Draft Summary of the Business Model Canvas
The purpose of this assignment is to create a business model canvas, highlighting how human-centered design and technological advances can be used to solve real-world business problems.
Utilize the "Business Model Canvas - Intro and Template" PowerPoint resource to complete the topic assignment.
This assignment will expand upon the hypothesis you previously selected to create an improved hypothesis. Based on your hypothesis and developed persona, you will develop a summary of your canvas model for submission and feedback. Complete each of the nine boxes in the in the business model canvas.
Then, create a 500-750-word summary of the business model canvas. Include research from at least five sources. Within the summary, describe your ideas for key partnerships, cost structure, key activities, key resources, value propositions, customer relationships, channels, customer segments, and revenue streams. Describe why you selected these as the key elements of your business.
There are two deliverables for this task:
The completed business model canvas PowerPoint template.
The written summary of the business model canvas in a Word document.
You may submit these separately of combine them into one document.
Your written summary will receive peer feedback in Topic 6.
Your final deliverable in Topic 7 should contain updated versions of both the business model canvas and the written summary.
While APA style is not required for the body of this assignment, solid academic writing is expected, and documentation of sources should be presented using APA formatting guidelines, which can be found in the APA Style Guide, located in the Student Success Center.
Summary of the Business Model Canvas
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Summary of the Business Model Canvas
The first section of the business model canvas comprises the partners who will play a significant role in addressing the marketing issues such as data loss due to disruptive innovation. The identified individuals are vital and will assist in data management. The key partners are digital experts and online marketers. The identified partners will be motivated by bonuses based on the work done.
The second section of the model is the key activities. These are the specific engagements to ensure proper management of the market-related issues the baby boomers face in the current marketing society. The key activities include timely distribution, enhanced data privacy, timely communication, and adequate customer engagement. All the identified activities are relevant for ensuring marketing success (Fulgoni, 2018). Besides, all the identified activities are essential since they would allow the baby boomers to have a better marketing environment to ensure transformative growth and development. For instance, constant engagement with the customers is essential since it would allow them to understand the key elements of the distribution channels and the key practices to avoid any risks. Therefore, the identified risks are necessary for safeguarding consumer interests.
Thirdly, the value proposition section is significant since it determines the key value to offer to the customers and how to achieve their needs. The value proposition is 'The smartest way to protect customer privacy.' It is an essential value proposition since it takes care of the baby boomers who face critical challenges in the marketing space. The need being achieved by the value proposition is marketing privacy. Based on the hypothesis established, it was identified that the key issues that the baby boomers face are data privacy, and the value proposition offers a better alternative to them (Chaney et al., 2017). The problem being solved is data loss during marketing which affects the customers' privacy. Therefore, it is essential to justify that with adequate consideration of the value proposition, it would be essential to address any possible challenges in the market.
The fourth category focuses on the cost structure, with the most expensive distribution costs. The ke...