Product/Market Fit
One can expect their sales volume to be ______ when they are in product/market fit.
What is high?
Before creating a product, it is wise to _______ what it takes to produce the product.
What is research?
A key example of a ______ service many companies use is a software as a service (SaaS) platform.
What is prebuilt?
When developing a quality control process, one should start by determining their quality _______.
What is standards?
A distribution channel is a method used to get a product from the ______________ to the end-user.
What is manufacturer?
Distribution and fulfillment centers ______ and ship products for businesses.
What is store?
Product/market fit is making a ___________ that many people want.
What is a product or service?
For services, one must spend time finding out what customers' _______ are.
What is needs?
A business can use __________ to cut down on costs or to improve its product’s function.
What is value engineering?
When setting one’s own quality standards, one must ensure that the standards are ________.
What is measurable?
There are two main types of distribution channels:
What are direct channels and indirect channels?
Distribution and fulfillment centers are both _______ distribution channels.
What is indirect?
In which stage does one start to earn revenue?
What is Monetization?
What is one piece of information one should research before opening an ice cream parlor?
Answers may vary but can include ice cream flavors, equipment needed to make ice cream, what ingredients are needed to make ice cream, where to purchase ice cream if it will not be made in-house, the cost of making or purchasing ice cream, and how other ice cream sellers sell their ice cream
Provides more functionality for specific needs, offers a user more control and user is responsible for the maintenance of the software.
What is Build Your Own?
List one method of testing a product’s quality.
Answers may vary but can include checking the product against set specifications, randomly testing samples, or logging defects
What is one advantage of direct distribution channels?
Answers may vary but can include that direct distribution channels are the least complicated distribution channel or that direct distribution channels generally have lower-priced goods
Amazon and Wayfair are examples of ___________ center.
What is Fulfillment?
In which stage do sales gain momentum?
What is Traction?
What is one piece of information one should research before offering carpet cleaning services?
Answers may vary but can include carpet cleaning methods, types of carpet cleaners and their costs, types of equipment used to clean carpets and their costs, customer demand, and input from customers
Why might a business choose to lease office space rather than buy office space?
Answers may vary but should explain that some businesses may not have the cash flow for a down payment to buy office space. In addition, leasing office space means that the business is not responsible for property taxes for the office space
What is one reason why a business would want to review their testing results to refine and improve their quality control process?
Answers may vary but should explain that a business would want to refine and improve their quality control process to boost their bottom line or to increase customer satisfaction.
What are the two methods commonly used to distribute e-commerce purchases to customers?
What are post office or couriers such as FedEx, UPS or DHL?
Strategically stores products so that when a customer places an order, the product can be quickly picked up and sent out.
What is a Fulfillment Center?
Identify the different phases companies go through to reach product/market fit.
What are the idea stage, the prototype stage, the launch stage, the traction stage, the monetization stage, and the growth stage?
What is one piece of information one should research before offering computer repair services?
Answers may vary but can include tools needed to complete repairs and their costs, specific types of repairs that will be offered, customer demand, and input from customers
Why might a business choose to buy office space rather than lease office space?
Answers may vary but should explain that buying office space is cheaper long-term because eventually there will be no more payments, while leasing prices tend to grow over time
Identify the steps of the quality control testing process in the correct order.
What are Set quality standards, Establish the product quality testing method, Review the internal quality testing results and Refine and improve quality methods and measures, as needed?
What are the three methods commonly used to distribute door-to-door purchases to customers?
Door-to-door purchases are commonly delivered through the post office, through couriers, or at the time of purchase from the seller
Receives and temporarily stores goods before fulfilling the customer’s order and is often used for retail stores.
What is a Distribution Center?