BU121 Lecture Notes - Lecture 1: Social Enterprise, Social Business, Making Money

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rosehamster910

18 Feb 2022

School

WLU

Department

Business

Course

BU121

Professor

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Document Summary

Important grades: utilize mindtap for required lab quizzes due on sundays prior to labs (11:59 pm, starting january 12th, utilize mindtap for lecture prep/text quizzes are due 11:59 pm on sundays, starting january 19th. Important labs: complete online course/registration survey posted on laurierbiz, submit your unique code from the bottom of the first page of the lab manual, link in laurierbiz allows week 1 & 2 access to content. Why does it matter: business models are at heart stories stories that explain how enterprises work, elements of good story, precisely delineated characters, consumers can relate, plausible motivations. It makes sense what is going on, there are no holes in the story: plot that twists, the plot twist entices the consumer, airbnb is a hotel accommodator with literally no real estate. Value proposition canvas: the set of value propositions benefits that you design must fir with the customer segmentation.

Related Questions

The difference between a company's strategy and a company's business model is that

A)a company's strategy is the plan for achieving strategic objectives while its business model is the plan for achieving financial objectives.

B)the strategy concerns how to compete successfully and the business model concerns how to operate efficiently.

C)a company's strategy is management's game plan for realizing the strategic vision whereas a company's business model is the game plan for accomplishing the business purpose or mission.

D)strategy relates broadly to a company's competitive moves and business approaches (regardless of the financial outcomes it produces) while the term business model relates to whether the revenues and costs flowing from the strategy demonstrate that the business is viable from a profit perspective.

E)a company's strategy concerns how to please customers while its business model concerns how to please shareholders