Deck 10: Innovation to Commercialization

Question 1

A critical component to establishing idea viability is market research.

Answer 1

True

Question 2

In general, most market research surveys are not as effective when conducted in person near the site of the possible target market.

Answer 2

False

Question 3

A business model answers the question of how your idea will generate revenue streams for your organization.

Answer 3

True

Question 4

It is not important to consider the locations needed for operations and sales in implementing the project.

Question 5

The first step in customer mapping is to describe the product or service idea you have.

Question 6

A memorized presentation will have an abundance of excitement, energy, and interest.

Question 7

People will pay more for products and services when expectations are exceeded.

Question 8

The customer mapping approach provides a way to build your brand and craft your marketing messages.

Question 9

A stakeholder does not have an affect on the way a company is run.

Question 10

One of the most important factors executives and other stakeholders consider when deciding the extent of their involvement with a new project is your credibility

Question 11

What provides the evidence needed to support the potential rewards of innovation for the company and the customer?

A) Merchandising
B) Organization exploration
C) Market research
D) Production and distribution

Question 12

What type of analysis would you use if you may want to know the difference in willingness to purchase your product or service based on sex, income, location, etc.?

A) Averages
B) Content analyzing
C) Frequencies
D) Cross-tabulation

Question 13

What is one of the important elements you should include in your innovation plan or feasibility report?

A) Projection of sales
B) Viability analysis
C) Marketing strategies
D) Mission statement

Question 14

What is the first question you must answer in generating the business model?

A) What is your marketing budget?
B) What does your company sell?
C) Who is your target market?
D) Who will likely invest?

Question 15

What is the first issue to address when beginning the survey process?

A) The number of surveys necessary
B) Identifying the survey audience
C) Type of surveys to administer
D) The content of the survey

Question 16

When an n innovation is perceived as being consistent with the existing values, past experiences, and needs of potential adopters it is said to have _____________.

A) Complexity
B) Trialability
C) Compatibility
D) Advantage

Question 17

Summarizes and simplifies information by providing a clear representation of how the value proposition, benefits, customer outcomes, and features are in alignment is referred to as what?

A) Customer mapping
B) Client charting
C) Consumer plotting
D) None of the above

Question 18

Evidence that you have found the place of most potential will be based on ___________.

A) Profitability
B) Scalability
C) Degree of innovativeness
D) All of the above

Question 19

____________ states what the product or service ultimately delivers to the consumer.

A) Market conception
B) Product concept
C) Value proposition
D) Price proposal

Question 20

What is one of the key steps in preparing for your business pitch?

A) Refrain from using visual aids
B) Do not stray from the outline
C) Memorize your presentation
D) Rehearse to get a feel for its length

Question 21

Before you begin a research process, you must select the type of data sources to research. Discuss the two types of data and why they are valuable.

Question 22

Generally, surveys are comprised of at least four types of questions. List and describe them.

Question 23

Explain why it is important to collect profiles on possible teammates and yourself

Question 24

List and discuss the guidelines for developing a business pitch and a presentation to interested stakeholders.