is to ______________.

Review internal quality results

The second step of creating a quality control process is to ______________.

Establish the method of testing product quality

FIgure out what good quality looks like

The third step of creating a quality control process is to ______________.

Review the internal quality testing results

Refine and improve quality methods

The fourth step of creating a quality control process is to ______________.

Refine and improve quality methods and measures

Review internal quality results

Figure out what quality means to this product

What must happen before one can use someone else's patent?

They must obtain ownership of the patent

They must email the patent holder

They must wait on the patent to expire

They must use threats and intimidation

What is the formula for selling price?

(cost * desired profit margin) + cost

(cost * desired profit margin) - cost

(cost/desired profit margin) + cost

(profit margin - cost) / profit margin

What is the formula for calculating Customer Acquisition Cost (CAC)?

All expenses (sales and marketing) divided by number of new customers in the period

(Marketing expenses + Number of new customers in the period) / Sales

(Marketing expenses - Sales expenses)/ number of new customers in the period

What is the formula for calculating Customer Retention Rate (CRR)?

[(Ending number of customers in a period - new customers gained in a period)/Starting number of customers in a period] * 100

[Ending number of customers in a period + new customers gained in a perod)/Starting customers in a period] / 100

[Beginning number of customers in a period + new customers gained in a perod)/Starting customers in a period] / 100

[Ending number of customers in a period + old customers lost in a perod)/Starting customers in a period] / 100

What is the formula for calculating the break-even point?

Total monthly cost/selling price

Total monthly cost + all expenses

What is the formula for calculating the burn rate for a company?

Beginning balance - ending balance

Ending balance - Beginning balance

Beginning balance + ending balance

Beginning balance / Ending balance

What is the formula used to calculate ROI? (hint: the first part is used to calculate net profit)

subtract the initial cost of the investment from its final value, then divide by the initial cost of the investment, and then multiply it by 100.

Add the initial cost of the investment from its final value, then multiply by the initial cost of the investment.

Cost of investment divided by final value and added to the GDP of the United States

The ____________ makes it easier for small businesses to get loans. It reduces the risk for lenders, etc.

Small Business Administration (SBA)

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_______ is measured by how well the product or service successfully serves its users' purpose.

What are two examples of direct distribution channels?

Indirect distribution channels use _______ to sell their products to the end customers.

The first stage of the product/market fit is the _______ stage.

The second stage of the product/market fit is the _______ stage.

The third stage of the product/market fit is the _______ stage.

The fourth stage of the product/market fit is the _______ stage.

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The sixth and final stage of the product/market fit is the ________ stage.

The first step of creating a quality control process is to ______________.

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