Market Identification & Analysis
Which segmentation is based on statistics like age, gender, or income?
a) Geographic
b) Demographic
c) Psychographic
d) Behavioral
b) Demographic
Which is a common mistake in product validation?
a) Listening to negative feedback
b) Relying only on friends and family
c) Using surveys
d) Building a prototype
b) Relying only on friends and family
What is the primary focus of the Resource-Based View (RBV)?
A. Market trends
B. External competition
C. Internal resources and capabilities
D. Customer satisfaction
C. Internal resources and capabilities
Which business model involves selling products directly to consumers online?
a) Franchise
b) Direct-to-consumer (D2C) e-commerce
c) Wholesale
d) Brick-and-mortar retail
b) Direct-to-consumer (D2C) e-commerce
Which segmentation type focuses on lifestyle, interests, or values?
Psychographic segmentation
Offering oat milk and sugar-free drinks for health-conscious customers is an example of which segmentation?
a) Demographic
b) Geographic
c) Psychographic
d) Behavioral
c) Psychographic
What is a benefit of product validation?
a) Increases risk
b) Guarantees instant success
c) Makes products more expensive
d) Reduces risk of failure
d) Reduces risk of failure
Michael Porter's Generic Strategies include all of the following EXCEPT:
A. Cost Leadership
B. Differentiation
C. Market Penetration
D. Focus
C. Market Penetration
What business model is characterized by recurring payments for ongoing access to a product or service?
a) Subscription
b) Freemium
c) Franchise
d) Licensing
a) Subscription
What type of research uses outside data assembled by other groups?
Secondary information
Dividing customers based on where they live or work is called:
a) Demographic segmentation
b) Geographic segmentation
c) Psychographic segmentation
d) Behavioral segmentation
b) Geographic segmentation
Which method helps validate a product idea before full launch?
a) Ignoring feedback
b) Landing pages
c) Skipping testing
d) Guessing demand
b) Landing pages
Which term refers to competitive advantage that adapts over time in unpredictable markets?
A. Dynamic competitive advantage
B. Strategic imitation
C. Static Advantage
D. Cost focus
A. Dynamic competitive advantage
Which model allows customers to use a basic version for free and pay for premium features?
a) Licensing
b) Freemium
c) Retail
d) Franchise
b) Freemium
What do you call the model where a company sells usage rights or intellectual property to others?
Licensing model
Which segmentation considers customer loyalty and buying patterns?
a) Demographic
b) Geographic
c) Behavioral
d) Psychographic
c) Behavioral
Which is an example of primary information?
a) Magazine articles
b) Published pamphlets
c) Surveys you conduct yourself
d) Newspaper reports
c) Surveys you conduct yourself
What is a key risk of using a Cost Leadership strategy?
A. Strong brand recognition
B. Over-differentiation
C. Increased marketing costs
D. Reduced R&D investment
D. Reduced R&D investment
What is the main focus of a franchise business model?
a) Direct online sales
b) Replicating a proven business under a licensing agreement
c) Offering free services
d) Manufacturing only
b) Replicating a proven business under a licensing agreement
A model used to assess whether a firm’s resources can lead to sustained competitive advantage by being Valuable, Rare, Inimitable, and Organized.
VRIO Framework
What is the process of dividing a broad customer base into smaller groups with shared characteristics?
Market segmentation
What is the process of testing your product idea with real customers before fully building it?
Product validation
A type of strategy that business moves used to protect a company's current market position from competitors.
Defensive Strategies
What business model sells products directly to consumers online?
Direct-to-consumer (D2C) e-commerce
What type of segmentation is based on customers’ usage habits or loyalty?
Behavioral segmentation