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Mastering the Business Model Canvas: From Concept to Application

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Definition:

A business model is a comprehensive framework that defines how a company operates and generates revenue. It is the blueprint that outlines the company’s approach to creating value for its customers and sustaining itself in the market.

Importance:

Understanding the business model is crucial for strategic planning and decision-making. It affects all facets of a business, from identifying target markets and customer needs to developing effective sales and marketing strategies. It also plays a pivotal role in shaping the company’s operational processes and identifying potential areas for growth and innovation.