MN5W50QA – Creating a Winning Business
Assignment 2 Workbook: Due Date 11 July 2023 Before 3.00 pm
Business Model Canvas – Iteration and Reflection
Marketing Research and Data Analysis
Student Id: [type here]
Lecturer: [type here]
Submission Date: [type here]
NOTES
You should stick to one page for each of the parts. To achieve this, you may reduce the font size if needed (no smaller then 8) and you can delete the guidance words in italics
Make full use of the Guide questions in italics in the Workbook
For Versions 2 and 3 of your BMCs – you ONLY need to show the changes from the previous version
In the box below, please explain in simple terms, your business idea. Maximum of 100 words
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Cost Related |
Revenue Related |
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| Key Partners
Who are our key partners? Who are our key suppliers? Which key resources will our partners provide? Which key activities will our partners perform? Type here: |
Key Activities
What key activities do our value propositions require in order to produce, market and deliver them? What about channels, customer relationships, different revenue streams? Type here: |
Value Propositions
What value do we deliver to the customer? Which of our customer’s problems are we helping to solve? Which customer needs are we satisfying? Type here: |
Marketing & Sales Communication
How will we raise awareness of our products and services with our target customer segments? What messages or offers will create desire and interest? How will those messages reach our potential customers? e.g. Facebook ads Type here: |
Customer Segments
For whom are we creating value? Who are our most important customers? Type here: |
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| Key Resources
What key resources do our Value Propositions require e.g. physical, intellectual, human, financial? What resources do our channels, revenue streams, customer relationships require? Type here: |
Product & Service Delivery Channels
How will customers purchase and receive the product or service? What about after sales support e.g. returns? Where will the marketing communication direct customers to? Type here: |
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| Cost Structure
What are the most important costs inherent in our business model? (think about fixed and variable costs). Which resources and key activities are most expensive? Is the business model more cost driven (helping the customer save money) or value driven? Is there an opportunity for economies of scale? Type here: |
Revenue Related
What value are our customers willing to pay for? What are they paying now? How do they currently pay and how would they prefer to pay? How much does each possible revenue stream contribute to overall revenue? How might we price this product or service e.g. subscription, fixed or variable pricing, pay in advance, PayPal? Type here: |
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End of page 2
| Explain the history behind your idea: e.g. how did you come up with the idea, why do you think it will be successful? Why do you think you are the right person to develop this idea?
Type here: |
Reflection: What do you understand by the term ‘reflection’? What is an ‘action learning set’ and why might it be more effective than individual reflection?
Type here: |
| Assumptions: What are the main assumptions behind your business idea? How could you test those assumptions?
Type here: |
End of page 3
|
Cost Related |
Revenue Related |
||||
| Key Partners
Who are our key partners? Who are our key suppliers? Which key resources will our partners provide? Which key activities will our partners perform? Type here: |
Key Activities
What key activities do our value propositions require in order to produce, market and deliver them? What about channels, customer relationships, different revenue streams? Type here: |
Value Propositions
What value do we deliver to the customer? Which of our customer’s problems are we helping to solve? Which customer needs are we satisfying? Type here: |
Marketing & Sales Communication
How will we raise awareness of our products and services with our target customer segments? What messages or offers will create desire and interest? How will those messages reach our potential customers? e.g. Facebook ads Type here: |
Customer Segments
For whom are we creating value? Who are our most important customers? Type here: |
|
| Key Resources
What key resources do our Value Propositions require e.g. physical, intellectual, human, financial? What resources do our channels, revenue streams, customer relationships require? Type here: |
Product & Service Delivery Channels
How will customers purchase and receive the product or service? What about after sales support e.g. returns? Where will the marketing communication direct customers to? Type here: |
||||
| Cost Structure
What are the most important costs inherent in our business model? (think about fixed and variable costs). Which resources and key activities are most expensive? Is the business model more cost driven (helping the customer save money) or value driven? Is there an opportunity for economies of scale? Type here: |
Revenue Related
What value are our customers willing to pay for? What are they paying now? How do they currently pay and how would they prefer to pay? How much does each possible revenue stream contribute to overall revenue? How might we price this product or service e.g. subscription, fixed or variable pricing, pay in advance, PayPal? Type here: |
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End of page 4
| Pitch: How did you prepare for your pitch? What went well or not so well? What have you learnt from the experience?
Type here: |
Assumption Testing: How have you tested the main assumptions behind your idea? How has your business model canvas been updated and changed and why?
Type here: |
| Comment on your Action Learning Set: What helpful advice, if any, have you received from other people in your group? What advice or help have you given? What has worked well and what could you do to make your group more effective?
Type here: |
End of page 5
|
Cost Related |
Revenue Related |
||||
| Key Partners
Who are our key partners? Who are our key suppliers? Which key resources will our partners provide? Which key activities will our partners perform? Type here: |
Key Activities
What key activities do our value propositions require in order to produce, market and deliver them? What about channels, customer relationships, different revenue streams? Type here: |
Value Propositions
What value do we deliver to the customer? Which of our customer’s problems are we helping to solve? Which customer needs are we satisfying? Type here: |
Marketing & Sales Communication
How will we raise awareness of our products and services with our target customer segments? What messages or offers will create desire and interest? How will those messages reach our potential customers? e.g. Facebook ads Type here: |
Customer Segments
For whom are we creating value? Who are our most important customers? Type here: |
|
| Key Resources
What key resources do our Value Propositions require e.g. physical, intellectual, human, financial? What resources do our channels, revenue streams, customer relationships require? Type here: |
Product & Service Delivery Channels
How will our customers purchase and receive the product or service? What about after sales support e.g. returns? Where will the marketing communication direct customers to? Type here: |
||||
| Cost Structure
What are the most important costs inherent in our business model? (think about fixed and variable costs). Which resources and key activities are most expensive? Is the business model more cost driven (helping the customer save money) or value driven? Is there an opportunity for economies of scale? Type here: |
Revenue Related
What value are our customers willing to pay for? What are they paying now? How do they currently pay and how would they prefer to pay? How much does each possible revenue stream contribute to overall revenue? How might we price this product or service e.g. subscription, fixed or variable pricing, pay in advance, PayPal? Type here: |
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End of page 6
| Iterative Journey: How has your idea changed since the last version of your Business Model canvas? How have your assumptions changed? What evidence have you gathered during the last few weeks to support your initial assumptions about your business idea or to challenge those assumptions? What do you know about your target customers now that you didn’t know at the start of the module?
Type here: |
Competitor Insight: What is the difference between a ‘direct’ and ‘indirect’ competitor? Who are your businesses main direct competitors? Who are the main indirect competitors, and why? Which other business are ‘analogues’ e.g. offering service in a similar way but to different customers, or trying to reach the same target customers with a different product or service? What have you learned from a competitor(s) or analogue (s) that has informed your business idea? How is your product or service different or better than your competitors, how will it stand out from the crowd? |
| Cost & Risks: What are the biggest risks or obstacles in delivering your project and how might you reduce or overcome them? What type of funding might you need for your venture and where might you source this?
Type here: |
End page 7
| List of Web Resources (at least 3)
List the web sites that you have used for your research. Note: you don’t have to cite them using the Harvard author-date format in the previous pages; you can just list them here e.g. http://grasshopper.com/blog/startup-competition-guide/ |
Academic Sources (at least 3)
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. Edn., Prentice Hall: London |
End of page 8
Business Model Canvas Version 3: Final personal career & action plan (Maximum 400 words for the page)
| Continuing personal career development: reflection and action plan | |
| Critically reflect on your experience and challenge faced and the abilities you have developed: undertake a personal audit of the skills and knowledge you have developed. This can include business sector specific knowledge and wider ‘transferable’ skills, such as: communication (written and verbal), problem solving and using initiative, team work, organisational skills including time management and interpersonal skills, demonstrating autonomy and innovation.
Pick three skills / knowledge areas and provide reflective evidence for each using the STAR approach briefly describe the situation/scenarios and the task/roles (in that situation), followed by a reflection on the actions taken and the final results.
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Personal action planning: now you have evaluated your abilities in the previous section and in consideration of your future career action plan:
identify TWO skills/knowledge areas for further development i.e. you believe you specifically need to develop further to realise your career goals. action plan as to how you planning to develop these two areas in the near future with specific timeframes/deadlines |
End of page 9
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.) |
GSBL UNDERGRADUATE GENERAL GRADE DESCRIPTORS
| General |
Level 3/4 ( Year 0 / Year 1) Acquisition of broad knowledge Evaluate information Use information to plan, develop and problem solve
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Level 5 ( Year 2) Generate ideas through analysing concepts Demonstrate a command of specialised skills Formulate responses to well defined and abstract Analyse and evaluate information |
Level 6 ( Year 3) Critically review, consolidate and extend a body of knowledge using specialised skills Critically evaluate concepts and evidence from a range of sources Transfer and apply skills and exercise significant judgement in a range of situations |
|
70-100 (A) |
Very good
Demonstration of very good comprehension of the task with evidence of analysis, synthesis, evaluation and critical appraisal Use of a wide variety of appropriate sources Transformation of knowledge Independent thinking and development of ideas Ability to communication very clearly and effectively Very good evidence of preparation Very good organisation, structure and presentation of work – minimal errors Good references, appropriate sources (quality and quantity). No errors in reference list or citations.
|
Excellent
Advanced scholarship Goes beyond the material provided Excellent link to research Excellent analysis, synthesis, evaluation and critical appraisal Excellent evidence of preparation Comprehensive and critical understanding of the topic Excellent ability to communicate clearly and effectively Excellent organisation, structure and presentation of work Good references, appropriate sources (quality and quantity). No errors in reference list or citations. |
Excellent – Outstanding (for use at far end of range)
Outstanding understanding, exploration and insight Strong evidence of originality and development of own ideas Develop a highly complex argument Outstanding ability to communicate topics clearly and concisely Advanced organisation, structure and presentation of work Good references, appropriate sources (quality and quantity). No errors in reference list or citations. References well utilised and critiqued |
| 60-69 (B) | Very good
Demonstration of very good comprehension of the task with evidence of analysis, synthesis, evaluation Use of a wide variety of appropriate sources Transformation of knowledge Independent thinking and development of ideas Ability to communication clearly and effectively Very good evidence of preparation Very good organisation, structure and presentation of work – minimal errors Good references, appropriate sources (quality and quantity). Minimal or no errors in reference list or citations.
|
Very good
Demonstration of very good comprehension of the task with evidence of analysis, synthesis, evaluation Use of a wide variety of appropriate sources Transformation of knowledge Independent thinking and development of ideas Ability to communication clearly and effectively Very good evidence of preparation Very good organisation, structure and presentation of work – minimal errors Good references, appropriate sources (quality and quantity). Minimal or no errors in reference list or citations. |
Very Good
Advanced scholarship Goes beyond the material provided Very good link to research Very good analysis, synthesis, evaluation and critical appraisal Very good evidence of preparation Comprehensive and critical understanding of the topic Very good ability to communicate clearly and effectively Very good organisation, structure and presentation of work Good references, appropriate sources (quality and quantity). No errors in reference list or citations. |
| 50-59 (C) | Adequate – Satisfactory
Some analysis but limited Some insight and exploration of ideas Sound conclusions No significant inaccuracies or omissions Some analysis, evaluation or synthesis of information Lacking clarity at times Some evidence of preparation Referencing is sound. Mostly appropriate sources. Numerous errors or inconsistencies
|
Adequate – Satisfactory
Some evidence of thinking independently to develop own ideas Evaluation of relevant theories or literature Reasonable ability to communicate clearly and effectively Report information in a structured way Use of an appropriate format Quite comprehensive knowledge Satisfactory evidence of preparation Satisfactory referencing, appropriate sources. Numerous but minor errors in references |
Adequate- Satisfactory
Evidence of thinking independently to develop own ideas Evaluation of relevant theories or literature Ability to communicate clearly and effectively Report information in a structured way Use of an appropriate format Reasonably Accurate, quite comprehensive knowledge Satisfactory evidence of preparation Coherent and well presented – minor errors Satisfactory referencing, appropriate sources. Minor errors in references
|
| 40-49 (D) | All learning outcomes met
Competent (practical) May be incomplete in knowledge (some errors or omissions) Insufficient analysis, evaluation or synthesis Limited application of theories/knowledge An awareness of appropriate principles/theories/techniques Irrelevance to the task at times Disorganised work with weak standard of presentation Numerous aberrations from the requirements of the task Referencing is attempted although may be inconsistent, many errors, weak sources
|
All learning outcomes met
Competent (practical) May be incomplete in knowledge (some errors or omissions) Weak or no analysis, evaluation or synthesis Some application of theories/knowledge An awareness of appropriate principles/theories/techniques Irrelevance to the task at times Disorganised work with weak standard of presentation Aberrations from the requirements of the task Referencing is attempted although may be inconsistent, many errors, weak sources
|
All learning outcomes met
Competent (practical) May be incomplete in knowledge (some errors or omissions) Weak or no analysis, evaluation or synthesis Some application of theories/knowledge An awareness of appropriate principles/theories/techniques Irrelevance to the task at times Disorganised work with weak standard of presentation Aberrations from the requirements of the task Referencing is attempted although may be inconsistent, many errors, weak sources
|
| Condoned Pass 30-39 (F1) | Learning outcomes not met
Little relevant knowledge Lacking structure Numerous errors in structure and form Limited understanding of concepts/theories No appropriate analysis, evaluation or synthesis Significant inaccuracies/omissions Not competent Little or no attempt to use references and if so very weak with errors
|
Learning outcomes not met
Little relevant knowledge Lacking structure Numerous errors in structure and form Limited understanding of concepts/theories No appropriate analysis, evaluation or synthesis Significant inaccuracies/omissions Not competent Little or no attempt to use references and if so very weak with errors |
Learning outcomes not met
Little relevant knowledge Lacking structure Numerous errors in structure and form Limited understanding of concepts/theories No appropriate analysis, evaluation or synthesis Significant inaccuracies/omissions Not competent Little or no attempt to use references and if so very weak with errors |
| Under 30 (F2) | Little engagement with the task
No basic understanding of the subject matter Poor communication (written or verbal) Lacking or no structure Significant errors in structure and form Many significant inaccuracies/omissions – very little correct Little or no attempt to use references and if so very weak with many significant errors |
Little engagement with the task
No basic understanding of the subject matter Poor communication (written or verbal) Lacking or no structure Significant errors in structure and form Many significant inaccuracies/omissions – very little correct Little or no attempt to use references and if so very weak with many significant errors |
Little engagement with the task
No basic understanding of the subject matter Poor communication (written or verbal) Lacking or no structure Significant errors in structure and form Many significant inaccuracies/omissions – very little correct Little or no attempt to use references and if so very weak with many significant errors |
| (0%) | No submission
Nothing of relevance in the work submitted |
No submission
Nothing of relevance in the work submitted
|
No submission
Nothing of relevance in the work submitted |
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