Question 1

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 2

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 3

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 4

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

Student answers will vary.Make sure you ...

Question 5

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 6

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

Student answers will vary.The best way f...

Question 7

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 8

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 9

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

Accepted Answer

A) True 
 B)False

Question 10

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

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

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 13

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 14

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 15

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

Accepted Answer

A) True 
 B)False

Question 16

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 17

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 18

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 19

What is the benefit of making a customer journey map?

Accepted Answer

In general,the purpose and benefit of ma...

Question 20

Proxy products can sometimes offer psychological information about a customer.

Accepted Answer

A) True 
 B)False

Exam 6: Developing Your Customers

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

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

What is the benefit of making a customer journey map?

Correct Answer
verified
In general,the purpose and benefit of ma...
View Answer

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?

Correct Answer
verified
Student answers will vary.The best way f...
View Answer

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

Correct Answer
verified

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

Correct Answer
verified

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?

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

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?

Correct Answer
verified

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?

Correct Answer
verified
Student answers will vary.Make sure you ...
View Answer

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

Proxy products can sometimes offer psychological information about a customer.

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

Exam 6: Developing Your Customers

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

What is the benefit of making a customer journey map?

Correct AnswerverifiedIn general,the purpose and benefit of ma...View AnswerShow Answer

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?

Correct AnswerverifiedStudent answers will vary.The best way f...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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?

Correct AnswerverifiedShow Answer

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?

Correct AnswerverifiedStudent answers will vary.Make sure you ...View AnswerShow Answer

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Proxy products can sometimes offer psychological information about a customer.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
In general,the purpose and benefit of ma...
View Answer

Correct Answer
verified
Student answers will vary.The best way f...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Student answers will vary.Make sure you ...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified