| Final Project: Business Model Canvas Based on a business idea that you believe to be an exciting new venture opportunity, consider the nine building blocks on the Business Model Canvas for this business idea. This can be a brand new idea, or an existing idea or business that you are already developing. This is an individual assignment. In your development of the idea and the business model, focus on a real idea that you could implement during college, or soon thereafter. We are interested in your consideration of real ideas that you can create that do not require decades of experience or research. Each of the nine building blocks are listed below. Within each block, provide a comprehensive discussion of how you would design each element within the Business Model Canvas. As a guideline for the length of your submission, we suggest one paragraph for each of the nine responses. We suggest creating your response in a Word document, refining it, and saving this file. Then, cut and paste the sections from the document into the appropriate field. 1. In one sentence of less than 20 words, what benefits does your idea deliver to buyers/users? 2. What is the Value Proposition that your company or organization offers to solve customer problems and satisfy their needs? Your response should address value proposition items to include a distinct mix of elements catering to a customer segment’s needs. Values may be quantitative, such as price or speed of service, or qualitative, such as design or customer experience. Please respond with one paragraph of approximately 100 words. 3. What are the Customer Segments that your company or organization serves? Your response should address customer segment items to include the needs and wants of customers, distribution channels, types of relationships, different profitabilities, and the customers’ willingness to pay. Please respond with one paragraph of approximately 100 words. 4. What Channels does your company or organization utilize for communication, distribution, and sales? Your response should address some or all of the five distinct channel phases which include awareness, evaluation, purchase, delivery, and after sales. Please respond with one paragraph of approximately 100 words. 5. What are the Customer Relationships that your company or organization plans to establish with its customer segments? Your response should address customer relationships that may include customer acquisition, customer retention, and upselling. Please respond with one paragraph of approximately 100 words. 6. What are the Revenue Streams that your company or organization will generate? Your response should address at least one of the following transaction revenues resulting from one-time customer payments or recurring revenues resulting from ongoing payments. Please respond with one paragraph of approximately 100 words. 7. What are the Key Partnerships that your company or organization utilizes? Your response should describe the company or organization’s network of suppliers and partners. Examples of partnerships include strategic alliances, co-opetition, joint ventures, and buyer-supplier relationships. Please respond with one paragraph of approximately 100 words. 8. What Key Resources are required to make the business model work? Your response should address key resources that can be physical, financial, intellectual, and/or human. Please respond with one paragraph of approximately 100 words. 9. What are the Key Activities your company or organization must perform? Your response should describe the most important activities a company must perform to operate successfully. Key activities will differ depending on type of business. These activities may be outsourced or completed within the organization. Please respond with one paragraph of approximately 100 words. 10. What is the Cost Structure of your company or organization? Your response should describe all costs incurred to operate the business model. Two types of cost structures are cost-driven and value-driven; many business models fall somewhere in between these two models. Please respond with one paragraph of approximately 100 words. |
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