Business Models: (also called a business design) is the mechanism by which a business intends to generate revenue and profits, it is a summary of how a company plans to serve its customers and involves both strategy and implementation. It is the totality of:

o How it will select its customers o How it defines and differentiates its product offerings o How it creates utility for its customers o How it acquires and keeps customers o How it goes to the market (promotion strategy and distribution strategy) o How it defines the tasks to be performed o How it configures its resources o How it captures profit

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