Revisiting Your Business Model
An activity such as hairstyling or carwashing, performed for others in the context of offering from a business
What is a service?
Learning about the customers, their needs, pain points, and whether your idea solves a problem worth solving
What is customer discovery?
Testing whether a product or prototype solves the customer's problem and if customers are willing to buy it
What is customer validation?
This popular singer formed a partnership with luxury company LVMH to create a cosmetics line in 2017, and was recently announced as a billionaire
The buying and selling of goods or services using the internet,
What is e-commerce?
The set of qualities or characteristics that make up your optimal consumer or company for your business to sell to
What is a buyer persona or customer profile?
The demonstration that a certain idea has potential; Initial test of an idea, method, or product
What is proof of concept?
In 1991, this company founded by Bob Johnson, became the first black-controlled company listed on the New York Stock Exchange
A set of unique features of a company and its products that are perceived by the target market as significant and or superior to the competition.
What is competitive advantage?
Segmenting customers based on lifestyle, activities, or personality characteristics
What are psychographics?
A one-page website with a printed description or illustration of the business idea
What is a landing page?
This former NBA player and hall of famer previously owned the Charlotte Hornets, but sold the team for $3 billion in 2023
Who is Michael Jordan?
The process for selling products or services directly to families and households.
What is B2C selling?
Hallmark offering different products and cards for different occasions, holidays, and times of year, is an example of segmenting the market based on this factor?
What is behavioral segmentation?
A form of customer validation in which customers make a commitment to purchase your product before its actually fully developed and sold.
What are presales?
This retired NBA player founded the Aspire TV network in 2012 to specifically target African American viewership
Who is Magic Johnson?
Spotify and LinkedIn use this revenue model which refers to a company providing a tool (such as an app or tool suite) to users for free, with limited access or use of features and then gaining access to key features via paying a subscription
What is a freemium model?
When considering the needs of consumers, these tasks or jobs are related to how customers want people to perceive them (i.e. being perceived as professional or high status)
What are social jobs?
A link in an email or website that can be used to validate that a user/customer is interested in product (i.e. Signing up for an e-mail list or Clicking on a link for more information)
What is a Call To Action (CTA)?
This entrepreneur from Baltimore, was the first African American to build a billion-dollar company?
Who is Reginald F. Lewis?