15 Questions
What is the purpose of identifying your distribution channel?
To achieve higher sales by reaching the most convenient customers
What are key activities in a business related to?
Achieving the value proposition and other essential operations
Why is it important to identify and distinguish customer needs?
To make your business profitable by meeting the needs of your customers
What does identifying your customer help with?
Ensuring that your product or service reaches the right customers for profitability
What is the purpose of prototyping in the inventing process?
To duplicate a product as it will be produced, including details such as color, graphics, packaging, and directions
What is the main role of a supplier in the business's supply chain?
Offering goods and services to another business
What does the term 'inbound logistics' include?
Supplies or materials, warehousing or safekeeping, and inventory control of these items
What are 'marketing and sales' activities related to?
Getting a buyer or customer to purchase a product or service
What does the term 'service activities' include?
Those that maintain and enhance a product’s value—giving customers more than what they paid for – such as after sales customer support
What is the purpose of a business model?
Describes the reason of how an organization creates, delivers, and captures value in economic, social cultural, social or another context
What does the term 'value proposition' refer to?
The reason why your customers buy your product or service over your competitors because of the benefit they receive from your product or service
What is included in 'distribution channel'?
The means of how your product or service will reach your customers
What is the significance of 'value chain'?
A method or activities by which a company adds value to an item with production, marketing, and the provision of after-sales service
What does 'operations' refer to?
Value-creating processes that transform inputs into products
What is meant by 'business model innovation'?
The development of business model construction and variation forming part of business plan
This quiz covers the concept of product prototyping, including its importance in the invention process and the details it may contain. It also explores the role of suppliers in the supply chain and their offerings of goods and services to businesses.
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