EDA NM Rainforest University Center Seminar - Carrying Out Customer Discovery in a Virtual World

Complete this assessment to receive credit for viewing the October 14, 2020 New Mexico Rainforest EDA University Center Seminar, "Carrying Out Customer Discovery" by Susan Cornelius. Recordings and supplemental materials can be found at NMRainforest.com.

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I have already designed my device. I do not yet have a patent or trademarks but everyone says it is a brilliant idea. Now, my coach is asking me to do customer interviews to see who wants to buy it. I know my product works. We have already tested it in a laboratory. What are the reasons I have to do customer interviews? *

a. I have to tell the bank for my small business loan my plan for figuring out if anyone wants to buy my product.

b. I need to figure out if there are competitors for my product even though I think there is nothing like it out there.

c. I do not fully know if my product’s features are needed in the market.

d. Even though I know my product, most of what I am thinking is a “Field of Dreams” or assumptions. I do not know really if anyone will buy it and to be successful, I need to know.

e. All of the above

What is the purpose of the Business Model Canvas or BMC? *

a. It is a methodology for determining what I need to do to establish my business and once I get it done, I can proceed.

b. It is a methodology and process for guiding my thinking.

c. It is a methodology and process for guiding the thinking of my team. It will continuously be changed and improved.

d. It's just busy work

True or False. Product Innovation alone will not be enough to ensure our company’s continuing success. The Business Model Canvas helps us to systematically build on shared experience and based on data make creative decisions. It is a toolkit that will lead us to the most difficult of questions. *

True

False

To identify potential customers, partners, or channels to interview, we have to: *

a. Perform online research and identify companies to speak with.

b. First describe the behavior of our potential client, channels, partners, and determine if that matches the kind of customer we want.

c. None of the above.

d. A and B.

What does the term "pivot" mean in relation to product development and customer discovery? *

a. The more customer research that you do the more you will change your mind.

b. You may change the features of your product the more customer discovery you do. It is necessary to create a truly innovative product that people will buy.

c. To get more exercise with your dog.

d. Something that can happen at any stage of the navigation of your business, because you can pivot the market segments, the customer segment, or the product itself, etc.

e. Both b and d

A Value Proposition is defined as a 90 second statement that answers which of the following questions: *

a. What problem are we solving?

b. For whom? Customer segments?

c. What is the unique value prop we deliver to the customer (S)?

d. What bundles of products and services are we offering to each Customer Segment?

e. All of the above.

Write a brief value prop below for your business idea, product, or service. (for example. “For ____________ (target customer) who ___________ (statement of the need or opportunity) our (product/service name) is ____________ (product category) that (statement of benefit) ____________ .") *

A product story board has as its purpose to design a better product, a better user experience, and a better business model. It answers which of the following questions and statements? *

a. What is the problem we think we are solving?

b. What does the customer think the problem is?

c. What is our product and how does our product work?

d. How do we think our product alleviates the customers problem?

e. Who interacts with our product?

f. What does success look like from the customer perspective?

g. All of the above.

True or False. To make better decisions and move fast to identify those with whom you want to do Customer Interviews, zoom in on a specific person who you think would be most likely to buy or use your product. *

True

False

True or False. The most productive question to ask at the end of the interview is: “I am wondering if you have two additional potential customers or channels whom I can contact?” *

True

False

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