DEVELOP THE BUSINESS MODEL

Alton (2015) discussed the “7 Elements of a Strong Business Model” as follows:

1) Identifying Specific Audience. Targeting a large market does not
encourage the business to serve customers who actually want the products
or services. Alternatively, when planning your business plan, restrict the
audience to two or three potential purchasers. Provide the demographics
of each population, specific problems and the solutions provided by your
business. For an example, Jollibee can appeal to all, but those who are
rushed are the key target audience of the organization because of its "fast
food chain."
2) Business Processes Establishment. You need to understand the
activities necessary to make your business model work before your
business can go live. Identify the central feature of the market proposition
by identifying the main business practices. Do you need to offer a company,
give a package, or provide consultancy? For Shopee, an online
marketplace, the marketing and product delivery management with an app
are key business processes.
3) Business Resources Management. What is your company like working
every day, attracting new customers, and meeting corporate goals? Record
main market tools to ensure that your business plan is sufficiently designed
to fulfill your company needs. Examples of popular resources may involve
a location, infrastructure, shop, intellectual property, and customer lists.
4) Creating a strong value proposition. How's the company going to stand
out? Are you offering an creative company, a revolutionary commodity or
an traditional classic a modern twist? The start of a strong value proposition
is the determination of exactly what your company offers and why it is better
than competitors. If some useful ideas have been identified, tie them to a
commodity supply chain or service to decide how important you can be for
consumers in the long term.
5) Establishing key business partners. No organization can operate
effectively without key partners that contribute to the ability of the business
to serve customers (let alone achieve certain goals). Choose key partners
such as suppliers, strategic alliances or advertising partners when creating
a business model. Often times, joining or affiliating with different
 professional organizations like Hotel and Restaurant Associations of the
Philippines (HRAP) if you are dreaming to put up restaurant can be a
significant way for you to market your products and grow your networks.
6) Make a demand generation strategy. You will need a strategy that will
build interest in your business, generate leads and close sales, except
when you are using a radical approach to start up your enterprise. How are
you going to find customers? How do they do, more specifically, if they
learn your brand? Developing a strategy to generate demand creates a
plan of the customer's journey and documents the main motivators for
action.
7) Leave room for innovation. Your business plan is based on many
assumptions when you start your company and develop a business model.
After all, you don't even know how your market plan suits your continuous
needs before you begin to accept paying customers. It is therefore
important that future innovations be allowed to take place. Don't make a
big mistake assuming the first proposal is a static file. Rather, check it
regularly and make adjustments, if necessary. Taking into account these
seven tips should build a robust marketing strategy and will lead to the
success of your company.