/
AI Flashcards
Save to my account
Sign up
AI Flashcards
Strategic Business Planning and Marketing Basics
Study
1
Question
What does SMART stand for in goal setting?
Answer
Specific, Measurable, Attainable, Relevant, Timeframe
2
Question
What is the purpose of a Vision Statement?
Answer
Describe a specific desired outcome and provide a destination for the organization
3
Question
What are the six questions a Specific goal should answer?
Answer
Who, What, Where, When, Which, Why
4
Question
Name one key element of a Vision Statement.
Answer
Clarity (also: Consistency, Uniqueness, Purposeful)
5
Question
What are the elements of a Mission Statement?
Answer
Core values, Products, Stakeholders, Values to customers, Market or industry, Competitive Advantage
6
Question
What does a Value Proposition describe?
Answer
The customer and the values offered to the customers
7
Question
How is a Unique Selling Proposition different from a Value Proposition?
Answer
USP is the short version of the firm’s value proposition
8
Question
What does the Customer Segments block in the Business Model Canvas represent?
Answer
Who will your business serve and which segments are most critical
9
Question
What are the main components of Key Activities in the Business Model Canvas?
Answer
Most important activities to fulfill the value proposition, distribution, relationships, and revenue
10
Question
What is the purpose of Key Resources in the Canvas?
Answer
Resources needed to create value for customers and sustain the business
11
Question
What question does Value Proposition answer in the Canvas?
Answer
What core problem does your business solve and what benefits does it deliver?
12
Question
What is the focus of Customer Relationships in the Canvas?
Answer
Types of relationships with customers and expectations by segment
13
Question
What is meant by Sales Channel in the Canvas?
Answer
Means to reach targeted customers and deliver products/services
14
Question
What are the two primary types of Cost Structure in the Canvas?
Answer
Value-driven and cost-driven
15
Question
What is Revenue Stream in the Canvas?
Answer
How you charge for your product or service and its contribution to revenue
16
Question
What is TARGET MARKET?
Answer
A group of potential customers identified to sell to
17
Question
What is MARKET SEGMENTATION?
Answer
Identifying targeted consumer groups to tailor products and branding
18
Question
Name a type of Demographic Segmentation.
Answer
Age, income, gender, race, education, or occupation
19
Question
Name a type of Geographic Segmentation.
Answer
Physical location of customers
20
Question
Name a type of Behavioral Segmentation.
Answer
Based on past interactions with markets/products
21
Question
Name a type of Psychographic Segmentation.
Answer
Lifestyle, personality, opinions, and interests
22
Question
What is a core purpose of Mission vs Vision?
Answer
Mission guides action to achieve the vision
23
Question
Why is it important for goals to be Attainable?
Answer
To ensure they are realistically achievable
24
Question
What does Timeframe answer in a SMART goal?
Answer
When the goal will be achieved
25
Question
What does Relevance/Realistic mean in SMART goals?
Answer
Goals should be significant and achievable within context
26
Question
What does Measurable mean in SMART goals?
Answer
There must be criteria to measure progress
27
Question
What does Specific mean in SMART goals?
Answer
Outcomes criteria should be detailed and clear
28
Question
What are the six Ws often used to specify goals?
Answer
Who, What, Where, When, Which, Why
29
Question
In Business Model Canvas, what is the purpose of Key Partners?
Answer
Identify buyers, suppliers, and alliances needed for core activities
30
Question
In Business Model Canvas, what is the purpose of Customer Relationships?
Answer
Define how you will interact with customers and manage expectations