MIST Quiz 2

Network topography

Basic network configuration

Value Proposition

It's not about your idea or product It's about solving a NEED or PROBLEM What are you providing It's about satisfying your customer They are trying to solve: Problem: Accounting, word processing Need: entertainment

TCP / IP or Protocol

Language for computers to talk to each other

Gateway / Router

Responsible for managing local network

Partners

Who are the key partners and suppliers needed to make the business model work? What key resources are we acquiring from them?

Customer Segments

Who are they What would they buy Customers don't exist to buy; you exist for them

A business model canvas can be used to identify the various aspects of the canvas that generate profits for the business a. True b. False

a. True

Customer Relationships

How do I get/keep/grow customers? Update the business regularly to keep businesses engaged

Revenue Model

How do you make money from each customer? What value is the customer paying for Creating Customer Value- Marketing- Selling

MAC

Unique Number for every NIC

What are ways to optimize your digital business model canvas?

Use few words Only essential ideas Use images to represent ideas difficult to explain You want your business model to be easy to understand so people get the idea in about a minute after looking it over Color code things together Ex. blue=consumers, red=producers

According to the business model canvas article, organizations partner up with others in order to acquire knowledge, licenses, or access to customers. a. True b. False

a. True

Clients and servers are basically pieces of software on computer that can either request or send resources. a. True b. False

a. True

Which of the following is/are a true statement about the business model canvas? a. Customer groups represent a distinct segment if we give them a distinct offer or we server them though different channels. b. The channel component describes how we will deliver or reach our customers with the value proposition c. The right side of the canvas is generally related to revenue generation, while the left side of the canvas is generally related to costs. d. All of the above statements are true

d. All of the above statements are true

What business model involves serving two or more interdependent market segments, and typically involves a platform to bring the two customers together? a. Niche-Market b. Diversified c. Segmented d. Multi-sided e. Mass-Market

d. Multi-sided

What of the following best describes the "bait and hook" business model? a. Give a product away and then charge for the premium version b. Find both buyers and sellers and bring them together on your platform c. Integrate primary activities and support activities in the value chain d. Provide products for low or no cost and the make up the profits on complementary products. e. All of the above describe elements of the "bait and hook" business model

d. Provide products for low or no cost and the make up the profits on complementary products.

Digitization

the fact that everything is changing to an online or digital medium...like promotions are now on social media, stores have websites, and basically everything is online

Digital Natives

the idea that the new generation is growing up with technology and is so comfortable using it that they are more equipped to understanding the digital world, so the businesses need to attain to that type of group

Customer Voice

the trend that almost everything on the market has some sort of reviews by customers that almost everyone can have access to, so this gives incentives to producers to make the best quality products because we rely on others input on whether or not to purchase

What are the phases of the system development life cycle?

Goals & Requirements Design & Development Implement & Analyze

Channels

How does the product get from our company to the customer? Physical channels-> also has web channel Web/Mobile Channels Ex: Uber : App

Costs Structure

What are the costs to operate the business model? What are the most important costs? What are the most expensive resources?

Key Activities

What are the most important things to be done for everything to work?

Three components of a digital business model

Content - what is consumed? Experience - how is it packaged? Platform - how is it delivered?

What are some of the common business models discussed in class?

Freemium- something with a basic free package that you only pay for extra - Spotify (either pay monthly fee, or watch ads for them to get revenue) Bait and Hook- when you buy something (usually pretty cheap/good deal), but then you become a continuous customer for other products Buy a razor, have to buy blades Buy a printer, have to buy ink Two-sided Market- is a platform for economic exchange between two distinct user groups that provide each other with the benefits of a large network. Groupon, Ebay

Can you identify key activities, key resources, value propositions, etc for a company?

Key activities- What are the most important things? Key resources- What are the most important assets required to make the business model work? Value Propositions- It's not about your idea or product It's about solving a NEED or PROBLEM It's about satisfying your customer

What are the key components of the business model canvas?

Value Proposition Customer Segments Channels Customer Relationships Revenue Model Key Resources Partners Key Activities Costs Structures

Key Resources

What are the most important assets required to make the business model work Finance, Human Capital

Which of the following does NOT describe a type of key resource? a. Physical assets such as facilities, buildings, vehicles among others b. Designing, making and delivering a product in substantial quantities c. Brands, proprietary knowledge, patents and copyrights, partnerships d. Cash, lines of credit, stock option pools, financial guarantees e. All of the above are key resources

b. Designing, making and delivering a product in substantial quantities

According to the article, "Optimizing your Digital Business Model" what are the three components of an everyday digital business model? a. Products, Information, and Customers b. Processes, Data, and Technology c. Content, Experience, and Platform d. Data, Technology, and People e. Customer Relationships, Value Propositions, and Revenue

c. Content, Experience, and Platform

What is the device that you would use to protect an organization's network? a. Switch b. Server c. Firewall d. Router

c. Firewall

Which part of the business model canvas refers to the action a company must take to operate successfully? a. Customer Relationships b. Key Partners c. Key Activities d. Channels e. Key Resources

c. Key Activities

According to MIT Sloan article, which of the following is not one of the three trends that drive the enterprises move towards digital business model? a. Customer Voice b. Digitization c. Value Chain d. Digital Natives

c. Value Chain