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BPI Exam 1 Questions and Answers
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BPI Exam 1 Questions and Answers
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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
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