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Business Management > 2 > Flashcards

2 Flashcards

1
Q

Simply everything and every step done in order to make the
architecture firm more successful.
Architecture firms of all sizes need a plan to develop new business so that they can sustain growth and stay competitive in the market.
Consistent business development efforts help maintain ansteady pipeline of projs, ensuring a continous flow of revenue

A

BUSINESS DEVELOPMENT

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2
Q

KEY ASPECTSINBUSINESS DEVELOPMENT

A

MARKET RESEARCH AND ANALYSIS
CLIENT RESEARCH MANAGEMENT
BRANDING AND MARKETING
PROPOSAL AND BID MANAGEMENT
PARTNERSHIPS AND COLLABORATIONS

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3
Q

Understanding the sectors, geographical areas and
client types that offer the most potential while keeping
up with industry trends and technological
advancements.

A

MARKET RESEARCH AND ANALYSIS

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4
Q

Building and maintaining strong relationships with
clients through regular communications and excellent
service

A

CLIENT RESEARCH MANAGEMENT

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5
Q

Creating a strong brand identity that communicates the
firm’s value proposition and using various tactics such
as social media to increase visibility and attract new
clients.

A

BRANDING ANDMARKETING

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6
Q

Responding to requests for proposals (RFPs)
and participating in bidding processes to
secure projects

A

PROPOSAL AND BID MANAGEMENT

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7
Q

Building relationships with other professionals such as
contractors, engineers and developers to
create collaborative opportunities

A

PARTNERSHIPS AND COLLABORATIONS

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8
Q

BUSINESS DEVELOPMENT COMPONENT

A

EXECUTIVE SUMMARY
BUSINESS DESCRIPTION
MARKET ANALYSIS ANDSTRATEGY
MARKETING AND SALES PLAN
MANAGEMENT AND ORGANIZATION DESCRIPTION
PRODUCTS AND SERVICES DESCRIPTION
COMPETITIVE ANALYSIS
OPERATING PLAN
FINANCIAL OPERATION AND NEEDS
EXHIBITS AND APPENDICES

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9
Q

Overview of the business plan as a whole and
highlights the products and services offered

A

EXECUTIVE SUMMARY

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10
Q

Description of the business, its goals, products,
services and target customer base.

A

BUSINESS DESCRIPTION

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11
Q

● Location of target market
● Needsof target market
● Demographics of target market
● Where your target market spends most of their
time.

A

MARKETANALYSIS ANDSTRATEGY

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12
Q

Includes how you plan to market your products and
services
● Marketing promotion strategies
● Pricing plans for your products and services
● Yourunique selling proposal

A

MARKETING ANDSALESPLAN

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13
Q

The company’s leader and human resources indicate
their qualifications and responsibilities.

A

MANAGEMENT AND
ORGANIZATION
DESCRIPTION

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14
Q

Further details the description of products and services
company offers written in the executive summary

A

PRODUCTSANDSERVICESDESCRIPTION

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15
Q

Detailed comparison with competitors which includes
strengths or weaknesses on the competition in the
marketplace.

A

COMPETITIVE ANALYSIS

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16
Q

Describes how the company will operate such as
shipping, logistics and patent for intellectual property.

A

OPERATING PLAN

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17
Q

Describes the sources and amount of funding.
Includes financial statements, analysis and cash flow
projection.

A

FINANCIAL OPERATION AND NEEDS

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18
Q

Extra information such as permits, legal documentation
and pictures of the final product.

A

EXHIBITS AND APPENDICES

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19
Q

BUSINESS DEVELOPMENT MISTAKES

A

NOT FOCUSING ON YOUR CLIENTS
FAILING TO IDENTIFY YOUR MOST PROFITABLE
CLIENTS
TALKING TOO MUCHLISTENING TOOLITTLE
CONFUSING BUSYNESS ANDPRODUCTIVITY
CONFUSING SALES WITH
BUSINESS DEVELOPMENT
FAILING TO PREPARE

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20
Q

Getting caught up in the day-to-day operations
and failing to keep your focus on clients and
customers

A

NOT FOCUSING ON YOUR CLIENTS

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21
Q

The 80/20 rule says that 80% of your business will
come from 20% of your clients.

A

FAILING TO IDENTIFY YOUR MOST PROFITABLE
CLIENTS

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22
Q

it’s important to remember that communication is a
two-way street, take the time to understand their needs
and wants.

A

TALKING TOO MUCHLISTENING TOOLITTLE

23
Q

Just because you’re busy doesn’t mean that you’re
being productive. To be truly productive, you need to
focus on activities that will create
value for your company.

A

CONFUSING BUSYNESS ANDPRODUCTIVITY

24
Q

Sales is about generating revenue and
Business Development is about creating long-term
value for the company

A

CONFUSING SALES WITH
BUSINESS DEVELOPMENT

25
Q

Business development is all about creating
opportunities and then capitalizing on them. But
if you’re not prepared,you won’t be able to take
advantage of those opportunities

A

FAILING TO PREPARE

26
Q

BUSINESS DEVELOPMENT STRATEGIES

A

MARKETPENETRATION
MARKETDEVELOPMENT
PRODUCTDEVELOPMENT

27
Q

Strategy of increasing your market
size either by selling current products to new
customers or selling new products to current
customers

A

MARKETPENETRATION

28
Q

Entering new market with existing products

A

MARKETDEVELOPMENT

29
Q

Creating new products or services to current or new
customers

A

PRODUCTDEVELOPMENT

30
Q

Adding new products or services that are different from
the existing products in your portfolio.

A

DIVERSIFICATION

31
Q

forming cooperative relationships with other
businesses that share common goals, interests,
values, or customers

A

STRATEGIC ALLIANCES

32
Q

Granting or obtaining the right to use your intellectual
property such as patents, trademarks designs or
know-how to or from another business for a fee or
royalty.

A

LICENSING

33
Q

Combining your business with

A

MERGER AND ACQUISITIONS

34
Q

ARCHITECTURE FIRM BUSINESS MODELS

A

EFFICIENCY BASED
EXPERTISE BASED
EXPERIENCED BASED

35
Q

● This model is for architecture offices that can
deliver projects faster
● frequently fo less
complex projects or take on similar projects to
those they have already completed.
● typically provide a
limited range of services or a standard scope
of work that is familiar and reproducible
● The goal is to adhere to standards while
delivering projects quickly and efficiently in a
highly predictable manner

A

EFFICIENCY BASED

36
Q

● This business model is for architects with
extensive knowledge of a specific project type.
● One example is the office of Frank Gehry, he
is sought after for his eye-catching design. He
also takes on cultural projects that require a
high level of expertise

A

EXPERTISE BASED

37
Q

● It is the most common model used by
architects who want their firms.
● practices strive to provide
clients with design services while solving
unique problems
● This type of firm can take on more complex
project types

A

EXPERIENCED BASED

38
Q

The business model of an architecture firm guides its
operations, marketing, and design approach. Choosing
the right model early on helps align the firm’s goals
with its long- term vision, attracting clients and
fostering sustainable growth

A

IMPORTANCE OF BUSINESS MODEL IN
ARCHITECTURE FIRM

39
Q

● Thecoreof your architect practice
● Whatsets your services apart

A

HOWTOCREATEABUSINESSMODEL
VALUE PROPOSITION

40
Q

● Whoareyourclients?
● Understanding your target clients will inform
many of your strategic choices

A

CUSTOMERSEGMENTS

41
Q

● Howwill you connect with your clients?
● Think about leveraging professional
networking sites.

A

CHANNELS

42
Q

● It is about how you engage with your clients
and ensure their satisfaction and loyalty.
● Personalized service, regular project updates,
and responsiveness to client needs are crucial

A

CUSTOMERRELATIONSHIPS

43
Q

● You’ll reflect on how your architect practice will
generate income.
● Beinnovative and think about what aligns with
your expertise and client interests

A

REVENUE STREAMS

44
Q

● These are critical tasks required to run your
practice
● Identify the activities that are essential to
delivering your value proposition

A

KEY ACTIVITIES

45
Q

● These are the assets vital to support your
value proposition

A

KEY RESOURCES

46
Q

● This might involve collaborations with
construction companies.

A

KEY PARTNERSHIPS

47
Q

● It is crucial to distinguish between fixed costs
● Running an architecture firm entails various
expenses

A

COST STRUCTURE

48
Q

● Howwill you connect with your clients?
● Think about leveraging professional
networking sites

A

CHANNELS

49
Q

The _____of an architecture firm defines its core
business, outlining its objectives and the strategies it
will use to achieve them.

A

MISSION

50
Q

The __________ is to highlight a
company’s core values and serve as a clear
declaration of its purpose. It helps both customers and
employees immediately understand what the business
is about and what makes it unique.

A

purpose of a mission statement

51
Q

The __ of an architecture firm outlines its long-term
aspirations and where it aims to be in the future. It
describes the firm’s broader goals, such as becoming
a leader in sustainable design, expanding into new
markets, or achieving
industry recognition for
innovation and excellence.

A

vision

52
Q

is a market assessment tool used
by businesses and entrepreneurs to understand how
their company compares to others in the same
industry or niche.

A

industry analysis

53
Q

COMPETITIVE FORCES MODEL

A
  1. Threat of New Entrants
  2. Bargaining Power of Buyers
  3. Bargaining Power of Suppliers
  4. Threat of Substitutes
  5. Rivalry among Existing Competitors
54
Q

IDENTIFYING THE FORCES

A
  1. Buyers
  2. Suppliers
  3. Substitutes
  4. NewEntrants
  5. Competition

Business Management (8 decks)

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