Business Strategy

Business model canvas explains the different steps of a business as channels, key partnerships, customer relationships etc. In this class, we discussed on the difference and coherence of Business model canvas and business plan. Business plan is a wholesome plan that elaborately explains the steps mentioned in the business model canvas.

Business model canvas deals with change and integration. For example, a change in customer base or preferences requires a change in business. Also, technology or preference in different countries is different. When Uber came to Bangladesh, it adapted its business model according to preference of customers here. In Bangladesh, Uber X, Uber Premium and Uber Moto are available whereas in other countries Uber SUV is preferred.

The debate of the relevance of both business model canvas and business plan was concluded as both are needed for a business. But for a startup, business model canvas is less expensive and it outlines the basic things so it can be preferred.

An example was shared on generator making company that how rural firms are also willing to use a UK made generator because of its quality and brand name. So, brand name plays a role with customer satisfaction and interest.

Get, Keep and Grow: Creating customers is another part of the business model. For example, for hand wash selling companies, they are trying to make new future customers by targeting the kids and focusing activities on them as activations. In a tobacco company, the pay off line is World’s No. 1, now in Bangladesh. This is how they are getting their customers.