Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

BMA 101 > Module 2: Business Development and the Architecture Firm Business Models > Flashcards

Module 2: Business Development and the Architecture Firm Business Models Flashcards

You may prefer our related Brainscape-certified flashcards:
Physics 101 flashcards Psychology 101 flashcards Chemistry 101 flashcards Biology 101 flashcards Organic Chemistry 101 flashcards Sociology 101 flashcards
1
Q

This describes the rationale for how an organization creates, delivers, and capture value.

A

Business Model

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

This may refer only to an abstract concept that may exist in a leader’s mind.

A

Business Model

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

This improve communication among business executives because they provide a common perspective for the organization’s core business logic, thus helping executives “get on the same page”

A

Business Model

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

How can a Business Model help executives?

A

it helps them to “get on the same page”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

This provide clarity of thought using different point of view from the one provided by traditional strategic planning methods, and can foster a greater level of thinking required for innovation.

A

Business Model

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

True or false:
Business models cannot be represented in different ways.

A

False

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

True or False:
Having a common perspective, structure, and understanding of a business model allows for more effective business design but it does not enable the successful deployment of an organization’s target-state Enterprise Architecture.

A

False

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

True or False:
A successful architecture firm does not just create aesthetically pleasing buildings.

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

These seeks to ensure its clients receive the best service possible.

A

Key Partnerships

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

When it comes to Key Partnerships, this means offering a comprehensive range of services to clients in addition to design and construction, such as?

A
  1. Project Management
  2. Cost-management
  3. Feasibility Studies
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

When it comes to Key Partnerships, customers look for three things when selecting an architecture firm. What are dies three things?

A
  1. Aesthetic Taste
  2. Excellent Customer Service
  3. Comprehensive Solutions
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

True or False:
The goal of this firm is to not only attract customers with its comprehensive approach to architecture, but to make them its long-standing clients through excellent customer service.

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

An ____________ can be establish many important partnerships to ensure their success.

A

Architecture Firm

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What are the great ways to increase the firm’s clout and recognition in the industry?

A
  • “Networking” with Landscape and Interior Designers, contractors, property appraisers, engineers.
  • “Forming relationships” with local retailers and suppliers.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

This gives the firm an added level of stability, expertise, and recognition.

A

Establishing Alliances

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Creating and managing blueprints and other design documents

A

Key Activities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Facilitating communication between contractors, subcontractors, and the customer

A

Key Activities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Sourcing and ordering materials

A

Key Activities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Developing and maintaining relationships with local retailers and suppliers

A

Key Activities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Conducting feasibility studies and cost-management services

A

Key Activities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Working with local government and urban planning projects

A

Key Activities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Referrals and testimonials from existing and former customers to
demonstrate their reliability and quality of work.

A

Key Resources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Needed by architecture firms in order to successfully design and construct buildings.

A

Key Resources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

The architecture firm must build strong, mutually beneficial relationship to ensure that their current and future demands are met with quality, service and fulfilment.

A

Customer Relationships

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

The Architecture Firm will focus on multiple __________ to generate potential clients, as well as generate leads and promote its services.

A

Channels

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

This will provide customers with an online resource that displays the firm’s most impressive projects and awards.

A

Channels

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Social media presence on Instagram and Facebook: This presence will help create an online community that showcases current projects, provides updates on new projects, and motivates customers to reach out.

A

Channels

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Networking with contractors, engineers, interior designers, etc. in local industry-related events: This will allow the firm to build relationships with other

A

Channels

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

professionals in order to broaden its customer base and offer more options to its customer base.

A

Channels

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

The architecture firm serves three main types of customer segments:

A

-High net-worth individuals requiring luxury residential homes
-Business owners and entrepreneurs requiring commercial spaces
-Local governments and urban planning projects

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

High net-worth individuals requiring luxury residential homes

A

Customer Segments

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Business owners and entrepreneurs requiring commercial spaces

A

Customer Segments

33
Q

Local governments and urban planning projects

A

Customer Segments

34
Q

Ensuring that each customer segment receives adequate care and attention is critical for the firm to maintain its position in the industry.

A

Customer Segments

35
Q

employees of the architecture firm must be compensated for their work, including both regular salaries and benefits.

A

Cost Structure: Personnel salary costs

36
Q

the architecture firm may need to rent certain pieces of equipment or vehicles for job-specific tasks.

A

Cost Structure: Equipment and vehicle rental costs

37
Q

software used to design or review plans must be licensed from the developer.

A

Cost Structure: Design software costs

38
Q

rent and utilities must be paid for any office space the architecture firm utilizes.

A

Cost Structure: Office space costs

39
Q

any materials needed for the project such as lumber or tools must be purchased in addition to any subcontractors that are hired.

A

Cost Structure: Material and subcontractor costs

40
Q

Project fees

A

Revenue Streams

41
Q

Residential and commercial building design and construction fees

A

Revenue Streams

42
Q

Fees for cost-management, feasibility studies, and other services

A

Revenue Streams

43
Q

Loyalty program and referral fees

A

Revenue Streams

44
Q

three business models for architecture firms

A

efficiency-based
experience-based
expertise-based

45
Q

it will help you direct how you should manage marketing, staffing, and, ultimately, profitability

A

ARCHITECTURAL BUSINESS MODELS

46
Q

well-defined value propositions, innovative branding, differentiation strategies, and marketing in the success of their businesses.

A

ARCHITECTURAL BUSINESS MODELS

47
Q

This model is for architecture offices that can deliver projects faster or for less money than the firms you are competing with for work.

A

EFFICIENCY BASED

48
Q

This business model is for the architects who have a great depth of
knowledge about a specific project type or topic, or for those who have demonstrated exceptional design abilities.

A

EXPERTISE BASED

49
Q

developed a design and production process that is efficient and
streamlined and are constantly looking for ways to improve

A

EFFICIENCY BASED

50
Q

selected projects that are simple to execute and
allow for repetitive processes.

A

EFFICIENCY BASED

51
Q

These firms are the “starchitects” who have built a reputation based on their award-winning design abilities or consultant firms of specific technically challenging projects

A

EXPERTISE BASED

52
Q

probably the most common model that architects pursue when setting out to start their own firms

A

EXPERIENCED BASED

53
Q

often do less complex projects, or take on similar projects to those they have already completed.

A

EFFICIENCY BASED

54
Q

aim to provide design services to clients and solve unique and challenging problems. By relying on their past experience and expertise

A

EXPERIENCED BASED

55
Q

these firms tend to offer a limited range of services, or standard scope of work, that is familiar and repeatable

A

EFFICIENCY BASED

56
Q

keep the work hours to a minimum while still delivering quality documents

A

EFFICIENCY BASED

57
Q

The goal is to be efficient in every aspect of your practice.

A

EFFICIENCY BASED

58
Q

these firms can take on more complex project types and market
themselves as knowing what they are doing to address the needs of their clients.

A

EXPERIENCED BASED

59
Q

this business model is also potentially lucrative for sole practitioners or small partnerships who offer a unique skillset or base of knowledge

A

EXPERTISE BASED

60
Q

This model lends itself to having a large production staff working under a smaller group of experienced architects and partners.

A

EFFICIENCY BASED

61
Q

the staffing needs tend to be very top heavy, where the
principal or partners are in high-demand and thus need to work directly on the billable projects.

A

EXPERTISE BASED

62
Q

the principals are really engaged in the work itself, rather than being focused on managing the firm or finding new clients.

A

EXPERTISE BASED

63
Q

these project types they would design custom solutions based on the specific needs of the client, responding to site context and budget, and the technical requirements of the building’s program.

A

EXPERIENCED BASED

64
Q

developed a strong reputation as being able to successfully deliver
significant, complex, and technically challenging projects. At the same time, they utilized their reputation to expand into new markets and go after a variety of portfolio to acquire new work, often through the public RFP/Q process.

A

EXPERIENCED BASED

65
Q

rely on the reputations and past portfolio of you and your business partners.

A

EXPERIENCED BASED

66
Q

Design awards, publications, research, and their portfolio is
what sells their services and attracts new clients.

A

EXPERTISE BASED

67
Q

requires continual education to maintain your expertise and reputation in the field.

A

EXPERTISE BASED

68
Q

expresses your organization’s purpose, core values
and foundational aims.

A

mission statement

69
Q

expresses your organization’s aspirations, strategic goals and plans for the future.

A

vision statement

70
Q

encapsulates your business’s heart an concisely communicates its primary focus, brand identity and approach.

A

mission statement

71
Q

It serves as a general guide for your company.

A

mission statement

72
Q

It communicates where your business is going next and serves as an actionable map toward success.

A

vision statement

73
Q

Benefits of Mission Statements:

A

Attract and retain customers, employees, leaders, partners or stakeholders whose values align with yours.
 Provide a foundation guiding all business practices.
 Highlight your unique value proposition and set your brand apart from the competition.

74
Q

Benefits of Vision Statements

A

 Optimize company culture, motivate your team and enhance employee well-being.
 Assist with strategic planning, goal-setting and decision-making.
 Guide leadership through shifting contexts, ensuring your company stays on track and adheres to the business plan throughout any changes.
 Remind your customers, employees and partners why they should believe in your business.

75
Q

a marketing process that provides statistics
about the market potential of your business products and services

A

Industry Analysis

76
Q

This section of your plan needs to have specific information about the current state of the industry, and its target markets

A

Industry Analysis

77
Q

Step-By-Step Checklist Industry Analysis

A

-Identify your industry and provide a brief overview.
-Summarize the nature of the industry
-Provide a forecast for your industry.
-identify government regulations that affect the industry.
-Explain your unique position within the industry
-List potential limitations and risks.

78
Q

may contain reference materials such as spreadsheets, pie charts, and bar graphs in order to represent the data.

A

Industry Analysis

BMA 101 (2 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions