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WorksheetsTest: Semester 1
Total questions: 40
Worksheet time: 20mins
What does BMC stand for?
Baseboard Management Controller
Business Management Collection
Business Model Canvas
Basic Minimum Capital
What is the definition of UNIQUE VALUE PROPOSITION in the BMC?
what makes us different, why do we deserve their attention
the product marketplace
the way we interact with the customer
how we generate revenue from each customer
CUSTOMER SEGMENT refers to the target people and/or organizations you are offering your unique value proposition
true
false
Your SOLUTION is your actual product/service
True
False
What boxes of the BMC are we testing/revising with our solution interviews? Select all that apply
Customer Problems
Customer Segments
Solutions
Revenue Streams
What are the "CHANNELS" in a business model canvas?
Who your customers are
Where you sell your products/services
How you want to sell your product
What is the best offer given
Which of the following is NOT a goal of the solution interview?
To test if customers are willing to pay for a solution
To learn what customers are willing to pay for YOUR solution
To test if your solution really does solve the customer’s problem
To increase the production capacity
What is the purpose of creating a demo of your product/service in the solution interview?
To test customer reactions
To finalize the product design
To start mass production
To reduce costs
What should be done after creating a version of the product in the solution interview?
Watch customers’ reactions
Increase production
Hire more staff
Launch a marketing campaign
What is one requirement for a good demo?
Be a perfect solution
Use maximum resources
Be a reasonable stand in for actual solution
Avoid visualization
A good demo allows a potential customer to __________?
Visualize and validate
Ignore feedback
Be incomplete
Use complex technology
What is one form a demo can take?
Computer Aided Design (CAD) models
Full-scale production
Verbal description
According to Jeffrey Zeldman, which of these should you focus on when developing your demo?
"(blank) precedes (blank)"
Money, success
Content, design
Design, money
Who, me
What should a demo be built out enough to do?
Measure reaction
Be the final product
Avoid feedback
Use maximum resources
The Solution Interview is a sales pitch
True
False
The Problem Interview is a sales pitch
True
False
What is one of the goals of a demo related to usefulness?
To see if the product/service is useful to the customer
To determine the product's market value
To assess the product's durability
To evaluate the product's design
Using data (ex: new customers, repeat customers, plus (+) sales, and referrals) to determine company success falls into what box of the BMC?
Channels
Customer Segment
Cost Structure
Key Metrics
REVENUE STREAMS represent the cash a company generates from each CUSTOMER SEGMENT.
True
False
Selling to "Teenagers ages 16-18" and "teachers" is an example of what section of the BMC?
Channels
Customer Solution
Customer Segment
Customer Problems
The money "coming in" from the sale of your product/service is called ________
profit
expenses
cash
revenue
The money spent on the materials to make your product/service is called ________
profit
expenses
cash
revenue
The money gained (box 6 MINUS box 7) from the sales after all expenses are paid is called ______
profit
expenses
cash
revenue
An elevator pitch is a dynamic presentation of the UVP in 90 seconds or less
True
False
What is an INDIRECT competitor? (Ex: McDonald's vs. Chick-Fil-A)
A company that provides the SAME solution to our customer segment
A company that provides a DIFFERENT solution to our customer segment
A company that doesn't make eye contact
Which of the following do CHANNELS address?
How customers are exposed to a product or service
How customers hear about a product
How customers tell others about a product
How customers can purchase or gain access to a product/service
Which of the following is an example of a CHANNEL?
The company’s Facebook ad
The company’s TV ad
The online shop of the company’s product
A commercial about the product
When deciding WHO has the problem that you identified, what would you be describing?
Customer Relationship
Customer Segment
Channels
Solution
What is customer segmentation?
The process of dividing an audience into smaller groups based on similar characteristics
The process of finding an audience that may want to learn more about you
The process of finding the audience a competitor uses
The process of finding investors with the most money
What is a person or business who will use your product first before most others do called?
Early Adopters
Customer personas
Customer Segments
Target market
Which skill is emphasized for creating customer personas?
Creativity
Empathy
Technical skills
Leadership
What is the difference between a customer and a consumer?
A customer uses goods, a consumer purchases them
A customer purchases goods, a consumer uses them
A customer sells goods, a consumer buys them
A customer produces goods, a consumer sells them
How a customer solves their problem is an example of ______
how smart they are
an existing alternative
service design
a business plan
Which of the following is a technique used during problem interviews?
Pitching your solution idea
Asking about the cost of your service
Reminding customers of your product
Asking someone to explain more about the problem they have
What does "Innovator's Gift" mean?
Building a product/service no one wants
Giving someone a great idea to use
There is no such thing as a perfect product/service
What do you use when calculating the entire market opportunity for your product/service?
TAM (Total Addressable Market)
SAM (Serviceable Addressable Market)
SOM (Serviceable Obtainable Market)
Market Segment
What is your Serviceable Addressable Market?
An estimated number of how many people HAVE purchased your product/service
An estimated number of how many people WILL NOT have purchased your product/service
An estimated number of how many people COULD potentially purchase your product/service
An estimated number of how many people WILL realistically purchase your product/service.
Which area of the market represents the part of SAM that you can actually capture or obtain?
TAM
SAM
SOM
None of the aobve
Demographic, Geographic, Psychographic, & Behavioral are all types of ___________
problems
revenue
customer segments
solutions
A film student purchased a camera so she could make movies for her film class. In this scenario, who is the buyer and who is the user?
The class is the buyer and student is the user
The student is the buyer and the class is the user
The student is both buyer and user
None of the above
