Exam (elaborations)
WGU C207 Exam 1 – Questions With Verified Answers
WGU C207 Exam 1 – Questions With Verified Answers
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WGU C207 Exam 1 – Questions With Verified AnswersCreative Destruction ✔️Ans - someone's creativity, new ideas, and
inventions can destroy the career of those already there.
Example of Creative Destruction ✔️Ans - A train conductor loses their
job because the plane was invented, or has to adjust to the advances and
work in the "plane" industry.
Business Model Canvas ✔️Ans - a strategic single page tool for
describing, analyzing, and designing business models; a visual chart which
depicts a firm or product's value proposition, infrastructure, customers,
and finances.
Who originally proposed the Business Model Canvas? ✔️Ans -
Alexander Osterwalder
Traditional Media ✔️Ans - newspapers, broadcast television, cable,
telephone, broadcast radio and magazines
Media Convergence ✔️Ans - The delivery of multiple types of media
over a single wired or wireless pathway or device.
It disrupts existing business models. Creates new opportunities.
Silo ✔️Ans - in individual "little world" example broadcast radio world
vs. newspaper world.
Democratization of Media ✔️Ans - The ability of the consumers to
have more control over their media experience.
Factors of Democratization of Media ✔️Ans - Time shifting: people no
longer have to be home on time to watch their fav show
Consumer Created Content: YOU create. Ex. Youtube, twitter, facebook etc.
audience fragmentation ✔️Ans - Broadcast Networks---> Cable
Networks and Online
- Example Coke vs. Pepsi only select few platforms to use.
- NOW there is a variety of versions w/so many ways for us to get content.
, value proposition (BMC) ✔️Ans - the unique value that a product or
service provides to its customers and how it is better than and different
from those of competitors
What value are you going to deliver to the customer?
Which customer pain-points are you addressing?
- an innovation service or feature intended to make a company or product
attractive to customers.
- based on review and analysis of the benefits, costs, and value that an
organization can deliver to its customers. ✔️Ans - components of value
propostion
Channels (BMC) ✔️Ans - It describes how a company communicates
with and reaches its customer segments to deliver its value proposition.
Can be physical ex. store to sell clothes.
or virtual,
ex. e-commerce website selling clothes. CAN MIX BOTH
Customer relationships (BMC) ✔️Ans - What type of relationship do
you maintain with each customer segment?
What is an expectation of your customers?
How do you establish them?
Revenue Streams (BMC) ✔️Ans - the cash a company generates from
each customer segment
How to generate a revenue stream? ✔️Ans - Asset sale, subscription
fees, leasing, licensing, advertising etc. Should be linked to personas or
segments and Value Propositions.
Key Activities (BMC) ✔️Ans - Most important activities in executing a
company's value proposition
Product distribution, research, and development strategy etc.
Key resources (BMC) ✔️Ans - Most important assets required to make
a business model work.
Office, hosting requirements, human resources, financial, transportation,
electricity etc.
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