ABSTRACT
A business model describes the way an organization develops, transforms, and delivers its products and services to the market. In other words, it describes the rationale and relationships required by an organization to operate in its industry. Understanding this is fundamental to determining the role of quality management systems (QMSs) and how they relate to the business model under a systems approach. Several elements should be considered in developing business models, namely, the customer segments, value propositions, distribution channels, customer relationships, revenue streams, key resources, key activities, partnerships, and cost of structure (Ostenwalder and Pigneur, 2010). In addition to these elements, a business should conduct an industry analysis through benchmarking, and ensure that it has the required resources and capabilities to operate. Understanding these elements may seem trivial, but very few individuals and companies deploy and correctly integrate the right business elements and tools to succeed.
