Describe Your Business Model: Your Primary Sources ✓ Solved

Describe your business model. What are your primary sources of

Examine the key elements necessary for developing business models. Synthesize management, marketing, and financial issues. You have learned about opportunity recognition. It is equally important for the entrepreneur to also understand the implementation aspect and how to execute their idea. Once you understand your business model, it is time to think about how you will enter the marketplace and grow your firm.

During entry, you must prove that your business model is viable and profitable. For example, you may ask the question, "Are our customers buying our product(s) at the prices we need to be profitable? As you learn more about your customer and business, you’ll modify your original vision. Entry into the marketplace provides a platform to identify new opportunities and to reshape your business so that it is best positioned to grow and thrive. Thus, it’s wise to think about your growth strategy from the very beginning.

Today that growth is more likely than ever to mean you’ll consider international expansion. Address the following questions: Describe your business model. What are your primary sources of revenue? What are your primary revenue drivers? What is your overall strategy? Why does this strategy help you sell to customers? What tactics can you employ to increase your revenues? What is your market entry strategy? How does this create a platform for your business to grow? Are there any barriers to entry? If so, what might they be and how will you overcome them? What is your growth strategy? How big do you want your firm to become? How long might it take for it to get there? Do you have an exit strategy? If so, what is it and why?

Create a PowerPoint (PPT) containing 12-15 slides to discuss your findings in response to the topics above. Be sure to include the speaker's notes. An OPTIONAL video of yourself giving the presentation can also be turned in but is NOT mandatory. In your presentation, make certain that you include at least two credible outside references from search engines or scholarly sources from the APUS Online Library. There is NO APA paper required in addition to the 12-15 page PPT. Just make sure your "Speaker's Notes" are comprehensive and any and all sources are cited in the APA style inside your text and in a References section on the last slide. Please name your assignment file as LastnameFirstinitial-BUSN621-AssignWeek #5.

Paper For Above Instructions

In order to create a successful business model and growth strategy, it is vital to outline the key components of the business model. This paper will provide an overview of the business model, the sources of revenue, revenue drivers, overall strategy, market entry strategy, barriers to entry, and the growth strategy.

The business model in question revolves around an e-commerce platform focused on sustainable fashion products. The primary sources of revenue will include direct product sales, subscription services for exclusive member discounts, and advertising partnerships with other eco-friendly brands. The revenue drivers will be customer acquisition, retention strategies, and upselling or cross-selling related products to existing customers.

Overall, the strategy focuses on establishing a strong online brand presence through social media marketing and influencer partnerships, which resonates with environmentally-conscious consumers. By understanding customer needs and preferences through market research and data analytics, this strategy will enhance the ability to sell products effectively. Additionally, offering a unique value proposition of sustainability will differentiate the brand from traditional competitors.

To further increase revenues, various tactics can be employed, including promotional discounts during peak shopping seasons, bundling products at a lower price, and leveraging social media campaigns that create a sense of urgency to purchase. Complementing these tactics with a robust customer loyalty program will not only encourage repeat purchases but also foster long-term customer relationships.

The market entry strategy will include a phased approach to launch the e-commerce platform, starting with local markets before expanding internationally. Prior to release, a comprehensive analysis of target markets will be carried out to identify cultural differences, local competition, and delivery logistics. This strategy aims to ensure a foundational customer base that can support expansion and is tailored to regional preferences.

However, there are several potential barriers to entry to consider. These might include high startup costs associated with inventory acquisition and website development, regulatory challenges in different countries, and competition from established players in the sustainable market. To overcome these barriers, securing investment and partnerships with logistics and marketing firms will be essential for navigating the complexities of entry and ensuring the business can scale effectively.

The growth strategy for the firm aims to double the customer base within five years, with a target revenue increase of 25% annually. This ambitious growth can be achieved through ongoing marketing efforts, expanding product lines, and utilizing customer feedback to introduce innovative offerings that meet evolving consumer demands.

In terms of exit strategy, the exit could be realized through acquisition by a larger company within the fashion or tech industry, which would allow for an efficient transfer of resources and scaling potential. Alternatively, establishing the business as a reputable brand may lead to opportunities for an initial public offering (IPO) if the business model proves to be successful and sustainable over time.

In conclusion, developing a comprehensive business model and growth strategy is essential for the success of any entrepreneurial venture. By defining revenue sources, strategies, market entry tactics, and potential barriers, the roadmap toward building a profitable business will set the stage for both sustained growth and successful market positioning.

References

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• Blank, S. (2013). The Startup Owner's Manual: The Step-by-Step Guide for Building a Great Company. K&S Ranch.
• Ries, E. (2011). The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses. Crown Business.
• Harvard Business Review. (2017). Reinventing Your Business Model. Retrieved from https://hbr.org/2017/01/reinventing-your-business-model
• McGrath, R. (2013). The End of Competitive Advantage: How to Keep Your Strategy Moving as Fast as Your Business. Harvard Business Review Press.
• Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson.
• Barney, J. B., & Hesterly, W. S. (2015). Strategic Management and Competitive Advantage: Concepts and Cases (5th ed.). Pearson.
• Chesbrough, H. (2007). Business Model Innovation: It's Not Just About Technology Anymore. Strategy & Leadership, 35(6), 12-17.
• Dyer, J. H., Gregersen, H. B., & Christensen, C. M. (2011). The Innovator’s DNA: Mastering the Five Skills of Disruptive Innovators. Harvard Business Review Press.
• Furr, N. R., & Dyer, J. H. (2014). Productive Tension: How to Create a Sending Climate for Innovation. MIT Sloan Management Review, 55(1), 36-41.