Business Model and Strategic Planning -

Business Model and Strategic Planning

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Business Management Question

The brief 

Business model design and business model  innovation examine the various options of how  to make a new or existing business (more)  valuable and viable. For this assignment we will  focus on Business Model Creation and Business  Model Innovation. 

The starting point for Business Model  Creation is usually a business idea, an invention,  technological advancement, the discovery of a  market niche or any other knowledge that may  promise successful commercialization. Creating  a new business model means experimenting  with the combination of various factors that  jointly do not yet exist in a given market context and together present a unique way of gaining  competitive advantage. 

The starting point for Business Model  Innovation is usually an existing business that  for some reason has become or is in danger of  becoming less viable. This could be the case  because competing products and services have  taken away market share or due to increased  global competition, changing access to key  resources etc. that lead to lower margins. The  reasons for why an existing business model  weakens are numerous. In any case, such  situation means that strategist are asked to re position the business or re-think how value can  best be created and delivered.  

The strategic management and innovation  methods, tools and techniques being used for  either situation are largely the same. This  assignment requires you to individually either  innovate an existing business model or create a  new business model. Having gained a sound  understanding of the various elements of a  Business Model you will now chose a market  context and start exploring the options for  improved or new business models.  

The two key tools and techniques used in  this assignment are the Business Model Canvas  (BMC) and the Value Proposition Canvas (VPC)  as well as some other related Strategic  Management techniques. 

You are going to engage directly with  existing and potential customers, talk to existing  and potential suppliers, or other stakeholders  for the purpose of gathering important  information, evidence and support for the  creation of value propositions and related  business model options. 

Your task is to imagine, explore, test, verify  and articulate the elements of a BMC and VPC  and to ensure their fit. You might apply a business model pattern or a combination of  patterns.  

How to start? 

Start by choosing a market or industry  context in which you like to create or innovate a  business model. You can … 

  • take an idea for a business that you already have and create a business model for it. pick an existing business in a foreign market  to bring to Australia. 
  • pick a business and explore a new market  segment. 
  • take a business you know well (e.g. through  your job) and innovate the business model. 

The most important is that you gain access to  and develop a thorough understanding of the market segment. You will practice the various  tools and techniques of value proposition  development and business model creation.

Throughout the course of this assignment you  will apply the techniques that are covered in  class. On a weekly basis there will be  recommended tasks and/or questions for you to  investigate. The answers to those questions will  come from your engagement with real  (potential) customers and other (potential)  stakeholders in your business.  

Documenting those interactions and responses  will provide you with the information and  evidence needed to justify your business model  choices. Keep a record of the various iterations  of your BMC and VPC to show progress and how  the model and your thinking evolved over time. 

What are the formal requirements? 

You are required to produce a 7 min video pitch in which you explain the BM that you  created. In this pitch you will be using a BMC and VPC and possibly a range of other related  innovation methods, strategy tools as well as  communication techniques. The video will  finally be uploaded/ embedded in a submission  Wiki on UTS online. 

Alongside you are required to provide a min.  2500 word (max. 3000 word) business model  report/plan, which will address the key  features and justification for your business  model choices. UTS Harvard referencing style  (or similar) is required for all referencing.  Reference lists and appendices do not count  towards the word limit. You have to submit this  report via turnitin on UTS online – no print out  is required.  

You will also provide feedback to other  students during the tutorial sessions and online  to assist them with their work 

For due dates please check the course  outline and for any further information please  check the assignment section on UTS Online. 

What are the assessment criteria? 

The assignment relates to the following  subject learning objectives: 

  • Use creative and analytical techniques to  make and justify strategic decisions.Apply processes and methods of value  creation, business modeling and strategic  planning. 

… as well as to the following program learning  objective: 

  • Formulate creative and innovative solutions  to complex management issues (2.2) 

Your report will be assessed according to the  following criteria. 

  1. Demonstrates clearly the application of  the Business Model Canvas, Value  Proposition Canvas and possibly other  relevant innovation management tools  and techniques to create and justify a  specific business model. (Business  Knowledge and Concepts, 25%) 
  2. Successfully applies critical thinking, and  analytical thinking to create elements of a  business model and predict their strategic  implications. (Attitudes and Values, 25%) 
  3. Video pitch is well prepared, rehearsed  and delivered within time limits.  Appropriate use of media. Report is well  written, laid out and referenced and  communicates clearly (Communication  and interpersonal skills, 25%) 
  4. Contributes to overall assignment  objective via effective, clear and  substantial feedback in class and online.  (Communication and interpersonal skills,  25%) 

Business Management Solution

1. Introduction

This report will illustrate the concept of the Business model and strategic planning with the new idea of starting an app by named ‘Amazon-Services’. This notion of the ‘Amazon-Service’ app will explain various components of the business model canvas, Value proposition Canvas, Blue ocean strategy, SWOT analysis and testing hypothesis.

In the last twenty-five years, business strategies have evolved rapidly. Business holders have learned to examine their competitive environment, maintain and raise their position in the market by taking advantage of the needs of the customers and also to understand and sustain in the challenging and competitive threats (Masanell & Ricart 2010). Factors such as globalization, technological change and deregulation are responsible for changing these competitive games. Hence, the fastest-growing companies take advantage of such changing new environment to compete differently by innovating their strategies and business model (Zott, Amit & Massa 2011). In such growing companies, the top managers actively seek guidance and new ideas on how they can innovate their business models to enhance their ability to create and capture value. Changes in information and communication technologies have to lead to innovation in a business model. The three most important factors affecting the business are strategy, business model and tactics (Štefan & Richard 2014)

Strategy is the choice of the business model needed to compete in the competitive market (Zott, Amit & Massa 2011).  Business model is defined as the logic to the firm and its way to operate and create value for its stakeholders (Boons & Freund 2013). Tactics are defined as the remaining choices that are open to the company by virtue of the used business model (Zott, Amit & Massa 2011).

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