Today in class we discussed business models. The functions of a business model is to:
1) evaluate a customer’s needs and what the product does for them.
2) find an appropriate group to market to
3) how/where the product/service will be provided
4) how much it will cost to make the product and what kind of profit is to be made
5) where they stand against other competitors
6) setting a strategy to gain advantage over other competitors.