UTD EXAM 2 ENTP 3301 STUDY GUIDE EXAM QUESTIONS AND
ANSWERS
What is a hypothesis and how does an entrepreneur formulate one? - CORRECT 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? - CORRECT 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. - CORRECT 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. -
CORRECT 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. - CORRECT
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? - CORRECT
ANSWER✅✅.......
, What are three approaches for describing a Customer Value Proposition (CVP)? - CORRECT
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? - CORRECT 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? - CORRECT 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. - CORRECT 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? - CORRECT
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
ANSWERS
What is a hypothesis and how does an entrepreneur formulate one? - CORRECT 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? - CORRECT 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. - CORRECT 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. -
CORRECT 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. - CORRECT
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? - CORRECT
ANSWER✅✅.......
, What are three approaches for describing a Customer Value Proposition (CVP)? - CORRECT
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? - CORRECT 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? - CORRECT 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. - CORRECT 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? - CORRECT
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
