A practical example of using a Business Model Canvas could be a startup company trying to define their business model. They would use the canvas to identify their key partners, key activities, value propositions, customer relationships, customer segments, key resources, channels, cost structure, and revenue streams. This would help them understand their business better and communicate their business model effectively to stakeholders. Another example could be an existing company looking to pivot or explore new business opportunities. They would use the Business Model Canvas to brainstorm and test different business models.
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