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Business models in strategic management
Business models in strategic management

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4.2 Putting knowledge into practice

Now you have learnt about the key building blocks of a business model canvas, this is the time to consider building your own business model canvas by using an example of Starling Bank.

Activity 11 Building a business model canvas: an example of Starling Bank

Timing: Allow about 25 minutes.

The business model canvas of Starling Bank is rather complex. In representing it, the focus here is primarily on the business model for retail customers. The following video shows how to develop a business model canvas.

Watch Video 6 and consider two possible ways of developing a business model canvas. Write your ideas in the box below. Save your notes and compare your ideas with those in the discussion box.

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Video 6 The business model canvas
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It is possible to prepare a business model canvas in two ways. The first is by filling a block at a time and moving to the next one. This is how it is done during the first part of the video. The advantage of this approach is that the different aspects of a block are considered all together, avoiding inconsistencies among them. The second way is by working on a single aspect across all the blocks. In this way it is possible to check for consistency across the different blocks.

As you have noticed from the video and the discussion, it is important to balance all the building blocks in the business model canvas. Therefore, any information introduced in one block will affect what happens in other blocks of the canvas.