Quiz on Business Model Innovation

What is the primary focus of business model innovation?

• Creating new products

• Improving marketing strategies

• Reimagining how a company creates, delivers, and captures value

• Reducing operational costs

Which of the following is a key component of a business model?

• Employee satisfaction

• Value proposition

• Social media presence

• Office location

What does 'Value Proposition' refer to in a business model?

• The cost of production

• The financial value of the company

• The value a company offers to its customers

• The company's mission statement

Which of the following is an example of 'New Market Innovation'?

• Implementing a new accounting system

• Developing a product that appeals to previously untapped customer groups

• Reducing the price of an existing product

• Improving customer service

What is 'Operational Model Innovation' primarily concerned with?

Which company revolutionized the hospitality industry by connecting travelers with homeowners?

• Tesla

• Netflix

• Airbnb

• Warby Parker

How did Tesla disrupt the automotive industry?

• By offering lower prices than competitors

• By focusing on electric vehicles, sustainable energy solutions, and direct sales

• By opening more dealerships

• By offering better financing options

What was a key aspect of Warby Parker's disruptive business model in the eyewear industry?

• Using celebrity endorsements

• Offering a direct-to-consumer sales model and removing high retail prices

• Manufacturing glasses in-house

• Providing lifetime warranties

What does the step 'Create a Prototype' involve when implementing business model innovation?

• Launching the product immediately

• Developing a basic model to test feasibility and gather feedback

• Securing funding from investors

• Hiring a marketing team

Why is continuous monitoring and adaptation important in business model innovation?

• To avoid any changes to the original plan

• Because the business environment is constantly changing

• To reduce costs

• To impress investors