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Listed below are three classmates’ initial forum posts. I need these initial posts replied to with 100 word replies each. Must be substantive reply posts (not just I agree) and somewhat succeeded in furthering the conversation.

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Classmate Andrew;

1. Why is a business model important?

A business model is important for many reason. When an entrepreneur is in the midst of creating a business, it is important to evaluate multiple options in order to choose the option that best fits for that specific business. Business models are tools to help entrepreneurs and managers make these type of decisions. Business models should be implemented, tested, and reviewed in conjunction with change until the desired outcome has been accomplished. Even then, it is important for business models to constantly be re-evaluated and be able to adapt quickly.

2. How are business models influenced by internal and external factors?

There are many factors which business models are influenced by, both internal and external. External factors would include those that the business has no control over such as culture, economic, and political factors. Examples of internal factors are geographical location, timing, and budgets. Both external and internal factors can require a change to the business model. For example, the Corona Virus has required many businesses to temporarily shut down which forced many businesses to make a change to their business models to conduct business from a social distancing standpoint or even solely online. This is an example of an external factor that businesses had no control over. An example of an internal factor is the location. Because a business gets to decide where they conduct business it is something entrepreneurs can change. With that being said, because of different location around the world have different cultures, business models might need to be changed for that specific location to adapt to the culture in that area.

3. Conduct a little research on models and discuss the difference between the product model and the marketing model. Is one model better than the other? Explain.

The product model focuses on the quality of products given to customers, while the marketing model focuses on what customers actually want. Referring back to last weeks 4 Ps, it can be said that businesses with a product model likely spends more on the product and promotions while spending less on the place, and price. On the flip side, businesses with a marketing model likely allocate funds toward the price and promotion (communication) components of the 4 Ps.

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Classmate Allen;

1.Why is a business model important?

Business models are important because it lays out the fundamentals on what you are looking for in your company. Meaning, who your customer is, where to find resources, how to gain value, where to put your money and so on and so forth. It summary, it helps you understand what field your business is in and what your product generates.

2. How are business models influenced by internal and external factors?

A business model can be influenced by internal factors by constantly knowing what is hurting the company and what is helping the company. It can show you where you would be spending the most money and where you can be spending a little bit more. What department is constantly growing or which department is staying stagnant. The external factors can mean many things. Two come to my head immediately, environment and competition. Environment, where the business is located and who your customer is in your surrounding area. For example, if you own a transportation company and your product is SUVs, Sedans or Town cars, and you use these assets for executive transportation, you would want your headquarters to be closer to their company. Competition serves a vital role externally because it shows how your company is taking hits and how to adapt and readjust. Since I went with the transportation for the environment example I will stick with it for this one too. For example, when companies like Uber and Lyft first came out, it put a huge dent in transportation companies that chauffeur from airports, parties, meetings..etc. For companies like Addison Lee or Empire CLS, they had to change their business model to adapt to the customer and what they need.

3. Conduct a little research on models and discuss the difference between the product models and the marketing model. Is one model better than the other? Explain.

The difference between the product models and the marketing model is one is what you have and one is how you sell it. For the product model, you need to focus on what your resources are and what you have in your companies possession. For the marketing model, you need to make it appeal to your customers and make them believe that they truly are getting the best deal for what you are supporting. In Chapter 3 of our textbook, it brings up Apple and how they brought their customers in and made millions of sales. It says that the customer no longer wanted to buy the full CD that had 11 to 12 songs on it they would rather be buying 1 to 2 songs on the album that they like the most. For Apples view they had to reinvent their product that would most likely entice the customer and would sell itself on the market. I do not think on model is better than the other simply because you have to study your product in order to sell what your product is. You have to know what it is you are selling that stands out the most to the customer that convinces them to invest in it.

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Classmate Jonathan;

1. The business model sets the ground work for everything. It is also what an entrepreneur shows potential investors to get them on board. A proper & well put together model is essential to a start up.

2. A business model can be influenced internally by few things. Like if the company is failing in certain areas & you need to move money around or change that part of the business model. It can also be influenced by external factors also. Say a new social media monster comes along & now everyone has to try to get their product advertisement on that platform now. Same way companies had to switch up from Facebook to twitter or instagram. They constantly need to evolve with the times.

3. The product model focuses on the pricing & quality of the given product. Whereas the marketing model is for determining what a consumer actually wants in order to satisfy them. It also determines the target market so they are showing the right people their product. This also forces the company to evolve to the consumers wants & needs but also where to advertise. It keeps them competitive in that aspect. I think neither is better because you need a quality product with a good price & also have features that customers actually want.

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