Business Modeling in the Classroom
Business modeling is a description of the duties of how an organization functions and operates. All businesses have various operations and functions, however, they all reflect upon the business model of the organization. The components in a business model address all of the daily functions of a business, from operating strategies to expenses, revenues, marketing and sales. In order for a business to succeed and formulate adequate revenue to keep afloat, they must have a proper business model to guide themselves from. The knowledge of such process is essential and crucial for all business personnel and all business majors.
Reasons that a Business Modeling Course is Included in the MBA Curriculum Business modeling is relevant in all fields of business as it is a model created by each individual business to gain knowledge on how the business will gain revenue. However, a business model can vary in its complexity depending on the area of business. For instance, most business models can be extremely complex or very simple. An example of an easy business model is one for a restaurant. The goal of any restaurant is to make food and sell it to hungry customers. On the other hand, a complex business model can be that of a website since it has many different ways to generate revenue. Some websites will make money by selling a product directly to their customers while other will make money by providing users free services and selling advertisements to other companies. (Investopedia) For instance, good examples are social media networks that offer free services to their users while making money from other companies that advertise on the websites. Including Business Modeling in MBA courses is essential for any business major in order to provide these skills and knowledge to the future success of businesses. Business majors need to properly know how to carry out the operations of any business. However, simply showing the...
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