Which statement is true about the business model canvas (BMC)?
Correct Answer: B
The BMC is a strategic management tool that lets you visualize and assess your business idea or concept. It consists of nine boxes that represent different fundamental elements of a business, such as customer segments, value propositions, channels, and cost structure. The BMC helps you to design, analyze, optimize, and communicate your business model, and to test and iterate it as you learn from the market feedback. The BMC can be used for any type of business or product, regardless of whether it generates revenue or not, as long as it delivers value to the customers. References: * Business Model Canvas - Wikipedia: This article from Wikipedia explains the concept and history of the BMC, and describes its nine building blocks and their relationships. * Business Model Canvas: Explained with Examples | Creately: This article from Creately provides a detailed guide on how to create a BMC, with examples and templates for different types of businesses and products. * Business Model Canvas - Download the Official Template: This website from Strategyzer offers the official template and online courses, books, and webinars to master the BMC.
Question 2
Which is a good example of a pivot that would indicate that Customers want to pay in a different way?
Correct Answer: C
A value exchange pivot is a type of pivot that changes the way customers pay for the product or service, or the way the business generates revenue from the product or service. A value exchange pivot would indicate that customers want to pay in a different way, because it reflects a change in the customer preferences, behavior, or expectations regarding the payment method, frequency, or amount. For example, a business may pivot from a one-time purchase model to a subscription model, or from a fixed-price model to a pay-per-use model, based on the customer feedback and data. References: * Pivot: This article from the Scaled Agile Framework defines the concept and purpose of pivot, and how it helps to validate or invalidate the assumptions and hypotheses of a product or service using experiments and feedback. * The 10 Types of Startup Pivots: This article from Forbes provides an overview of the 10 types of startup pivots, and how they can help entrepreneurs adapt and innovate in response to the market and customer needs. It also provides some examples of successful pivots by well-known companies.
Question 3
What is an important step that increases confidence in the projected value of a market segment when integrating data from multiple sources?
Correct Answer: D
The projected value of a market segment is an estimate of the potential revenue and profit that can be generated from selling products or services to that segment. To increase confidence in this estimate, it is important to keep the calculations transparent and continually updated as more accurate information becomes available. This involves documenting the assumptions, data sources, methods, and results of the calculations, and validating them with stakeholders and experts. It also involves monitoring the changes in the market conditions, customer behavior, and competitor actions, and adjusting the calculations accordingly. By keeping the calculations transparent and updated, the organization can ensure that the projected value of a market segment reflects the current and future reality, and avoid overestimating or underestimating the market opportunity. Reference: Market Segmentation: Definition, Example, Types, Benefits: This article from Investopedia explains the concept and purpose of market segmentation, and describes the four primary types of market segmentation: demographic, geographic, psychographic, and behavioral. Market Segmentation: Definition, Types, Benefits, & Best Practices: This article from Qualtrics XM provides an overview of market segmentation, and discusses the benefits and best practices of market segmentation for businesses. It also provides some examples and tips on how to segment markets effectively. Data Integration Market Size, Share & Growth Report, 2030: This article from Grand View Research provides a comprehensive analysis of the global data integration market, including the market size, share, growth, trends, drivers, challenges, opportunities, and segments. It also provides a regional and competitive landscape of the data integration market.
Question 4
What is the most important planning question for primary research?
Correct Answer: C
The most important planning question for primary research is what will be asked, because this determines the type, quality, and relevance of the data that will be collected. The research question or hypothesis should be specific, narrow, and discoverable through primary research methods, and it should align with the research purpose and objectives. The research question or hypothesis guides the choice of the research medium, the sample size and selection, and the data analysis and interpretation. Reference: What is Primary Research?: This article from Purdue OWL defines primary research and explains the steps and considerations involved in planning and conducting primary research. 10.3: Planning Your Primary Research Project: This article from Humanities LibreTexts provides some tips and examples on how to plan a primary research project, including defining the research question or hypothesis, choosing the research method, and designing the research instrument.
Question 5
Which factor must be included when building a model of market segment value?
Correct Answer: C
According to the SAFe Agile Product Management APM (6.0) documents and learning resources, market segment value is the total value of a specific market segment for agiven solution. It is calculated by multiplying the number of potential customers in the segment by the average revenue per customer and the expected market share. The expected market share depends on several factors, such as the value proposition, the competitive advantage, and the number of existing competitors. Therefore, the number of existing competitors is a factor that must be included when building a model of market segment value. References: * Agile Product Management - Scaled Agile Framework * Customer Centricity - Scaled Agile Framework * 5.4 Essential Factors in Effective Market Segmentation
