Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Entrepreneurship > Chapter 4 > Flashcards

Chapter 4 Flashcards

1
Q

is a person or a registered company which makes finished products from raw materials in an effort to make a profit.

A

Manufacturer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

is an entity or a company that purchases noncompeting products or product lines, stores them in warehouses, and resells them to
retailers or directly to the customers.

A

Distributor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

is a person or business that purchases goods from the wholesaler or directly from the manufacturer

A

Retailer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

can be a manufacturer, distributor or retailer. It is a method distributing products or services involving a franchisor.

A

Franchise

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

It is a model that refers to the old-fashioned street-side business that sells products and services to its customers face-to-face in an office
or store that the business owns or rents.

A

Brick-and-mortar

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

It is a model where a company combines its online and a physical presence. Customers may place their orders online and then pick up the products from the physical stores.

A

Bricks-and-clicks

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

In this model, products are directly sold to the customers

A

Direct Sales

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

This model uses a lot of human interaction and involvement in
order to the experience highly personalized.

A

High Touch

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

is owned and operated by a family.

A

Family-owned

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

This model makes use of the lowest price strategy in selling basic product or service to the customers.

A

Nickel-and-dime

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

This model is a combination of free and paid services normally used by tech companies in the Software as a Service (SaaS) or apps business model

A

Freemium

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

This model is an upgradation of the old-style brick-and-mortar business model. It focuses on buying and selling of goods or services creating
a web-store using the internet.

A

E-Commerce

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

This model offers a long term contract to customers by paying a
fixed amount every month or year.

A

Subscription

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

This is a network model, the company acts as a middleman
between two individual parties.

A

Aggregator

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

is a collection of different sellers into one platform.

A

Online Marketplace

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

In this model the company offers its services for free. The Company earns revenue streams from advertisements which are paid for by identified sponsors when information is shared.

A

Hidden Revenue

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

The Internet has given rise to the importance of data. Data is the major element in the web technology where companies need vital information to perform its operations and gain profit.

A

Data Licensing / Data Selling

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

This is a partner company that has specialization in doing non-core business activities such as advertising, digital marketing, PR, even janitorial and security

A

Agency-Based

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

This is a commission-based model where companies make profit by promoting a partner’s product and convince its followers and users to buy the same.

A

Afiliate Marketing

20
Q

the owner has no ownership of the
product or hold any inventory but he has an E-store.

A

Dropshipping

21
Q

Often called multi-level marketing, this model works on direct marketing and direct selling philosophy.

A

Network Marketing

22
Q

This is a model that solicits intellectual information of users on
what value-added concepts be inputted in the product and or service offering.

A

Crowdsourcing

23
Q

This is a digital ledger that is irreversible and decentralized one owns and monitors this digital database but anyone can contribute to it.

A

Blockchain

24
Q

In this model there is minimum human assistance or intervention
in selling a product or service.

A

Low Touch

25
Q

It is a business model in which one item is sold at a low price or even given for free in order to intensify the sales of a complementary good, such as consumable supplies.

A

Razor and Blade

26
Q

is composed of experienced and qualified professionals that offer services based on their line of expertise.

A

Consulting

27
Q

This model aims to put up a business more for creating a positive change but with profit.

A

Social Enterprise

28
Q

Are the network of suppliers and partners that may provide the business model more effective.

A

Key Partners

29
Q

Are the most essential activities in achieving a company’s value proposition and to operate successfully.

A

Key Activities

30
Q

Describes the most important assets required to make a business model work.

A

Key Resources

31
Q

Is a business’s way of generating value in their product or service when targeting potential customers.

A

Customer Value Proposition

32
Q

Key Resources Categories

A
  1. Physical - physical assets tangible resources
  2. Intellectual - nonphysical, intangible resources as brands
  3. Human - employees are vital
  4. Financial - key resources in finance
33
Q

Customer Value Proposition factors:

A
  1. Functional Value - product or service that offers solution
  2. Emotional Value - the product or service is pleasant to look
  3. Economic Value - product or service offers financial advantage
  4. Symbolic Value - product and service offers status to customers
34
Q

Are types of relationship a company forms with its particular customer segments.

A

Customer Relationships

35
Q

Shared needs, behaviors and other traits can be the bases for customer segmentation.

A

Customer Segments

36
Q

Are touch points through which a company communicates with its target customers.

A

Channels

37
Q

Types of channels

A
  1. Direct channels - are those that the entrepreneur owns or has control over.
  2. Indirect channels - also known as partner channels.
38
Q

Who developed a value proposition canvas?

A

Alexander Osterwalder

39
Q

Points to the customer segment that the company shall serve its product or service offering.

A

Customer Profile

40
Q

Include all the expectations and needs of customers, things that may delight them.

A

Customer Gains

41
Q

Types of customer gains

A
  1. Required gains - a very basic expectations by the customer
  2. Expected gains - gains beyond the basic ones
  3. Desired gains - these are the customers preference
  4. Unexpected gains - potential benefits of product and service which customer is unaware
42
Q

Are situations which either avoid the customer from getting the job done or negative experiences, emotions and risks that customer experience before, during or after a job

A

Customer pains

43
Q

Said pains are the following

A
  1. Productivity pains - inefficiency of the business
  2. Support pains - when is not assisted during the buying process
  3. Financial pains - involve money, spends to much on products or services and his really intention is to spend less
  4. Process pains - creates friction to the buyers because of substandard processes of the business.
44
Q

Who proposed lean canvas?

A

Ash Maurya

45
Q

Elements of lean canvas model:

A
  1. Problem
  2. Solution
  3. Value Proposition
  4. Unfair Advantage
  5. Customer Segments
  6. Channels
  7. Revenue Streams
  8. Cost Structure
  9. Key Metrics

Entrepreneurship (9 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions