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Entrepreneurship AEM 3229 > BMG Canvas > Flashcards

BMG Canvas Flashcards

1
Q

What are the 9 building blocks to BMG canvas?

A
  1. Customer segments
  2. Value propositions
  3. Channels
  4. Customer relationships
  5. Revenue streams
  6. Key resources,
  7. Key activities
  8. Key partnerships
  9. Cost structure.
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2
Q

What are the different types of customer segments?

A

Mass market, niche market, segmented, diversified, multi-side platforms

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3
Q

Define customer segment

A

The different types of groups of people or organizations an enterprise aims to reach and serve

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4
Q

Mass market customer segment

A

A business model that focuses on a large group of customers with broadly similar needs and problems. Generally found in the consumer electronics sector.

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5
Q

Niche Market customer segment

A

A business model that caters to specific, specialized customer segments. The value proposition, distribution channels, and customer relationships are tailored to the specific requirements of a niche market.

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6
Q

Segmented customer segment

A

A business model that distinguishes between market segments with slightly different needs and problems.

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7
Q

Diversified customer segments

A

The business model accounts for serving two unrelated customer segments with very different needs and problems.

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8
Q

Multi-side platforms/markets

A

The business model accounts for serving two or more interdependent customer segments.

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9
Q

Value Proposition

A

The bundle of products and services that create value for specific customer segments

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10
Q

How does the value proposition create value for customer segments?

A

Through a distinct mix of elements catering to that segment’s needs. Values may be quantitative (e.g. price, or speed of service) or qualitative (e.g. design, customer experience)

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11
Q

What can contribute to customer value creation

A
  1. Newness
  2. Performance
  3. Customization
  4. Getting the Job Done
  5. Design, Brand Status
  6. Price, Cost Reduction
  7. Risk Reduction
  8. Accessibility
  9. Convenience/Usability
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12
Q

What are channels?

A

How companies communicate with and reach its customer segments to deliver a value proposition.

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13
Q

What functions do channels serve

A
  1. Raise awareness
  2. Help customers evaluate a company’s value proposition
  3. Allow customers to purchase specific products and services
  4. Deliver a value proposition to customers
  5. Providing post customer support
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14
Q

What are the five distinct phases of channels?

A
  1. Awareness
  2. Evaluation
  3. Purchase
  4. Delivery
  5. After sales`
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15
Q

What are some channel types?

A
  • Sales Force (direct/own)
  • Web sales (direct/own)
  • Own stores (indirect/own)
  • Partner stores (indirect/partner)
  • Wholesaler (indirect/partner)
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16
Q

What is the customer relationship building block?

A

It describes the types of relationships a company establishes with it customer segments

17
Q

What motivations may drive customer relationships?

A
  • customer acquisition
  • customer retention
  • boosting sales (upselling)
18
Q

What are some customer relationship types/categories?

A
  1. Personal assistance
  2. Self-service
  3. Dedicated personal assistance
  4. Automated services
  5. Communities
  6. Co-creation
19
Q

What are revenue streams?

A

The cash the company generates from each customer segment.

20
Q

What are 2 types of revenue streams?

A
  1. Transactions (from one-time customer payments)
  2. Reoccurring revenues resulting from ongoing payments to either deliver a value proposition or provide post-service customer support.
21
Q

What are ways to generate revenue?

A
  1. Asset sale (selling ownership rights of a product)
  2. Usage fee
  3. Subscription fee
  4. Lending, renting, leasing
  5. Licensing (give customer permission to use protected intellectual property)
  6. Brokerage Fees (derives from intermediation services)
  7. Advertising
22
Q

What are two pricing mechanisms?

A
  1. Fixed

2. Dynamic

23
Q

What is fixed “menu” pricing?

A

Predefined prices based on static variables

24
Q

What is dynamic pricing?

A

Prices change based on market conditions

25
Q

What are some fixed pricing options/types?

A
  1. List price
  2. Product feature dependent (price depends on # or quality of the value proposition)
  3. Customer segment dependent (depends of type or characteristic of customers)
  4. Volume dependent (price as a function of the quantity purchased)
26
Q

What are some dynamic pricing options/types?

A
  1. Negotiation
  2. Yield management (price depends on inventory or time of service)
  3. Real-time market
  4. Auctions
27
Q

Describe the key resources building block?

A

It contains the most important assets required to make a business model work.

28
Q

What can key resources be categorized into?

A
  1. Physical (facilities, vehicles, systems )
  2. Intellectual (brands, patents, proprietary knowledge)
  3. Human (experienced scientists, sales force)
  4. Financial (cash, lines of credit, stock)
29
Q

Describe the key activities building block?

A

The most important things a company must do to make its business model work.

30
Q

What can key activites be categorized into?

A
  1. Production (designing, creating, and delivering product)
  2. Problem-solving (solving individual customer problems i.e like hospitals or consultancies)
  3. Platform/network (networks, websites, software)
31
Q

What are key partnerships?

A

The network of suppliers and partners that make the business model work.

32
Q

What are four types of partnerships

A
  1. Strategic alliances between non-competitors
  2. Coopetition: partnerships between competitors
  3. Joint ventures to develop a new business
  4. Buyer-supplier relationships to assure reliable supplies
33
Q

What are three motivations for creating partnerships?

A
  1. Optimization and economies of scale
  2. Reduction of risk and uncertainty
  3. Acquisition of particular resources or activities
34
Q

The cost structure building block

A

Describes the most important costs incurred while operating under a certain business model.

35
Q

What are the two broad classes of business model cost structures?

A

Cost-driven and value-driven.

36
Q

What characteristics might cost structures have?

A
  • Fixed costs (salaries, rents, etc..)
  • variable costs (costs that vary due to the volume of goods and services produced)
  • economies of scale (cost advantages as output expands)
  • economies of scope (cost advantages due to a larger scope of operations)

Entrepreneurship AEM 3229 (1 decks)

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