Business Model Canvas Essentials Professional Certification Exam Answers 2023 – Certiprof

A business model canvas is a visual representation of a business model, highlighting all key strategic factors. In other words, it is a general, holistic and complete overview of the company’s workings, customers, revenue streams and more

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Content

1. Business Model Concepts / Foundations
2. Introduction to the Business Model Canvas
3. Business Model Canvas Blocks
4. Business Model Canvas / Revenue Streams & Cost Structure
5. Business Model Canvas : Building Blocks ReCap
6. Business Model Patterns
7. Business Model Canvas Sequence
8. Business Model Examples
9. Blue Ocean Strategy
10. Lean Startup
11. Lean Canvas
12. Business Model Strategy
13. Additional Techniques and Tools

 

 

 

 

This product solves the problem of headphones tangling while they are being stored in your pocket or book bag; this is an example of what section of the Lean Canvas?

• Unique Value Proposition.
• Customer Problem.
• Customer Solution.
• Costs.

“The product will sell for $20”, to which block of the Business Model Canvas would this sentence belong?

• Revenue streams.
• Unique Value Proposition.
• Key Metrics.
• Cost structure.

Match the block name or item from the Business Model Canvas to it associated question. What do you do?

• Value proposition.
• Key resources.
• Customer relationships.
• Key partners.
• Key activities.

The list of questions that you created to ask future customers for replies and analyzed for usable information is known as:

• Survey.
• Customer Feedback Survey.
• Brainstorming.
• Business Model.

Select all of the potential different charging mechanisms that can be considered in the Business Model Canvas (BMC) and are described in the CertiProf preparation material.

• Licensing.
• Brokerage fees.
• Advertising.
• All of the above.

Match the block name or item from the Business Model Canvas to it associated question. How do you reach them?

• Distribution channels.
• Customer segment.
• Cost structure.
• Customer relationships.

Which of the following questions directly relates to the value proposition in a business model canvas?

• How much is our good or product worth in the market?
• Is there anyone in the field who is doing the same job at a lower cost?
• What is the problem we are trying to help our customer solve?
• How much is a customer willing to pay for the service or product we offer?

Select all potential types of revenue streams that can be considered in the Business Model Canvas (BMC) and are described in the CertiProf preparation material.

• Asset sales.
• Usage fee and subscription fees.
• Licensing.
• All of the above.

The money gained from the sales after expenses are paid is:

• Expenses.
• Revenue.
• Profit.
• Costs.

Based on the material presented by CertiProf for the Business Model Canvas certification, the following questions can be used in which of the Business Model Canvas blocks. What products and services do they currently pay for? How do they currently pay? How do they prefer to pay?

• Building the Revenue Stream Block.
• Building the Channels Block.
• Building the Customer Relationship Block.
• Building the Customer Segment Block.

What should the Business Model Canvas Value Proposition block contain?

• The set of products and services offered to each customer segment.
• The reason why the customer should buy our product or service.
• How our channels are integrated.
• All of the above.

The following questions can be used in which of the Business Model Canvas blocks? Which ones have we established? What is their cost? How do they integrate with the rest of our business model?

• Building the Channels Block.
• Building the Value Proposition Block.
• Building the Customer Relationship Block.
• Building the Customer Segment Block.

Select all potential types of customer segments that can be included in the Business Model Canvas (BMC) and that are described in the CertiProf preparation material.

(Selecta ll that apply) Choose all of the correct answers (multiple possibilities).

• Mass Market.
• Niche Market.
• Diversified.
• Segmented.

Select the blocks that are contained in the Business Model Canvas? Choose all of the correct answers (multiple possibilities).

• Pitching to venture capitalists.
• Customer relationships.
• Accumulation of reasonable debt.
• Customer segments.

We plan to sell 100% of our products, which is 20 products. This is an example of what section of the Lean Canvas?

• Revenue Streams.
• Costs.
• Key Metrics.
• Cost.

What describes “The Channel Block” in a Business Model Canvas?

• Your goals as a company.
• Where you offer your products/services.
• How you sell your products/services.
• Who your customers are.

Define the word “revenue”:

• Costs.
• Profit.
• Earnings.
• Money coming in.

CertiProf offers the Business Model Canvas Essential (BMCE) certification to the general public at no cost. Based on what you learned with Business Model Canvas this could be a practical example of:

• Licensing.
• Freemium Strategy.
• Licensing.
• Unbundling.

Match the block name or item from the Business Model Canvas to it associated question. Who will help you?

• Value proposition.
• Key activities.
• Key partners.
• Key resources.

What are the building blocks of the Business Model?

• Customer Segments.
• Value Propositions.
• Channels.
• Customer Relationships.
• All the above.

Teenagers ages 16-18 and teachers is an example of what section of the BMC?

• Channels.
• Customer Segment.
• Customer Problem.
• Customer Solution.

What does “Unique Value Proposition” mean?

• What you propose to customers.
• The benefit or value your product/service provides.
• Describe your product.
• Describes your customer service experience.

This block is the starting point for the creation of the Canvas Model and is key to explain for whom we create value with the product or service we offer.

• Key partners.
• Value Proposition.
• Customer Relationships.
• Key resources.

Select all the potential uses of the Business Model Canvas described in the CertiProf preparation material. (Selecta ll that apply) Choose all of the correct answers (multiple possibilities).

• Outline new business ideas.
• Visualize existing businesses.
• Used by teams as a common business language.
• Enable better strategic conversations.

Netflix “self service” and “AI recommendations” are examples of:

• Customer Segment.
• Key Activities.
• Customer Relationship.
• Key Partners.

The following questions can be used in which of the Business Model Canvas blocks? What sets of products and services do we offer to each customer segment? What needs of our customers are we satisfying? What problems are our customers helping to solve?

• Building the Channels Block.
• Building the Customer Segment Building Block.
• Building the Value Proposition Block.
• Building the Customer Relationship Building.

Cost and value-oriented strategies are examples of which of the following Business Model Canvas blocks?

• Cost Structure.
• Value Proposition.
• Channels.
• Revenue Stream.

One of the following is NOT one of the nine building blocks. Which one is it?

• Value proposition.
• Customer segments.
• Customer relationship.
• Key resources.
• Key activities.
• Mass Market.

What are key metrics?

• A tape measure.
• Goals that determine the success of your business.
• Areas of your business or project that are vital to your success.
• Critical success factors.

Why is the use of the Business Model Canvas recommended? (Select the best answer)

• To better manage business projects to obtain the best results.
• To better understand customer needs.
• Ideal for understanding and presenting a business model in an objective and structured way, which adds value to your business idea and boosts your brand’s success.
• To maximize the overall profitability of the business.

Match the block name or item from the Business Model Canvas to it associated question. How much will you make?

• Revenue stream.
• Cost structure.
• Distribution channels.
• Customer segment.

Who invented the Business Model Canvas?

• Steve Blank.
• Ash Maurya.
• Eric Ries.
• Alexander Osterwalder.

Which of the following is an example of Freemium Pricing

• Flipcard.
• Airbnb.
• Aravind.
• Amazon.
• Spotify.

It represents how companies spend most of their resources to keep generating demand for their products and services:

• Key activities.
• Revenue Streams.
• Cost Structure.
• Channels.

Niche Market is an example of__________?

• Customer Relationships.
• Value Proposition.
• Customer Segments.
• Revenue Streams.

These are pricing mechanisms explained in CertiProf’s Business Model Canvas certification material.

(Select all that apply) Choose all of the correct answers (multiple possibilities).

• Negotiation.
• Auctions.
• According to the market segment.
• Fixed Price List.

The online marketplace website goes in what section of the Business Model Canvas?

• Channels.
• Customer segments.
• Revenues.
• Customer Relationships.

Fixed Menu Pricing and Dynamic Pricing are two different pricing mechanisms to be defined in which Business Model Canvas Block?

• Channels.
• Key resources.
• Customer segments.
• Revenue streams.

This product is compact and an all in one that is easy to use; this is an example of what section of the BMC?

• Customer Segment.
• Customer Problem.
• Channels.
• Unique Value Proposition.

The Business Model Canvas consists of __________ main elements or blocks (number).

• 8.
• 9.
• 10.
• 11.

Match the block name or item from the Business Model Canvas to it associated question. How do you interact?

• Customer relationships.
• Cost structure.
• Customer segment.
• Distribution channels.

A brief and compelling presentation that provides a general description of the business with the objective of obtaining financial support from the audience is:

• Pitch.
• Presentation.
• Show.
• Storytelling.

The person who provides money to start-up the business with the expectation of a future financial return is known as a(n):

• Entrepreneur.
• Philanthropist.
• Investor.
• Business broker.

Match the block name or item from the Business Model Canvas to it associated question. How do you do it?

• Customer relationships.
• Key activities.
• Key resources.
• Customer segment.

The money spent on the materials to make your products are known as:

• Profit.
• Expenses.
• Budget.
• Capital expenditures (CAPEX).

What describes “The Channel Block” in a Business Model Canvas?

• Who your customers are.
• Where you offer your products/services.
• Your goals as a company.
• How you sell your products/services.

Match the block name or item from the Business Model Canvas to it associated question. What will it cost?

• Cost structure.
• Customer relationships.
• Distribution channels.
• Customer segment.

Students have a hard time focusing on their school work because of classroom distractions is an example of what section of the Lean Canvas?

• Customer Segment.
• Key Metrics.
• Customer Solution.
• Customer Problem.

A model, simulation, or sample of an idea is a:

• Prototype.
• Example.
• Creation.
• Ideation.

At which point in the Business Model Canvas should we identify the means to be used to deliver our value proposition to the potential audience?

• Channels.
• Revenue stream.
• Value proposition.
• Relationship with customers.

Match the block name or item from the Business Model Canvas to it associated question. Who do you help?

• Customer segment.
• Customer relationships.
• Distribution channels.
• Cost structure.

What is another word for costs?

• Budget.
• Expenses.
• Revenue.
• Capital expenditures (CAPEX).

Which of the following choices is the BEST definition of a channel?

• A statement regarding a customer’s specific demands.
• A short list of the partnerships that are essential for a business’ operation.
• The method or pathway used to reach a customer.
• A specific service or product from a large portfolio.

What is the purpose of using the Business Model Canvas in a business idea?

• The Canvas model is an ideal tool to understand a business model in a more direct and structured way.
• The Canvas model is always a representation of a business that will be profitable.
• The Canvas model is a tool for breaking down the organizational structure of a new company into understandable parts.
• The Canvas model is a technique widely used in startups to understand a revenue model needed to make a product successful.

What best describes a Business Model Canvas?

• A work of art.
• A one-page plan that describes your new business idea.
• Customer relations.
• A model of your business office.

What does Business Model Canvas offer?

• The systematic way to generate new ideas.
• A holistic view of our business plan.
• A way to get rich quick.
• None of the above.

According to the Business Model Canvas theory, which of the nine blocks is the best block to start writing the business model?

• Key partners.
• Cost structure.
• Relationship with the audience.
• Revenue stream.
• Distribution channels.
• Key resources.
• Key activities.
• Value proposition.

Important Key Points

• What do you do? Value proposition
• How do you do it? Key activities
• What do you need? Key resources
• Who will help you? Key partners
• How do you interact? Audience relationship
• Who do you help? Audience segments
• How do you reach them? Distribution channels
• What will it cost? Cost structure
• How much will you make? Revenue stream