Definition of Business Model
A Business Model is defined as a marketing tool that illustrates the rationale of how a company creates, delivers, and finally captures value in economic, social or other contexts. The procedure of the construction of a business model is an important portion of any business strategy.
In theoretical terms as well as practical applications, the terminology of Business Model is utilized for a wide range of formal as well as informal descriptions to reflect core aspects of any business that include purpose, target customers, strategies, operational processes and policies. Keeping all such points in mind, we can conclude that a business model can serve as a blue-print for devising the marketing strategy for a particular category of business.
Textbooks on Business Model
Marketers need to analyze the business model of any firm before starting with their marketing campaign. Hence, here are some details of textbooks for marketers that are based on the crucial topic of Business Model and its role in marketing as follows:
- Approaching Business Models from an Economic Perspective by Wei Wei,Wuxiang Zhu and Guiping Lin (Published by Springer Science & Business Media – Year 2012).
- Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers by Alexander Osterwalder and Yves Pigneur (Published by John Wiley & Sons – Year 2013).
Examples of Business Model
Example 1: An interesting example of a Business Model can be the Bricks and Clicks Business Model. As per this business model, a firm integrates both offline as well as online presences. The practical application is that of a store that allows its customers to order any of their products over their website, but only allows them to collect them from their physical store location.
Example 2: Another interesting example of a business model can be the Direct Sales Model. Here, Direct Selling refers to marketing as well as the selling of products to customers directly that too away from a fixed retail store. Here, sales are conducted through one-to-one demonstrations and various other personal contact arrangements.
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