Lecture 8

Question 1

Core competencies

Answer 1

Unique strengths and abilities that allow an organization to differentiate itself from competitors and deliver value customersB

Question 2

Business Model

Answer 2

Describes the rationale of how an organization creates, delivers, and captures, value. It serves as a blueprint for how a company operates, makes money, and sustains its operations over time.

Question 3

Value proposition

Answer 3

• How the product/service will solve a problem for your target customers
• The benefits they can expect
• Why customer buy from you rather than competitors

Question 4

9 Components of the Business Model Canvas

Answer 4

1. Value proposition
2. Customer Segments
3. Customer relations
4. Channels
5. Revenue streams
6. Key activities
7. Key resources
8. Key partnerships
9. Cost structures

Question 5

How to overcome challenges for Business Models?

Answer 5

1. Foster a culture of innovation
2. Engage stakeholders early
3. Collaborative external partnerships, corporate venturing and mergers and acquisitions
4. Robust pilot testing
5. Allocate adequate resources