Innovating with the Business Model Canvas Coursera Quiz Answers

All Weeks Innovating with the Business Model Canvas Coursera Quiz Answers

Have you ever gotten really excited about reading or writing a business plan? You might have started out excited, but I’m going to bet you didn’t stay that way. Let’s be honest- business plans are boring and mostly ignored.

The beauty of the one-page Business Model Canvas is that it drives meaningful focus. It helps us organize our ideas and have better discussions by forcing specificity and bringing linkages between key business drivers to the foreground. Innovation requires one hand being very focused on a fundamental need or problem while the other hand quickly tests different solutions.

For this, the Business Model Canvas is very innovation-friendly: It’s a lot easier to tweak the model and try things with something that’s sitting on a single page In this course, developed at the Darden School of Business at the University of Virginia and taught by top-ranked faculty, you’ll learn key tools from the worlds of design thinking and Lean Startup to approach the Canvas with thoughtfulness, focus, and above all a test-driven approach to business model innovation.

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Innovating with the Business Model Canvas Coursera Quiz Answers

Week 1: Focusing for Profitability and Growth

Q1. What is the most pivotal part of the canvas and why?

  • The Revenue Streams; it’s best to go where the money is and work backward.
  • The relationship between Customer Segments and Value Propositions; together they drive the rest of the business model.
  • The relationships between Key Activities and Key Resources; these constitute the business itself.
  • Customer Segments only; it’s all about the customer and what they want.

Q2. In Steve Blank’s Four Steps framework, during which of the steps do you achieve Product/market fit?

  • Customer Validation
  • Customer Discovery
  • Company Building
  • Customer Creation

Q3. Which of the following is the least useful as a Value Proposition?

  • Fewer odors
  • Faster preparation time
  • Nonstick surface
  • Simpler storage

Q4. What is the relationship between ‘Problem Scenarios’ and Value Propositions?

  • The Problem Scenario describes a specific ‘pain point’ for the Customer Segment.
  • The Problem Scenario is the underlying job or desire and the Value Proposition is your particular focus on delivering against that Problem Scenario.
  • There is only a direct relationship between Problem Scenarios and Alternatives.
  • The Value Proposition is the best way to actually describe the Problem Scenario.

Q5. What is the relationship between Customer Segments and Personas?

  • Personas deal with describing an individual customer or user and exist within one or more Segments or group of customers.
  • Customer Segments are qualitative while personas are quantitative.
  • Customer Segments are a marketing term and Personas is a design term.
  • Customer Segments are for business-to-business and personas are for business-to-customer.

Q6. What is the difference between 1.0 version of a product and a Minimum Viable Product (MVP)?

  • The purpose of an MVP is to test customer motivation/engagement: does anybody want this? It might not be a real product as all. A 1.0 is the first version of a product.
  • There is no difference between the MVP and a 1.0 version of a product.
  • A 1.0 deals specifically with software. The MVP is a more generic term for the first article that you present to the market, and it might pertain to hardware or software.
  • There’s a sequence: The 1.0 comes first so you have something to work with, then the MVP.

Q7. Which of the MVP archetypes is the most observation-intensive?

  • The Concierge MVP
  • The Sales MVP
  • The Wizard of Oz MVP

Q8. Which one of the assumption statements below is most complete and actionable for general purposes?

  • If we set up a stand to sell pink flamingo lawn ornaments at 5th and Main Street tomorrow for Suburban Homeowners at 6 pm, they will buy at least 10 ornaments at $8 each.
  • If we set up a pop-up store in Cartagena, we’ll be able to sell wellness technology.
  • If we offer a social media automation solution, our users will find it, try it, and buy it after the trial period.
  • Older Americans with more than two prescriptions want a better solutions for reliably taking their medication.

Q9. In the AIDAOR framework, what’s the difference between the Action and Onboarding steps?

  • Action has to do with the first user you acquire in a company. Onboarding deals with all of the other users after that.
  • Action has to do with the sales part of your organization and closing a transaction. Onboarding deals with usability.
  • Action is something you do, while Onboarding is something the customer does.
  • Action is the minimum possible thing that the customer/user has to do to get some kind of reward for using your product. Onboarding is everything else you need to do to make them a regular user of the product.

Q10. What is the difference between Customer Relationships and Channels?

  • Customer Relationships deal with thing your business does directly with customers where the Channels deals with thing you do indirectly with your customers.
  • Customer Relationships describe non-sales interactions while Channel describe sales interactions.
  • Channels happen later in the customer journey than Customer Relationships.
  • Customer Relationships describe the way you want to interact with the customer and Channels is the way you deliver that interaction.

Week 2: Focusing Your Organization

Q1. What is the most important outcome for the company from its work on the left/delivery side of the Canvas?

  • Clarifying the relationship between Key Activities, Key Resources relative to what the business has now vs. the future state it wants to drive towards
  • Moving non Key Activities over to Key Partners
  • Minimizing Costs
  • Communicating a clear focus on what’s strategically important to the business.

Q2. If a seafood wholesaler sees its core business model type as infrastructure-driven and could only invest in one of the projects below, which would you recommend?

  • Creating a data science capability to fine tune purchases from their upstream suppliers.
  • Creating its own line of prepared seafood products that are kitchen-ready.
  • Adding fresh vegetables and other produce to its product line.
  • Opening its own chain of seafood restaurants.

Q3. If a product-driven company that makes pre-packaged meals could only invest in one of the projects below, which would you recommend?

  • Adding energy drinks to their product line.
  • Creating their own plant to injection-mold their own plastics.
  • Design sprints to understand how millennials plan their meals and test new products.
  • Purchasing a key meat supplier in Nebraska.

Q4. If a scope-driven private label clothing manufacturer could only invest in one of the projects below, which would you recommend?

  • Creating their own clothing line.
  • Add a trend forecasting service to their customer offering.
  • Creating their own chain of clothing retailers.
  • Building a new factory.

Q5. If a company that’s focused on the ‘sticky’ engine of growth could only invest in one of the projects below, which would you recommend and why?

  • Invest in a series of funny but true videos about how they chose the product to sell.
  • Launch a new digital marketing campaign on social media to drive sales of new products.
  • A data science capability to suggest proactive steps their service team can take with customers.
  • A data science capability to decide where they can more productively invest their advertising dollars.

Q6. If a company is considering an investment in a disruptive new product idea, what advice would you give them about managing costs?

  • Invest liberally in lots of small projects but avoid big investments until you have solid learning.
  • Invest in technology and get that technology working before you worry about scaling.
  • Invest in what’s worked with your customers in the past-that’s the best way to stick to your core capabilities.
  • Only invest in design research! That’s the place to start.

Q7. A company is designing a process to close deals with large customers. Which of the following is the most plausible choice for a Process metric?

  • Numbers of deals lost
  • Number of deals closed
  • Numbers of deals lost to competitors
  • Number of deals negotiated

Q8. A firm that makes dog collars sold through retail is considering the introduction of digital ‘smart’ collars based on new technology they’re developing. Which horizon of growth best describes this investment and why?

  • H1
  • H2
  • It’s not horizon-specific.
  • H3

Q9. In the Corporate Innovation Canvas, what is the primary relationship between ‘Big Innovation Goals’ and ‘Innovation Investment Charters’?

  • Each Innovation Investment Charter should tie back to an Innovation Investment Goal.
  • The Big Innovation Goals have long time horizons and the Innovation Investment Charters have shorter time horizons.
  • The Charters establish and define your Innovation Goals; they’re one-to-one.
  • There isn’t a direct relationship: one is about goal setting and the other is about investing in innovation.

Q10. A company has new product division/internal startup that is in the Customer Discovery phase. Would you advise them to start by identifying and collaborating with Key Partners? Why or why not?

  • No, they’ll almost certainly need direct, comprehensive contact with the customer to test their ideas.
  • Yes, Key Partners are a key element to any Canvas and they should include them.
  • Yes, they need all the help they can get and Key Partners could be part of that.
  • No, disclosing their idea to Key Partners at this point is not a good idea.
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