B2B Marketing Week 10: Business Model Exam Prep

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22 Questions

According to Peter F. Drucker, what makes a valid theory of the business extraordinarily powerful?

Clear, consistent, and focused

Based on Teece (2018), what does a business model describe?

Architecture for creating and delivering value, and mechanisms for capturing value

According to Lancaster (1999, cited in Kuzmanovic et al., 2021), what motivates a customer to buy a product?

Any product or service attribute that takes the customer closer to achieving his goals

What does the Customer Value Model suggest companies can offer?

Value proposition

According to the text, what types of value are mentioned as being created by any product or service attribute?

Functional Value, Social Value, Psychological Value, Monetary Value

What elements does Teece (2018) indicate are encompassed by a business model?

Flows of costs, revenues, and profits

Which term refers to the combined engagement of any actor who participates towards the creation of value?

Co-creation of value

In which industry is co-conception of ideas evident, especially in complex innovations?

Aerospace industry

Which company has developed a successful business model based on product self-assembly, involving customers in co-production?

IKEA

Where does co-pricing occur, allowing customers’ bidding activities to determine the final price of goods?

Online auctions like eBay

Which type of collaboration includes word of mouth activities by customers and other collaborators to create their own promotional messages?

Co-promotion

Which model involves joint production process with the customer’s principles co-producing resources and principles with the provider?

Value-in-use creation model

What term is used to describe an architecture for how a firm creates and delivers value to customers, as well as the mechanisms used to capture a share of that value?

Business model

According to Peter F. Drucker, what makes a valid theory of the business extraordinarily powerful?

Clarity, consistency, and focus

What motivates a customer to buy a product, according to Lancaster (1999, cited in Kuzmanovic et al., 2021)?

Functional value

Which type of collaboration involves word-of-mouth activities by customers and other collaborators to create their own promotional messages?

Co-creation collaboration

In which industry is co-conception of ideas evident, especially in complex innovations?

Technology industry

In the context of co-creation and value-in-use creation model, what is co-pricing?

The joint determination of final price of goods by customers' bidding activities and collaboration with the provider

What does co-conception of ideas entail as mentioned in the text?

It involves the joint creation of innovative product designs by customers and manufacturers

What characterizes co-promotion as mentioned in the text?

It refers to the word of mouth activities by customers and other collaborators to create their own promotional messages

In the context of co-production, which company has developed a successful business model based on product self-assembly, involving customers in co-production?

IKEA

According to the value co-creation perspective, what characterizes the customer's value creation interaction?

Joint value creation process with the provider participating as a co-creator of value with the customer

Prepare for your B2B Marketing Week 10 exam by reviewing the concept of business models, including definitions and theories by Peter F. Drucker. Understand how firms create and deliver value to customers and capture a share of that value through a matched set of elements.

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