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Business Models;

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Question: Define and identify various business models, then compare and contrast companies that utilize different business models. Elaborate on the advantages they might have over their competitors. How the website type have an impact and what other types of companies could benefit from using the website type identified. Finally, consider if dynamic pricing would have an effect on the selected model.

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This solution explains business models.. The sources used are also included in the solution.

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Step 1:
Business models are used by businesses to design their method of value creation, delivery, and capturing revenues. The model describes the ways in which the business delivers value to customers. The customers are attracted and they pay for the value delivered. The revenue collected from customers generates profit for the business. The business organizes itself in such a way that it satisfies customer needs and gets paid for it to make a profit.

Step 2:
Some common business models are direct sales models, in which the business markets its products directly to customers. Collective business model uses an association of businesses, or professionals in the same field with pooled resources and provides information to other members. The franchise model uses another company's business model. The cutting out of the middleman model is based on reducing intermediaries in the supply chain. After removing the middlemen, the business deals directly with customers, usually through the internet.

Step 3:
Let us consider some companies that use some of the above models. McDonald's ...

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