Conditions in the external environment that does not relate to existing strengths or current weakness is called opportunity.

Strength and weaknesses are internal while opportunity and threats are external

External environment are controllable elements inside a firm that influence how well the firm operates.

The internal environment is global and requires consideration of legal, econominc, technological and sociocultural factors among others.

Business Model Canvas includes customer segments, customer relationship, value propositions, key activities, key resources, key partners, cost structure and revenue stream.

Customer relationship segment is the heart of any business model.

Market segmentation approaches includes geographical, demographic, psychographic and economics.

An example of revenue stream are asset sale and subscription fees.

Joining your company with another to create an entirely different entity which will increase competitive advantage and profitability is called joint ventures.