| Summary: | The Business Model Canvas (BMC) is a strategic management tool to quickly and easily define and communicate a business idea or concept. It is a one page document which works through the fundamental elements of a business or product, structuring an idea in a coherent way. It is also a visual chart with elements describing a firm or product’ s value proportion, infrastructure, customers, and finances. It assists firms in aligning their activities by illustrating potential trade-offs.
There are many advantages of Business Model Canvas, such as easy to understand. It is because the canvas on just a single page and is very visual. Other than that, it is
flexible. It is quick and easy to make changes to the model and sketch out different ideas. It also shows connections. The single page graphical nature of the canvas shows how
the different parts of the model interrelate to each other. This can be difficult to ascertain from a traditional business plan.
Formal descriptions of the business become the buildings block for its activities. With this business model design template, an enterprise can easily describe its business
model. For the infrastructure, there are three elements in it which are key activities, key resources and key partners. For offering, there is a value propositions and for customers
there are also three elements, customer segments, channels and customer relationships. Last but not least, there are two elements in finances which are cost structure and revenue streams
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