test 1

Question 1

important reasons to study an industry where a new venture will operate

Answer 1

represents external environment where bizz will operate

can entrepreneur make a worthwhile profit

Question 2

ROI cause and effect

Answer 2

will be small if industry has large forces working against it
larger if more benign forces enable higher returns

Question 3

value chain

Answer 3

all the companies that contribute to the development and distribution of products and services

Question 4

customer segmentation

Answer 4

providing the right benefits to the right customer

Question 5

types of competition

Answer 5

Direct, indirect or substitute, emerging or potential

Question 6

good competition

Answer 6

poor performance and unhappy customers

Question 7

bad competition

Answer 7

great performance, happy and loyal customers

Question 8

business model

Answer 8

activities or tasks a business undertakes

a blueprint for running a business

Question 9

value proposition

Answer 9

benefit that the customer derives from the product or service you’re offering; reason customer will purchase

Question 10

4 reasons why business models fail

Answer 10

flawed logic
limited strategic choices
imperfect value creation and capture assumptions incorrect assumptions about the value chain

Question 11

feasibility analysis

Answer 11

involves testing, evaluation, and validation of a proposed business model for a new venture

Question 12

target market

Answer 12

who is willing to pay money for your product and/or service

Question 13

rapid prototyping

Answer 13

class of technologies that can automatically construct physical models from computer aided design