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A conceptual framework that describes how a company creates, delivers, and extracts value. Business Model
Business Model is by fulfilling unmet needs in an existing market, by delivering existing products and services to existing customers with unique differentiation by serving customers in new markets True
A business model is about: Value Creation, Creating Unmeet needs, Creating Unique Differentiation, and Creating for New Markets
The Four Parts of a Business Model The Offering, Customers, Infrastructure, and Financial viability
It is what you are offering to a particular customer segment, the value generated for those customers, and how you will reach and communicate with them. The Offering
It includes the customer value proposition (CVP), which describes exactly what products or services your business offers and sells to customers. how you can help customers do something more inexpensively The Offering
It includes the people who populate the segments of a market that your offering is serving. Entrepreneurs typically can’t serve everyone in a market, so you have to choose whom best to target Customers
It includes all the resources (people, technology, products, suppliers, partners, facilities, cash, etc.) that an entrepreneur must have to deliver the CVP. Infrastructure
The revenue and cost structures a business needs to meet its operating expenses and financial obligations: How much will it cost to deliver the offering to our customers? Financial Viability
The business model consists of four main interlocking parts that together create “the business”. Each can be a source of innovation and advantage over the competition. True
In other words, competitive advantage doesn’t always come from the product or service you are offering. It can come from the other areas of the business as well. True
It was introduced in 2008 by Swiss business theorist Alexander Osterwalder, divides the business model’s four parts into nine components in order to provide a more thorough overview of the logic of the business model. Business Model Canvas
(The Offering) The CVP is designed to solve a customer problem or meet a need. Value Proposition
(Customers) a part of the customer grouping of a market. Customer Segments
(Customers) The value proposition is delivered through communication, distribution, and sales channels. The core question here: What are all the ways in which you can reach your customer? Channels
It goes beyond just buying and selling; they depend on engendering positive feelings about your business, building a sense of customer identity, and motivating customers to want to bring their friends into the relationship. Customer Relationships
(Infrastructure) What are the most important activities that the company participates in to get the job done? Key Activities
(Infrastructure) Resources are what you need to develop the business, create products and services, and deliver on your CVP. Resources take many forms and include people, technology, information, and physical and financial resources. Key Resources
(Infrastructure) Entrepreneurs are not able to do everything by themselves, so partnering with suppliers, associates, and distributors is a logical option, not only for strategic purposes but also for efficiency needs. Key Partners
(Financial Via) Revenue is generated if a successful value proposition is delivered. Here you need to ask: How much are my customers willing to pay? How many customers do I need? Revenue Streams
(Financial Via) It represents all expenses required to execute and run the business model. What are the most important costs inherent in the business model? Which resources are the most expensive to get? Which activities are the most expensive? Cost Structure
A Business Model Canvas Alternative; Simplified version of the Business Model Canvas. Designed specifically for startups. Focuses on solving specific customer problems with efficient solutions The Lean Canvas
The most important part of your business model. The key word in CVP is “customer.” The focus should always be on the value generated for the customer and how this value is then captured by the business in the form of profit. Customer Value Proposition
For your CVP to be truly effective, it needs three qualities: Better value than the competition, Measurable in monetary terms, and sustainable
The key to a successful CVP involves a deep understanding of what the customer really wants or needs—not just how the customer does things now. True
Creating your CVP does not begin with trying to persuade customers to buy your product or service. True
It is an exciting opportunity to meet the needs of a real customer who wants to accomplish a goal, to get the job done. True
it’s about finding a goal—a job that the customer needs done—and then proposing a way to fulfill that goal. It’s about uncovering what your customer needs and providing solutions to meet those needs. True
Four Problems Experienced by Customer -Lack of time -Lack of money -Lack of skills -Lack of access
(Types of CVP's) Focused on the product: involves identifying and promoting all the benefits of a product or service to target customers, with little regard to the competition or any real insight into what the customer really wants or needs. All-benefits approach
(Types of CVP's) Focus is on the competition: a type of approach that focuses on the product or service relative to the competition and how the offering is different from others on the market Points-of-difference approach
also called “just what the customer wants” or product-market fit) is the “gold standard.” a type of CVP that describes why people will really like your product and focuses on the customers and what they really need and value. Product-market fit: an offeri Resonating-focus approach
a large group of customers with very similar needs and problems. You may have heard of the phrase “it’s gone mass market,” which means a product or a service is being purchased by an enormous proportion of customers all looking for the same thing Mass market
a small market segment comprising customers with specific needs and requirements. The CVP is tailored to meet these particular needs. Niche market
It involves breaking customer segments into groups according to their different needs and problems. Segmenting customers is a good way of generating more business. Diversified market
Two or more customer segments that are linked but are mutually independent of each other. Multisided market
Created by: rainee_
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