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WorksheetsESB - Domain 3
Total questions: 35
Worksheet time: 17mins
______ is measured by how well the product or service successfully serves its users' purpose.
functionality
use
protype
What might one have to do when listening to feedback from customers? Choose two answers.
Communicate with investors regarding the funding of the products
Offer free promotional products
Change markets
Create completely new products
Kevin owns a toy company. How should he ensure that his customers are receiving a high-quality product?
Offer a discount on future purchases to customers
Survey customers and ask for suggestions
Repair products that have been sold to customers and are broken
Test a prototype
Which are options for determining what a customer's service needs are? Choose three answers.
Talk with individuals interested in the service
Survey customers in the area
Survery companies that perform similar services
Place phone calls
Send out surveys in local newspapers
What is value engineering?
Substituting high-quality components with low-cost components that still meet the product's lifetime duration and basic purpose
Engineering products that are not meant to be replaced but have a high cost
Substituting low-cost components with high-quality components that still meet the product's lifetime duration and basic purpose
Engineering products that are meant to be replaced frequenlty but have a low cost
What should happen after one determines a company's quality control process meets the company's quality standards?
The process should not be revised again
Each member of the quality control team must confirm that the process is effective before the process can become permanent
An internal team should review the results of product testing and look for ways to refine and improve upon the quality control process
An internal team should review the results of product testing and sign off on the process to confirm it is effective
Which outside agencies might set quality control standards in some industries? Choose three answers.
CEOs
A company's department head
A government regulatory agency
Industry leaders
Local health and safety inspectors
Which are two examples of direct distribution channels?
Wholesaler sales
Retail sales
Door-to-door sales
E-commerce sales
Indirect distribution channels use _________ to sell their products to the end customers.
retailers
wholesalers
direct distribution
Product/market fit occurs when a business continues to grow due to customer demand. True or False?
false
Using a product once is an indicator of product/market fit. True or False?
true
false
Product/market fit automatically results in high-volume sales. True or False?
true
For services, one must spend time finding out what customer's _______are.
money
costs
value
When setting one's own standards, one must ensure that standards are
measurable
needs
prebuilt
research
the term SaaS stand for
software as a service
service as a software
service as a satisfaction
system as a success
Prebuilt software ....
saves a user time
offers a user more control
provides more functionality for specific needs.
is equal a build your own software
A business choose to lease a office space, because may not have the _______________for a down payment
experience
employees
cash flow
location
One method of testing a product's quality is:
Review the internal quality
checking the product against set specifications
set quality standars
testing process in the correct order
Other method of testing a product's quality is:
randomly testing samples
consistent product
quality standars
none of the above
One reason why business would want to review their testing results to refine and improve their quality control process is:
decrease cost production
increase the price of the product
increase customer satisfaction
none of the above
One can expect their sales volume to be ______ when they are in product/market fit. [Elements of the Product/Market Fit Hypothesis]
low
exact
high
the same
In which stage should one develop a value hypothesis?
Growth
Idea
Traction
Launch
Prototype
In which stage do sales gain momentum?
Growth
Idea
Traction
Launch
Monetization
In which stage is a Minimum Viable Product (MVP) created?
Growth
Idea
Traction
Launch
Prototype
In what stage does one find their product/market fit?
Growth
Idea
Traction
Launch
Monetization
In which stage does one start to earn revenue?
Growth
Idea
Traction
Launch
Monetization
In which stage does one develop a concept for a product or service?
Growth
Idea
Traction
Launch
Prototype
Ease-of-use is one of the two aspects of a product that Minimum Viable Products (MVPs) test. What is the second aspect?
Durability
Functionality
Profitability
Desirability
In addition to identifying the problem a product or service solves, a value hypothesis should promote things like product features, pricing, and the _______________ as a means of enticing potential customers to purchase the product.
materials
business model
production costs
buyer fees
A ______________ distribution channel is the shortest and least complicated distribution channel.
Digital
Direct
Indirect
Physical
What do fulfillment centers do?
Store products indefinitely but have slow shipping times
Temporarily store products for retail stores
Strategically store a company's products so that the product can be picked up by the customer
Strategically store a company's products so that the product can be quickly picked up and sent out
What should one research before creating a product?
How much money investors are willing to invest in the product
The number of products that will need to be produced
What is required to make the product
How much it will cost to compensate employees
Calculate the customer acqusition cost in the following situation:
Jean has a lawncare business. His marketing expenses were $3200, sales expenses were $4500. His customer base was 390. His new customers added to 110. What is Jean's CAC?
$11
$12
$700
$70
Calculate the Customer Retention Rate.
Barbara owns a dog salon. She started her quarter with 225 customers. She ended with 430. She had 95 new customers for the quarter. What is Barbar's Customer Retention Rate? Round to the nearest WHOLE nymber.
217
150
149
216
Calculate the Customer Acquisition Cost: Billy owns a pool service company. He spend $6700 in sales expenses, $4100 in marketing expenses, and added 113 new customers. He started with 288 customers at ther start of the quarter. What is Billy's CAC? Round to the nearest DOLLAR,
$95
$37
$96
$38
