Exam 3: Framing and Testing the Business Model

Which of the following is not one of the three steps process to build a MVP?

If you can enter the market and build your customer base before anyone else, you achieve ____________ in which it becomes harder and harder for competitors to get into the market and convince your customers to switch.

Data lock-ins inhibiting a move to a competitor can be found in which of the following?

Unfortunately, licensing and franchising are not valuable components of a business model.

Capturing data on customer requirements and using it to create unique services or products can be a powerful way of adding value and keeping out competitors.

A large corporation can license rights to a small company's _____________.

A_______________________ is the way a company applies knowledge to capture value.

Because a small company may not have the resources or time to gain a share of a new market before its products, services, or even business models have become obsolete, partnering with large companies may accelerate a small company's growth.

The _________ allows a franchisee to participate in building a business together with other franchisees, under the rules stipulated by the franchisor and under certain conditions spelled out in the agreement.

Due to the obvious benefits from partnerships between small innovative companies, such as larger corporations' resources, contacts, reputation, and other things, rarely do the relationships become tense as cultural issues become dominant.

___________ may prevent a licensee from just sitting on the rights and not trying to generate sales.

A(n) ____________ is a legal and commercial relationship between the owner of a trademark, service mark, trade name, or advertising symbol and an individual or group wishing to use that identification in a business.

_____________are the reasons the customer segment(s) will use your products or services instead of a competitor.

Small enterprises must be part of a supply chain, but large companies often undertake all the functions from start to finish that are required to deliver their end product.

__________ are those non-customer relationships necessary to execute the business model.

The four steps in the MVP process in order are: identify minimum product features; define the essential customer experience; illustrate product's ability to solve the problem; and measure the validity of this MVP version.

Interestingly, some companies base their business models entirely on licensing and have no intention of producing or selling any product.

Which is the best-known franchise organization?

Social networks are:

Limitations of franchise agreements include all of the following except: