This week our team (team Watermelon) completed our Business Model Canvas. This was an interesting assignment as it was a twist on the traditional business plan. Here’s the description that we were given of a business model: “A business model describes the rationale of how an organization creates, delivers, and captures value.” The business model is a brief overview of the company that is updated frequently. The business plan does not take into account that the industry, consumers, and other forces are constantly changing and the business model needs to keep up with them. The business model canvas consists of 9 segments/sections:
- Value Proposition – How does the business deliver value to its customers?
- Customer Segments – How does the business segment the market?
- Channels – How do they reach the customers (market, deliver, support)?
- Customer Relationships – How does the business develop a relationship and retain customers?
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