Final answer:
Building a business model involves identifying market needs, defining requirements, brainstorming solutions, and building a prototype. Traditional business models focus on profitability while social business models emphasize sustainability and societal contributions. Presentation mediums can vary, and new models like subscriptions and freemium offer innovative strategies.
Step-by-step explanation:
Building a Traditional and Social Business Model
To build a traditional business model, you should start by identifying a problem or a need in the market. After which, define the requirements and constraints of your business environment and brainstorm for potential solutions. Evaluate these solutions against the defined criteria and use the chosen solution to design and build a prototype. It's essential to test and evaluate this prototype, making modifications where necessary. Once you have a finalized prototype, you can communicate the results through a traditional written document, a slide deck, or even a video presentation depending on what is more effective for your audience.
For a social business model, understanding the traditional economy can provide insights into sustainable and ethical practices. A traditional economy relies on customs and traditions, focusing on meeting the needs of the community rather than just profitability. To incorporate social elements into your business model, consider the societal impact of your business practices and aim for a model that offers solutions that are environmentally sustainable and socially beneficial. This could include implementing product safety regulations, holding designers accountable, and developing innovative business models like subscription services and freemium options that provide value to the customer while maintaining social responsibility.
Regardless of the model you choose, it's crucial to remain receptive to feedback and to be prepared to iterate on your business model. New business models such as subscriptions and freemium have proven successful in various industries, offering opportunities for continuous engagement with customers and generating recurring revenue. Always keep in mind the stage of economic development from a traditional society to an age of high mass consumption, as this may influence your business strategy and model.