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Business Management Question
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.
- 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%)
- Successfully applies critical thinking, and analytical thinking to create elements of a business model and predict their strategic implications. (Attitudes and Values, 25%)
- 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%)
- Contributes to overall assignment objective via effective, clear and substantial feedback in class and online. (Communication and interpersonal skills, 25%)
Business Management Solution
This report will illustrate the concept of the Business model and strategic planning with the new idea of starting an app by Amazon.com 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).