Question 1

Kaitlyn Harris is opening up a women's fashion boutique that will focus on professional women that are 18-30 years old. The age range of women that Kaitlyn plans to focus on is referred to as her ________ market.
A) controlled
B) ambitious
C) identifiable
D) target
E) aspirational

Accepted Answer

Kaitlyn's market is referred to as her target market. This is the specific group of consumers that she aims to reach and serve with her boutique's products and services. A target market is identified based on various criteria including age, gender, income, and interests, among others.

Question 2

When completing the basis of differentiation box in the Barringer/Ireland Business Model Template, it is best to limit the description to ________.
A) two to three points
B) one point
C) five to10 points
D) two to three points for manufacturing firms and five to 10 points for service firms
E) five to 10 points for manufacturing firms and two to three points for service firms

Accepted Answer

It is best to limit the description to two to three points in order to provide a clear and concise basis of differentiation. Providing too many points can be overwhelming and potentially confusing for the reader or user of the template.

Question 3

What is the difference between standard business models and disruptive business models? Include examples of both in your answer.

Accepted Answer

The answer of What is the difference between standard business...

Question 4

It is important to understand that there are several perfect business models.

Accepted Answer

There is no "perfect" business model as the effectiveness of a business model depends on various factors including the market environment, customer needs, and the specific goals of the business. What works well for one company may not work for another.

Question 5

A business's ________ describes why it exists and what its business model is supposed to accomplish.
A) values statement
B) importance statement
C) differentiation statement
D) mission statement
E) significance statement

Accepted Answer

A mission statement defines a company's purpose and how it plans to achieve its goals. It encompasses the values and beliefs that guide a company's operations and can be used to communicate with employees, customers, and investors.

Question 6

Disruptive business models are impactful enough that they disrupt or change the way business is conducted in an industry or an important niche within an industry.

Accepted Answer

Disruptive business models are known for creating significant changes and transformations in a particular industry, challenging established business practices, and introducing innovative approaches to delivering value to customers. This often results in significant benefits for businesses that adopt these models, as they can gain a competitive edge, increase revenue streams, and expand their reach. Overall, disruptive business models have the power to revolutionize entire industries and generate new opportunities for growth and success.

Question 7

A firm's ________ market is a place within a larger market segment that represents a narrower group of customers with similar interests.
A) aspirational
B) ambitious
C) constrained
D) target
E) objective

Accepted Answer

A target market is a specific group of customers that a business aims to serve. It is a narrower segment of a larger market and consists of customers with similar characteristics and needs. This allows businesses to tailor their marketing efforts and products/services to the specific needs of the target market, leading to increased customer satisfaction and profitability.

Question 8

According to the textbook, Southwest Airlines introduced a new market disruption type of disruptive business model.

Accepted Answer

The answer of According to the textbook, Southwest Airlines introduced...

Question 9

Which of the following is not one of the four elements of the core strategy section of the Barringer/Ireland Business Model Template?
A) Business mission
B) Key assets
C) Basis of differentiation
D) Target market
E) Product/market scope

Accepted Answer

The four elements of the core strategy section are business mission, basis of differentiation, target market, and product/market scope. Key assets are part of the resources section in the template.

Question 10

Erin Hill is working on the box in the Barringer/Ireland Business Model Template that defines the products and markets on which her firm will concentrate. Erin is working on the ________ scope portion of the business model template.
A) offering/market
B) offering/industry
C) business/market
D) business/industry
E) product/market

Accepted Answer

Erin is defining both the products and markets, which fall under the "product/market" scope.

Question 11

The Barringer/Ireland Business Model Template has five major categories and 14 individual parts.

Accepted Answer

The Barringer/Ireland Business Model Template actually consists of four major categories and nine individual parts.

Question 12

The first box in the Barringer/Ireland Business Model Template is ________.
A) product/market scope
B) revenue streams
C) business mission
D) target market
E) channels

Accepted Answer

The first box in the Barringer/Ireland Business Model Template is the business mission, which outlines the purpose and aims of the business, setting the foundation for the model.

Question 13

The Barringer/Ireland Business Model Canvas consists of ________ major category(ies) and ________ parts.
A) 1; 12
B) 3; 9
C) 6; 18
D) 4; 12
E) 2; 6

Accepted Answer

The Barringer/Ireland Business Model Canvas consists of 4 major categories: Customer Segments, Value Propositions, Channels, and Customer Relationships. Each category has 3 parts, for a total of 12 parts.

Question 14

Which of the following is not one of the four major categories in the Barringer/Ireland Business Model Template?
A) Operations
B) Resources
C) Channels
D) Core strategy
E) Financials

Accepted Answer

Channels is not one of the four major categories in the Barringer/Ireland Business Model Template. The four major categories are Core Strategy, Resources, Operations, and Financials.

Question 15

A company's ________ scope defines the products and markets on which it will concentrate.
A) product/market
B) offering/industry
C) business/market
D) business/industry
E) offering/market

Accepted Answer

Product/market scope defines both the products and markets that a company will focus on. It determines the range of products a company will offer and the markets it will target. It involves making choices about what products to sell, in which markets, and to which customers.

Question 16

The four major categories in the Barringer/Ireland Business Model Template are ________.
A) core strategy, resources, financials, and operations
B) core strategy, value proposition, customers and channels
C) value proposition, resources, customers and partners
D) activities, partners, customers, and competitors
E) value proposition, cost structure, financials, and operations

Accepted Answer

The answer of The four major categories in the Barringer/Ireland...

Question 17

Standard business models depict existing plans or recipes firms can use to determine how they will create, deliver, and capture value for their stakeholders.

Accepted Answer

Standard business models do provide existing plans or recipes for firms to determine how they can create, deliver, and capture value for their stakeholders.

Question 18

Jamie Finch is crafting the business model for her fashion design firm. She just completed the section that describes how her firm plans to compete relative to her rivals. Jamie just completed the ________ portion of her business model template.
A) operations
B) core strategy
C) resources
D) strategic plan
E) tactical strategy

Accepted Answer

The section that describes how her firm plans to compete relative to her rivals refers to the core strategy of the business model template. The other options mentioned are also sections of a business model, but they do not specifically pertain to this part of the template.

Question 19

In the Barringer/Ireland Business Model Template, ________ describes how the firm plans to compete relative to its competitors.
A) strategic plan
B) grand strategy
C) tactical strategy
D) value proposition
E) core strategy

Accepted Answer

The core strategy in the Barringer/Ireland Business Model Template describes how the firm plans to compete relative to its competitors. The strategic plan outlines the overall vision and direction of the firm, while the grand strategy involves the overall approach to achieving the strategic plan. The tactical strategy pertains to specific actions and implementation steps to achieve the grand strategy. The value proposition outlines the unique value the firm offers to customers.

Question 20

Nathan Green is starting a firm in the organic produce industry. Nathan has developed a statement-"Helping Make Your Life Better, Healthier, and Fuller"-that describes the reason his company exists and what his business model is supposed to accomplish. In the terminology used in the Barringer/Ireland Business Model Template, Nathan's statement is referred to as his ________ statement.
A) values
B) uniqueness
C) differentiation
D) mission
E) task

Accepted Answer

Nathan's statement describes the reason for his company's existence and what it aims to accomplish, which aligns with the definition of a mission statement in the Barringer/Ireland Business Model Template. A mission statement typically identifies the purpose of the organization and its goals, which is what Nathan's statement does.

Quiz 4: Developing an Effective Business Model

Kaitlyn Harris is opening up a women's fashion boutique that will focus on professional women that are 18-30 years old. The age range of women that Kaitlyn plans to focus on is referred to as her ________ market.

When completing the basis of differentiation box in the Barringer/Ireland Business Model Template, it is best to limit the description to ________.

What is the difference between standard business models and disruptive business models? Include examples of both in your answer.

It is important to understand that there are several perfect business models.

A business's ________ describes why it exists and what its business model is supposed to accomplish.

Disruptive business models are impactful enough that they disrupt or change the way business is conducted in an industry or an important niche within an industry.

A firm's ________ market is a place within a larger market segment that represents a narrower group of customers with similar interests.

According to the textbook, Southwest Airlines introduced a new market disruption type of disruptive business model.

Which of the following is not one of the four elements of the core strategy section of the Barringer/Ireland Business Model Template?

Erin Hill is working on the box in the Barringer/Ireland Business Model Template that defines the products and markets on which her firm will concentrate. Erin is working on the ________ scope portion of the business model template.

The Barringer/Ireland Business Model Template has five major categories and 14 individual parts.

The first box in the Barringer/Ireland Business Model Template is ________.

The Barringer/Ireland Business Model Canvas consists of major category(ies) and parts.

Which of the following is not one of the four major categories in the Barringer/Ireland Business Model Template?

A company's ________ scope defines the products and markets on which it will concentrate.

The four major categories in the Barringer/Ireland Business Model Template are ________.

Standard business models depict existing plans or recipes firms can use to determine how they will create, deliver, and capture value for their stakeholders.

Jamie Finch is crafting the business model for her fashion design firm. She just completed the section that describes how her firm plans to compete relative to her rivals. Jamie just completed the ________ portion of her business model template.

In the Barringer/Ireland Business Model Template, ________ describes how the firm plans to compete relative to its competitors.