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While discussing the Smart Battery initiative in greater detail with the appropriate stakeholder, as Chief Enterprise Architect of Wanderlust, you discover that several key areas such as value proposition, cost structure, revenue streams, partners, and channels have been worked upon in isolation and therefore do not tally with each other. Which artifact would you recommend to bring all the above key dimensions together in a single window, to have a unified, consistent, holistic view of the Smart Battery initiative?
Correct Answer: D
A Business Model Canvas is a strategic management and entrepreneurial tool that allows you to describe, design, challenge, invent, and pivot your business model1. A Business Model Canvas consists of nine building blocks that cover the four main areas of a business: customers, offer, infrastructure, and financial viability2. These building blocks are: Value Proposition: The value that you deliver to your customers and the problem that you solve for them. Customer Segments: The different groups of people or organizations that you aim to reach and serve. Channels: The ways that you communicate with and deliver value to your customers. Customer Relationships: The types of relationships that you establish and maintain with your customers. Revenue Streams: The sources of income that you generate from your value proposition. Key Resources: The most important assets that you need to create and deliver your value proposition. Key Activities: The most important things that you do to create and deliver your value proposition. Key Partnerships: The network of suppliers and partners that help you create and deliver your value proposition. Cost Structure: The most significant costs that you incur to create and deliver your value proposition. A Business Model Canvas is a useful artifact to bring all the key dimensions of the Smart Battery initiative together in a single window, to have a unified, consistent, holistic view of the initiative. By using a Business Model Canvas, you can: Visualize the entire business model of the Smart Battery initiative on one page. Identify the gaps, inconsistencies, or conflicts among the different elements of the business model. Align the value proposition, cost structure, revenue streams, partners, and channels with the customer segments and their needs. Test and validate your assumptions and hypotheses about the business model. Iterate and improve your business model based on feedback and data. Verified Reference: 1: https://www.strategyzer.com/canvas/business-model-canvas | 2: https://www.investopedia.com/terms/b/business-model-canvas.asp
