Question 1

Coke and Pepsi are examples of companies that address the mass market.

Accepted Answer

A) True 
 B)False

Question 2

Andrew owns a popular, but expensive Chinese restaurant.In order to introduce more people to his brand, he offers a series of one-time "taste fairs" in which he brings his recipes to a locally sponsored event.Customers are able to pay modest amounts for small servings of his creations while not paying for the ambiance of the famous restaurant.What need is Andrew addressing?

Accepted Answer

A) the restaurant's lack of customers 
B) customers' lack of money 
C) customers' lack of time 
D) the customers' lack of access 
A) the restaurant's lack of customers 
B) customers' lack of money 
C) customers' lack of time 
D) the customers' lack of access

Question 3

Business models must be changed whenever a company launches a new product or service.

Accepted Answer

A) True 
 B)False

Question 4

The revenue and the cost structures would be included in which part of the business model?

Accepted Answer

A) revenue structures 
B) cost structures 
C) financial viability 
D) financial statement 
A) revenue structures 
B) cost structures 
C) financial viability 
D) financial statement

Question 5

The business model of an entrepreneur must be flexible in order to respond to new information.

Accepted Answer

A) True 
 B)False

Question 6

Consider that you are selling a Jeep SUV to a customer.Identify the key points in an all-benefits approach to CVP.

Accepted Answer

Answers will vary.Benefits can

Question 7

A business model helps entrepreneurs general value and ______.

Accepted Answer

A) profits 
B) scale 
C) markets 
D) customer 
A) profits 
B) scale 
C) markets 
D) customer

Question 8

Which of the following might have a multisided market segment?

Accepted Answer

A) an educational software company who markets action gameware that teaches geography and science 
B) a coffee shop 
C) a shopping service for busy professionals and shut-ins 
D) a car repair agency 
A) an educational software company who markets action gameware that teaches geography and science 
B) a coffee shop 
C) a shopping service for busy professionals and shut-ins 
D) a car repair agency

Question 9

Breaking up your customer segments into groups of common needs and problems would create which of the following markets?

Accepted Answer

A) segmented market 
B) market niche 
C) mass market 
D) diversified market 
A) segmented market 
B) market niche 
C) mass market 
D) diversified market

Question 10

What problem did IKEA solve for customers in its CVP?

Accepted Answer

A) Current low-cost furnishings were unattractive or secondhand. 
B) Customers wanted do-it-yourself furniture. 
C) Customers were looking for sleek European designs. 
D) Customers wanted furniture that coordinated. 
A) Current low-cost furnishings were unattractive or secondhand. 
B) Customers wanted do-it-yourself furniture. 
C) Customers were looking for sleek European designs. 
D) Customers wanted furniture that coordinated.

Question 11

Which of the following might be considered when determining your target market?

Accepted Answer

A) age 
B) capacity for risk 
C) Are they a trendsetter ? 
D) all of these 
A) age 
B) capacity for risk 
C) Are they a trendsetter ? 
D) all of these

Question 12

Jerry has listed that his business appeals to people 50 years and above who are restructuring their finances for retirement plans.What has Jerry defined?

Accepted Answer

A) a niche market 
B) a market segment 
C) a mass market 
D) a diversified market 
A) a niche market 
B) a market segment 
C) a mass market 
D) a diversified market

Question 13

What do Uber and Airbnb have in common in the BMC?

Accepted Answer

A) They advertise on the Internet. 
B) Customers can make direct transactions with the service provider. 
C) They provide a unique service. 
D) They follow traditional service guidelines. 
A) They advertise on the Internet. 
B) Customers can make direct transactions with the service provider. 
C) They provide a unique service. 
D) They follow traditional service guidelines.

Question 14

Pick a product that you use every day.Describe the customer segment or segments this product would appeal to.

Accepted Answer

Answers may consider age, gend

Question 15

Entrepreneurs should try to address every potential customer in a market.

Accepted Answer

A) True 
 B)False

Question 16

In determining the right price within the CVP, it is important to consider which of the following?

Accepted Answer

A) how much the customer can afford to pay 
B) how much customers are willing to pay for the value received 
C) the cost of producing the product or service 
D) the cost of competitive products 
A) how much the customer can afford to pay 
B) how much customers are willing to pay for the value received 
C) the cost of producing the product or service 
D) the cost of competitive products

Question 17

Which of the following is necessary for an effective CVP?

Accepted Answer

A) It must be lower in cost than that offered by competitors. 
B) It must have the ability to perform over a considerable length of time. 
C) It must delivered with greater speed than the competitors. 
D) It must be delivered with better technology than the competitors. 
A) It must be lower in cost than that offered by competitors. 
B) It must have the ability to perform over a considerable length of time. 
C) It must delivered with greater speed than the competitors. 
D) It must be delivered with better technology than the competitors.

Question 18

What need inspired Meridith Perry, founder and CEO of uBeam?

Accepted Answer

A) the inconvenience of using a power cord to charge her laptop and smartphone 
B) a need to apply her knowledge about soundwaves 
C) She was asked to develop a different source of energy for a leading computer company. 
D) She felt that if she built a new way of powering devices, she could fund her startup. 
A) the inconvenience of using a power cord to charge her laptop and smartphone 
B) a need to apply her knowledge about soundwaves 
C) She was asked to develop a different source of energy for a leading computer company. 
D) She felt that if she built a new way of powering devices, she could fund her startup.

Question 19

Christine has obtained a job pitching a product at a local state fair.Her job is to demonstrate cookware, highlighting its features and demonstrating its use as she prepares food for visitors who can stop, watch her cook, and get samples.The cookware will be offered at a sizeable discount.Christine will be selling the cookware based on which of the following CVPs?

Accepted Answer

A) hard-sell approach 
B) points of difference approach 
C) all-benefits approach 
D) customer engagement approach 
A) hard-sell approach 
B) points of difference approach 
C) all-benefits approach 
D) customer engagement approach

Coke and Pepsi are examples of companies that address the mass market.

Business models must be changed whenever a company launches a new product or service.

The revenue and the cost structures would be included in which part of the business model?

The business model of an entrepreneur must be flexible in order to respond to new information.

Consider that you are selling a Jeep SUV to a customer.Identify the key points in an all-benefits approach to CVP.

A business model helps entrepreneurs general value and ______.

Which of the following might have a multisided market segment?

Breaking up your customer segments into groups of common needs and problems would create which of the following markets?

What problem did IKEA solve for customers in its CVP?

Which of the following might be considered when determining your target market?

Jerry has listed that his business appeals to people 50 years and above who are restructuring their finances for retirement plans.What has Jerry defined?

What do Uber and Airbnb have in common in the BMC?

Pick a product that you use every day.Describe the customer segment or segments this product would appeal to.

Entrepreneurs should try to address every potential customer in a market.

In determining the right price within the CVP, it is important to consider which of the following?

Which of the following is necessary for an effective CVP?

What need inspired Meridith Perry, founder and CEO of uBeam?

Entrepreneurship: a Global Social Movement

Practicing Entrepreneurship

Developing an Entrepreneurial Mindset

Supporting Social Entrepreneurship

Generating New Ideas

Using Design Thinking

Testing and Experimenting in Markets

Planning for Entrepreneurs

Creating Revenue Models

Learning From Failure

Bootstrapping for Resources

Financing for Startups

Developing Networks

Navigating Legal and Ip Issues

Marketing and Pitching Your Idea

Financial Statements and Projections for Startups

the Pitch Deck

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Exam 8: Building Business Models

Coke and Pepsi are examples of companies that address the mass market.

Business models must be changed whenever a company launches a new product or service.

The revenue and the cost structures would be included in which part of the business model?

The business model of an entrepreneur must be flexible in order to respond to new information.

Consider that you are selling a Jeep SUV to a customer.Identify the key points in an all-benefits approach to CVP.

A business model helps entrepreneurs general value and ______.

Which of the following might have a multisided market segment?

Breaking up your customer segments into groups of common needs and problems would create which of the following markets?

What problem did IKEA solve for customers in its CVP?

Which of the following might be considered when determining your target market?

Jerry has listed that his business appeals to people 50 years and above who are restructuring their finances for retirement plans.What has Jerry defined?

What do Uber and Airbnb have in common in the BMC?

Pick a product that you use every day.Describe the customer segment or segments this product would appeal to.

Entrepreneurs should try to address every potential customer in a market.

In determining the right price within the CVP, it is important to consider which of the following?

Which of the following is necessary for an effective CVP?

What need inspired Meridith Perry, founder and CEO of uBeam?

Entrepreneurship: a Global Social Movement

Practicing Entrepreneurship

Developing an Entrepreneurial Mindset

Supporting Social Entrepreneurship

Generating New Ideas

Using Design Thinking

Testing and Experimenting in Markets

Planning for Entrepreneurs

Creating Revenue Models

Learning From Failure

Bootstrapping for Resources

Financing for Startups

Developing Networks

Navigating Legal and Ip Issues

Marketing and Pitching Your Idea

Financial Statements and Projections for Startups

the Pitch Deck

Filters