A Business Model can be defined as a representation of a business or solution that often include a graphic component along with supporting text and relationships to other components. For example, if we have to understand a company’s business model, then we would like to study the following areas like −
● Core values of the company
● What it serves?
● What is sets apart?
● Its key resources
● Major relationships
● Its delivery channels
With the help of modelling techniques, we can create a complete description of existing and proposed organizational structures, processes, and information used by the enterprise.
Business Model is a structured model, just like a blueprint for the final product to be developed. It gives structure and dynamics for planning. It also provides the foundation for the final product.