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Understanding Business Models Quiz

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Questions and Answers

What is the primary purpose of a business model?

To generate a profit (correct)

To attract customers

To minimize costs

To establish an online presence

What is an advantage of online businesses compared to traditional brick and mortar stores?

Increased customer interaction

More product storage capacity

Enhanced market visibility

Lower startup costs (correct)

What type of online business model generates revenue through advertisements?

Merchant

Advertising-based (correct)

Freemium

Brokerage

What is a characteristic of brick and mortar businesses?

High maintenance costs Signup and view all the answers

What is an example of a freemium business model?

A free application with premium features Signup and view all the answers

Why do businesses establish new business models or adapt existing ones?

To respond to changing market conditions Signup and view all the answers

What is the term used to describe businesses that utilize both online and physical stores?

Bricks and clicks Signup and view all the answers

What is the role of intermediaries in a distribution channel?

To help a company find customers or make sales to them Signup and view all the answers

What is the advantage of a direct-to-consumer business model?

Strong focus and connection with customers, which builds customer loyalty Signup and view all the answers

What is a franchise?

A business that grants another business the right to use their trademark, business systems, and processes Signup and view all the answers

What is an import?

A good or service produced overseas and sold to Australian consumers Signup and view all the answers

What happens to imports when the exchange rate is higher?

It becomes less profitable Signup and view all the answers