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Business Model Canvas (9 component in BMC (Customer Segment, Value…
Business Model Canvas
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DEFINITION
Business Model Canvas is a strategic management and lean startup template for developing new or documenting existing business models.
It is a visual chart with elements describing a firm's or product's value proposition, infrastructure, customers, and finances.It assists firms in aligning their activities by illustrating potential trade-offs.
Customer segment is an essential part of an organization’s business model and is key to ensuring that the product features are aligned with the segments characteristics and needs.
An organization’s value proposition is the combination of products and services it provides to its customers.
The medium through which an organization provides its value proposition to its customer segment is known as a channel. There are various options for channels available to an organization, and the selection is based on the channel that is the quickest, most efficient with the least amount of investment required. There are two basic kinds of channels; Company owned channels such as store fronts or Partner Channels such as Distributors.
For an entrepreneur, the priority is to identify the type of relationship he/ she has with the customer. Then the value of the customer must be evaluated in terms of the frequency of his expenditure on the firms product and services. Loyal customers are relationships that the company should aim to invest in as they will yield steady revenue throughout the year.
A revenue stream is the methodology a company follows to get its customer segments to buy its product or service
These are the assets of the organization fundamental to how it provides value to its customers. Resources can be categorized as human, financial, physical and intellectual.
Activities that are key to producing the company’s value proposition. An entrepreneur must start by listing the key activities relevant to his/her business.
Key partnerships are the network of suppliers and partners who complement each other in helping the company create its value proposition.
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