Concepts and Processes in the Use of the Canvas

Business Models
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For businesses having the right working business model is like having the right roadmap to success. Innovative business models have now become a major concern for most managers, whether they are looking to expand their local markets or trying out new and emerging markets. Developing the right business model is thus a crucial skill that most businesses are trying to harness in light of the changes in the markets (DaSilva & Trkman, 2014).
One of the main aspects that are crucial is the fact that whenever one is developing the business model, they should also consider their competition. This is an aspect that has beaten most business as they develop very innovative models but make devoid of the competition consideration, ideally no business exists on its own (Deshler & Smith, 2011). The managers have to consider the main players, products and services, customer experience, exposure and the costs as well as the revenues which are crucial (Euchner & Ganguly, 2014).
Relative to the canvas of developing a winning business model there are nine elements that must be considered. The first aspect is that one should consider the key partners in the business. It is also crucial to the key activities that the business is going to carry out. Every activity in the operations of the business is also going to be reliant on the resources and therefore the key resources have to be identified and evaluated for sustainability (Velamuri, Bansemir, Neyer &...