Question 1

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

Question 2

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

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

Jenna Franklin is completing the portion of the Barringer/Ireland Business Model Template that describes the most important costs that will be incurred to support her business model. Jenna is completing the ________ structure box in the business model template.

Accepted Answer

A)  expense 
B)  outlay 
C)  payment 
D)  overhead 
E)  cost

Question 5

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

Question 6

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

Question 7

________ 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

Question 8

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

Question 9

In the terminology of the Barringer/Ireland Business Model Template, a firm's ________ structure describes the most important costs incurred to support its business model.

Accepted Answer

A)  expense 
B)  cost 
C)  budget 
D)  overhead 
E)  outflow

Question 10

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.

Question 11

Standard business models depict existing plans or recipes firms can use to determine how they will create, deliver, and capture value for their stakeholders.

Accepted Answer

A) True 
 B)False

Question 12

Nathan Green is starting a firm in the organic produce industry. Nathan has developed a statement-"Helping Make Your Life Better, Healthier, and Fuller"-that describes the reason his company exists and what his business model is supposed to accomplish. In the terminology used in the Barringer/Ireland Business Model Template, Nathan's statement is referred to as his ________ statement.

Accepted Answer

A)  values 
B)  uniqueness 
C)  differentiation 
D)  mission 
E)  task

Question 13

The Barringer/Ireland Business Model Canvas consists of ________ major category(ies) and ________ parts.

Accepted Answer

A)  1; 12 
B)  3; 9 
C)  6; 18 
D)  4; 12 
E)  2; 6

Question 14

The four major categories in the Barringer/Ireland Business Model Template are: core strategy, resources, financials, and operations.

Accepted Answer

A) True 
 B)False

Question 15

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

Accepted Answer

The answer of What is the difference between standard business...

Question 16

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

Question 17

Which of the following is NOT one of the four major categories in the Barringer/Ireland Business Model Template?

Accepted Answer

A)  Operations 
B)  Resources 
C)  Channels 
D)  Core Strategy 
E)  Financials

Question 18

When completing 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 19

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

Accepted Answer

A)  There is a standard business model that most firms follow. 
B)  A firm's business model is inherently dependent on the collection of resources it controls and the capabilities it possesses. 
C)  It is dangerous for a company to assume that it can be successful by simply copying the business model of another firm. 
D)  A firm's business model is its plan or diagram for how it competes. 
E)  It is often difficult to determine what another firm's business model is.

Question 20

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

Exam 4: Developing an Effective Business Model

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

There are two types of disruptive business models - and .

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

Jenna Franklin is completing the portion of the Barringer/Ireland Business Model Template that describes the most important costs that will be incurred to support her business model. Jenna is completing the ________ structure box in 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?

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.

________ 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.

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

In the terminology of the Barringer/Ireland Business Model Template, a firm's ________ structure describes the most important costs incurred to support its business model.

Which of the following statements about business models is incorrect?

Standard business models depict existing plans or recipes firms can use to determine how they will create, deliver, and capture value for their stakeholders.

The Barringer/Ireland Business Model Canvas consists of major category(ies) and parts.

The four major categories in the Barringer/Ireland Business Model Template are: core strategy, resources, financials, and operations.

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

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.

Which of the following is NOT one of the four major categories in the Barringer/Ireland Business Model Template?

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

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