What is the purposed of validating the service description of a product with potential customers
-to determine market acceptability
what does a visual prototype primarily showcase
the size and shape of the product
-the product scheme
which type of prototype includes critical buttons but not may have finalized copy the or all elements included
-low fidelity
if you want to test your product idea with real users, which step should you take
-build a prototype
why is prototype testing important during different stages of design
-to identify problematic issues
what is the purpose of validating of a products mission statement and objective
-to determine market acceptability
what type of prototype provides users with a more developed view of how the product will work
-medium fidelity
during prototype testing, what can you learn from user feedback
-usability and accessibility
which type of prototype represents the final products size and shape but lacks full functionality
-low fidelity
suppose you’re designing a new website. what type of prototype would help you test the products value position and user interaction
-low fidelity
which of the following falls under the material aspect of the 4Ms
-purchasing raw materials
why is the method crucial for efficient business operations
-it streamlines processes and workflows
if you were to apply the 4Ms to your new business idea, which aspect would involve rec
-man power
what does the term business model refer to
-pinakamahaba/longest
how does the revenue forecasting differ from the sales forecasting
-revenue forecasting considera the entire business, while sales forecasting on sales team activities
which forecasting method relies on measurable data and consider historical performance
-Bottom up Forecasting
Business Plan
A written document that describes all the steps necessary for opening and operating a successful business
Critical
The business plan can make or break your business
Business plans
Serve the same three basic elements: introductory materials, body, appendix
Except for confidentiality
Title Page
Includes name of the company, the date, the owner of the company and the title of the owner, and address and phone number of the company
Statement of Purpose
A brief explanation of why you are asking for a loan and what you plan to do with the money
Executive Summary
A short restatement of the report, written in a clear, simple style and said to be the "first to appear, last to prepare" in business plan
Marketing
A detailed description of the business and its goals; and contains the advantages of you and your business has over your competitors
Advantages of your business
Performance
Quality
Price
Important indicators in marketing
Market
Industry
Technology
Cooperative
Owned and controlled by an association of members and can be set up as a for-profit or as a not-for-profit organization
Partnership
A non-incorporated business that is created between two or more people
General Partnership
Partner divides responsibility, liability and profit or loss according to their agreement
Limited Partnership
At least one general partner, there are one or more limited partner who have limited liability to the extent of their investment
Marketing
A social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others
Needs
Preferences of people regarding their survival requirements
Wants
Natural essential elements designed for survival
Demands
Needs and wants that are backed up by consumer purchasing with money to buy
Characteristics of markets
Groups of people
Willingness to spend the money of consumers
Customer Value
The difference between what the customer gains from the product and what the customer loses from the costs of acquiring such product
Customer Satisfaction
The extent to which product tends to meet the expectations the buyers of a product which they bought to fulfill their need and want
Quality
The product's freedom from defects
Products
Bundles of attributes and benefits designed to be offered to buyers to satisfy their needs, wants and demands
Location
The exact place where the business will be located, since this is often a critical factor for its success