Question 1

Customers who are willing to give their time to help design & test a solution are often called:
A) Testers
B) Fools
C) Lead Users
D) Developers

Accepted Answer

Customers who are willing to give their time to help design and test a solution are often identified as lead users. These customers are typically ahead of the curve in terms of adoption and usage of new technologies and products, and can provide valuable feedback and insights to improve the solution. They are not "fools" or regular "testers" and may not necessarily be developers themselves.

Question 2

Why is it important to try to find innovative customers to start a company - particularly for a B2B venture? What are the different ways that such customers can help an entrepreneur? If you are having trouble thinking of an example, you can take use the case of a software company trying in some way to help doctors improve the care of their patients when they are not in the hospital.

Accepted Answer

The answer of Why is it important to try to...

Question 3

What would not be a good axes for a customer segmentation grid?
A) Age Groups
B) Genders
C) Predicted Industry Growth
D) Income

Accepted Answer

Predicted industry growth is not a good axis for customer segmentation as it does not directly relate to the characteristics or behaviors of individual customers. Age, gender, and income are all common and relevant criteria for segmenting customers.

Question 4

Why is customer segmentation so very important in crafting the strategy for a new venture? How does that segmentation provide a focus for different activities within the business? Give an example, say for a travel company.

Accepted Answer

The answer of Why is customer segmentation so very important...

Question 5

Customer segmentation should be: Meaningful, Measureable, and ______
A) Adjustable
B) Actionable
C) Important
D) None of the above

Accepted Answer

Customer segmentation should be actionable, meaning that it provides clear steps or strategies for reaching and engaging with the identified segments. This ensures that the segmentation is actually useful and can drive business growth. While adjustability and importance are also desirable, they are not as critical to effective segmentation as measurability and actionability.

Question 6

Give an example of a simple customer segmentation for a B2C product - such as sneakers; and then, give another example for a B2B service, such as tax accounting/auditing for different businesses. Sketch a customer segmentation framework for each example.

Accepted Answer

The answer of Give an example of a simple customer...

Question 7

The combination of the target industry segment/niche, the target customer with that industry area, and the amount of revenue that can be generated is called the:
A) Target Market
B) Profit Market
C) User Market
D) Addressable Market

Accepted Answer

The combination of the target industry segment/niche, the target customer with that industry area, and the amount of revenue that can be generated is known as the addressable market. The addressable market is the total revenue opportunity for a product or service within a specific market. It is the market that a company can realistically target for its product or service. Therefore, option D is the correct answer. A is incorrect as the target market refers to a more general concept of the group of customers or consumers identified as the intended recipient of a product or service. B and C are incorrect as there are no such terms as Profit Market and User Market.

Quiz 2: Defining the Target Customer

Customers who are willing to give their time to help design & test a solution are often called:

What would not be a good axes for a customer segmentation grid?

Why is customer segmentation so very important in crafting the strategy for a new venture? How does that segmentation provide a focus for different activities within the business? Give an example, say for a travel company.

Customer segmentation should be: Meaningful, Measureable, and ______

Give an example of a simple customer segmentation for a B2C product - such as sneakers; and then, give another example for a B2B service, such as tax accounting/auditing for different businesses. Sketch a customer segmentation framework for each example.

The combination of the target industry segment/niche, the target customer with that industry area, and the amount of revenue that can be generated is called the: