A business model

A business model is a set of precise procedures, functions a business uses to offer consumer products and services in the industry environment. Businesses typically develop a business model to make certain they can offer products and services in the most resourceful and effective manner probable.

Advantages of developing a business model

  • Adopting an exclusive business model could offer a company an exceptional reputation in the marketplace, introducing buzz amongst customers and encouraging potential purchases.
  • A concrete business model that constantly provides profit into the business can assist to develop a cash reserve which could be used for ventures in real property or research and development efforts.
  • The biggest advantage of a vigorous and confirmed business model is the input it makes to business sustainability and the capacity to shed-off economic storms. A business model compels an industrialist to keep know of exactly the amount of profit made each month.
  • Another advantage include lenders and investors preference to institutions owning business models.

The business model that is most applicable to my organization is reference to Hamel (2000), that states a business involves the core strategy as part of the business model, introducing strategic resources, consumer interface and the value network. In my organization, the business model is geared towards developing core strategies, introduction of strategic resources to boost business competitive advantage, maintaining the consumer interface and creating a value network.

According Osterwalder and Pigneur (2010) suggestion that a business model illustrates the validation of how a business develops, delivers, and captures value; I find this model as the best explanation of what a business model should be comprised of. The model covers : consumer segments, worth propositions, income streams, primary resources and cost structures. Thus, the article offers the precise features of a good business model.

References

Hamel, G. 2000, Leading the Revolution, Harvard Business School Press, Boston, MA.

Osterwalder, A. and Pigneur, Y. 2002, ‘‘An e-business model ontology for modeling e-business’’, Proceedings of the 15th Bled Electronic Commerce Conference e-Reality: Constructing the e-Economy, University of Maribor, Bled, pp. 1-12

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