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Business Model Canvas
Business Model Canvas
15
Business
Undergraduate 1
11/16/2023

Additional Business Flashcards

 


 

Cards

Term
Empathy
Definition
The ability to understand and share the feelings of another, a crucial aspect of design thinking that involves putting oneself in the shoes of the end-users to better comprehend their needs and experiences.
Term
User Persona
Definition
A detailed and semi-fictional representation of the ideal user, created to better understand the target audience and guide design decisions.
Term
Ideation
Definition
The process of generating a multitude of creative ideas, often through brainstorming sessions, to address a particular design challenge.
Term
Prototyping
Definition
Building a scaled-down, tangible representation of a product or solution to test and iterate upon its design and functionality before the final product is developed.
Term
Iteration
Definition
The process of refining and improving a design through successive cycles of prototyping, testing, and feedback.
Term
Human-Centered Design
Definition
An approach to problem-solving that prioritizes the needs, behaviors, and preferences of the end-users throughout the design process.
Term
Design Thinking Mindset
Definition
A set of attitudes and principles that foster creativity, collaboration, and an open-minded approach to problem-solving, characteristic of individuals engaging in design thinking.
Term
Customer Segment
Definition
The specific groups of people or organizations that a business aims to serve, each with distinct needs and characteristics.
Term
Value Propositions
Definition
The unique value or benefit that a product or service provides to a customer segment, addressing their pain points or fulfilling their needs.
Term
Customer Relationships
Definition
The type of interaction and engagement a business establishes with its customer segments, ranging from personal assistance to automated services.
Term
Revenue Streams
Definition
The sources of income for a business, indicating how it generates revenue from its customer segments.
Term
Key Resources
Definition
The critical assets, both tangible and intangible, required to deliver the value proposition, reach customers, maintain relationships, and earn revenue.
Term
Key Partnerships
Definition
The external organizations or entities with whom a business collaborates to enhance its capabilities, mitigate risks, or optimize resources.
Term
Pivot
Definition
A fundamental change to one or more components of a business model in response to feedback, market shifts, or evolving insights.
Term
Lean Startup
Definition
An approach to entrepreneurship that emphasizes rapid iteration, customer feedback, and the development of a minimum viable product to test hypotheses and reduce risk.
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