Feedback and Product Development

What is the primary reason entrepreneurs need to talk to customers?

• To sell them products

• To figure out if their idea is as good as they think it is

• To network

• To conduct market research

Which method is recommended for obtaining feedback in the early stages of product development?

• Focus groups

• Surveys

• Advertising

• Social media marketing

What should entrepreneurs clarify before gathering feedback?

• The target audience's demographics

• Their minimum viable product (MVP)

• Potential competitors

• The price of the product

Which of the following is NOT a suggested way to get helpful feedback?

• A) Professional focus groups

• B) Personal networks

• C) Randomly approaching people on the street

• D) Surveys

What are three key sections to focus on when designing a survey?

• A) Target market, competitors, and pricing

• B) Target market, demand, and willingness to pay

• C) Product features, design aesthetics, and marketing strategy

• D) Company mission, values, and vision

Why is it important to analyze both quantitative and qualitative feedback?

• To know how much to charge

• To identify trends and make informed decisions

• Because it's requested by stakeholders

• To keep customers satisfied

In the context of feedback, what does "MVP" stand for?

What should entrepreneurs do if they receive conflicting feedback from a customer base?

• Ignore the feedback

• Change their product completely based on one opinion

• Look for trends in the data to guide improvements

• Conduct more surveys

What can entrepreneurs do to enhance the response rate for surveys?

• Offer incentives for completion

• Make surveys longer and more detailed

• Keep surveys anonymous at all costs

• Disregard the responses

What is one potential outcome of effectively testing an MVP?

• Receiving customer orders before the product is launched

• Realizing the idea is not viable

• Collecting useless data

• Achieving immediate fame