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Entre2 Unit 1-2 Review (ESB prep)

Total questions: 66

Worksheet time: 33mins

Name
Class
Date
1.

If you determine that the market for your product is small—in other words, there are not enough potential customers to support your business—this is called what kind of risk? Select one.

a)

Customer risk

b)

Product risk

c)

Market risk

2.

If you are having a hard time determining the types of customer relationships needed to reach your customers, you are describing what type of risk? Select one.

a)

Customer risk

b)

Product risk

c)

Market risk

3.

Not knowing if you can make the right product to solve customer problems would be considered what type of risk? Select one.

a)

Customer risk

b)

Product risk

c)

Market risk

4.

If you can’t determine how to make your product with a more unique value proposition than your competitors, you have described what type of risk? Select one.

a)

Customer risk

b)

Product risk

c)

Market risk

5.

If you have decided that your costs might be greater than your revenue, you are describing what type of risk? Select one.

a)

Customer risk

b)

Product risk

c)

Market risk

6.

If you are not sure that you can turn your idea into a viable and profitable business, you are describing what type of risk? Select one.

a)

Customer risk

b)

Product risk

c)

Market risk

7.

The cost structure of the BMC deals with which of the following? Select one.

a)

Expenses

b)

Revenue

c)

Number of customers

d)

Profit

8.

Expenses are entered in which category of the BMC? Select one.

a)

Cost Structure

b)

Revenue

c)

Problem

d)

Solution

9.

When completing the cost structure section of the BMC, which of the following would you add to it? Select all that apply.

a)

Expenses needed to build your product

b)

Anticipate profit margins

c)

Income per unit

d)

Anticipated revenue

10.

The expenses needed to run your business would fall into which section of the business model canvas? Select one.

a)

Cost Structure

b)

Revenue Streams

c)

Solution

d)

None of the above

11.

A company’s manufacturing of their product is considered an example of cost structure. Select one.

a)

True

b)

False

12.

A company’s sale of their product is an example of cost structure. Select one.

a)

True

b)

False

13.

Facebook’s use of advertising displays in their application is considered an example of cost structure. Select one.

a)

True

b)

False

14.

Instagram’s coding and engineering of the application to allow photos to be edited by users is an example of cost structure. Select one.

a)

True

b)

False

15.

What are included in Revenue Streams on the BMC? Select one.

a)

Monies brought into the company

b)

Expenses needed to run the company

c)

Costs of goods sold

d)

Pricing of product deals

16.

Which of the following would be added to the Revenue Streams on the BMC? Select all that apply.

a)

Payment from customers

b)

Staff salaries

c)

Investment money

d)

Cost of goods sold

17.

Which of the following would be added to the Revenue Streams on the BMC? Select all that apply.

a)

Income from sales

b)

Cost of materials

c)

Payment to workers

d)

Expenses for rent

18.

The monies brought in to your business would fall into which section of the business model canvas? Select one.

a)

Revenue Streams

b)

Cost Structure

c)

Solution

d)

None of the above

19.

A company’s manufacturing of their product is considered an example of revenue streams. Select one.

a)

True

b)

False

20.

A company’s sale of their product is an example of revenue streams. Select one.

a)

True

b)

False

21.

Facebook’s use of advertising displays in their application is considered an example of revenue streams. Select one.

a)

True

b)

False

22.

Instagram’s coding and engineering of the application to allow photos to be edited by users is an example of revenue streams. Select one.

a)

True

b)

False

23.

Which of the following do channels address? Select one.

a)

How customers can purchase or gain access to a product/service

b)

How customers are exposed to a product or service

c)

How customers hear about a product

24.

The way a customer can purchase or gain access to a product/service falls into which section of the business model canvas? Select one. (A)

a)

Channels

b)

Customer Relationships

c)

Solution

d)

Unique Value Proposition

25.

Which of the following are channels? Select one. (A)

a)

The online shop of the company’s product

b)

The company’s Facebook ad

c)

The company’s TV ad

d)

A commercial about the product

26.

An example of a channel for Bucketfeet would be various retail stores. Select one.

a)

True

b)

False

27.

An example of a channel for Bucketfeet would be through social media. Select one.

a)

True

b)

False

28.

An example of a channel for Facebook would be the Apple app store. Select one.

a)

True

b)

False

29.

An example of a channel for Instagram would be through the Today Show. Select one.

a)

True

b)

False

30.

The way a customer becomes exposed to a product/service would fall into which section of the business model canvas? (A)

a)

Customer Relationships

b)

Channels

c)

Solution

d)

Unique Value Proposition

31.

Which of the following describes customer relationships? Select all that apply. (A)

a)

How a customer is exposed and becomes aware of the product or service

b)

How a customer can purchase a product or service

c)

How a customer can get a refund for a product or service

d)

How a customer can pay for the product

32.

An example of a customer relationship for a company would be through social media. Select one.

a)

True

b)

False

33.

An example of a customer relationship for a company would be through various retail stores. Select one.

a)

True

b)

False

34.

An example of a customer relationship for a company would be through the articles in Entrepreneur magazine. Select one.

a)

True

b)

False

35.

Key Metrics deal with what a company will measure to determine success. Select one.

a)

True

b)

False

36.

Key Metrics deal with how a company will determine its revenue streams. Select one.

a)

True

b)

False

37.

What data will a company collect and measure to determine success would fall into which section of the business model canvas? (A)

a)

Key Metrics

b)

Revenue Streams

c)

Cost Structure

d)

Unique Value Proposition

38.

Which of the following describes Key Metrics? Select one. (A)

a)

Specific criteria a company will measure to determine success

b)

Specific revenue streams a company anticipates receiving

c)

Specific costs a company plans to incur

d)

Specific values a company holds dear

39.

Features or benefits that make customers buy your product/service over the competition would fall into which part of the business model canvas? Select one. (A)

a)

Unique value proposition

b)

Solution

c)

Channels

d)

Key metrics

40.

The best way to stand out from your competitors and get noticed by your customers is by having which of the following? Select one. (A)

a)

A unique value proposition

b)

A problem you can’t solve

c)

A solution that has already been created

d)

Many solutions to their problem

41.

Which of the following best describes a Unique Value Proposition? Select one. (A)

a)

Key features or benefits of your product or service that influences why customers choose you over a competitor.

b)

Ways your product or service is different from other companies.

c)

Key features or benefits your business has for your employees.

d)

Ways your product or service is similar to other companies.

42.

Which part of the BMC allows you to capture how your product or service stands apart from the competition? Select one. (A)

a)

Unique Value Proposition

b)

Solution

c)

Problem

d)

Cost Structure

43.

Direct competitors are those that solve the same problem with the same solution. Select one.

a)

True

b)

False

44.

Indirect competitors are those that solve the same problem with a different solution. Select one.

a)

True

b)

False

45.

Direct competitors are those that solve the same problem with a different solution. Select one.

a)

True

b)

False

46.

Indirect competitors are those that solve the same problem with the same solution. Select one.

a)

True

b)

False

47.

Which of the following are examples of a direct competitor to Starbucks? Select all that apply.

a)

Caribou coffee

b)

Peet’s coffee

c)

Gas Station Mini Mart

d)

Mcdonald’s

48.

Which of the following are examples of an indirect competitor to Starbucks? Select all that apply.

a)

Gas Station Mini Mart

b)

Mcdonald’s

c)

Caribou coffee

d)

Peet’s coffee

49.

What does Customer Segments deal with? Select one.

a)

Different groups of people that you determined have the problem(s) you listed.

b)

Different groups of people that you determine have different problem(s) from what you listed.

c)

One group of people that you think have the problem(s) you listed.

d)

One group of people that you think have different problem(s) from what you listed.

50.

When deciding WHO has the problem that you identified, what would you be describing? Select one.

a)

Customer Segment

b)

Customer Relationship

c)

Channels

d)

Solution

51.

What is the process of dividing an audience into smaller groups based on similar characteristics called? Select one.

a)

Customer Personas

b)

Customer Segments

c)

Early Adopters

d)

None of the above

52.

What is customer segmentation? Select one.

a)

The process of dividing an audience into smaller groups based on similar characteristics.

b)

The process of finding an audience that may want to learn more about you.

c)

The process of finding the audience a competitor uses.

53.

A company who sells to the high school market redefines a subgroup of their customers as those who like theater and are in afterschool clubs that involve improv comedy. What has this company identified? Select one.

a)

A Customer Persona

b)

An Early Adopter

c)

A Customer Solution

d)

A Unique Value Proposition

54.

A company who sells to the elderly market discovers there’s a subgroup of women, who love to play piano, sing, or dance, who particularly like their product. What has this company identified? Select one.

a)

A Customer Persona

b)

An Early Adopter

c)

A Customer Solution

d)

A Unique Value Proposition

55.

What is a person or business who will use your product first before most others do called? Select one.

a)

Early Adopters

b)

Customer personas

c)

Customer Segments

d)

Target market

e)

None of the above

56.

Which of the following describes Early Adopters? Select all that apply.

a)

Customers who are usually the first to use your product or service.

b)

Customers who are eager for your solution.

c)

Customers who are usually very hesitant to try new products or services.

d)

Customers who are worried about the quality of the solution.

57.

What is the difference between a user and a buyer? Select one.

a)

Buyers purchase the product/service while users gain from the benefits provided.

b)

Users purchase the product/service while users gain from the benefits provided.

c)

Buyers and users must be the same person.

d)

Users of a product/service are always the paying customer while buyers gain insight from the user.

58.

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? Select one.

a)

Student is the buying customer and the class is the user.

b)

The class is the customer and student is the user

c)

The student is both buyer and user

d)

None of the above

59.

During the problem interview process, the goal is to determine which of the following? Select one.

a)

Do enough people have this problem

b)

Is the problem solvable

c)

What is the competition

d)

Who has the problem

60.

What is the goal of the problem interview process? Select one.

a)

To determine if someone would buy a solution to solve the problem

b)

To determine who has the problem

c)

To determine what the competition is

d)

To determine if your solution is accurate

61.

Which of the following is a technique used during problem interviews? Select one.

a)

Asking them to explain more about the problem they have

b)

Pitching your solution idea

c)

Asking about the cost of your service

d)

Reminding them of your product

62.

Which of the following are techniques used during problem interviews? Select all that apply.

a)

5 whys questioning

b)

Listening

c)

Engaging like you are having a conversation

d)

Tell a story to set the context of what you will discuss

e)

Pitching your product idea

63.

During the solution interview process, the goal is to determine which of the following? Select all that apply.

a)

How you will solve the problem?

b)

Who has the problem?

c)

Will customers pay to solve the problem?

d)

How much can you charge?

64.

What key questions are you trying to determine Problem/Solution fit? Select all that apply.

a)

Is the solution something customers want?

b)

Will customers pay for the solution?

c)

Can the problem be solved?

d)

Who is better at solving the problem?

65.

When is it appropriate to first demonstration of the solution? Select one.

a)

During the solution interview.

b)

During the problem interview.

c)

During the BMC creation.

d)

During the final pitch.

66.

Which of the following can be a way to demonstrate a product solution? Select all that apply.

a)

Videos

b)

Screen mockups/screenshot

c)

PowerPoint sides

d)

Rough prototypes