MGMT 5300 Exam 2 || with A+ Guaranteed Solutions.
Business Model correct answers another way of assessing how some type of problem in the
marketplace can be solved
business model simple definition correct answers the way a company applies knowledge to
capture value
The business model canvas (osterwalder model) correct answers left side - everything that relates
to your business
left side - everything that relates to the customer
9 components of business model canvas correct answers 1. customer segments
2. value proposition
3. channels
4. customer relationships
5. revenue systems
6. key resources
7. key activities
8. key partnerships
9. cost structure
customer segments correct answers Different groups of ppl or orgs your business is trying to
reach
Ex. Ikea - parents of kids under 9
value proposition correct answers the reasons the customer segments will use your product or
service instead of those of a competitor.
Ex. McDonalds - lowest cost hamburgers
Channels correct answers the means you communicate with your customer segments to deliver
your value proposition
Ex. FaceBook - stand alone online platform
customer relationships correct answers how you interact with and are perceived by your
customer segments
Example - Robinhood - get, keep, grow
revenue streams correct answers source of income that you generate from customer segments
Ex. Netflix - subscriptions
, key resources correct answers the assets needed to deliver your value proposition
Ex. wedding photographers - social network sites
key activities correct answers the critical actions needed to execute your business model
successfully
Ex. Facebook - web development
key partnerships correct answers non-customer that are necessary to execute the business model
Ex. Walgreens/Pager - match clients with available doctors
cost structure correct answers main cost incurred in order to execute your business model
Ex. Warby Parker- raw materials
Minimum Viable Product (MVP) correct answers - continuous development of a prototype of the
product
- the purpose is to help start-up companies test customers reactions early through interviews,
focus groups, and onsite testing.
- results guide product development
3 step process to build MVP correct answers Step 1: early product illustration, gauging customer
interest
Step 2: product core feature demonstration (created prototypes), validatee problem solution fit,
assess customer satisfaction w/ solution
Step 3: determine customer willingness to pay, refine product if necessary
Licensing and Franchising correct answers - after product is decided, how will you monetize
(SELL)
- both are agreements b/w an issuer and reciever
Licensing agreement correct answers - allow a licensee to use intellectual property under a
certain condition as spelled out in the agreement
Ex. Netflix - movies/shows
Franchising agreements correct answers - creates legal and commercial agreement b/w owner
and group of individuals that want to use the identifications of the business
- provides starting kit for new business
- can create a new business w/ lower risk
- only occurs in mature business
Business Model correct answers another way of assessing how some type of problem in the
marketplace can be solved
business model simple definition correct answers the way a company applies knowledge to
capture value
The business model canvas (osterwalder model) correct answers left side - everything that relates
to your business
left side - everything that relates to the customer
9 components of business model canvas correct answers 1. customer segments
2. value proposition
3. channels
4. customer relationships
5. revenue systems
6. key resources
7. key activities
8. key partnerships
9. cost structure
customer segments correct answers Different groups of ppl or orgs your business is trying to
reach
Ex. Ikea - parents of kids under 9
value proposition correct answers the reasons the customer segments will use your product or
service instead of those of a competitor.
Ex. McDonalds - lowest cost hamburgers
Channels correct answers the means you communicate with your customer segments to deliver
your value proposition
Ex. FaceBook - stand alone online platform
customer relationships correct answers how you interact with and are perceived by your
customer segments
Example - Robinhood - get, keep, grow
revenue streams correct answers source of income that you generate from customer segments
Ex. Netflix - subscriptions
, key resources correct answers the assets needed to deliver your value proposition
Ex. wedding photographers - social network sites
key activities correct answers the critical actions needed to execute your business model
successfully
Ex. Facebook - web development
key partnerships correct answers non-customer that are necessary to execute the business model
Ex. Walgreens/Pager - match clients with available doctors
cost structure correct answers main cost incurred in order to execute your business model
Ex. Warby Parker- raw materials
Minimum Viable Product (MVP) correct answers - continuous development of a prototype of the
product
- the purpose is to help start-up companies test customers reactions early through interviews,
focus groups, and onsite testing.
- results guide product development
3 step process to build MVP correct answers Step 1: early product illustration, gauging customer
interest
Step 2: product core feature demonstration (created prototypes), validatee problem solution fit,
assess customer satisfaction w/ solution
Step 3: determine customer willingness to pay, refine product if necessary
Licensing and Franchising correct answers - after product is decided, how will you monetize
(SELL)
- both are agreements b/w an issuer and reciever
Licensing agreement correct answers - allow a licensee to use intellectual property under a
certain condition as spelled out in the agreement
Ex. Netflix - movies/shows
Franchising agreements correct answers - creates legal and commercial agreement b/w owner
and group of individuals that want to use the identifications of the business
- provides starting kit for new business
- can create a new business w/ lower risk
- only occurs in mature business
