SECTION 3:6 TEST

1. According to Jeff Bezos, how can entrepreneurs increase their inventiveness?
A) By relying on instinct alone
B) By doubling the number of experiments they do each year
C) By avoiding risks and sticking to proven methods
D) By focusing on short-term gains only

2. What is the first step in data-driven decision-making?
A) Relying on intuition rather than data
B) Collecting data that is relevant to business goals
C) Ignoring data and focusing on immediate results
D) Implementing decisions before gathering any information

3. How did Airbnb co-founder Brian Chesky use data to grow the business?
A) By ignoring user data and focusing on marketing
B) By analyzing customer interactions with the platform to improve usability
C) By relying solely on competitor data
D) By avoiding customer feedback and focusing on expansion

4. How can entrepreneurs use A/B testing in data-driven decision-making?
A) To determine the success of new marketing strategies, product features, or pricing changes
B) To eliminate the need for data analysis
C) To avoid experimenting with new ideas
D) To increase profits without making any changes

5. How does Netflix use predictive analytics in its business model?
A) To forecast customer churn rates
B) To recommend content to users and keep them engaged
C) To determine pricing strategies only
D) To avoid analyzing customer behavior

Answers:

1. B) By doubling the number of experiments they do each year
2. B) Collecting data that is relevant to business goals
3. B) By analyzing customer interactions with the platform to improve usability
4. A) To determine the success of new marketing strategies, product features, or pricing changes
5. B) To recommend content to users and keep them engaged