Information Systems Study Set 2

Computing

Quiz 12 :

Rent the Runway: Entrepreneurs Expanding an Industry

Quiz 12 :

Rent the Runway: Entrepreneurs Expanding an Industry

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Several have wondered how big sharing firms can get. Airbnb has more beds than any hotel chain and Uber dwarfs any taxi or car service firm, but ZipCar never grew as large as major car rental firms. To get a sense of the size of the firm, Rent the Runway has had over 5.5 million women as customers of their service.
Free
True False
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True

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Customers who are on the fence about a choice can choose a second style as a backup for an additional fee.
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True

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Which of the following is not a reason why Rent the Runway appeals to designers?
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E

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The halo-effect from a positive experience renting a designer's more daring dresses may prompt a woman to purchase more frequently-worn staples like a little black cocktail dress, leather leggings, or accessories.
True False
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________________________ refers to the value of future cash flows discounted into today's dollars (it is discounted because a dollar today should be worth more in the future assuming inflation or the potential to earn money on the dollar if it is invested).
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Essay: How does the Rent the Runway model compare with firms like Uber and Spotify?
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Rent the Runway rentals are often only 25 percent of a dress's retail price.
True False
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Time Magazine has called Rent the Runway one of the country's 25 Best Websites
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Which of the following did not help create demand for Rent the Runway?
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The term ______________________ conveys the degree to which a product satisfies market demand. Successful efforts should be desired by customers, and scale into large, profitable businesses.
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Most e-commerce shoppers buy brands they are already familiar however, ____percent of Rent the Runway customers rent brands they've never bought before.
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The term __________________ refers to the rate at which consumers leave a product or service.
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Circle the equation that is true most firms with a profitable customer base:
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The term ________________________ refers to the current value of future profits that will accrue from acquired customers.
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The term ____________________ refers to when founders of a company alter their product offering, business model, or target market in hopes of crafting a more viable business.
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____________________ refers to the amount of money a firm spends to convince a customer to buy (or in the case of free products, try or use) a product or service.
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Determining product/market fit is often very expensive for entrepreneurs, since it amounts, essentially, to fully building out a firm's website and operational model.
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According to CEO, Jenn Hyman, Rent the Runway is a "fashion company with______________"
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Describe the experiments Rent the Runway's founders conducted to verify their idea even before building out their website and operations model.
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The term _______________________ is often used in entrepreneurship and new product development and refers to a bare-bones offering that allows entrepreneurs and product developers to collect customer feedback and to validate concepts and assumptions that underlie a business idea.
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