Q2 - long test

Question 1

Is the promotion that explains what a product is and why it’s worth buying

Answer 1

Product description

Question 2

it is a duplication of a product as it will be produced, which may contain such details as color, graphics, packaging and directions.

Answer 2

prototyping

Question 3

An entity that offers goods and services to another business

Answer 3

supplier

Question 4

is a structure of organizations, people, activities, data, and resources involved in moving a product or service from supplier to customer.

Answer 4

supply chain

Question 5

is the network of all the individuals, organizations, resources, activities and technology involved in the creation and sale of a product.

Answer 5

supply chain

Question 6

is a method or activities by which a company adds value to an item, with production, marketing, and the provision of after-sales service.

Answer 6

value chain

Question 7

is a series of consecutive steps that go into the creation of a finished product, from its initial design to its arrival at a customer’s door.

Answer 7

value chain

Question 8

What are the 5 steps of activities?

Answer 8

inbound logistics
operations
outbound logistics
marketing and sales
service activities

Question 9

include receiving supplies or materials, warehousing or safekeeping and inventory control of these items.

Answer 9

inbound logistics

Question 10

include value-creating processes that transform inputs into products—these are the methods or processes of your business discussed in the previous section.

Answer 10

operations

Question 11

include activities required to get a finished product to a customer such as transportation and delivery.

Answer 11

outbound logistics

Question 12

are activities that are related to getting a buyer or customer to purchase a product or service.

Answer 12

marketing and sales

Question 13

include those that maintain and enhance a product’s value—giving customers more than what they paid for—such as after-sales customer support.

Answer 13

service activities

Question 14

It describes the reasons of how an organization creates, delivers, and captures value in economic, social, cultural or other contexts.

Answer 14

Business model

Question 15

Components in identifying the business model

Answer 15

1. customer
2. value proposition
3. distribution channel
4. key resources
5. key activities

Question 16

What are the business model?

Answer 16

1. Bricks and clicks model
2. direct selling
3. reselling
4. franchising

Question 17

They are the reason why you are creating your product or service?

Answer 17

Customers

Question 18

Is the reason why your customers buy your product or service over your competitors because of the benefit they receive from your product or service.

Answer 18

Value proposition

Question 19

This will identify the means of how your product or service will reach your customers.

Answer 19

distribution channel

Question 20

It is important to list down your key resources because these are the things you need to operate and run your business.

Examples are your raw materials, facilities, equipment, store location, employees.

Answer 20

key resources

Question 21

These are the important activities your business performs to achieve your value proposition

Answer 21

key activities

Question 22

This type of business maintain both on and offline.

Answer 22

Bricks and clicks model

Question 23

Most small or startup business follow this model as it is easy and cheap to implement, not to mention its effective result in reaching out to the intended market

Answer 23

Direct selling

Question 24

“resold”

Answer 24

reselling

Question 25

The practice of using another firm’s successful business model in exchange for a royalty or franchise fee.

Answer 25

franchising