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Business Model Canvas(BMC)
The Business Model Canvas (BMC) is a strategic management tool for quickly and easily defining and communicating a business idea or concept. It is a one-page document that discusses the fundamentals of a business or product, structuring an idea in a cohesive way. The right side of the BMC focuses on the customer (external), while the left side of the web focuses on business (internal). External and internal factors come together around the value proposition, which is the exchange of value between the business and the clients or customers.
Our Business Model Canvas consists of Key Partners, Key Activities, Key Resources, Value Propositions, Cost Structure, Customer Relationships, Channels, Revenue Streams and Customer Segments. We started listing down each of the points from the:
1. Customer Segments: a target customers that we would like to sell our product at.
2. Value Propositions: describes the value we would like to deliver to each customer segment.
3. Channel: describes on how we reach our customer such as Social Media or websites or partner.
4. Customer Relationships: explains on how we get, keep, and grow our customers.
5. Revenue Streams: describes about what strategy we use to capture the most value from our customers which means in what ways we use to get money from customers or the supplier.
6. Key Resources: describes our most important strategic assets such as Physical, Intellectual, Human and Financial.
7. Key Activities: describes our important strategic things to do to make our business runs smoothly.
8. Key Partners: describes who will help us or our partner to make this business runs smoothly.
9. Cost Structure: explains the key cost of our business.
Before we are going into listings all points in our Business Model Canvas, we have to understand on how to use Business Model Canvas first. So, we have watched a video from YouTube to help us understand more before about the use of Business Model Canvas.
On your left side screen, I have attached a video from Expert Program Management (EPM) that we have watched during our meeting on Business Model Canvas.
