Entr.2B U8L1 Business Strategies and Models

What two tools are mentioned as essential for building a business foundation?

• Business model and business plan

• Marketing and sales

• Customer service and branding

• Product design and pricing

Which of the following is NOT mentioned as a function of a business plan?

• Serving as a company’s blueprint

• Being a roadmap for the future

• Helping with strategic planning

• Assisting in long-term success

Why might a business owner want to use both a business model and a business plan?

• To set up for both short-term and long-term success

• To avoid paying taxes

• To eliminate all competition

• To reduce the number of employees

What is the main purpose of a business model?

• To outline how a company plans to make money

• To design the company’s logo

• To hire new employees

• To create advertisements

What should a business model include to be effective?

• Only financial statements

• Only marketing strategies

• Both concise descriptions and images

• Only employee roles

What did Casper do to improve the packaging and transport of mattresses?

• Discovered new and better ways to package and transport them

• Used traditional wooden crates

• Shipped only during winter

• Required customers to pick up mattresses themselves

What effect did Casper’s business model have on the mattress industry?

• It disrupted the traditional market

• It made mattresses more expensive

• It reduced mattress quality

• It eliminated online sales

What type of research can a business owner conduct to populate the business model canvas?

• Both internal and external research

• Only internal research

• Only external research

• No research is needed

How can the business model canvas help a company achieve its goal of making money?

• By clarifying how each part of the business contributes to overall strategy

• By increasing the number of employees

• By reducing the number of products

• By focusing only on marketing

What does the value proposition block describe?

• The value created for the customer

• The price of the product

• The company’s mission statement

• The marketing strategy