EM|Upper-Int|4. Business models
The lecture on business strategies and business models that we listened to yesterday contained way too much information. Frankly speaking, I’m a bit lost. I don’t always understand what a business strategy is and what a business model is. What about you?
Think about the questions
1. What is a business strategy?
2. What strategies do you remember?
3. In your opinion, is a business strategy different from a business model? If so, in what way?
Listen to Emma and match the parts of the analogy
M: Thanks, Emma! This analogy was really helpful. Oh, I remember my trip across the USA. What a great time! Driving, admiring nature, stopping at Kmart to buy snacks…
E: I’m surprised you stopped at Kmart and not at Walmart. Walmart supermarkets seem to be everywhere. I think this chain has more stores than Kmart… By the way, why not use the example of Kmart and Walmart to demonstrate the difference between a business model and a business strategy?
Watch the video and complete the definitions with the terms
M: You know what question am I asking myself now? How to choose the right business model?
E: Well, no matter what business sector it is in, any business has certain characteristics. It has to answer specific questions. So, to choose the right business model, you need to ask yourself the right questions.
What questions would you ask yourself if you were starting a business?
Match the characteristics of a business with the questions they answer
Decide what characteristic each option refers to
Let’s now have a look at four businesses: an online shop, a bike manufacturer, a flower shop, a bar. They are all pretty different, but as you know, they all have to be feasible, desirable and viable. Do you think they can meet these criteria? Let’s first listen to an entrepreneur answering the questions about his online shop. Use his answers as an example when talking about the rest of the businesses.
Listen to the audio and tick the correct questions for each category. Then answer the questions for the other three businesses
brick-and-mortar — existing as a physical building
|Bike manufacturer||Flower shop||Bar|
As you understand, different businesses require different business models. But each business model is comprised of certain elements. We can imagine them as one big picture where each element has its place.
Elements of a business model
Listen to the audio and choose the correct elements for each category
Match the elements with the questions they answer
Describing a company
Write a question about each component
If you are taking this lesson with a teacher,
ask your teacher the questions you wrote;
guess the company your teacher is talking about.
If you are taking this lesson by yourself, choose any company you want and answer the questions about it.
M: I also wonder how many business models there are. I’ve seen a list of at least 30.
E: There are as many business models as there are types of businesses. I’ve seen a list of more than 50. Here’s the 🔗link.
4 major business models
Read about 4 business models and choose the correct options to complete the text
Match the businesses with the types of business models
8 more business models
Read the descriptions of 6 more business models and complete them with their names. Then answer the questions
Now you know at least 12 business models. Let’s see how well you can tell one from another. You are going to listen to a business owner talking about her bookstore. She’s used a number of business models and she’s going to share her experience with the listeners of a business podcast.
Listen and choose which business models the company has had
It’s time to provide your expertise! Your friends are going to launch a startup. Their goal is to become number one in online education. But they need your help to understand how realistic it is to achieve this goal and how they can make a profit.
Read the task
SkyApp is a tech startup. It’s now working on a platform for online learning that would allow teachers to give online lessons one-on-one or to a class. It has great aspirations: the platform should allow video connection, hand-written text recognition, self-correction of certain tasks, a grade book where teachers can grade their students. Ideally, it should be free for its users.
Think about this project, choose the best business models for it and prepare to write about it. Follow the steps:
1. Evaluate the feasibility of the project
2. Evaluate the desirability of the project
3. Evaluate the viability of the project
4. Say what business models the startup can implement and why
5. Use some of the words and phrases from the wordlist
Write your reply (about 150 words)
«SkyApp business models»
This is the final step of today’s lesson. We hope you found it interesting and productive. Let’s talk about your results!
Choose the correct statements
- It's like a trip
- A business model vs a business strategy
- The DFV method
- Different businesses
- Elements of a business model
- Types of business models
- Which ones have they used?
- Choose business models
- Assess your progress