Business Models Canvas And Business Model

2281 Words10 Pages
Business Model Canvas and Business Model Innovation: Business Model Canvas is one of the most popular models used by companies to help them tread through the difficult scenarios of current world. The article starts with a brief introduction about BMC and its components which sets the tone for rest of the article. Certain terms introduced and defined in the BMC explanation are used in the business model innovation framework discussed further. The business model framework explained further in this paper was created by Karan Gitora and Sergui Netessine to help the companies in reinventing the model by utilizing existing resources. It is based on the idea that a business model is a set of key decisions to be made by people in charge to make revenues, incur costs and manage risks thereby creating a sustainable business. The main points of article are structurally weaved together with the teachings and concepts discussed in class. Each point is explained with an example and most of the examples are focused on Amazon’s strategy and changes to its business model over years. The business model framework is supposed to improve the decision making of managers responsible. Introduction: Business Model Canvas (BMC) is a proven tool/model used in various settings to help companies, individuals align their activities to what creates value to them. It is a visual chart with 9 different components. As a tool it looks at these nine areas that span across strategy, finance, operations,
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