Business Model and Strategy https://www.youtube.com/watch?v=_C-v

According to the video, what is the term 'business model' a description of?

• How your business runs

• How to attract customers

• How to make a profit

• How to manage employees

What does a competitive strategy explain?

• How to do better than rivals

• How to expand globally

• How to reduce quality

• How to increase costs

According to the video, what did Walmart prioritize as part of its unique strategy?

• Urban customers

• Rural customers

• International customers

• Online customers

What did Kmart try to do in contrast to Walmart's strategy?

• Target specific demographics

• Focus on rural areas

• Expand globally

• Appeal to everyone

According to the text, what did Walmart do to preempt other discount stores from entering the market in rural areas?

• Targeted customers no one else was going after

• Invested in expensive store decorations

• Reduced the variety of products offered

• Offered higher salaries to employees

What did discount retailers like Kmart and Walmart do to develop a new business model?

• Increased personal service

• Applied supermarket logic to department stores

• Introduced luxury products

• Raised prices

According to the text, what did the term 'business model' emerge with the common use of personal computers and spreadsheets?

• When smartphones were invented

• When electric cars were introduced

• When the internet became popular

• When personal computers and spreadsheets became common

What is the importance of having a clear understanding of the difference between a business model and a competitive strategy?

• It is not necessary for small businesses

• It is only important for large organizations

• It is essential for success

• It helps in reducing costs