Standard business models depict existing plans or recipes firms can use to determine how they will create, deliver, and capture value for their stakeholders.

Question

Quizplus · Accepted Answer

Standard business models are designed to provide a framework for firms to create, deliver, and capture value. These models describe the key elements of a business and the relationships between them, such as the target customer segments, the product or service offering, the channels used to reach customers, and the revenue streams generated from sales. By following a standard business model, firms can reduce the risk of failure and increase the chances of success in their chosen market.

Standard Business Models Depict Existing Plans or Recipes Firms Can