BIT 3454 Exam 1 question n answers graded A+ 2024/2025

BIT 3454 Exam 1 The 9 blocks of the Business Model Canvas are: - correct answer 1. customer segments 2. value proposition 3. channels 4. customer relationships 5. revenue streams 6. key resources 7. key activities 8. key partnerships 9. cost structure types of value propositions: Blue Ocean Strategy - correct answer create uncontested market space; make the competition irrelevant; create and capture new demand; break the value-cost trade-off; align the whole system of a firm's activities in pursuit of differentiation and low cost Types of value propositions: Red Ocean Strategy - correct answer Compete in existing market space; beat the competition; exploit existing demand; make the value-cost trade-off; align the whole system of a firm's activities with its strategic choice of differentiation or low cost Types of customer segment (5) - correct answer 1. mass market 2. niche market 3. segmented (economy vs. first class) 4. diversified 5. multi-sided platforms Types of value propositions (10) - correct answer 1. Newness 2. Performance 3. Customization