Business Model Definition

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Which revenue model involves connecting buyers and sellers to facilitate a transaction?

Customization/Concierge

Marketplace

Brokerage (correct)

Franchise

What is the primary goal of crowdsourcing?

To entice the crowd to participate (correct)

To provide rewards to customers

To create a unique product for each customer

To generate revenue through advertising

Which revenue model involves selling a recipe for starting and running a successful business?

Customization/Concierge

Brokerage

Marketplace

Franchise (correct)

What is the primary characteristic of the leasing revenue model?

Customers need to return the product at the end of the lease Signup and view all the answers

Which revenue model involves providing customers with easy tools for connecting to sellers?

Marketplace Signup and view all the answers

What is the primary characteristic of the subscription revenue model?

Customers get charged a subscription fee Signup and view all the answers

What is a business model?

A description of how your business makes money Signup and view all the answers

According to Peter Drucker, what does a business model suppose to answer?

Who your customer is, what value you can create for the customer and how you can do that at reasonable costs Signup and view all the answers

What are the three parts of a business model?

Everything it takes to make something, everything it takes to sell that thing, and how and what the customer pays Signup and view all the answers

What is one of the aspects of a business model?

Anticipated expenses and pricing strategy Signup and view all the answers

What is the purpose of a business model?

To act as a blueprint for the business and a roadmap for its success or failure Signup and view all the answers

Who is the management guru who defined business model?

Peter Drucker Signup and view all the answers

What type of revenue stream involves customers paying for a particular service?

Subscription Fee Signup and view all the answers

What type of resource is a brand or patent?

Intellectual Resource Signup and view all the answers

What is an example of a company that might use a brokerage fee revenue stream?

Real Estate Agent Signup and view all the answers

What type of revenue stream involves charging different prices for different customer segments?

Volume and Unit Selling Signup and view all the answers

What are the relationships that a business has with other entities that help its business model work?

Key Partners Signup and view all the answers

What is an example of a physical resource?

Building Signup and view all the answers

What is the primary purpose of key activities in a business?

To make a profit Signup and view all the answers

What do key partners refer to in a business model?

Governmental and non-consumer entities Signup and view all the answers

What is meant by the cost of goods sold?

The amount paid to acquire a product Signup and view all the answers

What is the definition of a value proposition?

What value you can create for the customer at a reasonable cost Signup and view all the answers

What is the purpose of customer feedback?

To understand what your customer values Signup and view all the answers

What is the primary purpose of a tagline?

To capture the essence of a product or business Signup and view all the answers

What is an important aspect of a business model?

Adapting to the dynamics of traffic lights Signup and view all the answers

What type of customers should entrepreneurs target?

Customers who are easy to find and willing to pay a reasonable price Signup and view all the answers

What is important when offering products or services?

Great value and unique selling propositions Signup and view all the answers

What should entrepreneurs consider when devising a distribution system?

The influx of technological advancements and outsourcing Signup and view all the answers

What is a key aspect of offering products or services with reasonable profit?

Increasing markup and decreasing operation costs Signup and view all the answers

What are the negative signals that entrepreneurs must avoid?

Red lights Signup and view all the answers