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G12 - 1st Grading > Entrepreneurship > Flashcards

Entrepreneurship Flashcards

1
Q

Activities you need to do to make your business model work.

A

Key activities

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2
Q

Should focus on fulfilling its value proposition, reaching installer, segments & maintaining customer relationships, & generating revenue

A

Key activities

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3
Q

What are three categories of key activities

A

Production, problem-solving, platform/ network

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4
Q

Designing manufacturing & delivering a product in significant quantities/ or of superior quality

A

Production

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5
Q

Finding new solutions to individual problems faced by customers

A

Problem-solving

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6
Q

Creating & maintaining platforms. For example, Microsoft provides a reliable operating system to support third-party software products

A

Platform/network

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7
Q

Where you list down which key resources on the main inputs you need to carry out your key activities in order to create your value proposition

A

Key resources

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8
Q

Four types of key resources

A

Human (employees), financial (crash, lines of credit, etc.), intellectual (brand, patents, IP, copyright), physical (equipment, inventory buildings)

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9
Q

External companies or suppliers that will help you carry out your key activities. These partnerships are forged in order to reduce risks & acquire resources

A

Key partners

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10
Q

Types of partnerships

A

Strategic alliance, competition, joint ventures, buyer-supplier relationships

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11
Q

Partnership between non-competitors

A

Strategic alliance

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12
Q

Strategic partnership between competitors

A

coopetition

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13
Q

Partners developing a new business

A

Joint ventures

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14
Q

Ensure reliable supplies

A

Buyer-supplier relationships

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15
Q

focus on evaluating the cost of creating and delivering your value propositions, creating revenue streams, and maintaining customer relationships.

A

Cost structure

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16
Q

Focuses on minimizing costs whenever possible

A

Cost-driven

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17
Q

Focuses on providing maximum value to the customer

A

Value-driven

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18
Q
  • The value we deliver to the customer
  • an innovation, service, or feature intended to make a company or product attractive to customers.
A
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19
Q

a particular means by which a company or individual generates revenue on an ongoing basis. What value our customers are willing to pay

A
  • Asset sales
  • usage fee
  • subscription fee
  • lending/leasing/renting
  • licensing
  • brokerage fees
  • advertising
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20
Q

The people, organizations, & activities that make goods & services available for use by consumers

A

Marketing channel

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21
Q

Describes the method by which a customer moves from the producer to the consumer.

A

Channel

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22
Q

By the word itself, channel serves as a bridge to those a variables, what are those two?

A

Direct & indirect distribution channel

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23
Q

The manufacturer sells directly to the customer

A

Direct distribution channel

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24
Q

Involve multiple intermediaries before the product ends up in the hands of the consumer

A

Indirect distribution channel

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25
To get important market information as they learn the demands, price, & competition that drives y our business forming _________ _________ for your business to stand out even more
Strategical processes
26
Communication to the consumer regarding product information & offers through advertisement
Promotion
27
Allows smooth deliveries of goods & services leaving you with satisfied customers
Smooth process
28
Refers to the methods a company uses to engage with its customers & improve the customer experience
Customer relationships
29
Helps you connect with your customers on a much more personal level
Importance of customer relationships
30
________ ____________ are fundamental & playa very big role to the success of a business
Customer relationships
31
The key things that you need to do in order to deliver your value propositions to customers
Key activities
32
Various expenses & costs associated with running a business. This component is an essential part of understanding the financial aspects of your business model & how it generates profits
Cost
33
Are costs that remain relatively constant regardless of the level of production or sales
Fixed costs
34
Costs fluctuate based on the level of production or sales
Variable costs
35
Ongoing expenses essential for running the day -to-day operations
Operating costs
36
Just incurred to acquire a new customer
Customer acquisition costs (CAC)
37
Costs associated with delivering products or services to customers
Distribution costs
38
Costs associated with providing customer support after the sale
After-sales support
39
The ____ component of the Business Model Canvas provides a comprehensive view of the financial side of your business
Cost
40
Leanest cost structure, low price value proposition, maximum automation, extensive outsourcing
Cost- driven
41
Focused on value creation, premium value proposition
Value-driven
42
The assets that you need to have in place for a sustainable business model
Key Resources
43
The most important physical, human, intellectual, & financial assets your organization uses to make your business model successful & sustainable
Key resources
44
Has physical, human, intellectual,& financial assets
Key resources
45
Within the business model canvas, the ___ ________ are essential relationships that a company has with other entities like suppliers, manufacturers, or advisors
key partners
46
What are the importance of key resources
- access key resources - reduction of risk - deliver value to the customers - optimization & economy of scale
47
When the customers segments?
Mass market, niche market, segmented, diversified, multi-sided markets
48
Represents your unique solution ( product or service) for a problem faced by a customer segment, or that creates value for the customer segment
Value proposition
49
Can be either quantitative (price & speed of service) or qualitative ( customer experience or design)
Value propositions
50
If you are offering a new product, it should be __________ & __________
innovative, disruptive
51
If you are offering a product that already exists in the market, it should _____ ___ with new features & attributes
stand out
52
A method to market your product or service in a way that is different than other competitor's marketing strategies
Unique selling proposition
53
Clear point of difference that meets the needs. Make it even bigger
Winning zone
54
Your competitor meets the consumer needs better than you do. You’ll be crushed.
Losing zone
55
Competitive battle ground. Use emotion, innovative, superior execution
Risky
56
Businesses must always ask these three questions when creating a value proposition
What is it? For whom? How is it useful?
57
Simply a short, memorable phrase that companies use in their advertising campaigns
Slogan
58
This block is to describe now your company will communicate with & reach out to your customers
Channels
59
Play a role in raising awareness of your product or service among customers & delivering your value propositions to them
Channel
60
Company website, social media sites, in-house sales, etc.
Owned channels or direct channels
61
Partner-owned websites, wholesale distribution, retail, etc.
Partner channels or indirect channels
62
How you will interact with them throughout their journey with your company
Customer relationship
63
There are several types of customer relationships
Personal assistance, dedicated personal assistance, self-service, automated services, communities, co-creation
64
You interact w/ the customer in person or by email, through phone call or other means
Personal assistance
65
You assign a dedicated customer representative to an individual customer
Dedicated personal assistance
66
Maintain no relationship w/ the customer, but provides what the customer needs to help themselves
Self-service
67
This includes automated processes or machinery that helps customers perform services themselves
Automated services
68
These include online communities where customers can help each other solve their own problems with regard to the product or service
Communities
69
Here the company allows the customer to get involved in the designing or development of the product
Co-creation
70
The sources from which a company generates money by selling their product or service to the customers
Revenue streams
71
A revenue stream can belong to one of the following revenue models:
Transaction-based revenue, recurring revenue
72
- made from customers who make a one-time payment
Transaction-based revenue
73
Made from ongoing payments for continuing services or post-sale services
Recurring revenue
74
There are several ways you can generate revenue from:
Asset sales, usage fee, subscription fee, lending/ leasing/ renting, licensing, brokerage fees, advertising
75
By selling the rights of ownership for a product to a buyer
Asset sales
76
By charging the customer for the use of its product or service
Usage fee
77
By charging the customer for using its product regularly & consistently
Subscription fee
78
The customer pays to get exclusive lights I use an asset for a fixed period of time
Lending/leasing/ venting
79
Customer pays to get permission to use the company's intellectual property
Licensing
80
Revenue generated by acting as an intermediary between two or more parties
Brokerage fees
81
By charging the customer to advertise a product, service or brand using company platforms
Advertising

G12 - 1st Grading (4 decks)

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