Anastazia Spajic: The Business Model Canvas as a Tool of Marketing Mix [PDF]

Essay from the year 2020 in the subject Business economics – Offline Marketing and Online Marketing, grade: 1, 7, University of Applied Sciences Essen, language: English, abstract: Success – a catchphrase that plays a significant role in today’s society. Since success must be visible nowadays and the diligence behind it has lost importance, many entrepreneurs are under very high pressure to perform. They are therefore faced with high challenges that they have to overcome. One of the challenges is to increase the value of the company, so every entrepreneur must be clear about how much the respective company is worth.

In order to run a company successfully and to achieve success automatically, it is of particular importance for company
managers to have a comprehensive understanding of the functional processes of the company. In order to understand these extremely important functional processes, there is the so-called ‘Business Model Canvas’, which can help to better understand. The Business Model Canvas acts as a planning tool, for designing new business models or for revising older business models.

The planning tool was developed by Alexander Osterwalder. The concept was first introduced in the book ‘Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers’, written by Osterwalder and co-author Yves Pigneur. In the meantime, the book has even become a bestseller, which of course speaks for the concept. The
main target group of the literature are entrepreneurs, whose aim is to bring their ideas to the market as innovative, competitive projects.

In the further course of this work, the Business Model Canvas will first be defined in detail and its functionality will be explained. Then another planning tool is introduced called ‘Marketing Mix’. This is also defined and its procedure is described. This detailed description of both tools is very important to understand their connection. The last section serves to explainwhy the business model canvas is a tool for creating the marketing mix.