BPI Exam 1
business model canvas - correct answer ✔is a strategic management tool to
quickly and easily define and communicate a business idea or concept
customer segments - correct answer ✔the different groups of people or
organization on an enterprise aims to reach and serve, heart of any business
model
mass market - correct answer ✔one large group with broad needs/problems
niche market - correct answer ✔specific and specialized
segmented - correct answer ✔slightly different needs (ex: economy and 1st
class)
diversified - correct answer ✔two or more unrelated segments, very different
needs
multi-sided platforms - correct answer ✔serve 2 or more independent
customer segments
value proposition - correct answer ✔the bundle of products and services that
create value for specific customer segment, reason why customers turn to one
company over another
newness - correct answer ✔new set of needs that were not perceived before
ex: next iphone
,performance - correct answer ✔improving product to creating value (ex:
iphone tech)
Customization - correct answer ✔tailoring product to specific needs
design - correct answer ✔product stands out because better design
brand/status - correct answer ✔value in specific brand
price - correct answer ✔offering lower price
cost reduction - correct answer ✔reduce costs ex: 300 water bottles = one
brita
risk reduction - correct answer ✔reducing risk → 20 days to return
something
convenience - correct answer ✔ex: CVS open 24 hours
channel - correct answer ✔the way to reach customer segments to deliver
value proposition
awareness - correct answer ✔raising awareness about product ex: blow up
things outside of car dealerships for new deals (channel stage 1)
evaluation - correct answer ✔helping customers evaluate a company value
prop ex: reviews, tripadvisor, yelp (channel stage 2)
, purchase - correct answer ✔mechanism facilitating the transaction between
customer and business ex: amazon (channel stage 3)
delivery - correct answer ✔transfer of value proposition to the customer;
physical or virtual (channel stage 4)
after sale support - correct answer ✔helping customers resolve problems
arising after receiving value proposition (channel stage 5)
customer relationship - correct answer ✔what type of relationship do
customers expect
personal assistance - correct answer ✔can talk to real customer
representative
dedicated personal assistance - correct answer ✔serves specific individual
client ex: most intimate, therapist
self-service - correct answer ✔no direct service, means to help themselves
automated service - correct answer ✔sophisticated self service , ex: netflix
communities - correct answer ✔online community where users interact to
achieve different objectives ex: crowd med? Diagnosing random users
co-creation - correct answer ✔co-create value ex: threadless website
revenue streams - correct answer ✔cash company generate from each
segment "arteries of business", determine willingness to pay
business model canvas - correct answer ✔is a strategic management tool to
quickly and easily define and communicate a business idea or concept
customer segments - correct answer ✔the different groups of people or
organization on an enterprise aims to reach and serve, heart of any business
model
mass market - correct answer ✔one large group with broad needs/problems
niche market - correct answer ✔specific and specialized
segmented - correct answer ✔slightly different needs (ex: economy and 1st
class)
diversified - correct answer ✔two or more unrelated segments, very different
needs
multi-sided platforms - correct answer ✔serve 2 or more independent
customer segments
value proposition - correct answer ✔the bundle of products and services that
create value for specific customer segment, reason why customers turn to one
company over another
newness - correct answer ✔new set of needs that were not perceived before
ex: next iphone
,performance - correct answer ✔improving product to creating value (ex:
iphone tech)
Customization - correct answer ✔tailoring product to specific needs
design - correct answer ✔product stands out because better design
brand/status - correct answer ✔value in specific brand
price - correct answer ✔offering lower price
cost reduction - correct answer ✔reduce costs ex: 300 water bottles = one
brita
risk reduction - correct answer ✔reducing risk → 20 days to return
something
convenience - correct answer ✔ex: CVS open 24 hours
channel - correct answer ✔the way to reach customer segments to deliver
value proposition
awareness - correct answer ✔raising awareness about product ex: blow up
things outside of car dealerships for new deals (channel stage 1)
evaluation - correct answer ✔helping customers evaluate a company value
prop ex: reviews, tripadvisor, yelp (channel stage 2)
, purchase - correct answer ✔mechanism facilitating the transaction between
customer and business ex: amazon (channel stage 3)
delivery - correct answer ✔transfer of value proposition to the customer;
physical or virtual (channel stage 4)
after sale support - correct answer ✔helping customers resolve problems
arising after receiving value proposition (channel stage 5)
customer relationship - correct answer ✔what type of relationship do
customers expect
personal assistance - correct answer ✔can talk to real customer
representative
dedicated personal assistance - correct answer ✔serves specific individual
client ex: most intimate, therapist
self-service - correct answer ✔no direct service, means to help themselves
automated service - correct answer ✔sophisticated self service , ex: netflix
communities - correct answer ✔online community where users interact to
achieve different objectives ex: crowd med? Diagnosing random users
co-creation - correct answer ✔co-create value ex: threadless website
revenue streams - correct answer ✔cash company generate from each
segment "arteries of business", determine willingness to pay
