The Business Model (Canvas) Questions And Answers

The Business Model (Canvas) Questions And Answers channels - CORRECT ANSWER-Section of the Canvas that includes ways of attracting customers, communicating with them, and delivering your product/service. Could be stores, websites, sales/customer service people, advertising customer relationships - CORRECT ANSWER-Section of the canvas that describes what kind of relationship you have with your customers. Could be personal assistance, automated services, etc. personal assistance - CORRECT ANSWER-type of customer relationship in which you or an employee are communicating directly with the customer, whether in person or over the phone self-service - CORRECT ANSWER-type of customer relationship in which you have no personal contact with your customer, but have it set up so they can help themselves (like a self checkout or a self-service car wash) automated services - CORRECT ANSWER-type of customer relationship in which you have no personal contact with your customer, but use technology to provide personalized service - like Netflix recommendations or online banking co-creation - CORRECT ANSWER-type of customer relationship in which you allow your customers to generate valuable content - examples include people writing helpful reviews on Amazon or YouTubers posting videos customer segments - CORRECT ANSWER-section of the canvas that defines who you are selling to, including their needs/wants and defining characteristics mass market - CORRECT ANSWER-means that a business is not focusing on a particular customer segment but is selling to everyone. niche market - CORRECT ANSWER-means that a business is focusing in on a particular group of customers - like skiers, or parents, or millionaires, or farmers key activities - CORRECT ANSWER-section of the canvas that lists the actions a business must regularly take in order to operate. Could include design, delivery, manufacturing, programming, maintaining website, etc. key partnerships - CORRECT ANSWER-section of the canvas that lists the other businesses that you will need relationships - buyers, suppliers, and others with whom you might partner or share resources. key resources - CORRECT ANSWER-section of the canvas that lists the main things you will need to possess in order to make the business work - land, equipment, skilled employees, patents, money, etc. business model canvas - CORRECT ANSWER-one-page diagram designed by Alexander Osterwalder that allows you to plan out a "rough draft" of a business. value proposition - CORRECT ANSWER-section of the canvas that encapsulates why a customer would choose you over someone else. It explains what your product does to solve a customer want or need and what makes it stand out - could be convenience, low price, high quality, great design, status symbol, customization, etc. cost-driven - CORRECT ANSWER-business model focused on making no-frills products that can be sold for a low price value-driven - CORRECT ANSWER-business model focused on making high-end, highquality products that people will be willing to pay high prices for. costs/expenses - CORRECT ANSWER-all the money a business must spend in order to keep operating and deliver value revenue - CORRECT ANSWER-income from sales; the money a business acquires through sales, subscriptions, rental fees, advertising, etc. profit - CORRECT ANSWER-revenue - expenses; the money a business gets to keep after it has paid its bills fixed cost - CORRECT ANSWER-type of cost that does not change no matter how much or how little you produce. For example: rent for your buildings, pay for your janitors variable cost - CORRECT ANSWER-type of cost that depends on how much you produce - the more you produce, the more you have to pay revenue streams - CORRECT ANSWER-section of the canvas that considers how much your customer is willing to pay, and how your customer will pay. cost structures - CORRECT ANSWER-Section of the canvas that looks at the biggest costs for the business and if those costs are variable, fixed, cost driven, value driven, etc