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