Business model
Business model
A business model (/ˈbɪznɪs ˈmɒdəl/) is a conceptual structure that supports the viability of a product or company and explains how the company operates, makes money, and how it intends to achieve its goals. All business models are unique to every organization and are designed according to the specific needs and structure of the organization.
Etymology
The term "business model" is derived from the words "business", which means 'a person's regular occupation, profession, or trade', and "model", which means 'a three-dimensional representation of a person or thing or of a proposed structure, typically on a smaller scale than the original'. The term was first used in the late 20th century and has been widely used since then to represent the business strategy of an organization.
Related terms
- Business strategy: A high-level plan to achieve business objectives.
- Revenue model: A key component of the business model, it identifies income sources, customer base, products, and details of financing.
- Value proposition: An innovation, service, or feature intended to make a company or product attractive to customers.
- Business plan: A formal written document containing the goals of a business, the methods for attaining those goals, and the time-frame for the achievement of the goals.
- Operating model: An abstract representation of how an organization operates across process, organization and technology domains in order to accomplish its function.
See also
External links
- Medical encyclopedia article on Business model
- Wikipedia's article - Business model
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