Question 1

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) A business plan is more of an exercise while a business model is a formal structure. 
C) Business plan is another term for business model. 
D) A business model is a journey to gather evidence while a business plan is a formal document. 
A) The business model will not be possible without a business plan. 
B) A business plan is more of an exercise while a business model is a formal structure. 
C) Business plan is another term for business model. 
D) A business model is a journey to gather evidence while a business plan is a formal document.

Question 2

In creating their CVPs,both IKEA and FedEx first focused on the jobs that customers needed done before coming up with the solution.

Accepted Answer

A) True 
 B)False

Question 3

A ______ describes the rationale of how a new venture creates,delivers,and captures value.

Accepted Answer

A) business model 
B) business plan 
C) mission 
D) vision 
A) business model 
B) business plan 
C) mission 
D) vision

Question 4

The infrastructure of the business model does not include people--only technology and facilities.

Accepted Answer

A) True 
 B)False

Question 5

Define the market segment targeted by Facebook.Describe how that segment may or may not be the same as originally planned.

Accepted Answer

Originally,Facebook's target market incl

Question 6

Tata Motors succeeded in resolving the problem of access for its customers.

Accepted Answer

A) True 
 B)False

Question 7

For a business model's CVP to be effective,it must offer better value than the competition.

Accepted Answer

A) True 
 B)False

Question 8

Coke and Pepsi are examples of companies that address the mass market.

Accepted Answer

A) True 
 B)False

Question 9

Danielle will be offering a tool-sharpening service at her garden and landscaping store on the first Tuesday of every month.She believes that this fulfills a customer need and that customers will help spread the word about her location and services.On which BMC component is Danielle focusing?

Accepted Answer

A) value creation 
B) customer relationships 
C) market segmentation 
D) key activities 
A) value creation 
B) customer relationships 
C) market segmentation 
D) key activities

Question 10

For Justin Gold of Justin's nut butters,old food processors were part of the infrastructure that made his venture a success.

Accepted Answer

A) True 
 B)False

Question 11

In the business model canvas (BMC),what components are included in infrastructure?

Accepted Answer

A) organizational design,facilities,and key resources 
B) key assets,key resources,and channels 
C) key activities,key resources,key partners 
D) cost structure,channels,and key partners 
A) organizational design,facilities,and key resources 
B) key assets,key resources,and channels 
C) key activities,key resources,key partners 
D) cost structure,channels,and key partners

Question 12

The resonating-focus CVP is the "gold standard" because it considers your product or service from the perspective of the customer.

Accepted Answer

A) True 
 B)False

Question 13

Amazon serves a diversified market because it has multiple products and services that serve several unrelated groups of customers.

Accepted Answer

A) True 
 B)False

Question 14

The infrastructure generally includes ______.

Accepted Answer

A) all the resources that are needed to deliver the CVP 
B) only technological resources that are needed to deliver the CVP 
C) only financial resources that are needed to deliver the CVP 
D) only human resources that are needed to deliver the CVP 
A) all the resources that are needed to deliver the CVP 
B) only technological resources that are needed to deliver the CVP 
C) only financial resources that are needed to deliver the CVP 
D) only human resources that are needed to deliver the CVP

Question 15

In the business model canvas (BMC),what components are related to customers?

Accepted Answer

A) customer segments,channels,and customer relationships 
B) customer segments and value proposition 
C) customer segments and key activities 
D) customer segments and channels 
A) customer segments,channels,and customer relationships 
B) customer segments and value proposition 
C) customer segments and key activities 
D) customer segments and channels

Question 16

An entrepreneur's business model must be flexible in order to respond to new information.

Accepted Answer

A) True 
 B)False

Question 17

Andrew owns a popular but expensive Chinese restaurant.In order to introduce more people to his brand,he offers a series of one-time "taste fairs" in which he brings his recipes to a locally sponsored event.Customers are able to pay modest amounts for small servings of his creations while not paying for the ambiance of the famous restaurant.What problem is Andrew addressing?

Accepted Answer

A) customers' lack of time 
B) customers' lack of money 
C) customers' lack of skills 
D) customers' lack of networks 
A) customers' lack of time 
B) customers' lack of money 
C) customers' lack of skills 
D) customers' lack of networks

Question 18

Gift Prescriptions is a company that offers small gifts that can be left behind in doctors' offices.Gift Prescriptions sells their gifts to pharmaceutical companies and medical supply stores who want to leave doctors a small gift in appreciation for their time.Gift Prescriptions' market segment would be described as a ______ market.

Accepted Answer

A) mass 
B) niche 
C) segmented 
D) diversified 
A) mass 
B) niche 
C) segmented 
D) diversified

Question 19

Which of the following best defines the term mass market?

Accepted Answer

A) a generic group outside the target market 
B) a large crowd of nondiscriminating consumers 
C) a large group of customers with similar needs or problems 
D) a global market 
A) a generic group outside the target market 
B) a large crowd of nondiscriminating consumers 
C) a large group of customers with similar needs or problems 
D) a global market

Question 20

What is the left side of the BMC focused on?

Accepted Answer

A) value delivery 
B) value creation 
C) idea generation 
D) the value proposition 
A) value delivery 
B) value creation 
C) idea generation 
D) the value proposition

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

In creating their CVPs,both IKEA and FedEx first focused on the jobs that customers needed done before coming up with the solution.

A ______ describes the rationale of how a new venture creates,delivers,and captures value.

The infrastructure of the business model does not include people--only technology and facilities.

Define the market segment targeted by Facebook.Describe how that segment may or may not be the same as originally planned.

Tata Motors succeeded in resolving the problem of access for its customers.

For a business model's CVP to be effective,it must offer better value than the competition.

Coke and Pepsi are examples of companies that address the mass market.

Danielle will be offering a tool-sharpening service at her garden and landscaping store on the first Tuesday of every month.She believes that this fulfills a customer need and that customers will help spread the word about her location and services.On which BMC component is Danielle focusing?

For Justin Gold of Justin's nut butters,old food processors were part of the infrastructure that made his venture a success.

In the business model canvas (BMC),what components are included in infrastructure?

The resonating-focus CVP is the "gold standard" because it considers your product or service from the perspective of the customer.

Amazon serves a diversified market because it has multiple products and services that serve several unrelated groups of customers.

The infrastructure generally includes ______.

In the business model canvas (BMC),what components are related to customers?

An entrepreneur's business model must be flexible in order to respond to new information.

Which of the following best defines the term mass market?

What is the left side of the BMC focused on?

Practicing Entrepreneurship

Activating an Entrepreneurial Mindset

Creating and Recognizing New Opportunities

Using Design Thinking

Developing Your Customers

Testing and Experimenting With New Ideas

Developing Networks and Building Teams

Creating Revenue Models

Planning for Entrepreneurs

Anticipating Failure

Bootstrapping and Crowdfunding for Resources

Financing for Startups

Navigating Legal and Ip Issues

Engaging Customers Through Marketing

Supporting Social Entrepreneurship

Financial Statements and Projections for Startups

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Exam 5: Building Business Models

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

In creating their CVPs,both IKEA and FedEx first focused on the jobs that customers needed done before coming up with the solution.

A ______ describes the rationale of how a new venture creates,delivers,and captures value.

The infrastructure of the business model does not include people--only technology and facilities.

Define the market segment targeted by Facebook.Describe how that segment may or may not be the same as originally planned.

Tata Motors succeeded in resolving the problem of access for its customers.

For a business model's CVP to be effective,it must offer better value than the competition.

Coke and Pepsi are examples of companies that address the mass market.

Danielle will be offering a tool-sharpening service at her garden and landscaping store on the first Tuesday of every month.She believes that this fulfills a customer need and that customers will help spread the word about her location and services.On which BMC component is Danielle focusing?

For Justin Gold of Justin's nut butters,old food processors were part of the infrastructure that made his venture a success.

In the business model canvas (BMC),what components are included in infrastructure?

The resonating-focus CVP is the "gold standard" because it considers your product or service from the perspective of the customer.

Amazon serves a diversified market because it has multiple products and services that serve several unrelated groups of customers.

The infrastructure generally includes ______.

In the business model canvas (BMC),what components are related to customers?

An entrepreneur's business model must be flexible in order to respond to new information.

Which of the following best defines the term mass market?

What is the left side of the BMC focused on?

Practicing Entrepreneurship

Activating an Entrepreneurial Mindset

Creating and Recognizing New Opportunities

Using Design Thinking

Developing Your Customers

Testing and Experimenting With New Ideas

Developing Networks and Building Teams

Creating Revenue Models

Planning for Entrepreneurs

Anticipating Failure

Bootstrapping and Crowdfunding for Resources

Financing for Startups

Navigating Legal and Ip Issues

Engaging Customers Through Marketing

Supporting Social Entrepreneurship

Financial Statements and Projections for Startups

The Pitch Deck

Filters