Creating a Winning Business (MN5W50)
Assignment 2 Workbook:
Business Model Canvas - Iteration and Reflection
Student Id: [type here]
Seminar tutor: [type here]
In the box below, please explain in simple terms, the brief based on your business placement and the business solution. Maximum of 100 words
This
business idea comes at a time when the market is increasingly
purchasing environmentally friendly products and services by
presenting mobile holders’ holders from recycled metal. The need
for a greener product is addressed to decrease the effects caused by
the current approach used by mobile device users. Given that the
idea is implemented for the target demographic of green consumers
and green businesses, the idea complements global trends for
sustainability and meets customer needs for green goods. The
solution also contains new designs, low costs, best quality, and
puts more focus on the costs of products than similar solutions.
They include customers, the environment, and local people involved
in production of the products.
Cost Related |
Revenue Related |
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Key Partners Key Partners: The sustainable material suppliers, the environmentally friendly production collaborators, the logistics companies. Key Suppliers: All local recycled material vendors and packaging suppliers. Resources Provided by Partners: Sustainable raw materials, manufacturing expertise, and logistical support. Key Activities of Partners: Purchasing, production and localisation (Hamwi et al., 2021).
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Key Activities Production: Developing and constructing new functional and environmentally friendly mobile stands. Marketing: Sales using social interfaces and other promotions over the Internet. Sales: The Web sites offering their products through the Internet and affiliations with bricks and mortar stores. Customer Relationships: The retention strategies include; reaching out to the customers through social networks, feedbacks, customer loyalty programs (Rane et al., 2023).
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Value Propositions Contributes towards the international challenge of minimising use of plastics by providing their substandard equivalents. Key customer requirement associated with mobile holder’s usability, durable and favourable appearance and environmental sustainability.
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Marketing & Sales Communication Awareness: Facebook and Instagram commercial, creating partnerships with eco-friendly influencers. Messages: Emphasise on sustainability, on durability and, of course, on the original design.
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Customer Segments The target market for the sustainable mobile holders is the age group of 20 to 40 years people. Environmental enthusiasts, learners, and actors in the marketplace who advocate for sustainability. Surveys show that 70% of eco-conscious consumers aged 18-35 are willing to pay for sustainable products.
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Key Resources Physical: Oil rigs, drilling companies, crude oil, exploration rights, production plant, equipment. Intellectual: Products innovation, product branding. Human: Business specialists, advertising department, manufacture personnel. Financial: All the monies spent for the manufacturing of the product, mobilising it to the appropriate marketing channels (Wang et al., 2021).
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Product & Service Delivery Channels Website direct sales alongside other online sales platforms such as the third-party e-commerce platforms. After-sales support: Available facility of return/exchange through internet.
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Cost Structure
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Revenue Related Price: Although not entirely a traditional case of price discrimination, it has a direct customer’s price and lower price for business customers. Revenue: Software, E-business, Electronic commerce, E-commerce management, E-commerce companies and E-commerce retailers (Olsen et al., 2024). £35,000, based on selling 2,000 units at £17.50 each per year.
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Explain the history behind your idea for resolving the identified business problem This was developed out of realisation that plastics were piling up within the environment, and something had to be done. I found out that there was a niche in the market regarding cheap, fashionable, and eco-friendly mobile products. First, the staff concentrated on the idea to recycle various items; however, they came closer to creating mobile holders, as they were more useful and would suit more people. This idea will be likely to work out since there is increased understanding in the society on sustainability and the need to go green on products. Working with environmental issues and having experience in product development, I believe I can make it happen. Using Gibbs’ Reflective Cycle, I reflected on customer feedback, adapting my original concept to focus on sustainable materials and affordability.
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Reflection: It is a process of rational or critical evaluation of past act or product with the aim of providing better results in future. In an action learning set, people have to work in groups to find solutions, and people share problems and solutions making it better than individual critique. That is why it promotes responsibility and development of all participants, which is useful in addressing multifaceted problems.
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Assumptions Customers have sustainability in mind when deciding on accessories. It is understood that products that are friendly to the environment can be offered at reasonable market prices. The target customers are also accessible through the social media markets (Sun et al., 2021). Testing Assumptions: To test these ideas, I had to interview some people and contact possible collaborators.
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Pitch: When preparing the pitch, the presentation was organised under the problem-solution, the possibility of the market theme. Major points included the adverse effects of so much plastic around us, the strategic selling point of environmentally friendly mobile stands. A short presentation in the form of slide show was prepared, focusing on the elements like newsletters, product designs, the growth in the market, and feedbacks from customers. Peer feedback, that was collected, proposed to enhance the utilisation of data in the decision-making process to back up potential claims; which was included in later modifications of the pitch. By doing this, I was able to improve on my presentation and support the aspect that messages should always be more so for the audience.
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Assumption Testing: Three critical assumptions were tested during the project: Customers Value Sustainability: Self generated questionnaires with a sample size of fifty participants showed that eighty percent of the respondents gave precedence to environmentally friendly products in the face of cheaper imitations (Han, 2021). Sustainable Materials Are Affordable: Information gathered from material suppliers indicated that there was a possibility of sourcing the recycled material at reasonable cost while not affecting the quality of the final product. Social Media Is a Viable Marketing Channel: A pilot campaign conducted over Instagram received engagement of 10%, a confirmation that it can influence target customers effectively (Kutok et al., 2021). Such understanding resulted in a major overhaul the Business Model Canvas as it was changed to incorporate a more competitive pricing profile and an enlarged emphasis on digital marketing channels.
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Comment on your Action Learning Set: This paper shows that the action learning set process included completion by group work with everyone in the group providing a different idea on product development and marketing. My role was primarily to deliver data analysing the market and suggesting differentiation. It made me realise how effective it is to have multiple perspectives, as well as learn about active listening and how to respond to disagreement. To enhance, I propose to increase time management with a view to making productive contributions without domination during discussions. |
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Iterative Journey: The Business Model Canvas was adapted, specific changes made included new and improved cost structures and marketing strategies information gathered through feedback. Pricing strategies assumed initially face a major bluster from competitors offering much lower prices (Sibalija et al., 2021). When conducting a market analysis it was found that the environmentally sensitive customer is willing to pay more for a longer lasting product which makes the emphasis on quality suitable.
Feedback from the Brief provider The SME partner approved it by saying, ‘This idea is perfect as it is quite environment-conscious, and all the ideas mentioned here are quite feasible.’
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Competitor Insight:
Evaluations and ideas involved the use of storytelling and certifications to brand and set one apart. The major avenues of differentiation include design, material durability and the affordable price, which makes the product relevant for environment conscious consumers.
Figure 1: Positioning Map (Source: Created by the learner)
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Cost & Risks: Risks: Again, the supply chain networks may cause disruptions, lesser visibility among the target customers. Mitigation: Multiple supplier relationship and marketing as part of strategy development. Funding: Awareness of seed capital through grants that support local environment organisations or crowd funding (Zhao et al., 2022).
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Business Model Canvas Version 3: Final personal career & action plan (Maximum 400 words for the page)
Continuing personal career development: reflection and action plan |
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Critically reflect on your experience and challenge faced and the abilities you have developed Reflection on Experience: Several soft skills were worked out during this project; these include communication, problem solving and effective time management. Using the STAR approach, I reflect on these areas (Wang et al., 2023). 1. Communication (Written & Verbal): Situation: During the pitch preparation, I had to persuade stakeholders about the need to invest on sustainable mobile holders. Task: Being able to tell a story, simple and to the point, and being able to tell it well. Action: I rehearsed a lot and used feedback from other students in order to enhance the delivery of my pitch and visuals. Result: Some people who listened to my pitch had no issues with it as they noted how I am able to present information to people. 2. Problem-Solving: Situation: Some people raised questions about how sustainable the products could be while at the same time still being reasonably priced. Task: Find out a cheap supply chain. Action: I conducted research on different substrates and bargain with the prices with the suppliers. Result: Designed the product competitively in regard to the environment and its cost performance. 3. Time Management: Situation: Handling research documents pitch activities and assumption testing within short and or compressed timelines. Task: Prioritise tasks effectively. Action: Some of the planning tools I employed include Trello to keep track of operations and time management of the project (Reach, 2021). Result: The deadlines were into account, but the quality wasn’t sacrificed in the process.
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Personal action planning: 1. Skills to Develop:
2. Action Plan:
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References (articles, books, websites etc) These should be listed in full Harvard Format below and in author-date format in the earlier pages e.g., on page 3 you might say “reflection is a form of looking back (Smith, 2014)” and below you would cite this fully:
Smith J. (2014) Theories of Reflection, 2nd. Edition., Prentice Hall: London |
Aggarwal, A. and Commuri, S. (2023) Brands and Branding: Strategy to Build and Nurture Brands. Taylor & Francis. Gupta, S., Justy, T., Kamboj, S., Kumar, A. and Kristoffersen, E. (2021) ‘Big data and firm marketing performance: Findings from knowledge-based view’. Technological Forecasting and Social Change, 171, p.120986. Hamwi, M., Lizarralde, I. and Legardeur, J. (2021) ‘Demand response business model canvas: A tool for flexibility creation in the electricity markets’. Journal of Cleaner Production, 282, p.124539. Han, H. (2021) ‘Consumer behavior and environmental sustainability in tourism and hospitality: A review of theories, concepts, and latest research’. Sustainable Consumer Behaviour and the Environment, pp.1-22. Kutok, E.R., Doria, N., Dunsiger, S., Patena, J.V., Nugent, N.R., Riese, A., Rosen, R.K. and Ranney, M.L. (2021) ‘Feasibility and cost of using Instagram to recruit adolescents to a remote intervention’. Journal of Adolescent Health, 69(5), pp.838-846. Müller, R., Drouin, N. and Sankaran, S. (2021) Balanced leadership: Making the best use of personal and team leadership in projects. Oxford University Press. Olsen, R.K., Kalsnes, B. and Barland, J. (2024) ‘Do small streams make a big river? Detailing the diversification of revenue streams in newspapers’ transition to digital journalism businesses’. Digital Journalism, 12(9), pp.1261-1282. Rane, N.L., Achari, A. and Choudhary, S.P. (2023) ‘Enhancing customer loyalty through quality of service: Effective strategies to improve customer satisfaction, experience, relationship, and engagement’. International Research Journal of Modernization in Engineering Technology and Science, 5(5), pp.427-452. Reach, C.S. (2021) ‘What You Need to Know about Project Management’. Law Prac., 47, p.24. Sibalija, J., Barrett, D., Subasri, M., Bitacola, L. and Kim, R.B. (2021) ‘Understanding value in a healthcare setting: An application of the business model canvas’. Methodological Innovations, 14(3), p.20597991211050477. Sun, J.J., Bellezza, S. and Paharia, N. (2021) ‘Buy less, buy luxury: Understanding and overcoming product durability neglect for sustainable consumption’. Journal of Marketing, 85(3), pp.28-43. Wang, H., Huang, H., Bi, W., Ji, G., Zhou, B. and Zhuo, L. (2022) ‘Deep and ultra-deep oil and gas well drilling technologies: Progress and prospect’. Natural Gas Industry B, 9(2), pp.141-157. Wang, Z., Mu, X. and Liu, Y. (2023) ‘STARS enabled integrated sensing and communications’. IEEE transactions on wireless communications, 22(10), pp.6750-6765. Zhao, P., Li, Z., Han, X. and Duan, X. (2022) ‘Supply chain network resilience by considering disruption propagation: Topological and operational perspectives’. IEEE Systems Journal, 16(4), pp.5305-5316.
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APPENDIX: Summary of Evidence of testing your MAIN assumptions (Maximum 400 words for the page). PLEASE provide detailed
information about your testing.
List your MAIN assumptions (No more than 3) |
How did you test the assumption? (E.g. Give details of who was approached; how many; how you contacted them. OR any partners contacted). |
Summarise the results of testing. (E,g, % of people liking your product/service; any positive and/or negative comments etc.) |
Customers pay attention to sustainability aspects within this accessories sector.
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Asked 50 customers about sustainability and 36 said yes it is important but 15 customers did not find it to be important.
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A majority of 75% of the respondents supported the idea; some wanted variation of designs.
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A low price range establishes consumer confidence, increased sales and captures the green consumers.
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Market research with the aim of measuring the consumer sensitivity with prices.
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From the studies, clients proved to be willing to cosily pay more for quality and environmentally conservation products.
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Because social network sites have become popular, it serves as a good marketing tool.
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A/B testing on Instagram ads. |
The advertisement campaign on Instagram gave a survey click through rate of 10% which affirmed the efficiency of the platform.
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