
Entrepreneurship Warm-Ups 10/25/23
Quiz by NeKeisha King Price
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10 questions
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- Q1What is a patent?A financial document that determines the value of a company.A legal contract between business partners.A legal document that grants an inventor exclusive rights to their invention for a limited period of time.An advertisement promoting a new product.30s
- Q2What is a patent troll?A person or entity that acquires patents solely for the purpose of enforcing them and extracting licensing fees or settlements from alleged infringers.An inventor who holds a large number of patents.A government agency responsible for granting patents.A company that shares its patented technology for free.30s
- Q3What is the purpose of branding a product?To differentiate it from competitors and build customer loyalty.To reduce product costs.To control employee morale.To increase production efficiency.30s
- Q4What does a brand promise to deliver to its customers?Lowest price in the market.Instant customer satisfaction.Unlimited product options.Value and unique benefits.30s
- Q5What is the purpose of market research in branding a product?To create catchy advertisements.To reduce production costs.To understand customer preferences and behavior.To design product packaging.To establish distribution channels.30s
- Q6What is the purpose of a business plan in product creation?To secure funding for product development.To design the product's packaging and branding.To manufacture the product at scale.To outline the objectives, strategies, and financial projections for the product.To conduct market research and gather customer feedback.30s
- Q7What is the role of branding in product creation?To identify the target market for the product.To establish an identity and differentiate the product from competitors.To manufacture the product at scale.To secure funding for product development.To gather feedback and make improvements.30s
- Q8What is a target market in product creation?The overall market size for a product.A specific group of customers that a product is designed for.The manufacturing process involved in product creation.The product's unique selling proposition.The budget allocated for product development.30s
- Q9What is product differentiation in entrepreneurship?Creating unique features or attributes that distinguish a product from competitors.Setting the price for a product.Conducting market research to identify customer needs.Determining the target market for a product.Securing funding for product development.30s
- Q10What is the purpose of prototyping in product creation?To test and validate product ideas before mass production.To create attractive marketing materials.To create a blueprint for the final product.To generate revenue through pre-orders.30s