Module 2 p2

Question 1

a product or service that creates a significant value for customers and offers a significant profit potential to the entrepreneur (J. Timmons).

Answer 1

Oppurtunity

Question 2

the different systems or building blocks of a business that fits together

Answer 2

Business model

Question 3

“identification and description of the strategies that managers can carry so as to achieve better performance and a competitive advantage for their organization.”

Answer 3

Business strategy

Question 4

Reflects choices a company makes about the kind of value it will create and how that value will be created differently than their rivals.

Answer 4

Strategic positioning

Question 5

to optimize supply and demand between the producers of certain goods and services and consumers.

Answer 5

Platform business model

Question 6

The value of a product or service is perceived differently by different customers, hence the strategy should define the value aimed to be provided and how will this be delivered to the customers.

Answer 6

Formulating strategy

Question 7

create communities and markets with network effects that allow users to interact and transact.

Answer 7

Platform

Question 8

as a business model “creates value by facilitating exchanges between two or more interdependent groups, usually consumers and producers (Alex Moazed).”

Answer 8

Platform business model