A startup has been offering a food delivery service, but they are struggling to attract and retain customers. What action should they consider to achieve Product-Market Fit?*1 pointExpand the service to more citiesImprove delivery speed and efficiencyContinue the current marketing strategyRefine the service based on customer feedback

Question 5An independent food truck vendor wants to grow its customer base. Which of the following is a specific business goal for this company? 1 pointWe want to increase our number of customers by 50% over the next 12 months. To do that, we will add two popular specials as standard menu items and introduce an efficient mobile payment kiosk. We want to increase the number of customers that we serve each year to increase our year-over-year revenue. To do that, we will sell more meals and make it easier for customers to pay. We want to increase our total number of customers this year. To do that, we will introduce more menu items and make it easier for customers to pay for their orders.We want to increase the number of meals we sell.

Which of the following actions is most appropriate for a business to take when competitors introducesimilar products to the marketplace:*1 pointA. Increase its prices to improve its imageB. Adjust its marketing strategiesC. Reduce its advertising effortsD. Focus on its working conditions

A startup is struggling to gain user interest for its new social networking platform, and user engagement remains low. What should the startup focus on to achieve Product-Market Fit?*1 pointScale the platform to attract more usersContinue promoting the platform through advertisingIteratively refine the platform based on user feedbackShift its focus to a different market

A startup believes it has achieved Product-Market Fit. What should be their next step according to Lean Startup principles?*1 pointScale the business rapidlyPivot to a new marketSeek external fundingValidate assumptions further

Required informationSkip to questionMcDonald’s Market Challenge You are about to read a short case discussing decreasing sales for the global fast food chain, McDonald’s. Two potential causes of the decrease in sales are discussed. Companies must understand and respond to changing markets in order to remain competitive. This includes effectively engaging in the functions of marketing, identifying the market segment to which the company wants to appeal, and creating a marketing mix that appeals to that market. Review the text material on customer-driven marketing, then read the following short case. When you have finished reading the case, answer the questions that follow. In recent years, McDonald’s has seen a consistent decline in sales in the US market. This decline is attributed to several causes. One potential cause for the slump is the complexity of the McDonald’s menu. In 1948, McDonald’s was able to boast fast service with only 9 menu items. In order to appeal to a wider market, McDonald’s menu has consistently expanded to include as many as 121 items. The expanded menu has made the operations within each store complex, slowing service. The problem is exasperated by competitive rivals, able to provide high quality and customizable dining options by focusing on specialized products, including Five Guys, Chipotle, and Starbucks 1. opens in a dialog The slump is also attributed to failing to respond to the preferences of the millennial generation. Millennials tend to be more health conscious than previous generations, preferring food options that are customizable, fresh, and healthy. Millennials also place high value on social responsibility, preferring meat from naturally raised animals and showing concern for employee well-being. McDonald’s reputation and food offerings appears to be unappealing to the millennial generation 2. opens in a dialog In response, McDonald’s created a “learning lab” at a restaurant in California to better understand customer needs and to experiment with customizable burgers 2. opens in a dialog McDonald’s creation of a “learning lab” is an example of which of the following functions of marketing?Multiple Choicemarket researchbuyingtransportingstoringgrading