Chapter 5 practice questions Flashcards
A ______ is a large group of customers with very similar needs and problems
Mass Market
A business model has four core areas; ______ is the part of the business model that defines the revenue and cost structures.
Financial Viability
A business model has four core areas; ______ is the part of the business model that identifies the value your business offers to customers.
The offering
In considering your target market, a ______ describes two or more customer segments that are linked but independent of each other.
Multisided marketing
The approach to value proposition creation that focuses on your product or service relative to the competition, recognizing your offering as unique is called the ______ approach.
points-of-difference
A ______ is a conceptual framework that describes how a new venture creates, delivers, and captures value.
Business model
Which of the following is true about business models:
A) It is easier for established companies to make quick, efficient changes to their business models because they have better access to the necessary resources.
B) Established businesses do not need to make changes to their business models, because the fact that they are established suggests their model is appropriate.
C) A business model includes a network of activities and resources to create a sustainable and scalable business that delivers value to target customers.
D) Startups should not define a business model until they have established a customer base.
C)
In the business model canvas, the customers’ part relates to which of these components?
channels
A ______ market is a small market segment comprising customers with specific needs and requirements.
niche
In the business model canvas, the infrastructure includes which of these elements?
Choose one
A) value proposition
B) cost structure
C) channels
D) key partners
C) Channels
Typically, customers face at least one of four problems that prevent them from getting a job done; entrepreneurial opportunities that deliver a previously unaffordable product or service address customer ______.
lack of money
The ______ is the most important part of your business model. As an element of the offering, it describes exactly what products or services your business offers and sells to customers.
Customer value proposition
A business model has four core areas; ______ is the part of the business model that includes all the segments of your market that your product or service is geared toward.
The customers
Typically, customers face at least one of four problems that prevent them from getting a job done; people who don’t have the knowledge or ability to complete a task are experiencing ______.
lack of skill
The ______ approach to value proposition, also known as the product-market fit approach, is an approach where you clearly describe why customers will really like your product and focus on what customers need and value.
resonating focus
