Question 1

_________________ is a software development approach where an organization's developers release products, features, and updates in shorter cycles, when ready, rather than wait for centrally-managed delivery schedules.

Accepted Answer

The answer of _________________ is a software development approach where...

Question 2

Project Entrepreneur, created by Facebook, aims to help female entrepreneurs build high-growth, high-impact businesses.

Accepted Answer

Project Entrepreneur was actually created by Rent the Runway Foundation in partnership with UBS, not Facebook, to help female entrepreneurs build high-growth, high-impact businesses.

Question 3

Describe how technology related to return envelope scanning and order scheduling operates to keep Rent the Runway satisfying customers while minimizing costs.

Accepted Answer

The answer of Describe how technology related to return envelope...

Question 4

How does Data help inform buying decisions at Rent the Runway?

Accepted Answer

The answer of How does Data help inform buying decisions...

Question 5

Providers of ________________, may need to spend more effort convincing customers to try their offerings.

Accepted Answer

Experience goods are goods or services that require a trial or firsthand experience to evaluate its quality or usefulness. Providers may need to spend more effort convincing customers to try their offerings because the quality cannot be evaluated before purchase.

Question 6

The term _________________________ is used in the business press to refer to startups valued at $1 billion or more.

Accepted Answer

The answer of The term _________________________ is used in the...

Question 7

Since product focus is so important for a startup, Rent the Runway has resisted the urge to offer anything other than high-end dress rental.

Accepted Answer

Rent the Runway has expanded its offerings beyond high-end dress rentals to include accessories, home goods, and a broader range of clothing through subscription services, reflecting a more comprehensive approach to meeting customer needs beyond just special occasion rentals.

Question 8

Why does 'overbuilding' warehouse capacity make sense for Rent the Runway?

Accepted Answer

The answer of Why does 'overbuilding' warehouse capacity make sense...

Question 9

What is Rent the Runway Unlimited?

Accepted Answer

The answer of What is Rent the Runway Unlimited?...

Question 10

One of the challenges of Rent the Runway Unlimited is that it will require women to further rethink their relationship with fashion and ownership.

Accepted Answer

Rent the Runway Unlimited offers a subscription service that allows customers to rent and exchange designer clothing rather than owning them, thus challenging the traditional concept of fashion ownership.

Question 11

Which of the following is NOT true about mobile app development:

Accepted Answer

Mobile app development is generally considered more complex than website development, requiring specialized skills in mobile app development languages such as Swift or Java. Drag-and-drop tools may make the process easier, but developing a truly robust app still requires significant expertise.

Question 12

Rent the Runway shut down its Facebook presence because photos showing a dress on another (non-model) customer resulted in a dramatically lower than average rental percentage.

Accepted Answer

The answer of Rent the Runway shut down its Facebook...

Question 13

How can data analytics inform operations at Rent the Runway?

Accepted Answer

The answer of How can data analytics inform operations at...

Question 14

Describe the advantages that Rent the Runway's physical stores offer the firm:

Accepted Answer

The answer of Describe the advantages that Rent the Runway's...

Question 15

What product types did Rent the Runway Unlimited start with? Why?

Accepted Answer

The answer of What product types did Rent the Runway...

Question 16

The concept of ____________________ refers to positive influence created when someone finds out that others are doing something.

Accepted Answer

The answer of The concept of ____________________ refers to positive...

Question 17

Like Uber, the airline industry, hotels, and other service providers with limited inventory and varying demand, Rent the Runway also leverages analytics for ___________________.

Accepted Answer

The answer of Like Uber, the airline industry, hotels, and...

Question 18

At Rent the Runway, customers arriving at the site via ________________ media have a much higher (reported as high as 200 percent) conversion rate than customers arriving via _____________ media.

Accepted Answer

Earned media, which includes word-of-mouth, social media shares, mentions, and any other form of publicity not directly paid for, tends to have a higher trust level among consumers compared to paid media, which is any form of advertising that is paid for. This higher trust can lead to a significantly higher conversion rate, as consumers are more likely to act on recommendations from sources they trust.

Question 19

______________________ is a systems development method in which requirements and solutions rapidly and iteratively evolve through collaboration between self-organizing, cross-functional teams, rather than a top-down, centrally-managed, schedule-driven approach.

Accepted Answer

The answer of ______________________ is a systems development method in...

Question 20

Linking envelope return codes to inventory systems allows Rent the Runway to do all but which of the following:

Accepted Answer

The answer of Linking envelope return codes to inventory systems...

Quiz 12: Rent the Runway: Entrepreneurs Expanding an Industry by Blending Tech with Fashion