BPI EXAM 1 COMPLETELY SOLVED!!!
business model canvas - ANSWERis a strategic management tool to quickly and easily
define and communicate a business idea or concept
customer segments - ANSWERthe different groups of people or organization on an
enterprise aims to reach and serve, heart of any business model
mass market - ANSWERone large group with broad needs/problems
niche market - ANSWERspecific and specialized
segmented - ANSWERslightly different needs (ex: economy and 1st class)
diversified - ANSWERtwo or more unrelated segments, very different needs
multi-sided platforms - ANSWERserve 2 or more independent customer segments
value proposition - ANSWERthe bundle of products and services that create value for
specific customer segment, reason why customers turn to one company over another
newness - ANSWERnew set of needs that were not perceived before ex: next iphone
performance - ANSWERimproving product to creating value (ex: iphone tech)
Customization - ANSWERtailoring product to specific needs
design - ANSWERproduct stands out because better design
brand/status - ANSWERvalue in specific brand
price - ANSWERoffering lower price
cost reduction - ANSWERreduce costs ex: 300 water bottles = one brita
risk reduction - ANSWERreducing risk → 20 days to return something
convenience - ANSWERex: CVS open 24 hours
channel - ANSWERthe way to reach customer segments to deliver value proposition
awareness - ANSWERraising awareness about product ex: blow up things outside of
car dealerships for new deals (channel stage 1)
, evaluation - ANSWERhelping customers evaluate a company value prop ex: reviews,
tripadvisor, yelp (channel stage 2)
purchase - ANSWERmechanism facilitating the transaction between customer and
business ex: amazon (channel stage 3)
delivery - ANSWERtransfer of value proposition to the customer; physical or virtual
(channel stage 4)
after sale support - ANSWERhelping customers resolve problems arising after receiving
value proposition (channel stage 5)
customer relationship - ANSWERwhat type of relationship do customers expect
personal assistance - ANSWERcan talk to real customer representative
dedicated personal assistance - ANSWERserves specific individual client ex: most
intimate, therapist
self-service - ANSWERno direct service, means to help themselves
automated service - ANSWERsophisticated self service , ex: netflix
communities - ANSWERonline community where users interact to achieve different
objectives ex: crowd med? Diagnosing random users
co-creation - ANSWERco-create value ex: threadless website
revenue streams - ANSWERcash company generate from each segment "arteries of
business", determine willingness to pay
transaction revenue - ANSWERone-time customer payment ex: trip to mall
recurring payments - ANSWERongoing payments ex: gym membership
asset sale - ANSWERselling ownership rights to product ex: ice cream shop
subscription fees - ANSWERselling continuous access to service ex: netflix
lending/renting - ANSWERgranting rights to use asset for fixed period ex: rental car
Licensing - ANSWERPermission to use protected intellectual property ex: action figures
from a movie
brokerage fees - ANSWERintermediation services performed on behalf of 2 or more
parties ex: closing a deal on a house
business model canvas - ANSWERis a strategic management tool to quickly and easily
define and communicate a business idea or concept
customer segments - ANSWERthe different groups of people or organization on an
enterprise aims to reach and serve, heart of any business model
mass market - ANSWERone large group with broad needs/problems
niche market - ANSWERspecific and specialized
segmented - ANSWERslightly different needs (ex: economy and 1st class)
diversified - ANSWERtwo or more unrelated segments, very different needs
multi-sided platforms - ANSWERserve 2 or more independent customer segments
value proposition - ANSWERthe bundle of products and services that create value for
specific customer segment, reason why customers turn to one company over another
newness - ANSWERnew set of needs that were not perceived before ex: next iphone
performance - ANSWERimproving product to creating value (ex: iphone tech)
Customization - ANSWERtailoring product to specific needs
design - ANSWERproduct stands out because better design
brand/status - ANSWERvalue in specific brand
price - ANSWERoffering lower price
cost reduction - ANSWERreduce costs ex: 300 water bottles = one brita
risk reduction - ANSWERreducing risk → 20 days to return something
convenience - ANSWERex: CVS open 24 hours
channel - ANSWERthe way to reach customer segments to deliver value proposition
awareness - ANSWERraising awareness about product ex: blow up things outside of
car dealerships for new deals (channel stage 1)
, evaluation - ANSWERhelping customers evaluate a company value prop ex: reviews,
tripadvisor, yelp (channel stage 2)
purchase - ANSWERmechanism facilitating the transaction between customer and
business ex: amazon (channel stage 3)
delivery - ANSWERtransfer of value proposition to the customer; physical or virtual
(channel stage 4)
after sale support - ANSWERhelping customers resolve problems arising after receiving
value proposition (channel stage 5)
customer relationship - ANSWERwhat type of relationship do customers expect
personal assistance - ANSWERcan talk to real customer representative
dedicated personal assistance - ANSWERserves specific individual client ex: most
intimate, therapist
self-service - ANSWERno direct service, means to help themselves
automated service - ANSWERsophisticated self service , ex: netflix
communities - ANSWERonline community where users interact to achieve different
objectives ex: crowd med? Diagnosing random users
co-creation - ANSWERco-create value ex: threadless website
revenue streams - ANSWERcash company generate from each segment "arteries of
business", determine willingness to pay
transaction revenue - ANSWERone-time customer payment ex: trip to mall
recurring payments - ANSWERongoing payments ex: gym membership
asset sale - ANSWERselling ownership rights to product ex: ice cream shop
subscription fees - ANSWERselling continuous access to service ex: netflix
lending/renting - ANSWERgranting rights to use asset for fixed period ex: rental car
Licensing - ANSWERPermission to use protected intellectual property ex: action figures
from a movie
brokerage fees - ANSWERintermediation services performed on behalf of 2 or more
parties ex: closing a deal on a house
