MGMT 1000 EXAM REVIEW QUESTIONS
WITH VERIFIED ANSWERS
\Q\.Commerce-ANSWERS-Exchange between people of the products
of nature or art; buying and selling together; trade/trading exchange of $ for goods and
services
\Q\.Business-ANSWERS-Trade and all activity relating to it, especially
considered in terms of volume or profitability; commercial transactions
\Q\.Management-ANSWERS-Organization, supervision or direction; the
application of skill or care in manipulation, use,
treatment, or control of something
\Q\.Four P's of Marketing-ANSWERS-Price, Product, Place and Promotion
\Q\.Subsections in Business Model Canvas-ANSWERS-Key Partners, Key Activities, Key
Resources, Value Propositions, Customer Relationships, Channels, Customer Segments, Cost
Structure, and Revenue Streams
\Q\.Subsections in Value Proposition Canvas-ANSWERS-Value Proposition: Product and Service,
Gain Creators, and Pain Relievers
Customer Segment: Customer Job(s), Gains and Pains
, \Q\.Types of Customer Segments-ANSWERS-Mass Market, Niche Market, Segmented,
Diversified, Multi–sided Platforms/ Markets
\Q\.Newness-ANSWERS-Satisfy an entirely new set of needs; usually technology related (e.g.
cell phones)
\Q\.Performance-ANSWERS-Improving product or service performance (e.g. improving
computers for faster speed and more disk space)
\Q\.Customization-ANSWERS-Tailoring products and services to the specific needs of individual
customers (e.g. Apple MacBooks— light weight, fast speed, great apps, color, size, etc.)
\Q\.Aspects of Value-ANSWERS-Newness, Performance, Customization, "Getting the Job Done",
Design, Brand/ Status, Price, Cost Reduction, Risk Reduction, Accessibility, Convenience/ Utility
\Q\.Channels-ANSWERS-How a company communicates/ reaches its customers
Owned Channels: Direct (Website); Indirect (Retail Stores)
Partner Channels: Indirect (Whole Sale Distribution, Partner Owned Websites, Own Stores)
\Q\.Channel Phases-ANSWERS-1. Awareness; 2. Evaluation; 3. Purchase;
4. Delivery; 5. After Sales
\Q\.Types of Customer Relationships-ANSWERS-Personal Assistance, Dedicated Personal
Assistance, Self– service, Automated Services, Communities, Co–creation
\Q\.List of Revenue Streams-ANSWERS-Asset Sale, Usage Fee, Subscription Fees, Lending/
Renting/ Leasing, Licencing
WITH VERIFIED ANSWERS
\Q\.Commerce-ANSWERS-Exchange between people of the products
of nature or art; buying and selling together; trade/trading exchange of $ for goods and
services
\Q\.Business-ANSWERS-Trade and all activity relating to it, especially
considered in terms of volume or profitability; commercial transactions
\Q\.Management-ANSWERS-Organization, supervision or direction; the
application of skill or care in manipulation, use,
treatment, or control of something
\Q\.Four P's of Marketing-ANSWERS-Price, Product, Place and Promotion
\Q\.Subsections in Business Model Canvas-ANSWERS-Key Partners, Key Activities, Key
Resources, Value Propositions, Customer Relationships, Channels, Customer Segments, Cost
Structure, and Revenue Streams
\Q\.Subsections in Value Proposition Canvas-ANSWERS-Value Proposition: Product and Service,
Gain Creators, and Pain Relievers
Customer Segment: Customer Job(s), Gains and Pains
, \Q\.Types of Customer Segments-ANSWERS-Mass Market, Niche Market, Segmented,
Diversified, Multi–sided Platforms/ Markets
\Q\.Newness-ANSWERS-Satisfy an entirely new set of needs; usually technology related (e.g.
cell phones)
\Q\.Performance-ANSWERS-Improving product or service performance (e.g. improving
computers for faster speed and more disk space)
\Q\.Customization-ANSWERS-Tailoring products and services to the specific needs of individual
customers (e.g. Apple MacBooks— light weight, fast speed, great apps, color, size, etc.)
\Q\.Aspects of Value-ANSWERS-Newness, Performance, Customization, "Getting the Job Done",
Design, Brand/ Status, Price, Cost Reduction, Risk Reduction, Accessibility, Convenience/ Utility
\Q\.Channels-ANSWERS-How a company communicates/ reaches its customers
Owned Channels: Direct (Website); Indirect (Retail Stores)
Partner Channels: Indirect (Whole Sale Distribution, Partner Owned Websites, Own Stores)
\Q\.Channel Phases-ANSWERS-1. Awareness; 2. Evaluation; 3. Purchase;
4. Delivery; 5. After Sales
\Q\.Types of Customer Relationships-ANSWERS-Personal Assistance, Dedicated Personal
Assistance, Self– service, Automated Services, Communities, Co–creation
\Q\.List of Revenue Streams-ANSWERS-Asset Sale, Usage Fee, Subscription Fees, Lending/
Renting/ Leasing, Licencing
