1.
Question 1
You are managing product development for a company and have decided to use Steve Blank's Four Steps to organize your exploration of a new idea. What's the last thing you will focus on during the product development timeline?

1 point

Focus on improving the product and customer experience and making it more efficient for feasibility and viability of the product.


Set up a company or division with interlocking interdisciplinary teams to start developing a potential product.


Focus on keeping an open mind, doing generative discovery with real subjects in their natural environment, watching what is on their A-list, and identifying what they care about most.


Focus on testing a set of structured assumptions about customers and products.

2.
Question 2
You are trying to develop a new product and have just completed Customer Creation. Where should you focus next?
1 point

Develop an MVP (Minimum Viable Product) to test and validate a set of structured assumptions about customers and our product, and conclude whether there is a product/market fit. 


This is an inflection point: either pivot or persevere.


Customer Discovery: focus on keeping an open mind, doing generative discovery with real subjects in their natural environment, watching what is on their A-list, and identifying what they care about most.


Set up an interdisciplinary team and scale the organization.

3.
Question 3
You're discussing human resource input and staffing for your new product with your boss and a few colleagues. What's your recommendation for staffing with minimum waste through Steve Blank's Four Steps framework? 
1 point

During Customer Validation, a full functional organization should be involved.


In the Customer Creation phase, a full functional organization, rather than a customer development team, is mostly likely to be the best fit.


During Customer Validation, it's a good idea to utilize Partners and Channels in the existing business.


During Customer Creation, a customer development team, rather than the full functional organization, is best.

4.
Question 4
You are managing product development for a consumer goods company and are trying to introduce a new automatic air freshener spray.  You want to learn as much as possible about how users interact with your product idea. Which of the following MVPs would best help you get that kind of answer?
1 point

A virtual house online that simulates customers' spray habit - users can zoom in or out, have a 360-degree view of the house, and click to "spray" at any corner of the "house". The spots that are sprayed are recorded for analysis.


Going to customers' home and hand spraying the air freshener so that the product development team can observe how customers interact with the product.


The product development team mass produces the automatic sprays (end product) and the sales and marketing team starts promotion by offering customers free samples to use.


To offer a customer discounts and see if she is willing to deposit and wait for the new product to be launched in the market.

5.
Question 5
As PM for a software company, you have developed a new accounting software that has a strong product/market fit with its core functionality. Now you want to test a few possible ideas for product extensions. What is the best way to validate your core assumptions before actually investing in programming and developing?
1 point

Develop an interactive prototype you can test with users.


Attending finance and accounting conferences to display demos of the possible new functionality.


Providing users a beta testing version of the software package that the product development team can observe the customer using.


Develop a content strategy, testing focal blog posts and/or webinars on the topics you're considering. Measure relative attendance and get a sense of what people think from questions and comments.  

6.
Question 6
Your company is considering launching a new eco-friendly product to keep ants out of homes. The product development team brainstorms problem scenarios, alternatives, and Value Propositions. Which of the following proposals by your team would you agree with?
1 point

The problem scenario (jobs they can do for the customers) might be: It doesn't keep out pests with chemical soap, which can harm pets.


The problem scenario (jobs they can do for the customers) might be: Keep ants out of homes.


The problem scenario (jobs they can do for the customers) might be: It's hard to kill ants when they come marching in. 


The problem scenario (jobs they can do for the customers) might be: Make sure to use spray to keep out pests.

7.
Question 7
You are managing product development for a financial services company. You have narrowed down your ideas and are currently at the "Fledgling Business" (H2) stage of your innovation pipeline. Which of the following expectations or timeframe should you set for your project at this stage?
1 point

1 to 3 years is a typical timeframe at the H2 stage.


You can plan 6 to 12 months to complete the H2 stage.


You can innovate on BOTH new technology AND a new business model at the H2 stage.


You can budget 3 to 4 months for your project to complete the H2 stage.

8.
Question 8
You are managing product development for a pharmaceutical company. You just started looking for some ideas of or inspiration for Zika treatment in Florida and potentially in South America. If you are currently not in those areas and you have limited resources to either send out your own team there or fly potential customers in, what approach would you use to understand the daily life of local residents and look for potential treatment?
1 point

Reverse hackathon


Training your team members and interviewing the residents in the field


Partnership with local startups to run pilot projects and get answers to your questions


Studying the disruption catalysts in the healthcare sector

9.
Question 9
As PM for a new hand cream product, you have identified and validated product/market fit and have reached the point of bringing business to scaling and thinking about profitability and optimization, i.e. you are ready to move from H3 to H2. You decide to use the Business Model Canvas to outline your business plan and hand it in for management review. What might be a good first step to outline your ideas for the business?
1 point

Develop an online sales MVP to test and validate a set of structured assumptions about customers and our product.


Customer Discovery: focus on keeping an open mind, interviewing with people of different professions, watching what is on their A-list, and identifying what they care about most.


List the Customer Segments, such as factory and office workers, and to every segment link the corresponding Value Propositions on the Canvas.


Try to keep a lean team - a customer development team, rather than the full functional organization, is sufficient for scaling product/market fit and tuning feasibility and viability for business.

10.
Question 10
As PM for a cosmetics company, you are using the Business Model Canvas to outline your business proposal to the management of your company. You have listed Customer Segments and Value Propositions. Now you want to proceed with Customer Relationships and Channels to add more depth to your explanation. Which of the following content would be a valid channel?
1 point

Dedicated personal service for large accounts (e.g. Sephora)


Promotion via Google Adwords, sales on corporate website, and service via a call center


Teens in small markets


Ease irritation and allergic reaction on the skin