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WorksheetsEntre2 Unit 1-2 Review (ESB prep)
Total questions: 66
Worksheet time: 33mins
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.
Customer risk
Product risk
Market risk
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.
Customer risk
Product risk
Market risk
Not knowing if you can make the right product to solve customer problems would be considered what type of risk? Select one.
Customer risk
Product risk
Market risk
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.
Customer risk
Product risk
Market risk
If you have decided that your costs might be greater than your revenue, you are describing what type of risk? Select one.
Customer risk
Product risk
Market risk
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.
Customer risk
Product risk
Market risk
The cost structure of the BMC deals with which of the following? Select one.
Expenses
Revenue
Number of customers
Profit
Expenses are entered in which category of the BMC? Select one.
Cost Structure
Revenue
Problem
Solution
When completing the cost structure section of the BMC, which of the following would you add to it? Select all that apply.
Expenses needed to build your product
Anticipate profit margins
Income per unit
Anticipated revenue
The expenses needed to run your business would fall into which section of the business model canvas? Select one.
Cost Structure
Revenue Streams
Solution
None of the above
A company’s manufacturing of their product is considered an example of cost structure. Select one.
True
False
A company’s sale of their product is an example of cost structure. Select one.
True
False
Facebook’s use of advertising displays in their application is considered an example of cost structure. Select one.
True
False
Instagram’s coding and engineering of the application to allow photos to be edited by users is an example of cost structure. Select one.
True
False
What are included in Revenue Streams on the BMC? Select one.
Monies brought into the company
Expenses needed to run the company
Costs of goods sold
Pricing of product deals
Which of the following would be added to the Revenue Streams on the BMC? Select all that apply.
Payment from customers
Staff salaries
Investment money
Cost of goods sold
Which of the following would be added to the Revenue Streams on the BMC? Select all that apply.
Income from sales
Cost of materials
Payment to workers
Expenses for rent
The monies brought in to your business would fall into which section of the business model canvas? Select one.
Revenue Streams
Cost Structure
Solution
None of the above
A company’s manufacturing of their product is considered an example of revenue streams. Select one.
True
False
A company’s sale of their product is an example of revenue streams. Select one.
True
False
Facebook’s use of advertising displays in their application is considered an example of revenue streams. Select one.
True
False
Instagram’s coding and engineering of the application to allow photos to be edited by users is an example of revenue streams. Select one.
True
False
Which of the following do channels address? Select one.
How customers can purchase or gain access to a product/service
How customers are exposed to a product or service
How customers hear about a product
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)
Channels
Customer Relationships
Solution
Unique Value Proposition
Which of the following are channels? Select one. (A)
The online shop of the company’s product
The company’s Facebook ad
The company’s TV ad
A commercial about the product
An example of a channel for Bucketfeet would be various retail stores. Select one.
True
False
An example of a channel for Bucketfeet would be through social media. Select one.
True
False
An example of a channel for Facebook would be the Apple app store. Select one.
True
False
An example of a channel for Instagram would be through the Today Show. Select one.
True
False
The way a customer becomes exposed to a product/service would fall into which section of the business model canvas? (A)
Customer Relationships
Channels
Solution
Unique Value Proposition
Which of the following describes customer relationships? Select all that apply. (A)
How a customer is exposed and becomes aware of the product or service
How a customer can purchase a product or service
How a customer can get a refund for a product or service
How a customer can pay for the product
An example of a customer relationship for a company would be through social media. Select one.
True
False
An example of a customer relationship for a company would be through various retail stores. Select one.
True
False
An example of a customer relationship for a company would be through the articles in Entrepreneur magazine. Select one.
True
False
Key Metrics deal with what a company will measure to determine success. Select one.
True
False
Key Metrics deal with how a company will determine its revenue streams. Select one.
True
False
What data will a company collect and measure to determine success would fall into which section of the business model canvas? (A)
Key Metrics
Revenue Streams
Cost Structure
Unique Value Proposition
Which of the following describes Key Metrics? Select one. (A)
Specific criteria a company will measure to determine success
Specific revenue streams a company anticipates receiving
Specific costs a company plans to incur
Specific values a company holds dear
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)
Unique value proposition
Solution
Channels
Key metrics
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 unique value proposition
A problem you can’t solve
A solution that has already been created
Many solutions to their problem
Which of the following best describes a Unique Value Proposition? Select one. (A)
Key features or benefits of your product or service that influences why customers choose you over a competitor.
Ways your product or service is different from other companies.
Key features or benefits your business has for your employees.
Ways your product or service is similar to other companies.
Which part of the BMC allows you to capture how your product or service stands apart from the competition? Select one. (A)
Unique Value Proposition
Solution
Problem
Cost Structure
Direct competitors are those that solve the same problem with the same solution. Select one.
True
False
Indirect competitors are those that solve the same problem with a different solution. Select one.
True
False
Direct competitors are those that solve the same problem with a different solution. Select one.
True
False
Indirect competitors are those that solve the same problem with the same solution. Select one.
True
False
Which of the following are examples of a direct competitor to Starbucks? Select all that apply.
Caribou coffee
Peet’s coffee
Gas Station Mini Mart
Mcdonald’s
Which of the following are examples of an indirect competitor to Starbucks? Select all that apply.
Gas Station Mini Mart
Mcdonald’s
Caribou coffee
Peet’s coffee
What does Customer Segments deal with? Select one.
Different groups of people that you determined have the problem(s) you listed.
Different groups of people that you determine have different problem(s) from what you listed.
One group of people that you think have the problem(s) you listed.
One group of people that you think have different problem(s) from what you listed.
When deciding WHO has the problem that you identified, what would you be describing? Select one.
Customer Segment
Customer Relationship
Channels
Solution
What is the process of dividing an audience into smaller groups based on similar characteristics called? Select one.
Customer Personas
Customer Segments
Early Adopters
None of the above
What is customer segmentation? Select one.
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.
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 Customer Persona
An Early Adopter
A Customer Solution
A Unique Value Proposition
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 Customer Persona
An Early Adopter
A Customer Solution
A Unique Value Proposition
What is a person or business who will use your product first before most others do called? Select one.
Early Adopters
Customer personas
Customer Segments
Target market
None of the above
Which of the following describes Early Adopters? Select all that apply.
Customers who are usually the first to use your product or service.
Customers who are eager for your solution.
Customers who are usually very hesitant to try new products or services.
Customers who are worried about the quality of the solution.
What is the difference between a user and a buyer? Select one.
Buyers purchase the product/service while users gain from the benefits provided.
Users purchase the product/service while users gain from the benefits provided.
Buyers and users must be the same person.
Users of a product/service are always the paying customer while buyers gain insight from the user.
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.
Student is the buying customer and the class is the user.
The class is the customer and student is the user
The student is both buyer and user
None of the above
During the problem interview process, the goal is to determine which of the following? Select one.
Do enough people have this problem
Is the problem solvable
What is the competition
Who has the problem
What is the goal of the problem interview process? Select one.
To determine if someone would buy a solution to solve the problem
To determine who has the problem
To determine what the competition is
To determine if your solution is accurate
Which of the following is a technique used during problem interviews? Select one.
Asking them to explain more about the problem they have
Pitching your solution idea
Asking about the cost of your service
Reminding them of your product
Which of the following are techniques used during problem interviews? Select all that apply.
5 whys questioning
Listening
Engaging like you are having a conversation
Tell a story to set the context of what you will discuss
Pitching your product idea
During the solution interview process, the goal is to determine which of the following? Select all that apply.
How you will solve the problem?
Who has the problem?
Will customers pay to solve the problem?
How much can you charge?
What key questions are you trying to determine Problem/Solution fit? Select all that apply.
Is the solution something customers want?
Will customers pay for the solution?
Can the problem be solved?
Who is better at solving the problem?
When is it appropriate to first demonstration of the solution? Select one.
During the solution interview.
During the problem interview.
During the BMC creation.
During the final pitch.
Which of the following can be a way to demonstrate a product solution? Select all that apply.
Videos
Screen mockups/screenshot
PowerPoint sides
Rough prototypes
