MANAGEMENT

Detailed explanation-1: -A business model is a strategic plan of how a company will make money. The model describes the way a business will take its product, offer it to the market, and drive sales.

Detailed explanation-2: -A successful business model just needs to collect more money from customers than it costs to make the product. This is your profit-simple as that.

Detailed explanation-3: -A business model should answer important questions about your business and set out a strong vision for the business. The key components of a business model should include relating to your target customers, the market, organization strengths and challenges, essential elements of the product, and how it will be sold.

Detailed explanation-4: -Steps for a successful business launch Develop the idea and generate the business concept. Research the competition and determine where the business can fit into the market. Write a complete business plan. Outline the people and resources the business may require to execute its plan.