What is the Significance of a Viable Business Model to a Company?
Mariam Peyton is a professional Financial Analyst. She holds a Masters degree in Economics. She specialises in financial analysis and forecasting. Her expertise includes studying the financial performance of companies, markets and entire industries looking for trends, insights and information that can help you glean rich insights for use in academic and market research.
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The purpose of this essay is to examine the significance of a viable Business Model to a Company.
A business model of a company describes how it generates and delivers value to its customers and stakeholder. It is made up of four main elements namely: value proposition, revenue model, cost structure and key resources. A business model describes the value proposition, the target market, the revenue streams, the cost structure, the key resources, the key activities, the key businesses and the competitive advantage of a company or organization. It also expresses the rationality and justification behind the numerous strategic choices made by the management of the company. Important to note is that a highly-developed business model can aid a company to gain a grip competitive advantage over its competitors in the market, attain customer satisfaction and generate sustainable profits for the business among so many other benefits.
A viable business model is defined as the model that can be used to initiate justifiable growth and development in a fairly competitive market. It is solely founded on clear value propositions that aims at meeting the needs or demands and prospects of the potential clients, as well as a comprehensive strategy that controls the strengths and resources of the organization. It should also be adjustable and resilient to changing customer preferences, technological innovations, and environmental factors. Important to note is that a viable business model is not only a plan, but also a process of challenging, understanding, and refining the key assumptions and theories that lie beneath the value creation and delivery of the organization. This essay is going to examine the significance of a viable Business Model to a Company.
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What is the Significance of a Viable Business Model to a Company? a Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Understand the meaning of a viable business model
- Understand the significance of a viable business model to a company
- Apply these models to real-life organizations
1.0 INTRODUCTION
A business model is referred to as a theoretical structure that defines how a company or organization crafts, provides value to the society. A business model describes the value proposition, the target market, the revenue streams, the cost structure, the key resources, the key activities, the key businesses and the competitive advantage of a company or organization. It also expresses the rationality and justification behind the numerous strategic choices made by the management of the company. Important to note is that a highly-developed business model can aid a company to gain a grip competitive advantage over its competitors in the market, attain customer satisfaction and generate sustainable profits for the business among so many other benefits.
A viable business model is defined as the model that can be used to initiate justifiable growth and development in a fairly competitive market.
It is solely founded on clear value propositions that aims at meeting the needs or demands and prospects of the potential clients, as well as a comprehensive strategy that controls the strengths and resources of the organization. It should also be adjustable and resilient to changing customer preferences, technological innovations, and environmental factors. Important to note is that a viable business model is not only a plan, but also a process of challenging, understanding, and refining the key assumptions and theories that lie beneath the value creation and delivery of the organization. This essay is going to examine the significance of a viable Business Model to a Company.
A viable is very vital for a number of reasons among which include; It helps to support the vision, mission and strategy of the company in line with its operations and performance.
It communicates the value proposition of the company to its consumers, partners, and shareholders.
It identifies and prioritizes the key activities and resources that are critical for creating and delivering value.
A viable business model is an essential aspect for any organization that desires to succeed in today's competitive and dynamic market.
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