Quiz 4 score: 15/18 Question 1 When developing a new product, it is necessary to meet every customer desire. True False Question 2 Within the product design and development decisions, successful entrepreneurs create multiple products simultaneously that are uniquely positioned for every potential market segment. True False Question 3 It is smart to set your pricing significantly lower than competitors' prices in an effort to capture market share and achieve your revenue goals quickly. True False Question 4 Strategic planning requires near-term commitment for long-term benefits. True False Question 5 What factors may make it economically unattractive to produce your anticipated product or service? Choose all that apply. Agreeing to minimum production volume requirements that exceed your ability to pay for the production costs and invest in marketing appropriately Over-designing the product to the point where the price is beyond your customer Designing the product for a market niche that is too small to generate the desired revenue goals of your company Question 6 Discuss common pitfalls that entrepreneurs experience in selecting which ideas to develop into new ventures. Please respond in one paragraph. Answer for Question 6 They might think they have a solution to satisfy a real need, but the customer might not be willing to pay for this solution, so it is not a real market need after all. Or they might have overdesigned, not have been honest with themselves about how they compare to competitors, or only used their direct social networks to ask for feedback instead of doing rpoper research into their client segments and their true causes of aggragation or needs and wants. Question 7 Discuss four types of macro changes that increase new venture opportunities. Please respond in one to two paragraphs. Answer for Question 7 Macro economic changes such as political or regulatory changes can free up the legal space for entrepreneurs to create, sell and develop in. Social and demographic changes can be a great opportunity such as an increasignly older society with fewer children can mean that parents have more money to spend on each kid. Technology is ofter the most important change of all because it can create entire new amrkets, although early technology tends to be expensive. Psychographic changes means that the public's view or perception or attitude has shifte, so they might be more accepting of your product, your altenative. Question 8 What questions should you consider in determining how to produce the product for your venture? Please write three questions. Answer for Question 8 (1)why would customers need my product? (2) what is the best way to assess customer needs? (3)why does my product fit customer needs better than those of current and future competitors? (4) what price should I charge? Question 9 What demographic and psychographic changes are creating new market needs in business areas that interest you? Please respond in one paragraph. Answer for Question 9 The psychographic changes of people who are seeking a little help in the form of a coach and people who would like to be entrepreneurs/intrapreneurs benefit my coaching services and valueoriented business model. Also, the dmographic change of more and more university schooled young adults means that the jobmarket is tougher, so they are more likely to seek out a careercoach to help them. Question 10 What technical advancements, political changes, and/or regulatory changes are creating new market opportunities in business areas that interest you? Please respond in one paragraph. Answer for Question 10 Political or regulatory changes do not really affect me, only the free-lance related laws and pension policies. The technical advancements of the internet, TED talks and chatting application such as Kakaotalk and other online communities help me to establish my brand, provide postconsumption support and improve client acquisition and retention