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BMVC EXAM 2024 QUESTIONS WITH SOLVED SOLUTIONS, ALREADY GRADED A+
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BMVC EXAM 2024 QUESTIONS WITH SOLVED SOLUTIONS, ALREADY GRADED A+
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BMVC EXAM 2024QUESTIONS WITH
SOLVED SOLUTIONS,
ALREADY GRADED A+
BMVC
Evatee 8/19/24 BMVC
,BMVC EXAM 2024 QUESTIONS WITH SOLVED
SOLUTIONS, ALREADY GRADED A+
Trends towards ecosystem economy Answer - 1. Less regulation less exclusivity
of the firms
2. No clear separation between product and service - Modular structures
components recombined to ne bundles
3. Digitalization and Digital technologies - Traditional strategies are not
applicable
What is a company? Answer - Definition: A business organization which sells a
product or service in exchange for revenue and profit
Companies are in execution mode
Traditional value proposition Answer - "In particular, the way in which
companies make money nowadays is different from the industrial era, where
scale was so important and the capturing value thesis was relatively simple i.e.
the enterprise simply packed its technology and intellectual property into a
product which it sold, either as a discreet item or as a bundled package."
Traditional product development process Answer - Concept -> Product
development -> Alpha / Beta testing -> Launch
What is a startup? Answer - Startups are not just smaller versions of larger
companies
, A startup is a temporary organization designed to search for a repeatable and
scalable business model
Execution vs Search (company vs startup)
What can happen to a startup? Answer - A startup is in a temporary state - it
will have to turn into something else:
It can grow into a company
It can be sold to another company
It can pivot and iterate as it continues to search for a business model
It can grow very slowly and barely break even
It can run out of money and shut down
What is a business model? Answer - "[Defines] the manner by which the
enterprise delivers value to customers, entices customers to pay for value, and
converts those payments to profit. It thus reflects management's hypothesis
about what customers want, how they want it, and how the enterprise can
organize to best meet those needs, get paid for doing so, and make a profit."
Searching for a successful business model and why it is so challenging? Answer
- Why is this so challenging?
Developing business models, and especially revenue models, for digital and
intangible goods is often difficult.
Customers do not just want products anymore; they want solutions to their
perceived needs.
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