Question

Define (in your own words) business model. what is a business model? Gives Examples

2. Define (in your own words) business model. What is a business model? Give examples. • Remove this instructional/explanatory text before submitting assignment. • Use this slide (or create 1-4 additional slides) to define business model – what is it? Make sure you provide examples. This is NOT a data dump, so do NOT fill these slides with an overload of data. Your job is to sift through what may seem like an infinite pool of data and facts (and opinions) and select the most critical information to succinctly answer the question. • Think of it this way, you are summarizing this to demonstrate that you carefully reviewed the videos assigned this week and thought about this key question; and you are summarizing this for someone who has very little time to read your summary, So your summary must be succinct and you must get to the point (IMPORTANT: you must have a point - an intended message/insight). Your summary must be meaningful, thoughtful, and insightful - rather than simply a bunch of information

Answer 1

Business model can be defined as a plan for establishing a business, recognizing opportunities, threats, strengths and weaknesses and identiying various business sources such as customers, products, finances, marketing plan etc.

Example of business model- A person named John plans om starting an eye glasses business. He creates a mission statement about who the target customers will be, how he will arrange finances, what marketing techniques will he use, what skills must the employees posses etc.