Question 1

BlackBerry,which gained significant market share in the early 2000s in the business,government,and consumer markets,lost market share because ______.

Accepted Answer

A) demand for smartphones declined 
B) competitors offered smartphones with better designs and more features 
C) competitors lowered prices to undercut BlackBerry 
D) its advertising was not focused on new customers 
A) demand for smartphones declined 
B) competitors offered smartphones with better designs and more features 
C) competitors lowered prices to undercut BlackBerry 
D) its advertising was not focused on new customers B

Question 2

Which of the following is most likely to have a diversified market?

Accepted Answer

A) a hardware store that sells to contractors and nonprofessionals 
B) a dollar store that promotes its low prices 
C) a pet store that offers both supplies and small animals 
D) a retail shop that sells goods aimed at expectant mothers and babies 
A) a hardware store that sells to contractors and nonprofessionals 
B) a dollar store that promotes its low prices 
C) a pet store that offers both supplies and small animals 
D) a retail shop that sells goods aimed at expectant mothers and babies A

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 A

Question 4

In the business model canvas,the offering is comprised of customer relationships and channels.

Accepted Answer

A) True 
 B)False

Question 5

Genetic testing services like 23andMe offer DNA analysis based on a saliva sample submitted by mail.Based on the discussion in the text,what need is 23andMe addressing in their CVP?

Accepted Answer

A) a lack of benefits 
B) a lack of skill 
C) a lack of access 
D) a lack of money 
A) a lack of benefits 
B) a lack of skill 
C) a lack of access 
D) a lack of money

Question 6

MOOCs disrupted higher education by creating free online courses.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following offers a variety of products to two or more customer segments with different needs,even if the resulting markets are unrelated to one another?

Accepted Answer

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

Question 8

What is the right 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

Question 9

How do business models help entrepreneurs create value?

Accepted Answer

A) by fulfilling unmet needs in an existing market 
B) by ensuring profits will be made 
C) by guaranteeing the stock will be valued 
D) by providing an interview template for new customers 
A) by fulfilling unmet needs in an existing market 
B) by ensuring profits will be made 
C) by guaranteeing the stock will be valued 
D) by providing an interview template for new customers

Question 10

Imagine that you want to start a venture that specializes in designing and installing solar lighting systems.You'll begin with a brick-and-mortar salesroom and showroom and also have a retail website.You'll focus,initially,on residential lighting.Now imagine the infrastructure portion of your company's business model canvas.Identify the key activities and which of them could be,potentially,outsourced.Then,identify possible key resources.Finally,identify who the key partners might be.

Accepted Answer

Answers will vary.Key activities (the mo

Question 11

The all-benefits approach produces a stronger CVP than points-of-difference because it focuses on the product or service relative to the competition and recognizes that the offering is unique and different.

Accepted Answer

A) True 
 B)False

Question 12

To develop a good CVP,products must not only fulfill a need but also ______.

Accepted Answer

A) have a technological component 
B) fit into customers' lifestyles 
C) fill a large market 
D) appeal to affluent customers 
A) have a technological component 
B) fit into customers' lifestyles 
C) fill a large market 
D) appeal to affluent customers

Question 13

Within a business model,customers refer to ______.

Accepted Answer

A) people who express loyalty to your brand 
B) people who have purchased your product or service 
C) the people who populate the segments of the market your offering intends to serve 
D) the people in the geographic reach of the business 
A) people who express loyalty to your brand 
B) people who have purchased your product or service 
C) the people who populate the segments of the market your offering intends to serve 
D) the people in the geographic reach of the business

Question 14

When determining your revenue streams,which of the following questions is among those you should ask yourself?

Accepted Answer

A) How do I establish and maintain relationships with customers? 
B) How much are my customers willing to pay? 
C) What are the most important costs inherent in the business model? 
D) What resources are the most expensive to get? 
A) How do I establish and maintain relationships with customers? 
B) How much are my customers willing to pay? 
C) What are the most important costs inherent in the business model? 
D) What resources are the most expensive to get?

Question 15

Given that startups can be flexible in their business model,what general guide should they follow?

Accepted Answer

A) Existing models should not be changed. 
B) Existing models should be replaced frequently. 
C) Existing models should be prepared to adjust as markets change. 
D) Existing models require annual updating. 
A) Existing models should not be changed. 
B) Existing models should be replaced frequently. 
C) Existing models should be prepared to adjust as markets change. 
D) Existing models require annual updating.

Question 16

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 17

What are the four major categories of problems customers typically experience?

Accepted Answer

A) lack of access,lack of support,lack of money,lack of friends 
B) lack of money,lack of contacts,lack of interest,lack of time 
C) lack of skill,lack of knowledge,lack of support,lack of money 
D) lack of time,lack of money,lack of skill,lack of access 
A) lack of access,lack of support,lack of money,lack of friends 
B) lack of money,lack of contacts,lack of interest,lack of time 
C) lack of skill,lack of knowledge,lack of support,lack of money 
D) lack of time,lack of money,lack of skill,lack of access

Question 18

The first step in creating your CVP is ______.

Accepted Answer

A) persuading customers to purchase your product or service 
B) persuading customers to sign up for your marketing emails 
C) discovering your customers' contact information 
D) uncovering what your customer really needs 
A) persuading customers to purchase your product or service 
B) persuading customers to sign up for your marketing emails 
C) discovering your customers' contact information 
D) uncovering what your customer really needs

Question 19

Infrastructure is made up of only the products and suppliers entrepreneurs must have to deliver CVP.

Accepted Answer

A) True 
 B)False

Question 20

Explain the differences among the following customer segment types: niche market,segmented market,diversified market,and multisided market.

Accepted Answer

A niche market is a small market segment

BlackBerry,which gained significant market share in the early 2000s in the business,government,and consumer markets,lost market share because ______.

Which of the following is most likely to have a diversified market?

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

In the business model canvas,the offering is comprised of customer relationships and channels.

Genetic testing services like 23andMe offer DNA analysis based on a saliva sample submitted by mail.Based on the discussion in the text,what need is 23andMe addressing in their CVP?

MOOCs disrupted higher education by creating free online courses.

Which of the following offers a variety of products to two or more customer segments with different needs,even if the resulting markets are unrelated to one another?

What is the right side of the BMC focused on?

How do business models help entrepreneurs create value?

The all-benefits approach produces a stronger CVP than points-of-difference because it focuses on the product or service relative to the competition and recognizes that the offering is unique and different.

To develop a good CVP,products must not only fulfill a need but also ______.

Within a business model,customers refer to ______.

When determining your revenue streams,which of the following questions is among those you should ask yourself?

Given that startups can be flexible in their business model,what general guide should they follow?

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

What are the four major categories of problems customers typically experience?

The first step in creating your CVP is ______.

Infrastructure is made up of only the products and suppliers entrepreneurs must have to deliver CVP.

Explain the differences among the following customer segment types: niche market,segmented market,diversified market,and multisided market.

Practicing Entrepreneurship

Activating an Entrepreneurial Mindset

Creating and Recognizing New Opportunities

Using Design Thinking

Developing Your Customers

Testing and Experimenting With New Ideas

Supplement A: Financial Statements and Projections for Startups

Developing Networks and Building Teams

Supplement B: the Pitch Deck

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

Filters

Exam 5: Building Business Models

BlackBerry,which gained significant market share in the early 2000s in the business,government,and consumer markets,lost market share because ______.

Which of the following is most likely to have a diversified market?

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

In the business model canvas,the offering is comprised of customer relationships and channels.

Genetic testing services like 23andMe offer DNA analysis based on a saliva sample submitted by mail.Based on the discussion in the text,what need is 23andMe addressing in their CVP?

MOOCs disrupted higher education by creating free online courses.

Which of the following offers a variety of products to two or more customer segments with different needs,even if the resulting markets are unrelated to one another?

What is the right side of the BMC focused on?

How do business models help entrepreneurs create value?

The all-benefits approach produces a stronger CVP than points-of-difference because it focuses on the product or service relative to the competition and recognizes that the offering is unique and different.

To develop a good CVP,products must not only fulfill a need but also ______.

Within a business model,customers refer to ______.

When determining your revenue streams,which of the following questions is among those you should ask yourself?

Given that startups can be flexible in their business model,what general guide should they follow?

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

What are the four major categories of problems customers typically experience?

The first step in creating your CVP is ______.

Infrastructure is made up of only the products and suppliers entrepreneurs must have to deliver CVP.

Explain the differences among the following customer segment types: niche market,segmented market,diversified market,and multisided market.

Practicing Entrepreneurship

Activating an Entrepreneurial Mindset

Creating and Recognizing New Opportunities

Using Design Thinking

Developing Your Customers

Testing and Experimenting With New Ideas

Supplement A: Financial Statements and Projections for Startups

Developing Networks and Building Teams

Supplement B: the Pitch Deck

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

Filters