Describe one additional application of the Business Model Canvas

Business model canvas is the best implement to help you recognize a business model in a well-structured format. It is a strategic management device for defining and communicating a business idea more simply.

One of the most important and essential areas of the BMC application is the idea of developing a portfolio of business models that vary from improving existing business models to newer models. While major companies dominate products and brand portfolios, business model portfolios are a new phenomenon. Beyond growth and monetization, the portfolio approach helps you to understand the collaboration and cannibalism between different business models. A good picture of this business model portfolio approach is that Nestle uses its machine and pod technology. Today the same technology is used in its mass-market coffee and tea business.