JOY QUIZ

There are 10 questions in total. Remember to divide the number of questions that you have right to have your grade into 2 (example: 10/2=5 in your quiz). NOW DRAW JOY OR THE PRODUCT SHE INVENTED.

What was the main problem that Joy identified in the market that motivated her to create the 'Miracle Mop'?

• Lack of cleaning products

• The difficulty and danger of manually wringing traditional mops

• The high cost of cleaning products

• The lack of sales in her family's store

What type of intellectual property right is fundamental to protect the invention of the 'Miracle Mop'?

• Copyright

• Patent

• Trademark

• Trade secret

What role does the television channel QVC play in Joy's business success?

• Rejects her product and limits her expansion

• Serves as a key platform to promote and sell the 'Miracle Mop' massively

• Only offers advertising, but no sales

• Is irrelevant to her business growth

What key business lesson can be learned from the moment when Joy decides to do the demonstration on television herself?

• The importance of always delegating

• The credibility and passion of the creator can be decisive for the success of a product

• It is better to let others sell your product

• Only sales experts should do product demonstrations

WHAT DO YOU THINK ABOUT JOY'S EX-HUSBAND LIVING IN THE BASEMENT OF HER HOUSE?

What business mistake does Joy make at the beginning when signing contracts without adequate legal advice?

• Does not review the manufacturing terms and loses control over her patent

• Borrows money without analyzing the risks

• Partners without knowing with the competition

• Signs distribution agreements without profit margin

When Joy analyzes the market for cleaning products and identifies an unmet opportunity with traditional mops, what environmental analysis tool (covered in class) is she intuitively applying?

• SWOT Analysis

• Porter's Five Forces

• PESTEL Analysis

• Benchmarking

BONUS :)

JOY'S EX-HUSBAND IS FROM

What does Joy's strategy of reducing production costs and renegotiating contracts demonstrate?

• The importance of blindly trusting suppliers, controlling expenses, and reducing costs

• The ability of an entrepreneur to adapt, control expenses, and protect their business

• The need to have a partner who does all the work

• That reducing costs always decreases the quality of the product