Business Model Canvas
Congratulations on delivering a successful elevator pitch! Your achievement reinforces senior management’s confidence in their decision to hire you as the Chief Innovation Officer (CIO). They have entrusted you with identifying and capitalizing on new opportunities in the marketplace. You must now test the feasibility of your vision and idea to drive results.
Scenario
While the pitch conveyed your good idea, it was just that: an idea. You now must test the feasibility of your idea by building out each element of the Business Model Canvas (BMC). However, before you create a complete BMC, you want to quickly identify key elements needed to take your product or service idea to market.
This activity is typically a collaborative effort, so you will assume that your intended project team has contributed to completing each element. Remember, collaboration is a critical component of developing new ideas or innovative concepts. It brings together diverse perspectives, skills, and resources, which can significantly enhance the development process and outcomes. For instance, eventually you will need to work with the company’s marketing and sales teams, and also external vendors and suppliers to effectively promote and sell your product or service.
Directions
For this assignment, create a BMC. Consider the company you have selected and the work you have completed so far to further your business idea. Remember, a BMC can significantly transform a business idea into a structured plan, enabling clear analysis, strategic alignment, and effective communication. It can refine the idea and also lay the groundwork for sustainable growth and innovation, making it an essential tool for any leader and strategist.
Specifically, you must address the following rubric criteria:
- Value Proposition: Complete the Value Proposition building block.
- Describe 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:
- Customer Segments
- Channels
- Customer Relationship building blocks
- Back-Stage Considerations: Make initial assumptions about how your business will work, including:
- Key Activities
- Key Resources
- Key Partner building blocks
- Financial Considerations: Make reasonable assumptions about the segments that will inform your profit projections:
- Cost Structure
- Revenue Stream building blocks
- Business Model Canvas
The project management consultant experienced in product-to-market initiatives has agreed to assess your completed BMC slide deck, which you will resubmit with edits based on their feedback in Module Five.
What to Submit
Complete and submit the Business Model Canvas Template. Any sources cited should use APA formatting.
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What is the value proposition of the business idea?,
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Who are the customer segments and what channels and relationships will reach them?,
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What key activities resources and partners are needed?,
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What are the major cost structures of the business?,
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What are the expected revenue streams?