Elements of Business Model (doc)
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Added on 2021-03-24
Elements of Business Model (doc)
Added on 2021-03-24
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Reinventing Business Model1. What is a business model? Discuss the elements of a business model.Ans. Business models are the method and strategy that a business or organization uses to operate that includes the purpose, systems, and people that work together toadd value to customers.A business model is a company's plan for making a profit. It identifies the products or services the business will sell, the target market it has identified, and the expenses it anticipates. Elements of a business model:Value Proposition: Value propositions means a product that helps customers to more effectively, conveniently and affordably do a job they have been trying to do.A specific promise to customers that a product or service will enable them to solve a problem in their lives. Profit Formula: Profit formula means assets and fixed cost structures, and the margins and the velocity required to cover them. Profit formula is revenue and coststructure that enable either profitability or, for nonprofits, long term fiscal sustainability.Key Resources: Key resources means people, technology, products, facilities, equipment, brands and cash that are required to deliver a particular value proposition to the targeted customers. The focus here is on the key elements that create value for the customer and the company, and the way those elements interacts.Key Processes: Key processes means ways of working together to address recurrent tasks in a consistent way: training, development, manufacturing, budgeting, planning, sales, services, etc. Key processes also include a company’s rules, metrics and norms.
2. Identify and discuss the business model of Chaldal.com, Daraz.com and Bestbuy.Ans. The business model of Chaldal.com, Daraz.com and Bestbuy are identified and discussed below: Chaldal.comChaldal.com is an online platform for grocery and food products. It is a delivery based company in Dhaka, Bangladesh. The goal of this company is to give the customers the experience of shopping in a big box store with huge selections. This company was founded in 2013.Business model: Chaldal.com is an E-business. It uses B2C system. This companyprovides its products directly to their customers at their home. Chaldal currently stocks more than 4000 products in its two warehouses and delivers goods within anhour. It uses a cloud-based inventory system to allow users to see what items are available in real-time.Daraz.comDaraz.com is the largest online shopping marketplace in Bangladesh showcasing products from the most trusted brands. This company offers the customers a wide selection of products from renowned brands in Bangladesh with a promise of fast, safe and easy online shopping experience. Business model:i) Revenue model: When a customer orders any product throughDaraz portal then the seller sends it to the warehouse near him. Daraz gets the ordered product from seller, then Daraz sends it to the customer with its own delivery man. Once customer gets the product in hand, they make the payment through online banking. Once the product is delivered then Daraz takes the agreed determined commission from the selling price and sends the remaining portion of the money to the seller’s bank account. This is how Daraz is doing business in the market.BestbuyBest Buy is a retailer of technology and electronics products. Its goal is to provide high-quality customer service, products at reasonable prices and knowledgeable technical support to its customer base of general consumers. Business model:
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