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Understanding Business Models

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Questions and Answers

What is the primary purpose of listing key resources in a business?

To operate and run the business effectively (correct)
To identify the key activities of the business
To develop a unique business model
To determine the value proposition of the business

What is an example of a key activity in Mary's fruit shake stand?

Advertising the business on social media
Partnering with a supplier to reduce costs
Operating the fruit stand based on the operation value proposition (correct)
Purchasing fruits from a competitor

Which business model involves integrating both online and offline presence?

Bricks and clicks (correct)
Reselling
Direct selling
Franchising

What is the primary benefit of the direct selling model?

It is easy and cheap to implement (A) Signup and view all the answers

What is an example of a value-added reseller model?

Buying notebooks and reselling them with more artistic and attractive covers (A) Signup and view all the answers

What is the primary purpose of franchising?

To use another firm's successful business model in exchange for a royalty or franchise fee (C) Signup and view all the answers

What is the primary purpose of a Business Model?

To describe how a business creates, delivers, and captures value (B) Signup and view all the answers

What is the Value Proposition of a business?

The reason a customer buys a product or service (C) Signup and view all the answers

What is the primary purpose of identifying a business's Distribution Channel?

To choose the most convenient means of reaching customers (A) Signup and view all the answers

Why is it important to identify a business's customers?

To identify their needs and create a product or service that meets those needs (A) Signup and view all the answers

What is the role of a business's customers in its profitability?

They are the reason a business is creating a product or service (C) Signup and view all the answers

What is the purpose of using the Business Model Canvas?

To help develop a business's Business Model (C) Signup and view all the answers

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