Byers Ch.3 Vision and the Business Model Test Bank Answers

Technology Ventures (Byers), 5e

Chapter 3 Vision and the Business Model

1) Which of the following is not one of the four elements of a vision?

A) Clarity

B) Creativity

C) Purpose

D) Uniqueness

2) The vision incorporates the basic tenants of the mission statement.

3) Which of these was given as a possible element of a mission statement?

A) Competitive advantage

B) Focus groups

C) Vision coherence

D) Rate of change

4) Which of the following would not be part of eBay's mission statement?

A) Provide a global online marketplace

B) Enable worldwide economic opportunity

C) Enlist a world-class marketing team

D) Allow users to trade anything

5) Most mission statements are between 120 and 180 words.

6) The mission statement should not explain which of the following?

A) Collective purpose

B) Company values

C) Workforce size

D) Customer approach

7) The mission statement should be unchanging throughout the lifetime of a company.

8) When Google started to get into other industries such as self-driving cars, it kept its original mission statement unchanged.

9) Who should create the mission statement?

A) The head of the entrepreneurial team

B) Employees at the lowest level of the company

C) The entrepreneurial team and other employees

10) Smaller mission statements may branch off the main one.

11) The value proposition does not accomplish which of the following?

A) Equates the value to monetary worth

B) Describes what is offered to the customer

C) States who the customer is

D) Outlines the importance of the product

12) What is the main difference between a unique selling proposition (USP) and a value proposition?

A) Length

B) Source

C) Outlook

D) Intent

13) Which of the following is not one of the five values offered to a customer?

A) Experience

B) Access

C) Service

D) Quality

14) Which of the following firms was listed as having Access as the primary value and Experience as the secondary value?

A) Mercedes

B) AT&T

C) Nordstrom

D) Starbucks

15) American Express invented the travelers checks as a product that had high-value to the company and low-value to the customer.

16) Value propositions and USP's are for stakeholders as well as customers.

17) In Alex Osterwalder's business model canvas, which of the following is one of the first three building blocks?

A) Key Partners

B) Customer Segments

C) Key Activities

D) Customer Relationships

18) Figure 3.4 describes how the business model responds to changing conditions. What is the last step in this business design process?

A) Reevaluate the business model in terms of changes in the marketplace

B) Prepare and test a business model

C) Select the customer

D) Implement the business model

19) Spotify is an example of the ________ business model.

A) Music

B) Freemium

C) SaaS

D) Convergent

20) Kik's mobile messaging app has seen explosive user growth. However, a business model has yet to materialize. Which of the following is not a business model Kik could pursue to become a profitable business?

A) Kik could add the capability for its users to opt into advertising or special offers that are tied to users' interests or geolocation.

B) Kik could add new emoji to its set of messaging features.

C) Kik could charge for translating messages into different languages.

D) Kik could create corporate messaging accounts and charge corporations for the use of those accounts.