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WorksheetsBiz Innovator Startup - Know Your Customer
Total questions: 17
Worksheet time: 12mins
Name
Class
Date
1.
Which of the 4 "P's" of marketing pertains to advertising?
a)
Promotion
b)
Place
c)
Price
d)
Product
2.
Which statement provides a valuable assumption about the use of Customer Discovery?
a)
provides an entrepreneur with imporant information about their product.
b)
is a waste of time.
c)
should only be conducted once.
d)
hinders an entrepreneur in the start up process.
3.
Target Markets can be everyone.
a)
false
b)
true
4.
Which of the 4 "P's" of marketing deals with financial aspects of your product?
a)
Price
b)
Promotion
c)
Place
d)
Product
5.
What role do customers play in the success of a product/business?
a)
Customers must like the business idea and be willing to use/purchase the product.
b)
Customers do not play a vital role in the success of the product.
c)
Customers are generally clueless about products.
d)
Customers come and go. No need to keep the same people as a customer.
6.
Which of the following resources could provide you with Secondary Research Data?
a)
Trade Magazines
b)
Focus Groups
c)
Online Surveys
d)
Customer Interviews
7.
What do the letters MVP stand for in Entrepreneurship?
a)
Minimum Viable Product
b)
Maximum View Potential
c)
More Ventures Pro
d)
My Viable Price
8.
Define Channel from a marketing perspective.
a)
Sharing your value propositon with others.
b)
A station you watch on TV.
c)
The way you "turn" out your product to the public
d)
Using boats on a body of water.
9.
Which statement accurately desribes why an entrepreneur should understand the concepts of branding?
a)
Branding provides the product with a recognizable identity.
b)
Branding will help your competitors realize you mean business.
c)
Branding is only done at the onset of your business.
d)
Branding is costly and should be scrutinized before embarking on branding endeavors.
10.
Customer Relationships are critical to an entrepreneurs success. Which statement below is false.
a)
Customer relationships are easy to create and maintain.
b)
There are many ways to create a positive customer relationship.
c)
Customers will "return" if they trust the entrepreneur and like their product.
d)
Relationships take time to cultivate, and, if nurtured can be lasting.
11.
Select all the processes that fall under Market Research for entrepreneurs:
i. Test product features
ii. Determine company mission and vision
iii. Determine market and growth potential
iv. Assess competitive advantage
v. Communicate financials to stakeholders
a)
i, iii, iv
b)
ii, iii, v
c)
iii, iv, v
d)
i, ii, iv
12.
Which is the most important difference between primary and secondary market research or data?
a)
Primary market research is designed with a specific outcome in mind and is often expensive to collect and analyze. It is collected directly from the source.
b)
Secondary market research is designed with a specific outcome in mind and is often expensive to collect and analyze. It is collected directly from the source.
c)
Primary market research is readily available data from external resources such as the U.S. Census or prior surveys and research. The data is based on source data but may be derived.
d)
Secondary market research is readily available data from external resources such as the U.S. Census or prior surveys and research. The data is based on source data but may be derived.
13.
Select the best definition for: Demographics
a)
Who your customer is, including age, gender, ethnic background, income level, marital status.
b)
Why your customers buy, including attitudes and beliefs, lifestyle, interests, hobbies, social status or identify
c)
How your customers buy and how they intend to use your product, including understanding of their needs versus wants, spending patterns, brand preferences, and how they are influenced by advertising
d)
Where your customers live, including city versus urban communities, international or domestic based.
14.
Select the best definition for: Psychographics
a)
Why your customers buy, including attitudes and beliefs, lifestyle, interests, hobbies, social status or identify
b)
Who your customer is, including age, gender, ethnic background, income level, marital status.
c)
How your customers buy and how they intend to use your product, including understanding of their needs versus wants, spending patterns, brand preferences, and how they are influenced by advertising
d)
Where your customers live, including city versus urban communities, international or domestic based.
15.
Select the best definition for: Buying Behavior
a)
How your customers buy and how they intend to use your product, including understanding of their needs versus wants, spending patterns, brand preferences, and how they are influenced by advertising
b)
Who your customer is, including age, gender, ethnic background, income level, marital status.
c)
Why your customers buy, including attitudes and beliefs, lifestyle, interests, hobbies, social status or identify
d)
Where your customers live, including city versus urban communities, international or domestic based.
16.
What is most important when it comes to customers?
a)
Relationships
b)
Surveys
c)
Contact Information
d)
Sales
17.
Customer Segments refers to __________________.
a)
Who you believe will benefit from your value proposition, also known as your target market.
b)
The critical relationships built with potential customers that will translate to sales and increase your customer base.
c)
The places, or segments, where you will place your products in order to best reach customers.
d)
The database of important contact information that will enable you to keep in constant contact with customers about promotions and new product availability.
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