11. 2 Designing the Business Model

A ________ is a formal document that typically describes the business and industry, market strategies, sales potential, and competitive analysis, as well as the company's long-term goals and objectives. A. business plan B. business model C. customer empathy map D. revenue model

A. business plan

A tool to identify your idealized target customer and develop a better understanding of his or her environment, behavior, concerns, and aspirations. A. jobs to be done B. business plan C. business model canvas D. empathy map

D. empathy map

Select the item that does not belong to the business model canvas. A. market size B. revenue streams C. value proposition D. customer segments

A. market size

Which broad question is addressed in the business model canvas by evaluating the value propositions, customer relationships, customer segments, and channels of an idea? A.Desirability B.Feasibility C.Viability D.Relatability

A.Relatability

The risk of solving an irrelevant customer job (sometimes derisively labeled "a solution in search of a problem") undercuts ______ in your business. A. story B. desirability C. viability D. repeatability

B. desirability

The finished story benefit formula of [end customer wants] + [specific period of time] + [address objections] is designed for what component of the lean model canvas? A. unfair advantage B. unique value proposition C. early adopters D. high concept pitch

B. unique value proposition

What does The Lean Model Canvas replace the customer relationships, key activities, key partners, and key resources blocks with? A. Opportunity Block B. Story Block C. Problem Block D. Viability Block

C.Problem Block

How does the social business model canvas differ from the business model canvas and lean model canvas? A. is only used by nonprofit company B. doesn't have customer block and investment block C. has profit block to talk about ways the company can makes more money D. has impact measure, surplus, beneficiary segments, and social and customer value propositions

D. has impact measure, surplus, beneficiary segments, and social and customer value propositions

Which of these is not one of the reasons that early-on an entrepreneur's focus should be on the right side of The Business Model Canvas? A. These are the most critical aspects of starting a new venture. B. The right side contains the most fluid aspects of the business. C. There's no need to focus on the costs of building a company if you won't have customers. D. All of the Above

D.All of the Above

Which of these broad questions does the business model canvas not force the entrepreneur to address? A.Desirability B.Feasibility C.Viability D.Relatability

D.Relatability