The process of changing an existing business model to improve efficiency, reduce costs, and increase revenue.
Business Model Canvas: A visual tool that helps entrepreneurs and managers design or analyze business models by outlining the core elements of a company's strategy.
Value Proposition: A description of the unique benefits or solutions that a business offers to customers, often including the target audience, specific needs addressed, and how they differ from competitors.
Revenue Streams: All the financial sources of an organization that come from selling products or services, including various pricing models such as subscription, licensing, or pay per use.
Customer Segmentation: The process of dividing a market into smaller groups with distinct needs, characteristics, or behaviors, and tailoring marketing and sales strategies accordingly.
Channels: The means by which a company reaches its customers, such as distribution networks, marketing campaigns, social media, or retail stores.
Key Activities: The main activities necessary to perform to deliver its value proposition.
Key Resources: The assets required to create, deliver, and capture the value from the value proposition including human, financial, and physical resources.
Key Partnerships: The relationships that the company has with other organizations, including suppliers, manufacturers, and marketplaces that are critical to the business model.
Cost Structure: The components of a company's expenses, including fixed and variable costs, and how they relate to the revenue streams.
Innovation: The development of new and improved products, services, or processes that offer significant advantages over existing ones and help companies adapt to changing market needs.
Digital Transformation: Using technology to reshape the way a business operates, serves customers, and generates revenue by leveraging digital tools and platforms to create new business models and improve existing ones.
Lean Startup Methodology: An approach to creating and growing a business that emphasizes experimentation, rapid prototyping, and continuous customer feedback to minimize risk and maximize learning.
Design Thinking: A problem-solving approach that puts the customer at the center of the design process, seeks to understand their needs and motivations, and experiments with creative solutions to iteratively refine the offering.
Business Model Innovation: A proactive process of changing or disrupting the traditional ways in which an organization creates, delivers, and captures value, by exploring new opportunities, reconfiguring existing assets, and challenging traditional assumptions.
Change Management: The practice of managing and facilitating organizational change by aligning people, processes, and technology to achieve desired outcomes while minimizing resistance and uncertainty.
Data Analytics: The collection, analysis, and interpretation of data to make data-driven decisions and gain insights into customer behavior, market trends, and operational efficiency.
Strategy Execution: The process of implementing the business model transformation strategy through operational plans, performance metrics, and team alignment to achieve the intended outcomes.