GEIE Fall Quiz: Entrepreneurship and Business Concepts
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Questions and Answers

What is the definition of a company's vision?

  • A document outlining the company's financial performance for the years to come
  • The percentage of the total available market targeted by a company's products and services
  • The process of designing a product offering to occupy a distinctive place in the target customer's mind
  • A statement defining the company's long-term destiny and purpose (correct)

    • What is the term for the most difficult stage of the technology life cycle for a product to move through?

  • Innovators
  • Chasm (correct)
  • PDM
  • Burning need

    • Which type of customers are bound by tradition and price and are consequently the hardest to convert?

  • Early Adopters
  • Innovators
  • Laggards (correct)
  • Late Majority

    • What is the term for the act of designing a product offering to occupy a distinctive place in the target customer's mind?

    <p>Positioning</p> Signup and view all the answers

    What is the term for a segment of the market that absolutely needs a product and acts as partners?

    <p>Burning need</p> Signup and view all the answers

    What is the sequence of business development stages in the PDM model?

    <p>Concept/Seed round, Alpha/Beta test, Launch, First Customers Shipment Date</p> Signup and view all the answers

    What is the primary focus of the Product Development Model?

    <p>First shipment date</p> Signup and view all the answers

    Which of the following is NOT a key step in the Customer Development Model?

    <p>Company building</p> Signup and view all the answers

    What is the main idea behind the Golden Circle concept (Sinek theory)?

    <p>Clarity of why</p> Signup and view all the answers

    What determines the size of a startup's market?

    <p>Number and growth rate of customers for that product</p> Signup and view all the answers

    What is the main characteristic of companies that change the future?

    <p>They constantly amaze customers</p> Signup and view all the answers

    What is the primary concern of a startup in its early stages?

    <p>Finding product-market fit</p> Signup and view all the answers

    What is the definition of entrepreneurship?

    <p>The pursuit of opportunity beyond resources controlled</p> Signup and view all the answers

    What is an important aspect of the Business Model Canvas?

    <p>Key partners</p> Signup and view all the answers

    What is one of the three frameworks that make a product compelling?

    <p>Is your product 10 times better than the competitor?</p> Signup and view all the answers

    What is NOT a risk to be considered when trying to find if an idea is good or not?

    <p>Product risk</p> Signup and view all the answers

    What is the definition of strategy?

    <p>A plan or road map of the actions that a firm will take</p> Signup and view all the answers

    What is the correct statement about the business model?

    <p>The business model does not include cost</p> Signup and view all the answers

    What is an essential characteristic of a vision statement?

    <p>It is easily understood and focused</p> Signup and view all the answers

    What is the primary difference between a vision and a mission statement?

    <p>A vision is imaginative, while a mission is a plan of action</p> Signup and view all the answers

    Which of the following is NOT a characteristic of a mission statement?

    <p>Flexible and frequently changing</p> Signup and view all the answers

    What is the primary purpose of the 'Why' in the Golden Circle?

    <p>To explain the organization's values and purpose</p> Signup and view all the answers

    What is the correct order of the Golden Circle?

    <p>Why, How, What</p> Signup and view all the answers

    What is the benefit of having a clear and concise mission statement?

    <p>It provides a sense of direction and purpose</p> Signup and view all the answers

    What is the key element that successful brands start with according to the Golden Circle?

    <p>A purpose-driven vision</p> Signup and view all the answers

    What is the primary purpose of a business model?

    <p>To show how the company creates and captures value</p> Signup and view all the answers

    What is the outcome of applying creativity to develop unique ideas?

    <p>Innovation</p> Signup and view all the answers

    What is the primary focus of a business plan?

    <p>Describing the company's market and customers</p> Signup and view all the answers

    What is the key characteristic of the Golden Circle?

    <p>A balance across all three sections</p> Signup and view all the answers

    What is the definition of creativity?

    <p>Bringinging old ideas to new products, people, and places</p> Signup and view all the answers

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