Overview: The Elevator Pitch Was A Success For Senior Manage

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Consider the company you have selected and the work you have completed so far to further your business idea. Then, complete the Business Model Canvas Template linked in the Guidelines for Submission section with your assumptions about the key activities for your business idea, product, or service. Specifically, you must address the following rubric criteria: Value proposition: Complete the Value Proposition building block by describing the value of your business idea, such as the customer need you are satisfying or the problem you are solving. Front-stage considerations: Outline the segments related to your potential customers, which include the Customer Segments, Channels, and Customer Relationship building blocks. Back-stage considerations: Make initial assumptions about how your business will work. This includes completing the Key Activities, Key Resources, and Key Partnership building blocks. Financial considerations: Make reasonable assumptions about the segments that will inform your profit projections. These include the Cost Structure and Revenue Stream building blocks. Guidelines for Submission: Complete and submit the Business Model Canvas Template PPT. Any sources cited should use APA formatting.

Paper For Above instruction

The successful delivery of the elevator pitch has positioned a business idea amidst senior management’s approval, opening avenues to explore its feasibility and potential market viability. Moving forward from the initial conceptualization, the development of a comprehensive Business Model Canvas (BMC) becomes critical. This strategic tool helps outline and analyze the essential components necessary for transforming an idea into a market-ready product or service. The BMC structure provides a visual chart with elements that describe a company's value proposition, customer segments, channels, customer relationships, key activities, key resources, key partnerships, cost structure, and revenue streams (Osterwalder & Pigneur, 2010).

First, the value proposition clarifies the core value the product or service offers to consumers. It addresses the key customer problems or needs the business aims to solve. For example, if the idea involves a new eco-friendly packaging solution, the value proposition would focus on providing sustainable and cost-effective packaging that reduces environmental impact, fulfilling the growing customer demand for environmentally responsible products (Lemon & Verhoef, 2016). It is essential to articulate what differentiates the offering in a competitive landscape, emphasizing the unique benefits or innovations that meet customer expectations.

Next, front-stage considerations involve identifying target customer segments, establishing effective channels for reaching these customers, and developing relationships to foster loyalty. Customer segments can be segmented based on demographics, psychographics, or behavioral traits. For instance, targeting environmentally conscious businesses or consumers aligns well with the eco-friendly product. Channels for distribution may include online platforms, retail partnerships, or direct sales teams. Building and maintaining customer relationships could involve personalized communication, loyalty programs, or responsive customer service, aimed at establishing trust and retention (Payne & Frow, 2017).

Back-stage considerations involve the operational aspects of the business, including key activities required to deliver the value proposition, the critical resources needed, and potential partnerships that can enhance capabilities or reduce costs. Key activities might encompass product development, quality assurance, marketing campaigns, and supply chain management. Fundamental resources could include skilled personnel, innovative technology, proprietary materials, or manufacturing facilities. Strategic partnerships with suppliers, distributors, or technology providers are vital to optimize production processes, expand reach, and share risks (Chesbrough, 2010).

Financial considerations focus on projecting profitability through estimated costs and revenues. The cost structure details all expenses involved in operationalizing the model, such as production costs, marketing budgets, distribution expenses, and administrative overheads. Revenue streams identify the various ways the business intends to generate income, such as product sales, subscription fees, licensing, or service contracts. Reasonable assumptions are necessary, grounded in market research and cost analysis, to forecast cash flows and profitability. For example, a tiered pricing model could attract different customer segments, while bulk purchase discounts could incentivize larger transactions (Teece, 2010).

In summary, the development of the Business Model Canvas provides a structured approach to conceptualize and validate the business idea's core components. It guides strategic decision-making, ensuring alignment among product development, marketing, operations, and financial planning. Careful consideration of each element ensures that the business can navigate market uncertainties and position itself for sustainable growth and profitability.

References

• Chesbrough, H. (2010). Business model innovation: Opportunities and barriers. Long Range Planning, 43(2-3), 354-363.
• Lemon, K. N., & Verhoef, P. C. (2016). Understanding customer experience throughout the customer journey. Journal of Marketing, 80(6), 69-96.
• Osterwalder, A., & Pigneur, Y. (2010). Business Model Generation. Wiley.
• Payne, A., & Frow, P. (2017). Strategic customer management: Building relationships and capturing value. Cambridge University Press.
• Teece, D. J. (2010). Business models, business strategy, and innovation. Long Range Planning, 43(2-3), 172-194.