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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
Q

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

A

Strategical processes

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26
Q

Communication to the consumer regarding product information & offers through advertisement

A

Promotion

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27
Q

Allows smooth deliveries of goods & services leaving you with satisfied customers

A

Smooth process

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28
Q

Refers to the methods a company uses to engage with its customers & improve the customer experience

A

Customer relationships

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29
Q

Helps you connect with your customers on a much more personal level

A

Importance of customer relationships

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30
Q

________ ____________ are fundamental & playa very big role to the success of a business

A

Customer relationships

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31
Q

The key things that you need to do in order to deliver your value propositions to customers

A

Key activities

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32
Q

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

A

Cost

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33
Q

Are costs that remain relatively constant regardless of the level of production or sales

A

Fixed costs

34
Q

Costs fluctuate based on the level of production or sales

A

Variable costs

35
Q

Ongoing expenses essential for running the day -to-day operations

A

Operating costs

36
Q

Just incurred to acquire a new customer

A

Customer acquisition costs (CAC)

37
Q

Costs associated with delivering products or services to customers

A

Distribution costs

38
Q

Costs associated with providing customer support after the sale

A

After-sales support

39
Q

The ____ component of the Business Model Canvas provides a comprehensive view of the financial side of your business

A

Cost

40
Q

Leanest cost structure, low price value proposition, maximum automation, extensive outsourcing

A

Cost- driven

41
Q

Focused on value creation, premium value proposition

A

Value-driven

42
Q

The assets that you need to have in place for a sustainable business model

A

Key Resources

43
Q

The most important physical, human, intellectual, & financial assets your organization uses to make your business model successful & sustainable

A

Key resources

44
Q

Has physical, human, intellectual,& financial assets

A

Key resources

45
Q

Within the business model canvas, the ___ ________ are essential relationships that a company has with other entities like suppliers, manufacturers, or advisors

A

key partners

46
Q

What are the importance of key resources

A
  • access key resources
  • reduction of risk
  • deliver value to the customers
  • optimization & economy of scale
47
Q

When the customers segments?

A

Mass market, niche market, segmented, diversified, multi-sided markets

48
Q

Represents your unique solution ( product or service) for a problem faced by a customer segment, or that creates value for the customer segment

A

Value proposition

49
Q

Can be either quantitative (price & speed of service) or qualitative ( customer experience or design)

A

Value propositions

50
Q

If you are offering a new product, it should be __________ & __________

A

innovative, disruptive

51
Q

If you are offering a product that already exists in the market, it should _____ ___ with new features & attributes

A

stand out

52
Q

A method to market your product or service in a way that is different than other competitor’s marketing strategies

A

Unique selling proposition

53
Q

Clear point of difference that meets the needs. Make it even bigger

A

Winning zone

54
Q

Your competitor meets the consumer needs better than you do. You’ll be crushed.

A

Losing zone

55
Q

Competitive battle ground. Use emotion, innovative, superior execution

A

Risky

56
Q

Businesses must always ask these three questions when creating a value proposition

A

What is it? For whom? How is it useful?

57
Q

Simply a short, memorable phrase that companies use in their advertising campaigns

A

Slogan

58
Q

This block is to describe now your company will communicate with & reach out to your customers

A

Channels

59
Q

Play a role in raising awareness of your product or service among customers & delivering your value propositions to them

A

Channel

60
Q

Company website, social media sites, in-house sales, etc.

A

Owned channels or direct channels

61
Q

Partner-owned websites, wholesale distribution, retail, etc.

A

Partner channels or indirect channels

62
Q

How you will interact with them throughout their journey with your company

A

Customer relationship

63
Q

There are several types of customer relationships

A

Personal assistance, dedicated personal assistance, self-service, automated services, communities, co-creation

64
Q

You interact w/ the customer in person or by email, through phone call or other means

A

Personal assistance

65
Q

You assign a dedicated customer representative to an individual customer

A

Dedicated personal assistance

66
Q

Maintain no relationship w/ the customer, but provides what the customer needs to help themselves

A

Self-service

67
Q

This includes automated processes or machinery that helps customers perform services themselves

A

Automated services

68
Q

These include online communities where customers can help each other solve their own problems with regard to the product or service

A

Communities

69
Q

Here the company allows the customer to get involved in the designing or development of the product

A

Co-creation

70
Q

The sources from which a company generates money by selling their product or service to the customers

A

Revenue streams

71
Q

A revenue stream can belong to one of the following revenue models:

A

Transaction-based revenue, recurring revenue

72
Q
  • made from customers who make a one-time payment
A

Transaction-based revenue

73
Q

Made from ongoing payments for continuing services or post-sale services

A

Recurring revenue

74
Q

There are several ways you can generate revenue from:

A

Asset sales, usage fee, subscription fee, lending/ leasing/ renting, licensing, brokerage fees, advertising

75
Q

By selling the rights of ownership for a product to a buyer

A

Asset sales

76
Q

By charging the customer for the use of its product or service

A

Usage fee

77
Q

By charging the customer for using its product regularly & consistently

A

Subscription fee

78
Q

The customer pays to get exclusive lights I use an asset for a fixed period of time

A

Lending/leasing/ venting

79
Q

Customer pays to get permission to use the company’s intellectual property

A

Licensing

80
Q

Revenue generated by acting as an intermediary between two or more parties

A

Brokerage fees

81
Q

By charging the customer to advertise a product, service or brand using company platforms

A

Advertising

G12 - 1st Grading (4 decks)

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