A business model describes the rationale of how an organization creates, delivers, and captures value, in economic, social, cultural or other contexts. The process of business model construction and modification is also called business model innovation and forms a part of business strategy.
It is a high-level plan for profitably operating a particular business in a specific marketplace. A primary component of the business model is the value proposition. This is a description of the goods or services that a company offers and why they are desirable to customers or clients, ideally stated in a way that differentiates the product or service from its competitors.
The objective of this course is to equip you with the knowledge required for developing a strategic business model for your existing business or when you are venturing into a startup.
Why this course is important for you as an Entrepreneur or Business Owner?
Successful businesses have adopted business models that allow them to fulfill client needs at a competitive price and a sustainable cost. Over time, many businesses revise their business models from time to time to reflect changing business environments and market demands.
One way analysts and investors evaluate the success of a business model is by looking at the company’s gross profit. Gross profit is a company’s total revenue minus the cost of goods sold. Comparing a company’s gross profit to that of its main competitor or its industry sheds light on the efficiency and effectiveness of its business model.
Mastering the following key topics
Topic 1: Introduction to Business Model
Topic 2. Elements of a Business Model
Topic 3. How great Business Models are built
Topic 4. Reinventing your Business Model
Topic 5. Illustrative Examples of a Business Model