UTD EXAM 2 ENTP 3301 Study Guide Questions And Answers

UTD EXAM 2 ENTP 3301 Study Guide Questions And Answers /.What is a hypothesis and how does an entrepreneur formulate one? - Answer-An assumption that is tested through research and experimentation and is formulated by asking questions. /.If an outcome in an experiment indicates the original hypothesis was incorrect, what should the entrepreneur do? - Answer-Adapt the original assumption. Take all the results into account because ignoring data is detrimental. They should use it as an opportunity for further learning and better decision making. /.End users (of your product/service) are important customers to gather data and test your hypotheses (or assumptions). Describe five additional customer types also important to gather data. Give examples of each type. - Answer-1. End Users: Actually buy and use the product 2. Influencers: celebrities or other trendsetters (endorsers) 3. Recommenders: those who offer opinions to the public 4. Economic Buyers: approve large purchases 5. Decision-Makers: ultimate decision-makers 6. Saboteurs: those who can veto or slow down purchases /.Is the following experiment conducted in an ethical manner? Why or why not? Your classmates want to test their new vegetarian burger. They want to specifically test the hypothesis that people will not be able to tell the vegetarian burger is not made of beef. They go to a local store and hand samples out, only telling people that it is a new hamburger product, and then asking them to fill out a questionnaire. - Answer-No, people participating in experiments have the right to informed consent and the right not to be deceived during research participation. The people should have been informed that it was not hamburger, and to test the product like this was deceitful. /.Define the business model and identify the four core areas of a business model. - Answer-a conceptual framework that describes how a company creates, delivers, and extracts value. /.How do the nine elements of the business model canvas relate to the four core areas? - Answer-....... /.What are three approaches for describing a Customer Value Proposition (CVP)? - Answer-- |1| It must offer better value than the competition |2| It must be measurable in monetary terms (the ability to prove that your CVP has better value than other offering on the market). |3| It must be sustainable (executable for a considerable length of time). /.Of these three, which is considered the "gold standard" approach for a CVP? - Answer-A CVP that stems from resonating-focus approach (also called "just what the customer wants" or product- market fit) is the "gold standard". /.What are four major categories of problems experienced by customers? - Answer-•Lack of Time - for example time at a doctor (CVS created MinuteClinic - common issues that can be handled by Nurse Practitioners) •Lack of Money - Deliver previously unaffordable products or service for less money. This can help beat competition and open up a whole new market •Lack of Skills - Customer may not have specialized skills or tools to get the job done. The opportunity is to create easy-to-use solutions •Lack of Access - This is usually to technology. DNA information led to 23andMe. Affordable solar power collections equipment led to SolarCity (allows communities to pool resources to buy equipment and share the energy it produces). /.What are different types of customer segments (markets)? Explain each. - Answer-(1) Mass Market - large group of customers with very similar needs and problems (2) Niche Market - small market segment comprising of customers with specific needs and requirements (3) Segmented Market - involves breaking customer segments into groups according to their different needs and problems (4) Diversified Market - offers a variety of services to serve two or more customer segments with different needs and problems (5) Multisided Market - describe two or more customer segments that are linked but are independent of each other /.How could a coffee shop's CVP be different for each type of customer market? - Answer-Niche - Maybe offering a particular type of coffee...slow drip cold brew Diversified - Starbucks serves the need for coffee and also a workspace on the go as well /.What is the difference between a revenue model and a business model? - Answer-Business model describes how a venture will create, deliver, and capture value while the revenue model is a component of the business model that identifies how the company will earn an income and generate profits. /.What are the 10 revenue models we discussed? - Answer-..... /.Identify four drivers that affect revenue - Answer-(1) Customers (2) Frequency (3) Selling Process (4) Price