building business modelsthe purpose W r i t i n g
Building Business Models
The purpose of this assignment is to recognize the importance of putting together a business model. In reference to your business or product:
A) Respond and submit questions 1- 9 in paragraph form. See questions listed below.
B) Create and submit your business model canvas. (See p. 119 for an example). The Canvas should be in the form of a chart.
- Discuss your business/service’s CVP (Customer Value Proposition). Address questions like: What value do we deliver? What bundle of products and services are we offering? What are we helping customers achieve by providing our product/service?
- Identify your customer segments? Address questions like: Who are our most important customers: What segment of the market would be most likely to buy our product/service? Be specific: explore the demographics of your target customer [age, gender, income, location, nationality, profession, personality (are they risk takers, spontaneous, trendsetters, traditionalists, etc?)].
- Discuss channels and why you choose them. Address the question: What are all the ways in which you can reach your customers?
- Discuss how you will maintain customer relationships. Address the question: How will we establish and maintain relationships with our customers?
- Describe the key activities the company participates in to get the job done.
- Describe each of the key resources necessary to develop the business, create the product and service and deliver on the CVP.
- Discuss who will be you be partnering with, suppliers, buyers, associates, logistic companies, and any other networks, and why you have chosen them.
- Discuss your revenue streams. Address questions like: Ask yourself how much are customers willing to pay? How many customers do you need? How much cash can be generated through each stream?
- Discuss your cost structure. Address questions like: What are the most important costs inherent in the business model? Which resources are the most expensive to get: which activities are the most expensive?
Testing and Experimenting with New Ideas (Storyboard and Hypothesis Testing Using Scientific-method)
Read the Mindshift in your textbook, on page 164: “Create a Storyboard and Take Action”. You will be creating and submitting your storyboard and responses to and submitting questions listed below: 1, 2, 3, 4, 5, 6, 7 and 8.
- Create a Storyboard. It should include: Your idea: problem, solution, organization and outcomes/benefits. (Submit your storyboard by scanning it as a jpeg imagine or photograph it).
- Write a list of questions, now that you have envisioned your idea in the storyboard.
- Of your top three questions, choose one question to translate into an experiment. Develop an action-oriented experiment, using the Scientific Method (see page 164-169) by completing the following:
- Form a hypothesis.
- Conduct research or test your hypothesis.
- Analyze the results.
- At the outset of this exercise, how did you feel about being asked to create a storyboard? Do you think people with artistic training or talent have an advantage in story boarding? why or why not?
- How many questions did you have? Is your list of questions longer or shorter than you expected? How easy or difficult was it to translate your top three question into an experiment?
Explain in your submission how you developed your action-oriented experiment, using Scientific-method by reflecting on the following questions:
- What was the experiment designed to examine?
- What was your hypothesis?
- Briefly describe how your experiment was conducted.
- What did you learn from conducting the experiment?
- How will you build on this information in the future?
- Overall Reflection; What did you learn from this exercise that surprised you?