Regardless of your professional occupation, as a worker, businesswoman, or entrepreneur, you are indeed interested in the guidelines to follow in project management with Business Strategy.
If you have a project in hand, you will have verified that resource planning is necessary. Still, it is even more so to have a business strategy based on data, with which to control the extent to which we are achieving the expected results, how we bring us closer to or away from the objectives previously set by the business management.
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The Importance of The Suitable Business Model: Business Strategy
Do you know what the keys to describing a business model are? The CANVAS model is a canvas that helps understand the activities and resources involved in a business model visually and straightforwardly.
Business Model Canvas, through which you can detail in just a glance what a business proposal is based on, highlighting the following business keys on the canvas:
- Value proposal
- Target market segments
- Channels through which to reach customers
- Key activities and resources
- Key relationships, collaborations, and partnerships
- Sources of income
- Cost structure
What Business Models Do You Know?
Business models are the tool before business planning and allow us to analyze the keys to defining a competitive business model that allows obtaining scalable returns in the market.
There are different business models, some of the best known are the long-tail or disaggregated pattern model, to which companies such as Amazon or Apple are assimilated and other more innovative that have emerged thanks to the digital transformation such as the Freemium models, which You can identify some of the applications that you handle on a day-to-day basis, such as the Spotify online music management application.
Business models make it easier to identify how a business idea works in the market, serving as a basis for making improvements and variations.
Redefining The Business Strategy
Thanks to research and technological innovation, it is possible to access new business models, offer new solutions, and satisfy new customer needs.
The customer development methodology (Customer Development) that allows an in-depth analysis of customer and market needs can lead to new business strategies. Together with technological innovation, generate new markets thanks to disruptive innovations that allow rediscovering new business models.
Do You Know The Business Strategies of the Blue Ocean?
They allow access to markets in which there is no competition thanks to technological advances and satisfy the needs of a population segment that had not been detected before, the first and the only ones to provide this service in the market.
To arrive at a blue ocean strategy, it is necessary to identify new opportunities in the market through different previous analyzes of both resources and the environment that surrounds the business:
- Internal analysis
- External analysis
- Coexistence between business models
- Customer contributions
- Ideation
- Design Thinking
- Visual thinking
- Storytelling
- Prototyping
Did you know that by applying design thinking or storytelling techniques, we can explore opportunities in the markets from other perspectives and access new possibilities and business ideas?
Indeed, they allow redirect thinking and bring the business idea closer to the end-user, better connecting with their interests and preferences, which favors designing a business strategy more adjusted to the real needs of the target audience.
Also Read: Big Data As A Fundamental Element In Business Strategy
