Terms
Which term refers to introducing new ideas or technology that significantly will change an industry?
Disruption
What is a Value Proposition?
What value do businesses deliver to their customers. What customer problems is the business trying to solve.
Name three (3) types of characteristics used in Customer segmentation
Geographical
Who is Apple's customer segment?
Mass market
What is the definition of a fixed cost?
Expenses that remain the same no matter how much a business produces or makes?
What does the term "freemium" refer to?
Offering a basic product/service for free, with premium features for a fee
What are Airbnb value propositions?
Flexibility
affordability
local experience
Unique
Name an example of a freemium business model
Spotify
Dropbox
Canva
Zoom
What is a brand?
A brand is the identity of a business and includes attributes, logos, slogan, design, innovation, competitive advantage over other similar brands.
What is the definition of variable costs?
Expenses that change depending on how much a business produces or sells.
Brainstorming and the Worst possible ideas are tools used in this phase of Design thinking
Ideate
Necessary processes that are needed to delivered the value proposition
Key activities
Name an example of a subscription business model
Netflix
Apple - iCloud
Amazon
What is Nike's market niche?
Primarily performance sportswear and athletic footwear.
Name three (3) types of marketing channels
Facebook marketing
Advertising on cereal boxes
Adshells
Newspapers
Magazines
Social media apps
Banner ads
Radio advertising
Commercials on TV
Billboards
Which term refers to buying and selling goods or services online?
E-commerce
What are the three categories of Key resources
Tangible assets
Intellectual resources
Financial resources
In which concept do customers pay a regular fee for access to a product or service?
Subscription-based
What is a target market?
Your most likely potential customers
How do you know if your business model will be successful?
A effective company strategy simply needs to bring in more revenue from sales than it costs to produce the good. This is your profit, plain and simple.