Exam 6: Developing an Effective Business Model

What is a strategic asset? Provide an example of a strategic asset that is utilized by an entrepreneurial firm.

Fulfillment and support describes:

________ is the process of adapting a firm's core competencies to exploit new opportunities.

In a business model context, the three components of a firm's partnership network are:

________ involves a firm's relationship with its suppliers and involves all the activities of receiving, storing, and shipping component parts to the place where they will be added to the final product.

The ________ is the string of activities that moves a product from the raw material stage, through manufacturing and distribution, and ultimately to the end user.

The What Went Wrong? feature in Chapter 6 focuses on iContact, a company that set out of build a mobile social network. iContact failed because:

Briefly describe the four main components of a business model. Identify the subcomponents of each the four main components of a business model.

A ________ is a group of organizations with similar needs that band together to create a new entity to address those needs.

In the WebHouse example included in Chapter 6, WebHouse failed because:

Jeff Mommer is starting an environmentally friendly lawn and garden service. One thing that Jeff has worked hard on is determining how his company will compete in the marketplace. This elements of Jeff's business model is referred to as:

In regard to business models, which of the following statements is incorrect?

A company's ________ defines the products and markets on which it will concentrate.

A resource chain is the network of all the companies that participate in the production of a product, from the acquisition of raw materials to the final sale.

The four components of a firm's business model are:

The network of companies that participate in the production of a product, from the acquisition of raw materials to the final sale, is referred to as the:

By studying a product's value chain, an organization can identify ways to create additional value and assess whether it has the means to do so.

Kendra Johnson is starting a firm in the shoe industry. Her shoes will be very high quality and will be priced at the top end of the market. Kendra has chosen the generic strategy referred to as:

A firm's business model resides within its own boundaries.

The four components of an effective business model include: core strategy, strategic resources, partnership network, and customer interface.