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The Business Model Canvas is a tool designed to visualize and innovate business models. It consists of nine building blocks, starting with customer segments, where businesses identify the customers they serve. For example, a newspaper has two main segments: readers seeking information and entertainment, and advertisers aiming to reach an audience. Each segment has distinct jobs and requires different value propositions. The canvas allows businesses to conceptualize and challenge existing models or create new ones, using a common language to make abstract ideas more tangible.