Exam 5: Developing and Testing a Business Model

The distribution channel answers the question "How do you deliver the benefit to the customer?"

The strategy with which an entrepreneur seeks the white spaces where no one is playing and where opportunity is found at the intersection of value and cost is called the "_____" strategy.

Describe feasibility analysis.

What steps are involved in validating a business model?

Most su ccessful startups involve

The term _____ has been conceptualized as the activities or tasks that a business undertakes as an "analytical device for evaluation and action," or as a "blueprint" for running a business.

Imagine a college campus in the historic section of a town where there are only  few affordable restaurants for students. The campus has a large group of international students who don't have access to transportation facilities. You are a restaurant owner in the town looking to provide food delivery services to the campus. Write a value proposition and a compelling story for this scenario.

Which of the following is one of the three broad questions that feasibility analysis answers?

If an entrepreneur uses an intermediary to deliver a product or service, then that intermediary is the entrepreneur's _____ and the consumer is the _____.

In reality, a great deal of luck is more important than thought and effort before a company's products or services ever successfully reach the market.

Because all of the components of the business model are interrelated, a change in one component affects all the others to some degree.

What challenge do social networking sites like Snapchat and YouTube face with their business models? How do they go about finding a solution to this problem?

One of the most common types of partnerships is the _____ relationship, which is used to reduce costs or share facilities like manufacturing or warehousing.

According to Peter Drucker, what five questions form the basis for developing a business model?

The more information an entrepreneur acquires during the process of _____, the higher the chance that his or her predictions will be close to the mark, risk will be reduced, and uncertainty managed.

Feasibility analysis begins with

Which of the following factors is NOT included in t he macro environment?

Which of the following is an example of a fixed cost?

In the context of value proposition, which of the following is a feature of a product?

Depending on the type of business, which of the following forms can a cost structure take?