LESSON 6

Question 1

Refers to a strategy that companies make to increase their profit.

Answer 1

BUSINESS MODEL

Question 2

A successful __________ helps you identify your target audience and gives an estimated cost of reaching them to sell your products.

Answer 2

BUSINESS PLAN

Question 3

is a company’s core strategy for profitably doing business.

Answer 3

BUSINESS MODEL

Question 4

What are the 2 levers of a business model?

Answer 4

PRICING, COSTS

Question 5

A ___________ should be periodically revised to make sure it still reflects the business environment and customer demands.

Answer 5

BUSINESS MODEL

Question 6

A type of business where businesses sell products or services to other businesses, rather than directly to consumers

Answer 6

BUSINESS TO BUSINESS

Question 6

What are the 4 types of Business Model (RELATIONSHIP FOCUS)

Answer 6

1. Business to Business (B2B)
2. Business to Consumer (B2C)
3. Consumer to Consumer (C2C)
4. Consumer to Business (C2B)

Question 7

A type of business where businesses sell products or services directly to end-consumers

Answer 7

BUSINESS TO CONSUMER

Question 8

A type of business where individuals sell products or services to other individuals, often facilitated by a platform

Answer 8

CONSUMER TO CONSUMER

Question 9

A type of business where individuals sell products or services to businesses

Answer 9

CONSUMER TO BUSINESS

Question 10

What are the 13 types of (BROAD REVENUE STRATEGIES)

Answer 10

• Retailer
• Manufacturer
• Fee-for-Service
• Subscription
• Freemium
• Bundling
• Marketplace
• Affiliate
• Razor Blade
• Reverse Razor Blade
• Franchise
• Pay-as-You-Go
• Brokerage

Question 11

How to choose the right business model?

Answer 11

1. Understand your target
2. Identify your competitor’s weaknesses and strengths
3. Experiment with your plan