Question 1

A strategic alliance is an entity created by two or more firms pooling a portion of their resources to create a separate, jointly-owned organization.

Accepted Answer

A) True 
 B)False  False

Question 2

Southwest Airlines is an example of a ________ disruptive business model.

Accepted Answer

A)  low-end 
B)  new-market 
C)  high-quality 
D)  new-product 
E)  new-channel 
A)  low-end 
B)  new-market 
C)  high-quality 
D)  new-product 
E)  new-channel A

Question 3

An entity created by two or more firms pooling a portion of their resources to create a separate, jointly-owned organization is called a ________.

Accepted Answer

A)  trade association 
B)  network 
C)  joint venture 
D)  consortia 
E)  strategic alliance 
A)  trade association 
B)  network 
C)  joint venture 
D)  consortia 
E)  strategic alliance C

Question 4

Cynthia Hamilton is launching a chain of smoothie restaurants. Among Cynthia's key partners will be firms that provide her the ingredients needed to make her smoothies. In the terminology of the Barringer/Ireland Business Model Template, these partners are called ________.

Accepted Answer

A)  dealers 
B)  suppliers 
C)  merchants 
D)  traders 
E)  brokers 
A)  dealers 
B)  suppliers 
C)  merchants 
D)  traders 
E)  brokers

Question 5

A business's mission or mission statement describes why it exists and what its business model is supposed to accomplish.

Accepted Answer

A) True 
 B)False

Question 6

Tyler Smith founded a firm that has a subscription-based business model. Although Tyler has averaged 600 new subscribers per month, she also loses 450 subscribers per month. The number of subscribers that Tyler loses each month is referred to as ________.

Accepted Answer

A)  erosion 
B)  churn 
C)  destruction 
D)  attrition 
E)  agitation 
A)  erosion 
B)  churn 
C)  destruction 
D)  attrition 
E)  agitation

Question 7

Which of the following statements about business models is incorrect?

Accepted Answer

A)  There are two general types of business models. 
B)  There is no perfect business model. 
C)  Most of the standard business models have been in place for some time. 
D)  A firm's business model is confined to its own boundaries. 
E)  Firms should guard themselves against thinking that one particular business model is a "home run" regardless of circumstances. 
A)  There are two general types of business models. 
B)  There is no perfect business model. 
C)  Most of the standard business models have been in place for some time. 
D)  A firm's business model is confined to its own boundaries. 
E)  Firms should guard themselves against thinking that one particular business model is a "home run" regardless of circumstances.

Question 8

The operations section of the Barringer/Ireland Business Model Template includes three sections: product (or service) production, channels, and key partners.

Accepted Answer

A) True 
 B)False

Question 9

In the terminology of the Barringer/Ireland Business Model Template, a key asset is a specific factor or capability that support a firm's business model and sets it apart from its rivals.

Accepted Answer

A) True 
 B)False

Question 10

Advertising, commissions, download fees, licensing, and product sale are examples of ________.

Accepted Answer

A)  revenue streams 
B)  basis of differentiation 
C)  key assets 
D)  channels 
E)  cost structure 
A)  revenue streams 
B)  basis of differentiation 
C)  key assets 
D)  channels 
E)  cost structure

Question 11

A firm's ________ describe(s) the ways in which it makes money.

Accepted Answer

A)  proceeds account 
B)  break-even analysis 
C)  revenue streams 
D)  cash flow 
E)  income statement 
A)  proceeds account 
B)  break-even analysis 
C)  revenue streams 
D)  cash flow 
E)  income statement

Question 12

Kaitlyn Harris is opening up a women's fashion boutique that will focus on professional women that are 18-30 years old. The age range of women that Kaitlyn plans to focus on is referred to as her ________ market.

Accepted Answer

A)  controlled 
B)  ambitious 
C)  identifiable 
D)  target 
E)  aspirational 
A)  controlled 
B)  ambitious 
C)  identifiable 
D)  target 
E)  aspirational

Question 13

A ________ is a firm's plan or recipe for how it creates, delivers, and captures value for its stakeholders.

Accepted Answer

A)  commercialization plan 
B)  business model 
C)  business plan 
D)  launch plan 
E)  tactical model 
A)  commercialization plan 
B)  business model 
C)  business plan 
D)  launch plan 
E)  tactical model

Question 14

A business's ________ describes why it exists and what its business model is supposed to accomplish.

Accepted Answer

A)  values statement 
B)  importance statement 
C)  differentiation statement 
D)  mission statement 
E)  significance statement 
A)  values statement 
B)  importance statement 
C)  differentiation statement 
D)  mission statement 
E)  significance statement

Question 15

Briefly describe the four main components of the Barringer/Ireland Business Model Template. Identify the subcomponents of each the four main components of a business model.

Accepted Answer

The four main components of a business m

Question 16

A company's channels describe how it delivers its product or service to its customers.

Accepted Answer

A) True 
 B)False

Question 17

There are two types of disruptive business models - ________ and ________.

Accepted Answer

A)  low-end; high-end 
B)  new-product; new-market 
C)  new-market; low-end 
D)  new-channel; high-quality 
E)  standard; unique 
A)  low-end; high-end 
B)  new-product; new-market 
C)  new-market; low-end 
D)  new-channel; high-quality 
E)  standard; unique

Question 18

What is the difference between standard business models and disruptive business models? Include examples of both in your answer.

Accepted Answer

Standard business models depict existing

Question 19

When competing the basis for differentiation portion of the Barringer/Ireland Business Model template, it is important to emphasize as many points of differentiation as possible.

Accepted Answer

A) True 
 B)False

Question 20

In the Barringer/Ireland Business Model Template, key assets can be ________.

Accepted Answer

A)  fixed, situational, variable, and permanent 
B)  tactical, strategic, fixed, and variable 
C)  tangible, intangible, variable, and fixed 
D)  temporary, permanent, fixed, and variable 
E)  physical, financial, intellectual, or human 
A)  fixed, situational, variable, and permanent 
B)  tactical, strategic, fixed, and variable 
C)  tangible, intangible, variable, and fixed 
D)  temporary, permanent, fixed, and variable 
E)  physical, financial, intellectual, or human

A strategic alliance is an entity created by two or more firms pooling a portion of their resources to create a separate, jointly-owned organization.

Southwest Airlines is an example of a ________ disruptive business model.

An entity created by two or more firms pooling a portion of their resources to create a separate, jointly-owned organization is called a ________.

Cynthia Hamilton is launching a chain of smoothie restaurants. Among Cynthia's key partners will be firms that provide her the ingredients needed to make her smoothies. In the terminology of the Barringer/Ireland Business Model Template, these partners are called ________.

A business's mission or mission statement describes why it exists and what its business model is supposed to accomplish.

Tyler Smith founded a firm that has a subscription-based business model. Although Tyler has averaged 600 new subscribers per month, she also loses 450 subscribers per month. The number of subscribers that Tyler loses each month is referred to as ________.

Which of the following statements about business models is incorrect?

The operations section of the Barringer/Ireland Business Model Template includes three sections: product (or service) production, channels, and key partners.

In the terminology of the Barringer/Ireland Business Model Template, a key asset is a specific factor or capability that support a firm's business model and sets it apart from its rivals.

Advertising, commissions, download fees, licensing, and product sale are examples of ________.

A firm's ________ describe(s) the ways in which it makes money.

Kaitlyn Harris is opening up a women's fashion boutique that will focus on professional women that are 18-30 years old. The age range of women that Kaitlyn plans to focus on is referred to as her ________ market.

A ________ is a firm's plan or recipe for how it creates, delivers, and captures value for its stakeholders.

A business's ________ describes why it exists and what its business model is supposed to accomplish.

Briefly describe the four main components of the Barringer/Ireland Business Model Template. Identify the subcomponents of each the four main components of a business model.

A company's channels describe how it delivers its product or service to its customers.

There are two types of disruptive business models - and .

What is the difference between standard business models and disruptive business models? Include examples of both in your answer.

When competing the basis for differentiation portion of the Barringer/Ireland Business Model template, it is important to emphasize as many points of differentiation as possible.

In the Barringer/Ireland Business Model Template, key assets can be ________.

Introduction to Entrepreneurship

Recognizing Opportunities and Generating Ideas

Feasibility Analysis

Industry and Competitor Analysis

Writing a Business Plan

Preparing the Proper Ethical and Legal Foundation

Assessing a New Venture's Financial Strength and Viability

Building a New-Venture Team

Getting Financing or Funding

Unique Marketing Issues

The Importance of Intellectual Property

Preparing for and Evaluating the Challenges of Growth

Strategies for Firm Growth

Franchising

Filters

Exam 4: Developing an Effective Business Model

A strategic alliance is an entity created by two or more firms pooling a portion of their resources to create a separate, jointly-owned organization.

Southwest Airlines is an example of a ________ disruptive business model.

An entity created by two or more firms pooling a portion of their resources to create a separate, jointly-owned organization is called a ________.

Cynthia Hamilton is launching a chain of smoothie restaurants. Among Cynthia's key partners will be firms that provide her the ingredients needed to make her smoothies. In the terminology of the Barringer/Ireland Business Model Template, these partners are called ________.

A business's mission or mission statement describes why it exists and what its business model is supposed to accomplish.

Tyler Smith founded a firm that has a subscription-based business model. Although Tyler has averaged 600 new subscribers per month, she also loses 450 subscribers per month. The number of subscribers that Tyler loses each month is referred to as ________.

Which of the following statements about business models is incorrect?

The operations section of the Barringer/Ireland Business Model Template includes three sections: product (or service) production, channels, and key partners.

In the terminology of the Barringer/Ireland Business Model Template, a key asset is a specific factor or capability that support a firm's business model and sets it apart from its rivals.

Advertising, commissions, download fees, licensing, and product sale are examples of ________.

A firm's ________ describe(s) the ways in which it makes money.

Kaitlyn Harris is opening up a women's fashion boutique that will focus on professional women that are 18-30 years old. The age range of women that Kaitlyn plans to focus on is referred to as her ________ market.

A ________ is a firm's plan or recipe for how it creates, delivers, and captures value for its stakeholders.

A business's ________ describes why it exists and what its business model is supposed to accomplish.

Briefly describe the four main components of the Barringer/Ireland Business Model Template. Identify the subcomponents of each the four main components of a business model.

A company's channels describe how it delivers its product or service to its customers.

There are two types of disruptive business models - ________ and ________.

What is the difference between standard business models and disruptive business models? Include examples of both in your answer.

When competing the basis for differentiation portion of the Barringer/Ireland Business Model template, it is important to emphasize as many points of differentiation as possible.

In the Barringer/Ireland Business Model Template, key assets can be ________.

Introduction to Entrepreneurship

Recognizing Opportunities and Generating Ideas

Feasibility Analysis

Industry and Competitor Analysis

Writing a Business Plan

Preparing the Proper Ethical and Legal Foundation

Assessing a New Venture's Financial Strength and Viability

Building a New-Venture Team

Getting Financing or Funding

Unique Marketing Issues

The Importance of Intellectual Property

Preparing for and Evaluating the Challenges of Growth

Strategies for Firm Growth

Franchising

Filters

There are two types of disruptive business models - and .