Question 1

The age of social media tools has greatly diminished the importance of sitting down and talking with your customers.

Accepted Answer

A) True 
 B)False

Question 2

What is the benefit of making a customer journey map?

Accepted Answer

The answer of What is the benefit of making a...

Question 3

How does the combination of demographics and psychographics help the entrepreneur to create a buyer persona?

Accepted Answer

A) It both identifies the broad characteristics of the customer,and then analyzes their behavior profiles. 
B) It largely doesn't; at best,it helps the entrepreneur create a buyer profile. 
C) It matches characteristics that determine product need with psychological aspects that would encourage purchase. 
D) The combination of broad demographic characteristics and psychological components of a population yield reliable predictions of behavior.

Question 4

Which of the following hypothetical bits of data would most likely be part of a top-down analysis?

Accepted Answer

A) quality and longevity of competitor products in the market 
B) number of potential customers living in a drivable radius 
C) daily lifestyle habits of potential customers 
D) psychological characteristics of potential customers

Question 5

What is the best strategy for crossing the "chasm"?

Accepted Answer

A) Avoid implementing marketing strategies beyond what it takes to win the innovators,and then let word of mouth carry the product further. 
B) Seek to make the product or service on offer as similar as possible to current market-leading products. 
C) Focus resources on multiple market segments simultaneously in order to improve statistical chances of finding a purchase for the product. 
D) Focus limited resources on winning over a single,primary market,and then move on to capture larger markets.

Question 6

A product application refers to the proposal through which a new product will be created.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following best describes the process of market sizing?

Accepted Answer

A) estimating how much of your product or service should be produced or released based on a particular customer base and revenue potential 
B) estimating the number of potential customers and possible revenue or profitability of a product or service 
C) estimating the growth potential for a particular customer base and the future lifespan of the product or service in that market 
D) determining the net value that a customer base is willing to put into your specific product or service

Question 8

People in the early majority category are both practical and extremely risk-tolerant.

Accepted Answer

A) True 
 B)False

Question 9

Once you have identified your beachhead market,what steps must you take to "cross the chasm" and what has occurred if you do successfully cross it?

Accepted Answer

The answer of Once you have identified your beachhead market,what...

Question 10

It is wise for an entrepreneur to try to win over the late majority customer group.

Accepted Answer

A) True 
 B)False

Question 11

Allan is trying to create an end user profile for his roofing business,and specifically he is working on the biggest fears and motivators aspect of the profile.How should he go about it,and what might parts of his conclusion look like?

Accepted Answer

The answer of Allan is trying to create an end...

Question 12

Sanity checks are necessary when calculating your market size just to be certain you aren't overlooking something obvious.

Accepted Answer

A) True 
 B)False

Question 13

Match the order of the following calculations with the correct order of their likely matching names in the answer choices below: the population of the U.S.city in which the product is released; the population of the United States; the immediate neighborhood surrounding the available location of the newly released product.

Accepted Answer

A) SAM,SOM,TAM 
B) TAM,SAM,SOM 
C) SAM,TAM,SOM 
D) SOM,SAM,TAM

Question 14

What is the last step in the process of calculating market size?

Accepted Answer

A) competition research 
B) sanity review of calculations 
C) developing an advertising plan 
D) contacting early adopter customers directly

Question 15

When asking further questions to add detail to your customer journey map,which of the following might you discover by learning more about the "tasks" factor?

Accepted Answer

A) The customer wants to understand more about the product before purchasing. 
B) The customer wants to get the product to fix a specific problem. 
C) The customer is feeling trepidation at spending money on the problem. 
D) The customer was disappointed not to find the product offered online.

Question 16

In which of the following ways does a bottom-up analysis differ from a top-down analysis?

Accepted Answer

A) It produces more accurate results. 
B) It is a simpler calculation. 
C) It offers less information on potential sales but more on customer demographics and numbers. 
D) It generates segmented potential sales,but not a total sales figure.

Question 17

Direct customer interviews are a challenging but effective way to verify the findings of a customer journey map.

Accepted Answer

A) True 
 B)False

Question 18

Creating exclusionary personas helps the entrepreneur better understand both who their customers are and who they are not.

Accepted Answer

A) True 
 B)False

Question 19

Proxy products can sometimes offer psychological information about a customer.

Accepted Answer

A) True 
 B)False

Question 20

For a running shoe maker developing an end user profile for a new product,a running club meeting would be a great option for which component of that process?

Accepted Answer

A) proxy product 
B) watering hole 
C) day in the life 
D) motivator

Exam 6: Developing Your Customers

The age of social media tools has greatly diminished the importance of sitting down and talking with your customers.

What is the benefit of making a customer journey map?

How does the combination of demographics and psychographics help the entrepreneur to create a buyer persona?

Which of the following hypothetical bits of data would most likely be part of a top-down analysis?

What is the best strategy for crossing the "chasm"?

A product application refers to the proposal through which a new product will be created.

Which of the following best describes the process of market sizing?

People in the early majority category are both practical and extremely risk-tolerant.

Once you have identified your beachhead market,what steps must you take to "cross the chasm" and what has occurred if you do successfully cross it?

It is wise for an entrepreneur to try to win over the late majority customer group.

Allan is trying to create an end user profile for his roofing business,and specifically he is working on the biggest fears and motivators aspect of the profile.How should he go about it,and what might parts of his conclusion look like?

Sanity checks are necessary when calculating your market size just to be certain you aren't overlooking something obvious.

What is the last step in the process of calculating market size?

When asking further questions to add detail to your customer journey map,which of the following might you discover by learning more about the "tasks" factor?

In which of the following ways does a bottom-up analysis differ from a top-down analysis?

Direct customer interviews are a challenging but effective way to verify the findings of a customer journey map.

Creating exclusionary personas helps the entrepreneur better understand both who their customers are and who they are not.

Proxy products can sometimes offer psychological information about a customer.

For a running shoe maker developing an end user profile for a new product,a running club meeting would be a great option for which component of that process?