Fall 2010 Study Guide 2(6 - 9)

Fall 2010 Study Guide 2(6 - 9) - Management 305, Study...

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Management 305, Study Guide (Ch’s 6 - 9) 1. List 3 reasons why a sound business model is important. - Serves as an ongoing extension of feasibility analysis; - Focuses attention on how all the elements of a business fit together and constitute a working whole; - Describes why the network of participants needed to make a business idea viable would be willing to work together; - Articulates a company’s core logic to all stakeholders, including the firm’s employees. Ultimately, a business model is viable only insofar as the buyer, the seller, and the partners involved, see it as an appropriate method of selling the prod/ser/. 2. List the 4 components of an effective business model. 1. Core Strategy - how a firm competes relative to its competitors. 2. Strategic Resources – how resources are acquired and/or used. 3. Partnership Network - new ventures typically do not have the resources to perform all the tasks required to make their businesses work, so they rely on partners to perform key roles. 4.
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Fall 2010 Study Guide 2(6 - 9) - Management 305, Study...

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