Practice 01

You decide to create new type of energy bar. You take some samples to a focus group to get their reactions to your product. Which stage of the development process are you in?

• a. Market Strategy Creation
• b. Concept Development
• c. Product Development
• d. Idea Generation

For a personal business opportunity, you will be required to go through more intensive training than for a franchise opportunity.

• True
• False

You need to create an operating budget for your business. Your financial information for the month is as follows: Labor: $1,000 Materials: $4,000, Utilities: $400, Computer: $1,400, Rent $700, Website Design $1,200, Insurance: $150. What is your monthly operating budget?

• a. $8,850
• b. $7,650
• c. $6,250
• d. $7,450

Which of the following expenses are a “Customer Retention Cost”?

• a. Search Engine Optimization (SEO) Marketing

• b. Affiliate Programs
• c. Training Programs
• d. Engagement Programs

The design thinking process is highly focused on using secondary research to develop solutions to problems.

• True
• False

Which two marketing platforms are examples of owned media?

• a. Social Media Ads
• b. Blogs
• c. Websites
• d. Reviews

Which of the following expenses are a “Customer Acquisition Cost”?

• a. SEO Marketing (Search Engine Optimization)
• b. Affiliate Programs
• c. Training Programs
• d. Engagement Programs

For third-party sellers, what are two marketing benefits of selling products on a marketplace?

• a. Access to the marketplace’s market knowledge
• b. Access to the marketplace’s technology
• c. Access to the marketplace’s employees
• d. Access to the marketplace’s customer base

Trade Secret licensing must be registered with the government.

• True
• False

Distributors use their sales force to sell another company’s product.

• True
• False