In a paragraph please explain the business model canvass.

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Expert Solution

The Business Model Canvas (BMC) is used as a strategic management tool to communicate a business idea very quickly and easily. It is a document which contains the fundamental elements of a business or product which is used to present ideas in a complete way.

There is right side and left side for the Business Model Canvas (BMC), which include the following focuses.Customer (external) is focused on the right side of the Business Model Canvas BMC. While, the left side focuses on the business (internal).

When both external and internal factors meet, there is exchange of value between internal business and external customer.

We can use BMC for the following:-

To quickly draw a picture of what the idea means.
Help us to get an understanding about the business and for making link between what your idea is and how we can make it in the business.
Help to take better customer decisions.
Giving everyone a clear cut idea of what the business will likely be.

jeff jeffy answered 1 year ago

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