Exam 1 ISTM 210 Questions & Answers 100% Correct!

A business model can be described with how many building blocks? - ANSWERS9 Key partnerships - ANSWERSwho can help you leverage your business model Key Activities - ANSWERSwhich things you really need to be able to perform well Key Resources - ANSWERSwhich assets are indispensable in your business model value propositions - ANSWERSthe bundles of products and services that create value for your customers Customer relationships - ANSWERSoutline the type of relationship you are establishing with your customers channels - ANSWERSwhich touch points you interact with customers Customer segments - ANSWERSpeople or organizations who are creating value Cost Structure - ANSWERSonce you know your business models infrastructure you will also know the cost structure Revenue streams - ANSWERShow and through which pricing mechanisms your business model is capturing Key partnership example - ANSWERShome owners association, grocery store, mom Key activities example - ANSWERSmaking lemonade and serving thirsty people Key resource example - ANSWERSingredients, sales force, stand, grandmas recipe Value propositions example - ANSWERSgreat tasting lemonade, for a fair price, on the go Customer relationship example - ANSWERSpersonal interactions Channel example - ANSWERSlemonade stand, street corner, social media Customer segments example - ANSWERSkids, walkers, sympathetic neighbor Cost structure example - ANSWERSIngredients, stand materials, employees (neighbors kid),flyers, cups, city permit Revenue Streams example - ANSWERSSales, gifts, donations 2^0 - ANSWERS1 2^1