University Of Wisconsin - Madison

In the decision-making unit, a champion is - Answer The person who wants the customer to purchase the product All of the following are considered additional or secondary roles in the decision-making unit EXCEPT: - Answer Champion The best way to figure out the decision-making unit is to talk to your potential customers. - Answer True The primary economic buyer is: - Answer The decision maker who will sign off on spending money The persona for your product is also the pri...

Flamedisk: Founder - Answer Chad Sorenson -founded Sologear LLC with three partners Flamedisk: Key Introductory Points - Answer -company was self-funded by founders for the first 2.5 years -first retail account was Woodmans (regional grocery chain in Southeast Wisconsin) -most stores that they sold to were in Madison (initial test market for Flamedisk was Madison, Wisconsin) -debuted the product for the first time at a tent at BratFest in Madison Flamedisk Pros/Value Propositi...

An economic system in which individuals and businesses make the decisions about what to produce and what to buy, and the market determines how much is sold and at what prices is called a _________ economy. A. product B. producer's C. command D. market E. planned - Answer Market The market price of peaches is currently falling. In a free-market economy, the most likely explanation of this price change is that: A. the government has decided to set a lower price because sel...

All of the following are valid reasons that students (or any people) are interested in entrepreneurship EXCEPT: - Answer The person has an idea that can change the world, or at least some small part of it, in a positive way. The person wants to earn as much money as possible as quickly as possible. (ANSWER) The person has a passion, is comfortable developing skills, and might want to control his/her own destiny. The person has come up with a technological breakthrough and wants to ca...

endowment effect - Answer the finding that items gain in value to the person who owns them Trade off complexities - Answer Timing Certainty Ability to Quantify The Developer's Cures - Answer 1. Self-Selection: innovator != customer 2. Clash of Perspective 3. Curse of Knowledge Value Proposition - Answer the bundle of products and services that create value for a specific customer segment Total Addressable Market - Answer The total market if a company had a mono...

4 economic drivers for entrepreneurship - Answer 1. income effect - if you're earning a lot of money, you're less likely to become an entrepreneur 2. unemployment 3. personal wealth effect 4. parent's wealth effect necessity entrepreneurship - Answer coming up with an idea as a matter of survival/sustainability; i.e. there are no jobs, no schools, etc. opportunity entrepreneurship - Answer you see something that you want to change Pros of a Student Startup/Young Fou...

The Psychology of Gains and Losses - Answer -Individuals are sensitive to Gains and Loses: better at judging changes than absolute value(temp.) -Reference Points Matter: gains and losses are evaluated against current state/current state is different by individual/current state changes -decreasing marginal sensitivity: marginal impact is declining for both increases and decreases -aversion to losses hurt more than the same gain The Endowment Effect - Answer "People value items in t...

Customer is often made up of: - Answer Champion Primary Economic Buyer Influencers, Veto Power Primary and Secondary Influencers - Answer - Bell Cow Customer (Leader of the Consumers) - Lighthouse Customer Bose 901 Speaker Example - Answer -Viewed their market as one key individual (Critic) and ran an ad to change his mind about the product 5 ways to win referrals from influencers - Answer Build Referral Relationships Gather a Group of VIPs Target Professional Reviews ...

Entrepreneur traits - Answer - High Self Esteem - Motivated - Innovative/Creative - Optimistic Drivers to become an Entrepreneur - Answer - Current Low income - High Personal wealth - Unemployed - Experienced - Want to see change Pros of a Student Startup - Answer - stamina - nothing to lose - flexibility - colleagues - ignorance Cons of a Student Startup - Answer -less market knowledge -limited capital -less dedication since still a student Why innovations a...

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