BPI Exam 1 Questions with Complete
Solutions20
initiative fatigue - ANSWERS -Scheme burnout, projects keep failing and people don't want to
keep starting over
too overzealous - ANSWERS -Changing processes and new technologies too much leading to
lack of productivity and efficiency
chasing short term metrics - ANSWERS -To keep up with the always changing market, leaders
lean more towards using process improvement for short term goals opposed to the long run
dogmatic dictate - ANSWERS -leaders not letting teams dictate their own work, members lack
motivation and look at things more "as a task instead of a calling"
operational transparency - ANSWERS -Being transparent with customers and allowing them
more insight on the operations
7 practices of effective reframing - ANSWERS -Establish legitimacy
Bring outsiders into discussion
Get people's definitions in writing
Ask what's missing
Consider multiple categories
Analyze positive exceptions
Question the objective
,business model canvas - ANSWERS -is a strategic management tool to quickly and easily define
and communicate a business idea or concept
customer segments - ANSWERS -the different groups of people or organization on an enterprise
aims to reach and serve, heart of any business model
mass market - ANSWERS -one large group with broad needs/problems
niche market - ANSWERS -specific and specialized
segmented - ANSWERS -slightly different needs (ex: economy and 1st class)
diversified - ANSWERS -two or more unrelated segments, very different needs
multi-sided platforms - ANSWERS -serve 2 or more independent customer segments
value proposition - ANSWERS -the bundle of products and services that create value for specific
customer segment, reason why customers turn to one company over another
newness - ANSWERS -new set of needs that were not perceived before ex: next iphone
performance - ANSWERS -improving product to creating value (ex: iphone tech)
Customization - ANSWERS -tailoring product to specific needs
design - ANSWERS -product stands out because better design
, brand/status - ANSWERS -value in specific brand
price - ANSWERS -offering lower price
cost reduction - ANSWERS -reduce costs ex: 300 water bottles = one brita
risk reduction - ANSWERS -reducing risk → 20 days to return something
convenience - ANSWERS -ex: CVS open 24 hours
channel - ANSWERS -the way to reach customer segments to deliver value proposition
awareness - ANSWERS -raising awareness about product ex: blow up things outside of car
dealerships for new deals (channel stage 1)
evaluation - ANSWERS -helping customers evaluate a company value prop ex: reviews,
tripadvisor, yelp (channel stage 2)
purchase - ANSWERS -mechanism facilitating the transaction between customer and business
ex: amazon (channel stage 3)
delivery - ANSWERS -transfer of value proposition to the customer; physical or virtual (channel
stage 4)
after sale support - ANSWERS -helping customers resolve problems arising after receiving value
proposition (channel stage 5)
customer relationship - ANSWERS -what type of relationship do customers expect
Solutions20
initiative fatigue - ANSWERS -Scheme burnout, projects keep failing and people don't want to
keep starting over
too overzealous - ANSWERS -Changing processes and new technologies too much leading to
lack of productivity and efficiency
chasing short term metrics - ANSWERS -To keep up with the always changing market, leaders
lean more towards using process improvement for short term goals opposed to the long run
dogmatic dictate - ANSWERS -leaders not letting teams dictate their own work, members lack
motivation and look at things more "as a task instead of a calling"
operational transparency - ANSWERS -Being transparent with customers and allowing them
more insight on the operations
7 practices of effective reframing - ANSWERS -Establish legitimacy
Bring outsiders into discussion
Get people's definitions in writing
Ask what's missing
Consider multiple categories
Analyze positive exceptions
Question the objective
,business model canvas - ANSWERS -is a strategic management tool to quickly and easily define
and communicate a business idea or concept
customer segments - ANSWERS -the different groups of people or organization on an enterprise
aims to reach and serve, heart of any business model
mass market - ANSWERS -one large group with broad needs/problems
niche market - ANSWERS -specific and specialized
segmented - ANSWERS -slightly different needs (ex: economy and 1st class)
diversified - ANSWERS -two or more unrelated segments, very different needs
multi-sided platforms - ANSWERS -serve 2 or more independent customer segments
value proposition - ANSWERS -the bundle of products and services that create value for specific
customer segment, reason why customers turn to one company over another
newness - ANSWERS -new set of needs that were not perceived before ex: next iphone
performance - ANSWERS -improving product to creating value (ex: iphone tech)
Customization - ANSWERS -tailoring product to specific needs
design - ANSWERS -product stands out because better design
, brand/status - ANSWERS -value in specific brand
price - ANSWERS -offering lower price
cost reduction - ANSWERS -reduce costs ex: 300 water bottles = one brita
risk reduction - ANSWERS -reducing risk → 20 days to return something
convenience - ANSWERS -ex: CVS open 24 hours
channel - ANSWERS -the way to reach customer segments to deliver value proposition
awareness - ANSWERS -raising awareness about product ex: blow up things outside of car
dealerships for new deals (channel stage 1)
evaluation - ANSWERS -helping customers evaluate a company value prop ex: reviews,
tripadvisor, yelp (channel stage 2)
purchase - ANSWERS -mechanism facilitating the transaction between customer and business
ex: amazon (channel stage 3)
delivery - ANSWERS -transfer of value proposition to the customer; physical or virtual (channel
stage 4)
after sale support - ANSWERS -helping customers resolve problems arising after receiving value
proposition (channel stage 5)
customer relationship - ANSWERS -what type of relationship do customers expect
