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Last updated on 2/6/20

Quiz 1

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Evaluated skills

  • Analyze the strategies of an existing business venture
  • Understand the basic actions and reactions in a market environment
  • Question 1

    Remember the Sweetch business case, about exchanging parking spots in real time in San Francisco, through an app for 5$. When the founders describe their market as: 247 000 drivers in San Francisco with a smartphone x 2 sweetches per week: 100 M sweetch per year in SF.

    What do they describe?

    • Their target market    

    • The size of the opportunity they are addressing

    • The growth potential of their venture    

    • The addressable market    

    • Their typical customer as a driver with a smartphone    

    • Nothing really useful    

  • Question 2

    Market assessment has to be approached as a difficult and slippery question for an innovative venture, why that?    

    • Because often customers don’t even know what they want    

    • Because it’s very easy to be wrong about if and where is your market    

    • Because the entrepreneur has a vision of what customer wants

    • Because it’s often a waste of time and resource    

    • Because as long as the product is not there it’s pointless

    • Because it is costly    

        

  • Question 3

    What does the following sentence “The set of potential buyers who have a common need that your product or service could satisfy” describe?    

    • Your potential market    

    • Your addressable market    

    • Your market 

    • Your target customers

    • The long-term potential of your venture

    • How large is the competitive landscape