ELEC 1-BSA2 Introduction to Business Logic Quiz

Data Licensing

• Focuses on agreements defining how data can be used, accessed, and shared.

E-commerce Models

• Dropshipping: E-commerce model where the business doesn't own or hold inventory, selling products directly from suppliers to customers.

High Touch and Low Touch

• High Touch: Businesses provide personalized, human-intensive service and support.
• Low Touch: Businesses focus on self-service and automated processes, offering limited personal interaction.

Network Marketing/Multi-Level Marketing

• Commission-Based: Individuals earn commissions by selling a company's products and recruiting others to do the same.

Blockchain Business Revenue

• Primarily generated through transaction fees, charged for processing and verifying transactions on the blockchain.

Affiliate Marketing

• Commission structure: Affiliates earn a commission for each referral that leads to a sale.

Business Model Explained

• Outlines how a company creates, delivers, and captures value, describing its strategy for making profit.

Business Model Canvas

• A visual tool used to map out and communicate the essential components of a business model.

Business Model Canvas: Customer Relationships

• Focuses on how a business interacts with and manages its customer base.

Business Model Canvas: Key Resources

• Detail the assets and capabilities crucial to a company's success, like infrastructure, technology, or human capital.

Business Model Question

• How will the business create and capture value?

English Auction

• A type of auction where buyers submit bids in rounds, with each successive bid exceeding the previous one, and all bids are visible to everyone.

Loss Leader

• Selling a high-margin product at a low price to attract customers and boost sales of related low-margin products.

Two-Sided Marketplace

• Serving both sides of a transaction, connecting buyers and sellers, or providers and consumers.

Reversed Razor and Blades

• Selling a low-cost item (the razor) that requires a higher-priced consumable (the blades) for continued use.

Pay-Per-Use

• Offers a product or service for partial usage, like charging for minutes of phone calls or gigabytes of data use.

Hidden Revenue Business Model

• Generates revenue through sources that are not immediately apparent to customers, like selling user data for advertising purposes.

Franchisee Business Model

• Operates under a franchisor's established business model, brand, and systems, paying fees for the rights to use them.

Brick-and-Mortar

• Businesses with physical locations where customers can visit and purchase goods or services.

Bricks-and-Clicks vs. E-Commerce

• Bricks-and-Clicks: Combines online and physical store presence, offering a seamless shopping experience.
• E-Commerce: Exclusively conducts business online, with no physical stores.

Nickel-and-Dime Business Model

• Relies on generating small profits from a large volume of transactions, typically through high fees or charges on everyday items.

Freemium Business Model

• Offers a basic service for free, with premium features or services available for a fee.

Aggregator Business Model

• Brings together a vast selection of products or services from various providers, offering convenience and choice to customers.

Business Organization Types

• The text covers sole proprietorships, partnerships, and limited liability companies but does not mention other business organizations.

Sole Proprietorship

• Owned and operated by a single individual, who is personally responsible for all business debts and liabilities.

Partnership Profit Sharing

• Profits and losses are shared among partners according to their agreed-upon agreement, which may be based on contributions, time invested, or other factors.

Limited Liability Company (LLC)

• Provides limited liability protection to its owners, separating their personal assets from business liabilities, minimizing personal financial risk.

Business Logic

• Refers to the rules and processes that govern how a system or application behaves and operates, including how data is handled, operations are performed, and decisions are made.

Purpose of Logic

• Ensures that systems and applications function correctly and consistently, as well as providing a framework for automated reasoning and decision-making.