EEE 370 Quiz (Business Model Canvas) | Study Guide, Practice Questions & Exam
Review
Key activities - ANS ✔✔most important activities in executing a company's value proposition
Key resources - ANS ✔✔the resources that are necessary to create value for the customer. They
are considered an asset to a company, which are needed in order to sustain and support the
business. These resources could be human, financial, physical and intellectual
Partner network - ANS ✔✔In order to optimize operations and reduce risks of a business model,
organization usually cultivate buyer-supplier relationships so they can focus on their core
activity. Complementary business alliances also can be considered through joint ventures,
strategic alliances between competitors or non-competitors.
Value propositions - ANS ✔✔the collection of products and services a business offers to meet
the needs of its customers. This is what distinguishe a company from its competitors. It provides
value through various elements such as newness, performance, customization, "getting the job
done", design, brand/status, price, cost reduction, risk, reduction, accessibility, and
convenience/usability
value propositions may be - ANS ✔✔Quantitative (price and efficiency) and qualitative (overall
customer experience and outcome.
Customer segments - ANS ✔✔To build an effective business model, a company must identify
which customers it tries to serve. Various sets of customers can be segmented based on the
different needs and attributes to ensure appropriate implementation of corporate strategy
meets the characteristics of selected group of clients.
Mass market - ANS ✔✔there is no specific segmentation for a company that follows the mass
market element as the organization displays a wide view of potential clients
, Niche market - ANS ✔✔customer segmentation based on specialized needs and characteristics
of its clients
Segmented - ANS ✔✔a company applies additional segmentation within existing customer
segment. In the segmented situation, the business may further distinguish its clients based on
gender, age, and/or income.
Diversify - ANS ✔✔a business serves multiple customer segments with different needs and
characteristics
Multi-sided platform/market - ANS ✔✔for a smooth day-to-day business operation, some
companies will serve mutually dependent customer segment. A credit card company will
provide services to credit card holders while simultaneously assisting merchants who accept
those credit cards.
Channels - ANS ✔✔a company can deliver its value proposition to its targeted customers
through different channels. Effective channels will distribute a company's value proposition in
ways that are fast, efficient, and cost effective. An organization can reach its clients either
through its own channels (store front), partner channels (major distributors), or a combination
of both.
Customer relationships - ANS ✔✔to ensure the survival and success of any businesses,
companies must identify the type of relationship they ant to create with their customer
segments.
Personal assistance - ANS ✔✔assistance in a form of employee-customer interaction. Such
assistance is performed either during sales, after sales, and/or both
Dedicated personal assistance - ANS ✔✔the most intimate and hands on personal assistance
where a sales representative is assigned to handle all the needs and questions of a special set of
clients
Review
Key activities - ANS ✔✔most important activities in executing a company's value proposition
Key resources - ANS ✔✔the resources that are necessary to create value for the customer. They
are considered an asset to a company, which are needed in order to sustain and support the
business. These resources could be human, financial, physical and intellectual
Partner network - ANS ✔✔In order to optimize operations and reduce risks of a business model,
organization usually cultivate buyer-supplier relationships so they can focus on their core
activity. Complementary business alliances also can be considered through joint ventures,
strategic alliances between competitors or non-competitors.
Value propositions - ANS ✔✔the collection of products and services a business offers to meet
the needs of its customers. This is what distinguishe a company from its competitors. It provides
value through various elements such as newness, performance, customization, "getting the job
done", design, brand/status, price, cost reduction, risk, reduction, accessibility, and
convenience/usability
value propositions may be - ANS ✔✔Quantitative (price and efficiency) and qualitative (overall
customer experience and outcome.
Customer segments - ANS ✔✔To build an effective business model, a company must identify
which customers it tries to serve. Various sets of customers can be segmented based on the
different needs and attributes to ensure appropriate implementation of corporate strategy
meets the characteristics of selected group of clients.
Mass market - ANS ✔✔there is no specific segmentation for a company that follows the mass
market element as the organization displays a wide view of potential clients
, Niche market - ANS ✔✔customer segmentation based on specialized needs and characteristics
of its clients
Segmented - ANS ✔✔a company applies additional segmentation within existing customer
segment. In the segmented situation, the business may further distinguish its clients based on
gender, age, and/or income.
Diversify - ANS ✔✔a business serves multiple customer segments with different needs and
characteristics
Multi-sided platform/market - ANS ✔✔for a smooth day-to-day business operation, some
companies will serve mutually dependent customer segment. A credit card company will
provide services to credit card holders while simultaneously assisting merchants who accept
those credit cards.
Channels - ANS ✔✔a company can deliver its value proposition to its targeted customers
through different channels. Effective channels will distribute a company's value proposition in
ways that are fast, efficient, and cost effective. An organization can reach its clients either
through its own channels (store front), partner channels (major distributors), or a combination
of both.
Customer relationships - ANS ✔✔to ensure the survival and success of any businesses,
companies must identify the type of relationship they ant to create with their customer
segments.
Personal assistance - ANS ✔✔assistance in a form of employee-customer interaction. Such
assistance is performed either during sales, after sales, and/or both
Dedicated personal assistance - ANS ✔✔the most intimate and hands on personal assistance
where a sales representative is assigned to handle all the needs and questions of a special set of
clients
