Bpi Exam 1 Questions And Answers
100% Correct
business model canvas - ANSWER-is a strategic management tool to quickly and easily
define and communicate a business idea or concept
customer segments - ANSWER-the different groups of people or organization on an
enterprise aims to reach and serve, heart of any business model
mass market - ANSWER-one large group with broad needs/problems
niche market - ANSWER-specific and specialized
segmented - ANSWER-slightly different needs (ex: economy and 1st class)
diversified - ANSWER-two or more unrelated segments, very different needs
multi-sided platforms - ANSWER-serve 2 or more independent customer segments
value proposition - ANSWER-the bundle of products and services that create value for
specific customer segment, reason why customers turn to one company over another
newness - ANSWER-new set of needs that were not perceived before ex: next iphone
performance - ANSWER-improving product to creating value (ex: iphone tech)
Customization - ANSWER-tailoring product to specific needs
design - ANSWER-product stands out because better design
brand/status - ANSWER-value in specific brand
price - ANSWER-offering lower price
cost reduction - ANSWER-reduce costs ex: 300 water bottles = one brita
risk reduction - ANSWER-reducing risk → 20 days to return something
convenience - ANSWER-ex: CVS open 24 hours
channel - ANSWER-the way to reach customer segments to deliver value proposition
, awareness - ANSWER-raising awareness about product ex: blow up things outside of
car dealerships for new deals (channel stage 1)
dedicated personal assistance - ANSWER-serves specific individual client ex: most
intimate, therapist
self-service - ANSWER-no direct service, means to help themselves
automated service - ANSWER-sophisticated self service , ex: netflix
communities - ANSWER-online community where users interact to achieve different
objectives ex: crowd med? Diagnosing random users
co-creation - ANSWER-co-create value ex: threadless website
revenue streams - ANSWER-cash company generate from each segment "arteries of
business", determine willingness to pay
transaction revenue - ANSWER-one-time customer payment ex: trip to mall
recurring payments - ANSWER-ongoing payments ex: gym membership
evaluation - ANSWER-helping customers evaluate a company value prop ex: reviews,
tripadvisor, yelp (channel stage 2)
purchase - ANSWER-mechanism facilitating the transaction between customer and
business ex: amazon (channel stage 3)
delivery - ANSWER-transfer of value proposition to the customer; physical or virtual
(channel stage 4)
after sale support - ANSWER-helping customers resolve problems arising after
receiving value proposition (channel stage 5)
customer relationship - ANSWER-what type of relationship do customers expect
personal assistance - ANSWER-can talk to real customer representative
asset sale - ANSWER-selling ownership rights to product ex: ice cream shop
subscription fees - ANSWER-selling continuous access to service ex: netflix
lending/renting - ANSWER-granting rights to use asset for fixed period ex: rental car
Licensing - ANSWER-Permission to use protected intellectual property ex: action
figures from a movie
100% Correct
business model canvas - ANSWER-is a strategic management tool to quickly and easily
define and communicate a business idea or concept
customer segments - ANSWER-the different groups of people or organization on an
enterprise aims to reach and serve, heart of any business model
mass market - ANSWER-one large group with broad needs/problems
niche market - ANSWER-specific and specialized
segmented - ANSWER-slightly different needs (ex: economy and 1st class)
diversified - ANSWER-two or more unrelated segments, very different needs
multi-sided platforms - ANSWER-serve 2 or more independent customer segments
value proposition - ANSWER-the bundle of products and services that create value for
specific customer segment, reason why customers turn to one company over another
newness - ANSWER-new set of needs that were not perceived before ex: next iphone
performance - ANSWER-improving product to creating value (ex: iphone tech)
Customization - ANSWER-tailoring product to specific needs
design - ANSWER-product stands out because better design
brand/status - ANSWER-value in specific brand
price - ANSWER-offering lower price
cost reduction - ANSWER-reduce costs ex: 300 water bottles = one brita
risk reduction - ANSWER-reducing risk → 20 days to return something
convenience - ANSWER-ex: CVS open 24 hours
channel - ANSWER-the way to reach customer segments to deliver value proposition
, awareness - ANSWER-raising awareness about product ex: blow up things outside of
car dealerships for new deals (channel stage 1)
dedicated personal assistance - ANSWER-serves specific individual client ex: most
intimate, therapist
self-service - ANSWER-no direct service, means to help themselves
automated service - ANSWER-sophisticated self service , ex: netflix
communities - ANSWER-online community where users interact to achieve different
objectives ex: crowd med? Diagnosing random users
co-creation - ANSWER-co-create value ex: threadless website
revenue streams - ANSWER-cash company generate from each segment "arteries of
business", determine willingness to pay
transaction revenue - ANSWER-one-time customer payment ex: trip to mall
recurring payments - ANSWER-ongoing payments ex: gym membership
evaluation - ANSWER-helping customers evaluate a company value prop ex: reviews,
tripadvisor, yelp (channel stage 2)
purchase - ANSWER-mechanism facilitating the transaction between customer and
business ex: amazon (channel stage 3)
delivery - ANSWER-transfer of value proposition to the customer; physical or virtual
(channel stage 4)
after sale support - ANSWER-helping customers resolve problems arising after
receiving value proposition (channel stage 5)
customer relationship - ANSWER-what type of relationship do customers expect
personal assistance - ANSWER-can talk to real customer representative
asset sale - ANSWER-selling ownership rights to product ex: ice cream shop
subscription fees - ANSWER-selling continuous access to service ex: netflix
lending/renting - ANSWER-granting rights to use asset for fixed period ex: rental car
Licensing - ANSWER-Permission to use protected intellectual property ex: action
figures from a movie
