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Testimonial and Risk Reduction Quiz

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Questions and Answers

According to the text, what are the four components of the value equation?

Dream outcome, cost, making money, losing weight
Dream outcome, making money, losing weight, cost
Dream outcome, value, making money, losing weight
Dream outcome, value, cost, making money (correct)

According to the text, what is the value equation?

Value = dream outcome - cost + making money
Value = dream outcome + making money - cost (correct)
Value = dream outcome - making money + cost
Value = dream outcome + cost - making money

According to the text, what is the example given to explain the value equation?

Selling to women who value losing weight more than making money
Selling to men who value losing weight more than making money
Selling to men who value making money more than losing weight (correct)
Selling to women who value making money more than losing weight

According to the text, why do people pay a high price for the highest level program?

They trust that the value they receive is worth the price (C) Signup and view all the answers

According to the text, what are the four components of value?

Dream outcome, perceived likelihood of achievement, testimonials, price (A) Signup and view all the answers

Which component of value is considered the most important?

Dream outcome (B) Signup and view all the answers

What is the relationship between dream outcome and perceived value?

Higher dream outcome leads to higher perceived value (A) Signup and view all the answers

Why is time not considered a component of value?

Time is irrelevant in the value equation (A) Signup and view all the answers

According to the text, what is the bottom side of the equation in increasing value?

Time delay (D) Signup and view all the answers

According to the text, what is the top side of the equation in increasing value?

Time delay (B) Signup and view all the answers

According to the text, what is one way to increase the value of a service or product without changing the offering?

Decrease time delay (D) Signup and view all the answers

According to the text, what is the relationship between speed and value in a competitive market?

Speed increases value (A) Signup and view all the answers

According to the text, what is the goal in increasing the top side and decreasing the bottom side?

To create more value (B) Signup and view all the answers

According to the text, what is the job to be done in selling certifications?

To create a socially acceptable excuse to be part of a community (D) Signup and view all the answers

According to the text, what is the equation for an infinitely valuable product?

$top - bottom = 0$ (D) Signup and view all the answers

According to the text, what is the key to having a competitive advantage in business?

Decreasing the downside (A) Signup and view all the answers

According to the text, which option has a higher perceived likelihood of achievement?

Liposuction (C) Signup and view all the answers