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We argue for network slicing as an efficient solution that addresses the diverse requirements of 5G mobile networks, thus providing the necessary flexibility and scalability associated with future network implementations. We elaborate on the challenges that emerge when designing 5G networks based on network slicing. We focus on the architectural aspects associated with the coexistence of dedicated as well as shared slices in the network. In particular, we analyze the realization options of a flexible radio access network with focus on network slicing and their impact on the design of 5G mobile networks. In addition to the technical study, this article provides an investigation of the revenue potential of network slicing, where the applications that originate from this concept and the profit capabilities from the network operator's perspective are put forward.