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
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
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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