Reference no: EM133462027

Determine why a business model is so important when starting a new business.

Describe four important components of a business model and the type of information to include in each component.

Explain the differences between traditional business models and Internet-based business models.

Part 3: Think of a business you may be contemplating or already own. Consider the specific customer group you will be targeting with your products or services.

Describe their basic demographics, affiliations, values, preferences, concerns, and buying behavior.

Explain a specific need, problem, or pain point you are solving for these customers.

Summarize the channels of distribution that you will use to deliver your product or service.

Explain how you will attract, acquire, keep, and grow your customer base (traditional marketing, website, social media, cold calls, sales presentations, follow-up, a combination of strategies).

Describe what type of business model you will use to generate revenue with your business (manufacturer, retailer, wholesaler, aggregator, direct sales, subscription, tiered pricing, brick and click, fee for service).

Assess the main costs you will incur with your business (fixed and variable costs including materials, assembly, packaging, delivery, rent, utilities, travel, marketing, web hosting, and any salaries you may pay).

Assess the critical resources you will need to execute your business model (product prototype, materials, furniture, computer, phone, office, equipment, initial inventory, warehouse, delivery system, etc.).

Identify what mentors, advisers, team members, and partners you will need to succeed in this business.