Although the Osterwalder business model canvas (BMC) is used by professionals worldwide, it has not yet been subject to a thorough investigation in academic literature. In this first contribution we present the results of an intensive, interactive process of data analysis, visual synthesis and textual rephrasing to gain insight into the business model of a single case (health television). The (textual and visual) representation of the business model needs to be consistent and powerful. Therefore, we start from the total value per customer segment. Besides the offer (or core value) additional value is created through customer related activities. The understanding of activities both on the strategic and tactical level reveals more insight into the total value creation. Moreover, value elements for one customer segment can induce value for others. The interaction between value for customer segments and activities results in a powerful customer value centred business model representation. Total value to customers generates activities and costs on the one hand and a revenue model on the other hand. Gross margins and sales volumes explain how value for customers contributes to profit. Another main challenge in business model mapping is in denominating the critical resources behind the activities. The Osterwalder business model canvas lacks consistency and power due to many overlaps which in turn are caused by the fixed architecture, the latter too easily leading to a filling-in exercise. Through its business model representation a company should first of all gain thorough understanding of it. Only then companies can evaluate the model and finally consider some adaptations
