Studied by 0 peopleWhat are the 9 components of the Business Model?
Customer Relationships
Customer Segments
Channels
Key Partners
Key Activities
Key Resources
Value Proposition
Cost Structure
Revenue Streams
What is the difference between key resources and key activities?
Key resources are the assets a companies owns such as physical assets (factories, buildings, land), human resources, copyright, having a strong brand
Key activities are the actions that businesses take such as research and development, manufacturing, marketing, sales, accounting
What is cost structure?
Looks at, from a company’s perspective, where they’re spending and seeing how costs can be reduced
What are some examples of revenue streams (with technological impact)?
Selling data
Subscriptions
How does technology have an impact on the business’ cost structure?
Robots helps companies spend less on labour costs but could increase R&D costs
Renting rather than buying
Outsourcing
How does business use technology to understand the needs of its Customer Segments?
Data analytics - collecting and analyzing customer data from sources like website interactions, purchase history, feedback forms
Customer Relationship Management (CRM) Systems - allows businesses to track and manage interactions with customers across multiple channels
Personalized algorithms - using technology to personalize customer experience by analyzing customer data to deliver targeted content, product recommendations, and offers
How does business use technology to offer products/services with desirable features (value proposition)?
Market Research and Analysis: Technology allows businesses to gather and analyze vast amounts of data about consumer preferences, market trends, and competitor offerings
Enhanced Communication and Customer Engagement: Digital communication channels such as social media, email, and live chat facilitate real-time interaction with customers
ntegration of IoT and AI: The Internet of Things (IoT) and Artificial Intelligence (AI) enable businesses to create smart products and services that can anticipate and respond to customer needs
How does business use technology to manage Channels to market, sell, and service its customer segments?
E-commerce Platforms: Businesses leverage e-commerce platforms to reach customers directly online
Customer Relationship Management (CRM) Systems: CRM systems allow businesses to manage their interactions with existing and potential customers efficiently
Customer Service Technologies: Businesses leverage technology to provide efficient and responsive customer service across multiple channels, including phone, email, live chat, and social media
How does business use technology to develop Relationships that attract and retain customers?
Loyalty Programs and Customer Rewards: Technology enables businesses to implement and manage loyalty programs and customer rewards efficiently (ex. pc optimum points)
Social Media and Community Platforms: Social media platforms and online communities provide businesses with channels to interact with customers in real-time, gather feedback, and build a sense of community around their brand
Personalization Technologies: Advanced personalization technologies, such as machine learning algorithms and predictive analytics, enable businesses to deliver personalized experiences across various touchpoints
How does business use technology as a Key Resource to deliver value propositions?
Digital Infrastructure: Businesses rely on digital infrastructure, including hardware, software, networks, and data centers, to support their operations and deliver value propositions
Technology Talent: Businesses invest in technology talent, including software developers, data scientists, engineers, and IT professionals, to develop and maintain the technological capabilities required to deliver value propositions
How does business use technology to perform a Key Activity that delivers value propositions?
Marketing and Promotion: Digital marketing channels such as social media, search engine optimization (SEO), and email marketing allow businesses to reach customers with targeted messages and promotions, increasing awareness and driving sales
Production and Manufacturing: Automated manufacturing systems, robotics, and advanced machinery enable businesses to streamline production workflows, minimize waste, and deliver high-quality products to customers at competitive prices
How does business use technology owned by a Key Partner to deliver value propositions?
E-commerce Platforms: A small boutique clothing store may use a third-party e-commerce platform like Shopify or Magento to build and host its online store, enabling it to sell products to customers worldwide without investing in developing its own e-commerce infrastructure
Cloud Storage and Computing: A software-as-a-service (SaaS) company may utilize cloud computing services provided by Amazon Web Services (AWS) or Microsoft Azure to host its software applications and store customer data securely, ensuring high availability and scalability for its services
Payment Processing: A food delivery app may partner with payment processing companies like Square to securely process payments from customers, allowing them to pay for orders using credit cards, debit cards, or mobile wallets within the app
Logistics and Shipping: An e-commerce retailer may partner with shipping and logistics companies such as FedEx or UPS to fulfill orders and deliver products to customers efficiently and reliably, leveraging their extensive transportation networks and expertise in logistics management
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