Exam (elaborations)
BPI Exam 1 Questions and Answers
- Course
- Institution
BPI Exam 1 Questions and Answers
[Show more]
Content preview
BPI Exam 1 Questions and Answersbusiness model canvas - Correct Answers -is a strategic management tool to quickly
and easily define and communicate a business idea or concept
customer segments - Correct Answers -the different groups of people or organization on
an enterprise aims to reach and serve, heart of any business model
mass market - Correct Answers -one large group with broad needs/problems
niche market - Correct Answers -specific and specialized
segmented - Correct Answers -slightly different needs (ex: economy and 1st class)
diversified - Correct Answers -two or more unrelated segments, very different needs
multi-sided platforms - Correct Answers -serve 2 or more independent customer
segments
value proposition - Correct Answers -the bundle of products and services that create
value for specific customer segment, reason why customers turn to one company over
another
newness - Correct Answers -new set of needs that were not perceived before ex: next
iphone
performance - Correct Answers -improving product to creating value (ex: iphone tech)
Customization - Correct Answers -tailoring product to specific needs
design - Correct Answers -product stands out because better design
brand/status - Correct Answers -value in specific brand
price - Correct Answers -offering lower price
cost reduction - Correct Answers -reduce costs ex: 300 water bottles = one brita
, risk reduction - Correct Answers -reducing risk → 20 days to return something
convenience - Correct Answers -ex: CVS open 24 hours
channel - Correct Answers -the way to reach customer segments to deliver value
proposition
awareness - Correct Answers -raising awareness about product ex: blow up things
outside of car dealerships for new deals (channel stage 1)
evaluation - Correct Answers -helping customers evaluate a company value prop ex:
reviews, tripadvisor, yelp (channel stage 2)
purchase - Correct Answers -mechanism facilitating the transaction between customer
and business ex: amazon (channel stage 3)
delivery - Correct Answers -transfer of value proposition to the customer; physical or
virtual (channel stage 4)
after sale support - Correct Answers -helping customers resolve problems arising after
receiving value proposition (channel stage 5)
customer relationship - Correct Answers -what type of relationship do customers expect
personal assistance - Correct Answers -can talk to real customer representative
dedicated personal assistance - Correct Answers -serves specific individual client ex:
most intimate, therapist
self-service - Correct Answers -no direct service, means to help themselves
automated service - Correct Answers -sophisticated self service , ex: netflix
communities - Correct Answers -online community where users interact to achieve
different objectives ex: crowd med? Diagnosing random users
co-creation - Correct Answers -co-create value ex: threadless website
revenue streams - Correct Answers -cash company generate from each segment
"arteries of business", determine willingness to pay
transaction revenue - Correct Answers -one-time customer payment ex: trip to mall
recurring payments - Correct Answers -ongoing payments ex: gym membership
asset sale - Correct Answers -selling ownership rights to product ex: ice cream shop
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller millyphilip. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81113 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now