Powerpoint 1 contin

Question 1

The right price for a product or service depends on

Answer 1

the value it provides for acustomer

Question 2

What are the two aspects of price

Answer 2

objective value and perceived value

Question 3

Determines the price customers are willing to pay

Answer 3

perceived value

Question 4

Value is not synonymous with ________

Answer 4

low price

Question 5

How can you differentiate a product

Answer 5

by adding value

Question 6

Turning a business idea/concept into a testable business model using customer reactions is

Answer 6

Customer Discovery

Question 7

When you think of Customer Discovery you have to think of

Answer 7

Does anyone want it and are there enough people who want it

Question 8

Key questions in the development process include

Answer 8

1. Have we identified a problem the customer wants solved?
2. Does our product/service solve the problem or need
3. Is so, do we have a viable and profitable business model?
4. Have we learned enough to go out and sell?

Question 9

You have a repeatable scaleable business model if you

Answer 9

eneract with a product more than you “toothbrush” (more than 2-3 times a week) if you do you will make money

Question 10

What is it if the business gets their money before the customers get the product

Answer 10

Customer funded business