Business 104 - Exam 1 UGBA Final Study Guide Questions and Answers

Business 104 - Exam 1 UGBA Final Study Guide Questions and Answers How do you preform a Five Why analysis? - CORRECT ANSWER-Identify the problem and root cause, ask why did this happen, develop and implement solutions. Example: Problem = ran through a red light, Why = late for work, Why = woke up late, Why = alarm didn't work, Why = exhausted battery, Solution = check battery Why preform a Five Why analysis? - CORRECT ANSWER-The initial problem might be completely different than the root cause Pareto Principle - CORRECT ANSWER-80% of consequences come from 20% of causes (the vital few) Example: Microsoft noted that by fixing the top 20% of the mostreported bugs, 80% of the related errors and crashes in a given system would be eliminated Why does the So What principle matter? - CORRECT ANSWER-Helps entrepreneurs clearly communicate the unique value proposition of their venture, differentiate their product or service from competitors, and capture the attention and interest of potential customers, investors, and stakeholders What does MECE stand for? - CORRECT ANSWER-Mutually exclusive and collectively exhaustive. A principle used in the business mapping process wherein information is optimally arranged to include all important points without double-counting. 4 P's - CORRECT ANSWER-Product, Price, Place, Promotion What is a Value Proposition - CORRECT ANSWER-the set of benefits or values a company promises to deliver to consumers to satisfy their needs Actual Product - CORRECT ANSWER-the physical good or the delivered service that supplies the desired benefit Augmented - CORRECT ANSWER-the actual product plus other supporting features such as a warranty, credit, delivery, installation, and repair service after the sale Core Customer Value - CORRECT ANSWER-defines the basic problem-solving benefits that consumers are seeking Why is having a value proposition important? - CORRECT ANSWER-It clearly and concisely communicates what customers can gain from selecting your brand over that of your competitors. A short, clear value proposition can stick in the minds of investors, potential customers, friends, and relatives, ensuring