Business 1-2

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Business Model Generation Exercise 1 Alice Garcia Liberty University BUSI690-D03 Dr

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Business Model Generation Exercise 1 Michael Williams Liberty University

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Michael Walker Business Model Generation Exercise 1 1

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Business Model Generation Exercise 1 1

What is a Business Model?

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What is a Business Model

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What is a Business Model

Spite of the reality that each and every businesses has incorporated their own business model; the real meaning of business model varies from one business to the other. In regard to Sabir, Hameed, Rehman, & Rehman (2012), scholars do not concur on the combined perception of business model (p.

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In regard to Sabir, Hameed, Rehman, & Rehman (2012), scholars do not concur on the combined perception of business model (p

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According to Sabir, Hameed, Rehman, and Rehman (2012), “scholars do not agree on the unified concept of business model” (p

160). Consequently, the definition of a business model is unclear at best. Some individual may describe the business model as being structural, co-operational, and financial which sets up the present arrangement and the future of the organization (Daas, 2012).

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Some individual may describe the business model as being structural, co-operational, and financial which sets up the present arrangement and the future of the organization (Daas, 2012)

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Some people may want the business model as being architectural, co-operational, and financial which sets up the present set up and the future of the organization

Regardless of the ambiguity of a unified description of business model, the purpose of a business model remains identical from one organization to the other. The reason of a business model is facilitating an organization in allowing management the opening to produce, offer, and confine values. Doing so then permits the business to repeatedly discover and recognize potential for future growth operations within the business.

2. According to the Business Model Generation and/or Strategic Management Concepts and Cases literature, what is a business model?

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According to the Business Model Generation and/or Strategic Management Concepts and Cases literature, what is a business model

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According to the Business Model Generation and/or Strategic Management Concepts and Cases literature, what is a business model

In regard to Osterwalder & Pigneur (2010), a business model explains the underlying principle of how a business generate, distribute, and capture value (p.14). On the other hand, further than this basic description, they clarify that a business model can best be explained utilizing nine building blocks, which tackles four areas of business:

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On the other hand, further than this basic description, they clarify that a business model can best be explained utilizing nine building blocks, which tackles four areas of business

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To add on this, they also explained that a business model can be described with the help of nine building blocks which addresses the main four areas of a business

“offer, financial liability, customer and infrastructure (Osterwalder & Pigneur, 2010, p.15). These nine building blocks comprise key partners, key activities, key resources, value propositions, customer relationships, channels, client segments, expenditure arrangement, and income streams.

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These nine building blocks comprise key partners, key activities, key resources, value propositions, customer relationships, channels, client segments, expenditure arrangement, and income streams

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The nine building blocks are channels, key activities, key partners, key resources, customer relationships, value propositions, customer segments, revenue streams and cost structure

More distinctively, the nine building blocks provided by Osterwalder & Pigneur (2010) are additional comprehensive here, as the initial building block is fundamental partnerships that relates to associations recognized outside of the business to carry out key operations. The subsequent building block fundamental aspect refers to the explicit behaviors which convey assessment and returns streams to the business or organization. The third building block, fundamental resources refers to the assets that the organizations require in order to carry out trade. The fourth building block, value propositions, which tries to find to establish what goods and service deal with a client or client particular requirements. The fifth building block that is client associations deals with the relationships currently in place connecting the organization and the client segments (Casadesus-Masanell & Ricart, 2010). It also establishes the expenditure if any, connected with these relations in addition to the benefits of setting up and preserving these interactions or dealings.

The sixth of these building blocks, channels, represents the techniques which value propositions that are utilized to delivered to patrons. The seventh building block, customer segments, refers to the individuals which a company serves.

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The seventh building block, customer segments, refers to the individuals which a company serves

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The seventh building block, customer segments, refers to the individuals which a company serves

The eighth building block is expenditure structure, represents how the business model structure spotlights on expenses, as well as charges driven against value driven. The ninth and last building block, revenue streams, represents how revenue is produced for the business by contributing value propositions to clientele.

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The ninth and last building block, revenue streams, represents how revenue is produced for the business by contributing value propositions to clientele

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Building block - revenue streams, refers to how revenue is generated for the company by offering value propositions to customers

The thought of building blocks being utilized to explain a business model has been utilized by diverse research material and business journals as well. For example, a study carried out by Sabir et al. (2012), required to evaluate the building blocks as provided by other research in an effort to decide if there was a universal description for the term business model. Their result provided there were 28 diverse building blocks utilized to give details the diverse meaning of a business model presently in the literature.

3. What role do value propositions perform in successful business models?

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What role do value propositions perform in successful business models

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What role do value propositions perform in successful business models

According to Osterwalder & Pigneur 2010, the Value Propositions Building Block explains the package of goods and services that generates value for a particular client Segment (p.

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According to Osterwalder & Pigneur 2010, the Value Propositions Building Block explains the package of goods and services that generates value for a particular client Segment (p

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According to Osterwalder and Pigneur (2010), “The Value Propositions Building Block describes the bundle of products and services that create value for a specific Customer Segment” (p

22). Additionally, a value proposition is the explicit goods or services a business can offer clients. The specific needs that the customer have, or need are expected to be achieved or met by the goods and services. The more a customer think or view the organization as able to meet and supersede their expectations the more the client will be persuaded and influenced to stick or select that organization over the other competitors.

Due to this reason it’s significant for an organization to establish clear clarification of the particular requirements and needs of the client segments. This is intermingled with the requirement to appreciate client associations, which will assist a business to not only uphold a present client segment by gathering their requirements rather by providing insight into how a value proposal can be customized to best meet the requirements of a specific client segment. Consequently, it is simple to see how each of these building blocks not only plays a responsibility in the in general business model, except it as well dependent upon one another in order for the business model to be effective.

4. How does “Brainstorming New Business Models” by answering the “What If” questions impact successful businesses?

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How does “Brainstorming New Business Models” by answering the “What If” questions impact successful businesses

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How does “Brainstorming New Business Models” by answering the “What If” questions impact successful businesses

Effectual and efficient organizations identify the call for to frequently assess their present business model and to discover possible chances or openings for future improvements within the business. This permit the organizations to advance modify their objectives and make sure they create the essential modification to their business model that will make certain their organization is effective and having a good competitive advantages. The utilization of the “Business Model Canvas” as provided by Osterwalder & Pigneur (2010) is one instrument helpful for developing a group of individuals and discussing the diverse business model fundamentals.

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The utilization of the “Business Model Canvas” as provided by Osterwalder & Pigneur (2010) is one instrument helpful for developing a group of individuals and discussing the diverse business model fundamentals

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The use of the “Business Model Canvas” as presented by Osterwalder and Pigneur (2010), is one tool useful for coming together with a group of people and discussing the various business model elements

“What If” questions are an important aspect of the business as it helps to make a prediction of the business models that will work for the organization.

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“What If” questions are an important aspect of the business as it helps to make a prediction of the business models that will work for the organization

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“What If” questions are an important aspect of the business as it helps to make a prediction of the business models that will work for the organization (George, 2011)

The questions serve to help the organization to know the kind of the option that will work well for the value additions of the organization.

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The questions serve to help the organization to know the kind of the option that will work well for the value additions of the organization

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The questions serve to help the organization to know the kind of the option that will work well for the value additions of the organization

A better description of the canvas presented by Osterwalder & Pigneur (2010) is suggested when operational within groups, in addition to post-it notes or board markers, so persons can brainstorm and pool together ideas collectively.

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A better description of the canvas presented by Osterwalder & Pigneur (2010) is suggested when operational within groups, in addition to post-it notes or board markers, so persons can brainstorm and pool together ideas collectively

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Osterwalder and Pigneur (2010) suggest using a white board and post – it notes for those working in larger groups so that each person can brainstorm collectively and pool all the ideas together

Nevertheless, the copy of the canvas obtainable online presents more aspect, as well as detailed queries under every building block. These queries can assist to make easy the conversation connecting those persons looking for to brainstorm new business models and assist to make sure each question and building block of the business model is tackled successfully.