WorksheetsIAS 102 - SUMMER 2025
Total questions: 16
Worksheet time: 11mins
What is An MVP
What type of business provides legal rights to market an existing company's business model and brand name?
Franchise
Private
Monopoly
Nonprofit
What is a product with just enough features to satisfy early customers and provide feedback for future product development?
Unique Value Proposition (UVP)
Minimum Viable Product (MVP)
Lean Product Manufacturing (LPM)
Product Viability Resource (PVR)
Interaction with and feedback from customers does not play a significant role in developing Product Market Fit.
True
False
What does it mean to pivot?
Stop making your product completely
Don't do any market research
Keep your product and business exactly the same despite market research
Change your business or product after doing market research
When you release your MVP, it should have all the features you want the final product to have.
True
False
Once you achieve Product/Market Fit, you'll have it for the life of the product.
True
False
What is the purpose of a minimum viable product (MVP)?
To create a perfect product that meets all customer needs
To attract customers and gather feedback
To maximize profits and minimize costs
To test the market before launching a full product
What are the three key parts of a good MVP?
Value, marketing, and feedback
Quality, innovation, and competition
Attractiveness, customization, and pricing
Value, future hints, and feedback
What does it mean to have a human-centered approach to design-thinking?
Considering the needs and experiences of customers
Focusing on aesthetics and visual appeal
Ignoring customer feedback and preferences
Prioritizing cost-efficiency and profitability
What is a pivot in the context of entrepreneurship?
A sudden change in business strategy
A financial investment in a new product
A marketing campaign to attract more customers
A partnership with another company
Why is it important to listen to customer feedback?
To prove that customers are wrong and the product is perfect
To make customers feel valued and appreciated
To identify areas for improvement and make necessary changes
To gather data for marketing purposes
What is one potential challenge in implementing design-thinking?
Lack of creativity and innovation
Difficulty in understanding customer needs
Resistance to change and adaptation
Inability to gather feedback from customers
What is the main goal of an MVP?
To achieve perfection in product development
To gather as much customer feedback as possible
To maximize profits and minimize costs
To deliver value to customers and learn from their feedback
What is the key to a successful pivot?
Ignoring customer feedback and sticking to the original plan
Making drastic changes without considering market trends
Listening to customer feedback and being willing to change
Copying the strategies of successful competitors
