Question 1

If your product enters the "tornado," it triggers a particular need to ______.

Accepted Answer

A)  cross the "chasm"
B)  generate new demand for your product
C)  meet customer demand efficiently
D)  avoid the "period of calm"

Question 2

Today,buying decisions are more commonly made through the input of the seller than through social media networks,though social media influence is growing rapidly.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following is the most challenging aspect of identifying and developing a new product or service for the market?

Accepted Answer

A)  determining that there is a large enough market for the product
B)  identifying the market opportunity
C)  deciding on what the new product or service will be
D)  doing research on potential competitors for the new product or service

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

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 6

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 7

According to Everett Rogers' technology adoption life cycle,how do customers in the early majority group differ from those in the early adopter group?

Accepted Answer

A)  They tend to be less risk-averse.
B)  They are more swayed by mass market appeal.
C)  They are not motivated by their enthusiasm for a new technology.
D)  They tend to be more influential in business,government,and culture.

Question 8

What is one common aspect of the creation of a launch market,the bowling pin strategy,and the beachhead strategy?

Accepted Answer

A)  the shared customer journey map
B)  the need to prove the widespread appeal of your product or service
C)  the need to show you have a group of ready customers who want your product or service
D)  the need to begin with the "early majority" customer segment

Question 9

Which of the following is one of the four main elements that define a market?

Accepted Answer

A)  a set of actual or potential customers who reference each other when making buying decisions
B)  a business plan that encompasses an evaluation of the competition
C)  a set of survey data from potential and existing customers
D)  a brainstorming session that identifies potential customers,no matter how unlikely

Question 10

Define a market and describe some of its characteristics.

Accepted Answer

Markets can be virtual or physical,compr...

Question 11

What would the demonstration of a launch market communicate to potential investors?

Accepted Answer

A)  You have empathy for your customers' experience with the product or service.
B)  You have identified early adopters who will also be influencers for future market segments.
C)  You have a long-term profitability plan for your product or service.
D)  You have a customer base who will buy your product or service as soon as it goes to market.

Question 12

Marian is developing a customer journey map for the new food truck she is introducing in the neighborhood.Of the following,which would be the first touchpoint in her customer journey map?

Accepted Answer

A)  when the customer receives a flyer in the mail announcing the food truck
B)  the first time a customer tastes the food from the food truck
C)  when the customer visually sees the food truck for the first time
D)  when the customer leaves their first review online about the food truck

Question 13

Janelle is planning to release a new brand of mini-tablet into the technology market.Based on the technology adoption life cycle,explain how innovators,early adopters,and the early majority will differ from each other in their response to her.

Accepted Answer

If she has marketed her product correctl...

Question 14

According to marketing expert Geoffrey Moore,where in the technology adoption life cycle is the "chasm"?

Accepted Answer

A)  between early adopters and early majority
B)  between innovators and early adopters
C)  between early majority and late majority
D)  between late majority and laggards

Question 15

You are doing market sizing research for your new restaurant.One potential customer,Greg,lives two blocks from your new restaurant,has good disposable income,and eats out often.Which of the following does Greg definitively appear in?

Accepted Answer

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

Question 16

As described in the text,what would be the TAM for a new restaurant in a major U.S.city?

Accepted Answer

A)  the range of people who eat out at restaurants and who live in a reasonable travel distance from your restaurant
B)  every possible customer who visits restaurants in the United States,has the income that matches your price point,and is likely to hear about your restaurant
C)  every customer who visits restaurants in that city
D)  every possible customer who visits restaurants in the United States

Question 17

When defining customer segments,you should ask about demographics,which includes ______.

Accepted Answer

A)  what they're willing to pay for your product
B)  education level
C)  what competitor products they purchase
D)  how often they shop online

Question 18

What is the benefit of making a customer journey map?

Accepted Answer

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

Question 19

Buyer personas provide the entrepreneur with more behavioral information about potential customers than psychographics.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following would be calculated first in a top-down analysis?

Accepted Answer

A)  both SAM and SOM
B)  TAM
C)  SAM
D)  SOM

Exam 6: Developing Your Customers

What would the demonstration of a launch market communicate to potential investors?

Correct AnswerverifiedShow Answer

Define a market and describe some of its characteristics.

Correct AnswerverifiedMarkets can be virtual or physical,compr...View AnswerShow Answer

What is one common aspect of the creation of a launch market,the bowling pin strategy,and the beachhead strategy?

Correct AnswerverifiedShow Answer

As described in the text,what would be the TAM for a new restaurant in a major U.S.city?

Correct AnswerverifiedShow 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 benefit of making a customer journey map?

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

According to Everett Rogers' technology adoption life cycle,how do customers in the early majority group differ from those in the early adopter group?

Correct AnswerverifiedShow Answer

Today,buying decisions are more commonly made through the input of the seller than through social media networks,though social media influence is growing rapidly.

Correct AnswerverifiedShow Answer

Which of the following would be calculated first in a top-down analysis?

Correct AnswerverifiedShow Answer

According to marketing expert Geoffrey Moore,where in the technology adoption life cycle is the "chasm"?

Correct AnswerverifiedShow Answer

Buyer personas provide the entrepreneur with more behavioral information about potential customers than psychographics.

Correct AnswerverifiedShow Answer

Which of the following is one of the four main elements that define a market?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

If your product enters the "tornado," it triggers a particular need to ______.

Correct AnswerverifiedShow Answer

You are doing market sizing research for your new restaurant.One potential customer,Greg,lives two blocks from your new restaurant,has good disposable income,and eats out often.Which of the following does Greg definitively appear in?

Correct AnswerverifiedShow Answer

When defining customer segments,you should ask about demographics,which includes ______.

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

Marian is developing a customer journey map for the new food truck she is introducing in the neighborhood.Of the following,which would be the first touchpoint in her customer journey map?

Correct AnswerverifiedShow Answer

Janelle is planning to release a new brand of mini-tablet into the technology market.Based on the technology adoption life cycle,explain how innovators,early adopters,and the early majority will differ from each other in their response to her.

Correct AnswerverifiedIf she has marketed her product correctl...View AnswerShow Answer

Which of the following is the most challenging aspect of identifying and developing a new product or service for the market?

Correct AnswerverifiedShow Answer

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Markets can be virtual or physical,compr...
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In general,the purpose and benefit of ma...
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If she has marketed her product correctl...
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Correct Answer
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