BUSINESS MODEL TECHNO

Question 1

DEFINE BUSINESS MODEL

Answer 1

a high-level plan for profitably
operating a business in a specific marketplace.

Question 2

A primary
component of the business model is the

Answer 2

VALUE PROPOSITION

Question 3

Successful businesses have business models that allow
them to _______________ at a competitive price and a
sustainable cost

Answer 3

fulfill client needs

Question 4

ENUMERATE THE 10 COMPONENTS OF A BUSINESS MODEL

Answer 4

• A High Level Vision
• • Key Objectives
• • Customer Targets and Challenges
• • Solutions
• • Value
• • Pricing
• • Messaging
• • Go-to-Market
• • Growth Opportunity
• • Required Investment
    *

Question 5

The first component of your business model is a basic
description of your strategy.

Answer 5

HIGH LEVEL VISION

Question 6

Your ______can be as short
as a few sentences long and can ultimately be part of
your company’s mission statement.

Answer 6

VISION

Question 7

Determine what your top quantifiable goals are and
how you plan to evaluate them. Your objectives can
relate to your yearly sales revenue, operating costs,
marketing strategies or staffing decisions (WHAT COMPONENT)

Answer 7

KEY VISION / OBJECTIVES

Question 8

It is important to identify the types of customers who
would be interested in your organization’s products or
services. This component also includes creating a list of
challenges your target customers may face while
consuming your company’s offerings

Answer 8

CUSTOMER TARGETS AND CHALLENGES

Question 9

(component) Refers to the central aspects of your solutions that
make them unique.

Answer 9

VALUE

Question 10

______ can also include treating
your business’s employees and customers with respect by
paying attention to their needs and concerns

Answer 10

VALUE

Question 11

Every business must establish a ___________l for its
products or services.

Answer 11

Pricing model

Question 12

Your ________must be clear and powerful in
order to attract attention and convince customers
that your business’s products or services are worth
purchasing

Answer 12

MESSAGE

Question 13

A __________ involves choosing the
channels you want to use to promote and sell
your products or services. These vehicles can
include social media platforms, mobile app stores
and paid search

Answer 13

go-to-market strategy

Question 14

Common examples of opportunities for growth include
____ AND ____ with other companies and
partnerships with ______ for charity
campaigns.

Answer 14

mergers and acquisitions
nonprofit organizations

Question 15

What is the benefit of mergers and acquisitions with other companies

Answer 15

IMPROVE BUSINESS EFFICIENCY

Question 16

What is the benefit of partnerships with nonprofit orgs?

Answer 16

IMPROVED BRAND REPUTATION

Question 17

An ______is the resources (products or services) you need
to use your solutions and how much they cost

Answer 17

investment

Question 18

Much like the
price-setting process, it’s always important to make
investment-related decisions carefully to ____________

Answer 18

avoid costly losses.

Question 19

It’s important to follow all the components of a
business model because they provide you with a ______
to making your company profitable while also
____________________________.

Answer 19

guide
creating value for your customers

Question 20

A common mistake many companies make when they create their
business models is to ________________________until
it becomes profitable

Answer 20

underestimate the costs of funding the business

Question 21

____________to the introduction of a product is
not enough.

Answer 21

Counting costs

Question 22

A company has to keep the business running until
____________________

Answer 22

its revenues exceed its expenses

Question 23

ENUMERATE ALL THE 12 TYPES OF BUSINESS MODELS

Answer 23

• • Freemium
• • Subscription
• • Pay-As-You-Go
• • Ad-based
• • Transactional
• • Direct-To-Consumer
• • Marketplace
• • Razor and Blade
• • Private Label
• • Franchise
• • Dropshipping
• • Affiliate

Question 24

a type of
business model that offers basic features of a product or service to users
at no cost and charges a premium for supplemental or advanced
features.

Answer 24

freemium business model

Question 25

In a freemium model, Attract customers by _________________

Answer 25

introducing them to basic, limited-scope product

Question 26

One in which customers pay a small price to access a product or service and then continue to pay on a regular basis for ongoing access

Answer 26

SUBSCRIPTION BUSINESS MODEL

Question 27

* Instead of charging a fixed fee, some companies may implement a _______________________ where the amount charged depends on how much of the product or service was used.

Answer 27

pay-as-you-go business model

Question 28

The company may charge a fixed fee for offering the service in addition to an amount that changes each month based on what was consumed (bm)

Answer 28

pay-as-you-go business model

Question 29

___________________________offer free services in exchange for ad view

Answer 29

advertising business models

Question 30

Typically look like eCommerce websites and brick-andmortar stores. Customers buy specific items or services for a one-time cost, whether that’s an ebook or an electric drill (BM)

Answer 30

TRANSACTIONAL BUSINESS MODELS

Question 31

_________________________eliminate the middleman and sell directly to the customer. This eliminates the cost and profit sharing of being on marketplaces like Amazon, eBay, or physical stores like Walmart and Target

Answer 31

DIRECT TO CONSUMER BUSINESS MODEL

Question 32

_________________________business model operates as a platform to connect sellers and buyers.

Answer 32

marketplace

Question 33

____________Sell an entry-level item at a low price (or loss) but profit from add-ons and refills bm

Answer 33

Razor and Blade Business Model

Question 34

Also known as white-label business models create products or services through a third-party provider but sell them under the brand’s name.

Answer 34

PRIVATE LABEL BUSINESS MODEL

Question 35

Operate using the trademarked branding and products of the parent franchising company (bm)

Answer 35

FRANCHISE BUSINESS MODEL

Question 36

They’re simple to startup and operate because most of the marketing material and products have been created, and you likely already have loyal customers to the brand

Answer 36

FRANCHISE BUSINESS MODEL

Question 37

Simply a plan describing how a business intends to make money. It explains who your customer base is and how you deliver value to them and the related details of financing.

Answer 37

BUSINESS MODEL CANVAS

Question 38

WHAT DOES BUSINESS MODEL CANVAS ENABLE YOU TO DO?

Answer 38

Lets you define these different components on a single page.