ch 5 Flashcards
what is a business model
help entrepreneurs understand what they are doing
what are the types of business model (4)
- innovation
- disruption
- differentiation
- imitation
what are the 4 parts of a business model
- offering
- customers
- infrastructure
- financial viability
business model: what is
identifies what you are offering to a particular custoemr segment
value: how much your product or service is worth to customers
the offereing
business model: what is
individuals or businesses willing to pay for what you are offering
custoemrs
business model: what is
inclusive of all the resoruces an entrepreneur must have to deliver the CVP
justin gold of the nut butters brand create a competitive advantage
infrastructure
business model: what is
defines the revenue and cost structures a business needs to meet its operating expenses
financial viability
what does cvp stand for
customer value proposition
what does customer value proposition include?
- value generate for the customer
3 qualities of an effective cvp
- better value than the competition
- measureable in monetary terms
- it must be sustainable
design thinking is a collaborative effort
4 problems from the Customer Value Propositon
lack of time: waiting time at a hospital
lack of money:
Lack of skills: get a job done
lack of access: prevents them from getting a job done
what is
combination of social and emotional skills to better understand circumstances, intentions, thoughts, feelings, and needs of others.
better understand the way people do things and the reasons why
empathy
what are the 5 phases of design thinking process
- empathise
- define
- ideate
- prototype
- test
what are the 2 types of design thinking
divergent: empathize, define, ideate phases
cognitive: prototype and test phases
what are the 5 customer segments
mass market: many customers
niche market: customers with specific needs
segmented market: customer in segment groups
diversified market: variety of services
Multisided markets: 2 or more customer segments
what does a business model do
knows how a customer intends to create, capture, and deliver value
business model was introduced in 2008
what are the 4 parts of the business model
- what the offering constitutes
- what customers relate
- what the infrastructure includes
- what financial viability means
9 components of a business model
- customer value proposition
- customer segments
- channels
- customer relationships
- key activities
- key resources
- key partners
- revenue streams
- cost structure
define a business model
describes the rationale of how a new venture creates, delivers, and captures value.
includes a network of activites and resources that interact to deliver value to customers
the lean canvas components
customer relationships
key activites
key resources
key partners,
key metrics
