Question 1

Which of the following is the proper sequence for when a firm should develop a business model?

Accepted Answer

A)  Preparation of the business model, initial validation of the business idea, opportunity recognition 
B)  Initial validation of the business idea, establishing a growth plan, preparation of the business model 
C)  Initial validation of the business idea, preparation of the business model, fleshing out the operational details of the firm 
D)  Opportunity recognition, fleshing out the operational details of the firm, preparation of the business model 
E)  Opportunity recognition, preparation of the business model, establishing a growth plan for the firm 
A)  Preparation of the business model, initial validation of the business idea, opportunity recognition 
B)  Initial validation of the business idea, establishing a growth plan, preparation of the business model 
C)  Initial validation of the business idea, preparation of the business model, fleshing out the operational details of the firm 
D)  Opportunity recognition, fleshing out the operational details of the firm, preparation of the business model 
E)  Opportunity recognition, preparation of the business model, establishing a growth plan for the firm

Question 2

The Resources section of the Barringer/Ireland Business Model Template consists of the ________ and ________ boxes.

Accepted Answer

A)  business mission; core competency 
B)  core competency; product/market scope 
C)  channels; key partners 
D)  core competency; key assets 
E)  revenue streams; key assets 
A)  business mission; core competency 
B)  core competency; product/market scope 
C)  channels; key partners 
D)  core competency; key assets 
E)  revenue streams; key assets

Question 3

Brandon Jones has crafted a business model for his firm that is based on an existing plan or template for how firms in his industry create, deliver and capture value for their shareholders. Brandon has crafted a ________ business model.

Accepted Answer

A)  standard 
B)  disruptive 
C)  customary 
D)  normal 
E)  temporary 
A)  standard 
B)  disruptive 
C)  customary 
D)  normal 
E)  temporary

Question 4

Her Campus Media, the focus of the opening feature of Chapter 4, features a vibrant online magazine, with feature articles targeted toward all aspects of college life and survival. According to the feature, Her Campus's business model focuses on connecting companies with college females. The key to making this work is ________.

Accepted Answer

A)  the strength of Her Campus Media's management team 
B)  the strength of Her Campus Media's brand 
C)  the quality of the online content that Her Campus Media produces 
D)  the functionality and vibrancy of the company's Web site 
E)  Her Campus's unparalleled access to college females 
A)  the strength of Her Campus Media's management team 
B)  the strength of Her Campus Media's brand 
C)  the quality of the online content that Her Campus Media produces 
D)  the functionality and vibrancy of the company's Web site 
E)  Her Campus's unparalleled access to college females

Question 5

Erin Hill is working on the box in the Barringer/Ireland Business Model Template that defines the products and markets on which her firm will concentrate. Erin is working on the ________ scope portion of the business model template.

Accepted Answer

A)  offering/market 
B)  offering/industry 
C)  business/market 
D)  business/industry 
E)  product/market 
A)  offering/market 
B)  offering/industry 
C)  business/market 
D)  business/industry 
E)  product/market

Question 6

Which of the following is not one of the four elements of the core strategy section of the Barringer/Ireland Business Model Template?

Accepted Answer

A)  Business mission 
B)  Key assets 
C)  Basis of differentiation 
D)  Target market 
E)  Product/market scope 
A)  Business mission 
B)  Key assets 
C)  Basis of differentiation 
D)  Target market 
E)  Product/market scope

Question 7

Which section of the Barringer/Ireland Business Model Template is the only section that describes how it makes money?

Accepted Answer

A)  Core strategy 
B)  Resources 
C)  Financials 
D)  Operations 
E)  Value proposition 
A)  Core strategy 
B)  Resources 
C)  Financials 
D)  Operations 
E)  Value proposition

Question 8

Core strategy describes what causes consumers to pick one company's products over another.

Accepted Answer

A) True 
 B)False

Question 9

Describe the Barringer/Ireland Business Model Template and discuss its purpose.

Accepted Answer

The Barringer/Ireland Business Model Tem

Question 10

What is a business model? Why is it important? Provide an example to illustrate your answer.

Accepted Answer

A business model is a firm's plan or rec

Question 11

In the Barringer/Ireland Business Model Template, ________ describes how the firm plans to compete relative to its competitors.

Accepted Answer

A)  strategic plan 
B)  grand strategy 
C)  tactical strategy 
D)  value proposition 
E)  core strategy 
A)  strategic plan 
B)  grand strategy 
C)  tactical strategy 
D)  value proposition 
E)  core strategy

Question 12

Google and its AdWords program is an example of a ________ disruptive business model.

Accepted Answer

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

Question 13

The first box in the Barringer/Ireland Business Model Template is ________.

Accepted Answer

A)  product/market scope 
B)  revenue streams 
C)  business mission 
D)  target market 
E)  channels 
A)  product/market scope 
B)  revenue streams 
C)  business mission 
D)  target market 
E)  channels

Question 14

________ business models are ones that do not fit the profile of standard business models, and are impactful enough that they disrupt or change the way business is conducted in an industry or an important niche within an industry.

Accepted Answer

A)  Disruptive 
B)  Normal 
C)  Unique 
D)  Incomparable 
E)  Exceptional 
A)  Disruptive 
B)  Normal 
C)  Unique 
D)  Incomparable 
E)  Exceptional

Question 15

What are core competencies? Provide an example of the core competencies that are utilized by an entrepreneurial firm.

Accepted Answer

A core competency is a specific factor o

Which of the following is the proper sequence for when a firm should develop a business model?

The Resources section of the Barringer/Ireland Business Model Template consists of the and boxes.

Brandon Jones has crafted a business model for his firm that is based on an existing plan or template for how firms in his industry create, deliver and capture value for their shareholders. Brandon has crafted a ________ business model.

Erin Hill is working on the box in the Barringer/Ireland Business Model Template that defines the products and markets on which her firm will concentrate. Erin is working on the ________ scope portion of the business model template.

Which of the following is not one of the four elements of the core strategy section of the Barringer/Ireland Business Model Template?

Which section of the Barringer/Ireland Business Model Template is the only section that describes how it makes money?

Core strategy describes what causes consumers to pick one company's products over another.

Describe the Barringer/Ireland Business Model Template and discuss its purpose.

What is a business model? Why is it important? Provide an example to illustrate your answer.

In the Barringer/Ireland Business Model Template, ________ describes how the firm plans to compete relative to its competitors.

Google and its AdWords program is an example of a ________ disruptive business model.

The first box in the Barringer/Ireland Business Model Template is ________.

________ business models are ones that do not fit the profile of standard business models, and are impactful enough that they disrupt or change the way business is conducted in an industry or an important niche within an industry.

What are core competencies? Provide an example of the core competencies that are utilized by an entrepreneurial firm.

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

Which of the following is the proper sequence for when a firm should develop a business model?

The Resources section of the Barringer/Ireland Business Model Template consists of the ________ and ________ boxes.

Brandon Jones has crafted a business model for his firm that is based on an existing plan or template for how firms in his industry create, deliver and capture value for their shareholders. Brandon has crafted a ________ business model.

Erin Hill is working on the box in the Barringer/Ireland Business Model Template that defines the products and markets on which her firm will concentrate. Erin is working on the ________ scope portion of the business model template.

Which of the following is not one of the four elements of the core strategy section of the Barringer/Ireland Business Model Template?

Which section of the Barringer/Ireland Business Model Template is the only section that describes how it makes money?

Core strategy describes what causes consumers to pick one company's products over another.

Describe the Barringer/Ireland Business Model Template and discuss its purpose.

What is a business model? Why is it important? Provide an example to illustrate your answer.

In the Barringer/Ireland Business Model Template, ________ describes how the firm plans to compete relative to its competitors.

Google and its AdWords program is an example of a ________ disruptive business model.

The first box in the Barringer/Ireland Business Model Template is ________.

________ business models are ones that do not fit the profile of standard business models, and are impactful enough that they disrupt or change the way business is conducted in an industry or an important niche within an industry.

What are core competencies? Provide an example of the core competencies that are utilized by an entrepreneurial firm.

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

The Resources section of the Barringer/Ireland Business Model Template consists of the and boxes.