Components of a Business Model
Business model is a structured plan on what and how a business is working on a project with a view of getting maximum profit.
9 Components of a business model
1. Customer segments: This component is key to every business and it is very vital for a business to identify, build relationships and satisfy their target customers.
2. Value propositions: a company should always consider finding solutions to customers’ problems with a view of creation value to itself.
3. Channels: a company has means of reaching their customers and building the customer relationships such as through communication, distribution or sales. Good channels reach to target customers at a timely and constructive manner.
4. Customer relationships: Companies are keen in keeping their customers to boost their sales and build room for business growth with them.
5. Revenue streams: These are means from which the company gets incomes. It can be from one-time customers or long-term customers.
6. Key resources: A company needs resources such as funds and infrastructure to enable them in provision of goods and services.
7. Key activities: In order for a company to succeed, it must have stipulated tasks to undertake while solving their customers’ problems with an aim of benefiting from them.
8. Key partnerships: Companies need partnerships to ensure that they stay afloat amid risks and losses during their operations.
9. Cost structure: During business operations, all business must factor in and strategize on their cost structures to minimize loss to get maximum profits.
Current business environment is technology-based. Business models should also employ modern technologies such as business intelligence technologies to survive the current global competitions in the industry.
According to me, this slide is very essential as it entails all basic knowledge on business models.
Porter's value chain model is a firm management paradigm that prioritizes systems and business operations with clients over departments and accounting expense categories.
Inbound logistics. These are activities which are carried out inside the company such as obtaining, storing, and distributing raw materials.
Production. These are all operations which guide in the conversion of raw materials into finished or semi-finished items.
Outbound travel logistics. These are activities which are done during the process of provision of goods and services to the customers.
Marketing and sales. All procedures associated in bringing products and services to market, including customer relationship management and development, are included.
Service. This encompasses any and all attempts to retain the value of a product or service to consumers once a relationship is built through sales of goods and services.
The company's infrastructure. This pertains to the internal support actions that enable the firm to function on a daily basis.
Administration of human resources. This includes assistance measures in which the development of an organization's workforce is a critical component.
Technological progress. These activities are connected to the internal and external growth of the organization's goods and services.
Procurement. This category encompasses all procurement-related support operations inside the company.
Information technology is a trend that may be used to execute Porter's management paradigm.
This slide has equipped me on all activities involving Porter’s Value Chain models.
Business processes is a group of activities that are planned to be undertaken by a business to obtain desired outcomes.
A business model is composed of activity, system, employees, data and workflow.
They are limited in number. There are well defined beginning and conclusion points, as well as clear and succinct stages.
They can be replicated. The procedure can be repeated with the same outcome or end action.
They increase worth. Each step or activity may be done without wasting time or resources.
They provide adaptability. The procedure enables for changes to be made as needed without disrupting operations.
Operational processes: These processes have an impact on the fundamental business of the organization. They are frequently utilized for tasks like as product manufacturing, taking consumer orders, and creating an account.
Management processes include higher-level managerial activities like as compliance, human resources, budgeting, and governance.
Supporting processes: These processes assist with operational activities such as accounting, customer service, technical assistance, and safety training.
Business Process software is an emerging technology which was created to ease the business process implementations.
According to me, Business process as depicted in this slide is very essential and all companies should consider using it at all operations and projects.
Supervised learning is a machine learning algorithm which allows for training computers or machines using a labelled datasets to make predictions of the given item. It is with this algorithm whereby all businesses and companies make meaningful predictions using their pre-acquired data.
Some of the examples of the supervised learning include Regression, Logistic Regression, Classification, Naive Bayes Classifiers, k nearest neighbours, and Decision Trees.
Supervised learning is on its own an emerging technology which aids in data analysis.
This slide has been essential in definition and understanding of supervised learning.
A hybrid cloud is a modern technology computing environment combines both the private cloud and public cloud. This technology was developed to allow applications and data sharing between private and public clouds.
The major benefit of hybrid cloud is its agility. In the modern business environment, companies are a vast search for technologies which are agile in nature. This is because most of the operations need real-time response to satisfy the clients. In such need for agility, a company may need to combine private and public cloud hance the need for hybrid cloud technology.
Hybrid cloud is among the emerging technologies which are very essential to companies who would like to access unlimited resources on premises and outside.
This slide is essential as it entails all basic knowledge regarding the hybrid cloud.
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