Question 1

Which of the following is necessary for an effective customer value proposition (CVP)?

Accepted Answer

A) It must be offered to a different group of customers than that addressed by competitors. 
B) It must offer better value than the competitors. 
C) The product must be lower in cost than the competitors. 
D) It must be offered to a very narrow group within the general market. 
A) It must be offered to a different group of customers than that addressed by competitors. 
B) It must offer better value than the competitors. 
C) The product must be lower in cost than the competitors. 
D) It must be offered to a very narrow group within the general market.

Question 2

What makes the company in the case study, VF, scalable?

Accepted Answer

A) a large number of engineers in Pakistan who can work on projects and large international market 
B) the profitability of the service 
C) a good, repeatable idea 
D) differentiation in manufacturing and large, defined market 
A) a large number of engineers in Pakistan who can work on projects and large international market 
B) the profitability of the service 
C) a good, repeatable idea 
D) differentiation in manufacturing and large, defined market

Question 3

Which of the following would be described when describing the infrastructure?

Accepted Answer

A) product 
B) suppliers 
C) technology 
D) all of these 
A) product 
B) suppliers 
C) technology 
D) all of these

Question 4

How is the section on financial viability more than a financial model?

Accepted Answer

A) It carries less detail. 
B) It carries more detail. 
C) It explains why customers give you money. 
D) It explains the size of the market. 
A) It carries less detail. 
B) It carries more detail. 
C) It explains why customers give you money. 
D) It explains the size of the market.

Question 5

Customers like to create handmade gifts for friends and family.Pat's store offers pre-formed ceramic products that can be easily colored in and painted.Pat then fires the ceramic pieces for a lifetime keepsake.What need is Pat addressing in her CVP?

Accepted Answer

A) a lack of time 
B) a lack of skill 
C) a lack of gift ideas 
D) a lack of money 
A) a lack of time 
B) a lack of skill 
C) a lack of gift ideas 
D) a lack of money

Question 6

General Motors advertised an "automobile for all ages." By this, what market was General Motors addressing?

Accepted Answer

A) a target market 
B) a niche market 
C) a mass market 
D) a diversified market 
A) a target market 
B) a niche market 
C) a mass market 
D) a diversified market

Question 7

The offering is also referred to as which of the following terms?

Accepted Answer

A) the investment 
B) the customer value proposition 
C) the product or service 
D) the return on investment 
A) the investment 
B) the customer value proposition 
C) the product or service 
D) the return on investment

Question 8

McCafe offered new products that were not part of traditional offerings.Sofa-type seating encourage a relaxing mood for people who wanted to sit and chat.By appealing to a nontraditional market (i.e., not families with children) what approach was McDonald's taking?

Accepted Answer

A) mass market 
B) diversification 
C) niche market 
D) modernization 
A) mass market 
B) diversification 
C) niche market 
D) modernization

Question 9

Select a shopping mall of your choosing.Define a CVP for at least two market segments.

Accepted Answer

Answers will vary but need to address ho

Question 10

Which of the following allowed Tata cars to be successful?

Accepted Answer

A) They removed the number one problem that people had in owning a car-cost. 
B) They built a smaller car. 
C) innovative technology 
D) low-cost relationship with vendors 
A) They removed the number one problem that people had in owning a car-cost. 
B) They built a smaller car. 
C) innovative technology 
D) low-cost relationship with vendors

Question 11

What is required to have a deep understanding of what the customer wants?

Accepted Answer

A) a clear understanding of what the customer is currently using 
B) a clear marketing plan that will inform the customers of the superiority of your product 
C) understanding the customers' goals 
D) understanding the competition 
A) a clear understanding of what the customer is currently using 
B) a clear marketing plan that will inform the customers of the superiority of your product 
C) understanding the customers' goals 
D) understanding the competition

Question 12

Danielle will be offering a free service on the first Tuesday of every month during which she will offer free tool sharpening.She assumes that this will be a need of customers who visit her garden and landscaping store and they will help spread the word about her location and services.Which of the following BMC elements is Danielle addressing?

Accepted Answer

A) value proposition 
B) customer relationships 
C) market segmentation 
D) customer loyalty plans 
A) value proposition 
B) customer relationships 
C) market segmentation 
D) customer loyalty plans

Question 13

Under the business model canvas (BMC), what components are related to infrastructure?

Accepted Answer

A) organizational design, facilities, key resources 
B) key assets, key resources, organization 
C) key activities, key resources, key partners 
D) computers, organization design, facilities 
A) organizational design, facilities, key resources 
B) key assets, key resources, organization 
C) key activities, key resources, key partners 
D) computers, organization design, facilities

Question 14

Within a business model, which of the following describes what is meant by a "customer"?

Accepted Answer

A) anyone who has purchased your product 
B) people who have purchased or intend to purchase your product 
C) the segments of the market your offering intends to serve 
D) anyone in the geographic reach of the business 
A) anyone who has purchased your product 
B) people who have purchased or intend to purchase your product 
C) the segments of the market your offering intends to serve 
D) anyone in the geographic reach of the business

Question 15

What unique market does the company in the case study, VF, serve?

Accepted Answer

A) entrepreneurs who need testable products 
B) small manufacturers 
C) people who need small batches of engineering product 
D) small business startups 
A) entrepreneurs who need testable products 
B) small manufacturers 
C) people who need small batches of engineering product 
D) small business startups

Question 16

Explain why a shopping center is an example of a multisided market.

Accepted Answer

A multisided market appeals to two marke

Question 17

Food Flight offers unique food options that are flown in from key cities.Customer can order smoked salmon from Alaska, shrimp creole from Louisiana, and Texas ribs from Dallas.What problem does Food Flight address?

Accepted Answer

A) lack of skill 
B) lack of money 
C) lack of access 
D) lack of time 
A) lack of skill 
B) lack of money 
C) lack of access 
D) lack of time

Question 18

Which of the following might be considered when determining your target market?

Accepted Answer

A) age 
B) gender 
C) profession 
D) all of these 
A) age 
B) gender 
C) profession 
D) all of these

Question 19

What is the relationship between the business plan and the business model?

Accepted Answer

A) The business model will not be possible without a business plan. 
B) The business model will support the business plan, explaining how to attain the plan's goals. 
C) They are the same thing. 
D) A business plan supports the business model, explaining how to attain the model's goals. 
A) The business model will not be possible without a business plan. 
B) The business model will support the business plan, explaining how to attain the plan's goals. 
C) They are the same thing. 
D) A business plan supports the business model, explaining how to attain the model's goals.

Question 20

Which of the following would be included when describing the infrastructure?

Accepted Answer

A) financial viability 
B) customers 
C) facilities 
D) the offering 
A) financial viability 
B) customers 
C) facilities 
D) the offering

Which of the following is necessary for an effective customer value proposition (CVP)?

What makes the company in the case study, VF, scalable?

Which of the following would be described when describing the infrastructure?

How is the section on financial viability more than a financial model?

Customers like to create handmade gifts for friends and family.Pat's store offers pre-formed ceramic products that can be easily colored in and painted.Pat then fires the ceramic pieces for a lifetime keepsake.What need is Pat addressing in her CVP?

General Motors advertised an "automobile for all ages." By this, what market was General Motors addressing?

The offering is also referred to as which of the following terms?

McCafe offered new products that were not part of traditional offerings.Sofa-type seating encourage a relaxing mood for people who wanted to sit and chat.By appealing to a nontraditional market (i.e., not families with children) what approach was McDonald's taking?

Select a shopping mall of your choosing.Define a CVP for at least two market segments.

Which of the following allowed Tata cars to be successful?

What is required to have a deep understanding of what the customer wants?

Under the business model canvas (BMC), what components are related to infrastructure?

Within a business model, which of the following describes what is meant by a "customer"?

What unique market does the company in the case study, VF, serve?

Explain why a shopping center is an example of a multisided market.

Food Flight offers unique food options that are flown in from key cities.Customer can order smoked salmon from Alaska, shrimp creole from Louisiana, and Texas ribs from Dallas.What problem does Food Flight address?

Which of the following might be considered when determining your target market?

What is the relationship between the business plan and the business model?

Which of the following would be included when describing the infrastructure?

Entrepreneurship: a Global Social Movement

Practicing Entrepreneurship

Developing an Entrepreneurial Mindset

Supporting Social Entrepreneurship

Generating New Ideas

Using Design Thinking

Testing and Experimenting in Markets

Planning for Entrepreneurs

Creating Revenue Models

Learning From Failure

Bootstrapping for Resources

Financing for Startups

Developing Networks

Navigating Legal and Ip Issues

Marketing and Pitching Your Idea

Financial Statements and Projections for Startups

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Exam 8: Building Business Models

Which of the following is necessary for an effective customer value proposition (CVP)?

What makes the company in the case study, VF, scalable?

Which of the following would be described when describing the infrastructure?

How is the section on financial viability more than a financial model?

Customers like to create handmade gifts for friends and family.Pat's store offers pre-formed ceramic products that can be easily colored in and painted.Pat then fires the ceramic pieces for a lifetime keepsake.What need is Pat addressing in her CVP?

General Motors advertised an "automobile for all ages." By this, what market was General Motors addressing?

The offering is also referred to as which of the following terms?

McCafe offered new products that were not part of traditional offerings.Sofa-type seating encourage a relaxing mood for people who wanted to sit and chat.By appealing to a nontraditional market (i.e., not families with children) what approach was McDonald's taking?

Select a shopping mall of your choosing.Define a CVP for at least two market segments.

Which of the following allowed Tata cars to be successful?

What is required to have a deep understanding of what the customer wants?

Under the business model canvas (BMC), what components are related to infrastructure?

Within a business model, which of the following describes what is meant by a "customer"?

What unique market does the company in the case study, VF, serve?

Explain why a shopping center is an example of a multisided market.

Food Flight offers unique food options that are flown in from key cities.Customer can order smoked salmon from Alaska, shrimp creole from Louisiana, and Texas ribs from Dallas.What problem does Food Flight address?

Which of the following might be considered when determining your target market?

What is the relationship between the business plan and the business model?

Which of the following would be included when describing the infrastructure?

Entrepreneurship: a Global Social Movement

Practicing Entrepreneurship

Developing an Entrepreneurial Mindset

Supporting Social Entrepreneurship

Generating New Ideas

Using Design Thinking

Testing and Experimenting in Markets

Planning for Entrepreneurs

Creating Revenue Models

Learning From Failure

Bootstrapping for Resources

Financing for Startups

Developing Networks

Navigating Legal and Ip Issues

Marketing and Pitching Your Idea

Financial Statements and Projections for Startups

the Pitch Deck

Filters