Business Model Key Activities Examples – Next, in our “Explaining the Business Model Canvas” series, we look at key activities. This element is the bread and butter of your business because it defines the actions you will take to achieve your value proposition.
Key activities are the most important tasks your business needs to perform in order to fulfill your business value proposition.
Business Model Key Activities Examples
Your business is unlikely to function properly without an accurate definition of your key activities. The best way to identify your key activities is to look at your value proposition. This will help you determine what your business should be doing.
Types Of Business Models Including Examples Of Business Model Canvas
Key activities are essential to the success of your business model. They not only deliver on your value proposition, but are also fundamental to reaching your customer segments, maintaining your customer relationships and ultimately creating long-term revenue streams.
The key activities will be different depending on the business model you follow. So for example, if your business relies heavily on third-party contracts, channel management will be a key activity. A great example of this is IKEA, which in its early years relied heavily on local furniture factories to produce the affordable furniture they sold.
On the other hand, a product-oriented business model will place more importance on activities such as research and development so that their product remains attractive to their customer base.
It refers to the design, manufacture and delivery of a product to customers. Typically, companies will produce high-quality products or produce significant quantities of the product.
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Companies in the problem-solving category focus on finding new solutions to individual problems that customers face. Two great examples are; when IKEA started opening new stores to reach more customers. This allowed them to make more money. Second, Airbnb launched a photography program to help improve the quality of home listings on their site. This resulted in more customers using the site to book vacation rentals and thus increased their revenue.
Companies in this category create and maintain platforms. For example, a key activity for Facebook is to regularly update the platform so that the user experience is maintained or improved. Or LinkedIn, which typically spends most of its budget and time ensuring its platform remains profitable and usable as its user base snowballs.
The research and development department liaises with all other departments and teams, such as production, marketing or sales in most companies. Typical functions of a research department include:
The marketing department is responsible for the growth of the company by advertising the products and services. The functions of the marketing department include:
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This department plays a key role in customer purchase and post-purchase behavior and experience. Your sales and customer service department is key to ensuring that your business retains repeat customers who will help your marketing department by referring your company to others.
To give you some real-life examples, let’s look at Uber. We can divide their main activities as follows:
Nike’s core activities, on the other hand, will differ from Uber’s. Some of the things Nike should consider are:
Design is a key activity as Nike’s value proposition is to provide unique, high quality athletic footwear. Their shoe designs have to be constantly updated to follow the latest fashion trends of the moment.
Fill In A Business Model Canvas: Learn Through Real Life Examples
Nike also requires manufacturing facilities to produce its shoes. Everything from tailoring, fabric selection and shoe design affects the outcome of the final product, which of course they have to go on and sell.
Finally, Nike must effectively manage its retail and distribution channels, including online, offline, shipping, and supplier communication. However, one of their biggest key activities is endorsement. Celebrity endorsements are the vehicle that has made them one of the biggest retailers in the world. Big names in sports such as Michael Jordan and Tiger Woods helped strengthen and sustain Nike’s success.
Most businesses also focus their money and time on business expansion. For example, in the early years of Burger King and McDonald’s, one of their main key activities was expansion through franchising.
When analyzing your business through the key building blocks of activities, it is critical to look at the big picture and evaluate the related building blocks as well. This will help you understand how they will contribute to your key activities.
How To Use The Business Model Canvas
You’ll need to ask a few questions to come up with a workable segment of key activities for your business. Here are some questions for you to think about.
LinkedIn, for example, has taken a different approach to customer surveys. Instead of the normal online surveys that companies usually produce, LinkedIn conducted in-person, one-on-one lunchtime surveys with a select number of users. This helped them understand the market and showed consumers that the company cared about their input.
Key activities are critical to the development and maintenance of your business. This element also affects your competitive advantage in the market. Properly identifying your key activities will help you create a profitable business model.
Check out how Amazon’s core focus has allowed the company to thrive. Amazon’s business model canvas and how it has changed since its inception.
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Today, Twitter is one of the most recognizable and influential social media platforms on the planet. As of February 2022, Twitter is valued at $27.48
The last (but not least) segment of the business model canvas is cost structures. In this segment, you have to ask yourself how much you will
No man is an island; the same goes for your business. They are other companies, third parties and people you will need to reach out to
On the business model canvas, the Key Resources segment refers to the supplies, assets, and materials needed to deliver your value proposition to your customer
What Is A Business Model & Top Examples
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The Business Model Canvas: Better Than A Business Plan [+ Free Templates]
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Other uncategorized cookies are those that are being analyzed and have not yet been classified into a category. The Business Model Canvas is a framework for business analysis. Swiss business theorist Alexander Osterwalder created it in 2010. Since then, the Business Model Canvas has become one of the most popular management tools for those running a company. Osterwalder’s framework is a questionnaire that makes it easy to assess the state of your startup and find its growth points. Let’s find out what elements the model consists of and when the Business Model Canvas template will be useful to start.
A business model is a brief breakdown of a company’s strengths, vulnerabilities and development opportunities. The framework helps you perform such an analysis for a company of any size and age: from a start-up to a long-standing large business.
The business model canvas is a table with 9 cells, each of which relates to a specific component of the startup. And if you fill in the table, you can visualize your business model.
Best Editable Business Canvas Templates For Powerpoint (2023)
1. Key partners. Here you must specify all counterparties and also
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