THE BUSINESS MODEL CANVAS WITH THE BEST QUESTIONS AND ANSWERS

THE BUSINESS MODEL CANVAS WITH THE BEST QUESTIONS AND ANSWERS The business model canvas - CORRECT ANSWER-A shared language for describing, visualising addressing and changing business models has 9 building blocks that show how a company intends to make money 1) customer segments - CORRECT ANSWER-Different groups if people or orgs an enterprise ains to reach and serve. Grouped by common needs, behaviours to better satisfy customers Types of customer segments - CORRECT ANSWER-Mass market (for everyone) niche market (specific and specialised) segmented (segments with slightly different needs) multi-sided (two or more interdependent customer segments) 2) Value propositions - CORRECT ANSWER-The bundle of products and services that create value for a specific customer segment by uniquely catering to each segments individual needs Elements that contribute to customer value creation - CORRECT ANSWER-Newness, performance, customisation, getting the job done, design, cost&risk reduction, convenience/usability 3) Channels - CORRECT ANSWER-How a company communicates and reaches it's customer segments to deliver a value proposition. Play a role in customer experience. Partner channes/ owned&direct channels Channel types - CORRECT ANSWER-Own stores, Sales force, web sales (own/direct) Partner stores, wholesaler (partner/indirect) Channel phases - CORRECT ANSWER-1) awareness 2)evaluation 3) purchase 4) delivery 5) after sales 4) Customer Relationships - CORRECT ANSWER-Types of relationships a company establishes with specific customer segments Categories of customer relationships - CORRECT ANSWER-Personal assistance, dedicated personal assistance, self service & automated services 5) Revenue Streams - CORRECT ANSWER-The cash a company generate from each customer segment. Two types 1)transaction revenues -one of payments 2)recurring revenues -ongoing Ways to earn revenue - CORRECT ANSWER-Asset sale, usage fee, lending/renting/leasing, advertising, licensing etc 6) Key Resources - CORRECT ANSWER-Important assists required to make a B/M work. Needed to create & offer value propositions, can be owned of leased by the company of key partners Key resources can be - CORRECT ANSWER-Physical assets, intellectual (brands, databases) human (people within a business), financial (cash lines of credit) 7)Key Activities - CORRECT ANSWER-Important things a company must do to make it's B/M work. Can be categorised as production, problem solving, platform network. 8) Key partnerships - CORRECT ANSWER-The network of suppliers and partners that make the B/M work, form partnerships to optimise the B/M, reduce risk & acquiring resources Four types of partnerships - CORRECT ANSWER-1) strategic alliances between non competitors 2) cooperation strategic partnerships between competitors 3) joint ventures to develop new businesses 4) buyer-supplier relationships to assure reliable suppliers 9) Cost Structure - CORRECT ANSWER-All costs incurred to operate a B/M. Some B/Ms built around low cost structures. Cost driven (focus: minimising costs) and value driven (premium not too concerned with costs