B2B Marketing Week 10: Business Model Exam Prep
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Questions and Answers

According to Peter F. Drucker, what makes a valid theory of the business extraordinarily powerful?

  • Complex and abstract
  • Ambiguous and unstructured
  • Dynamic and evolving
  • Clear, consistent, and focused (correct)
  • Based on Teece (2018), what does a business model describe?

  • Competitive strategies and market positioning
  • Employee engagement and organizational culture
  • Financial statements and operational metrics
  • Architecture for creating and delivering value, and mechanisms for capturing value (correct)
  • According to Lancaster (1999, cited in Kuzmanovic et al., 2021), what motivates a customer to buy a product?

  • Brand popularity and social status
  • Price and convenience
  • Any product or service attribute that takes the customer closer to achieving his goals (correct)
  • Technological features and innovation
  • What does the Customer Value Model suggest companies can offer?

    <p>Value proposition</p> Signup and view all the answers

    According to the text, what types of value are mentioned as being created by any product or service attribute?

    <p>Functional Value, Social Value, Psychological Value, Monetary Value</p> Signup and view all the answers

    What elements does Teece (2018) indicate are encompassed by a business model?

    <p>Flows of costs, revenues, and profits</p> Signup and view all the answers

    Which term refers to the combined engagement of any actor who participates towards the creation of value?

    <p>Co-creation of value</p> Signup and view all the answers

    In which industry is co-conception of ideas evident, especially in complex innovations?

    <p>Aerospace industry</p> Signup and view all the answers

    Which company has developed a successful business model based on product self-assembly, involving customers in co-production?

    <p>IKEA</p> Signup and view all the answers

    Where does co-pricing occur, allowing customers’ bidding activities to determine the final price of goods?

    <p>Online auctions like eBay</p> Signup and view all the answers

    Which type of collaboration includes word of mouth activities by customers and other collaborators to create their own promotional messages?

    <p>Co-promotion</p> Signup and view all the answers

    Which model involves joint production process with the customer’s principles co-producing resources and principles with the provider?

    <p>Value-in-use creation model</p> Signup and view all the answers

    What term is used to describe an architecture for how a firm creates and delivers value to customers, as well as the mechanisms used to capture a share of that value?

    <p>Business model</p> Signup and view all the answers

    According to Peter F. Drucker, what makes a valid theory of the business extraordinarily powerful?

    <p>Clarity, consistency, and focus</p> Signup and view all the answers

    What motivates a customer to buy a product, according to Lancaster (1999, cited in Kuzmanovic et al., 2021)?

    <p>Functional value</p> Signup and view all the answers

    Which type of collaboration involves word-of-mouth activities by customers and other collaborators to create their own promotional messages?

    <p>Co-creation collaboration</p> Signup and view all the answers

    In which industry is co-conception of ideas evident, especially in complex innovations?

    <p>Technology industry</p> Signup and view all the answers

    In the context of co-creation and value-in-use creation model, what is co-pricing?

    <p>The joint determination of final price of goods by customers' bidding activities and collaboration with the provider</p> Signup and view all the answers

    What does co-conception of ideas entail as mentioned in the text?

    <p>It involves the joint creation of innovative product designs by customers and manufacturers</p> Signup and view all the answers

    What characterizes co-promotion as mentioned in the text?

    <p>It refers to the word of mouth activities by customers and other collaborators to create their own promotional messages</p> Signup and view all the answers

    In the context of co-production, which company has developed a successful business model based on product self-assembly, involving customers in co-production?

    <p>IKEA</p> Signup and view all the answers

    According to the value co-creation perspective, what characterizes the customer's value creation interaction?

    <p>Joint value creation process with the provider participating as a co-creator of value with the customer</p> Signup and view all the answers

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