Section 2- An Individual Business Model Canvas Report
Learning from group work on the Business Model Canvas
A business model mainly rationalises ways in which an organisation can create value and deliver value (Masters et al., 2015). The business model canvas has been made so that our group can share the business model with our target audience. Our group consists of five members and each one of us contributed equally in order to make the canvas look presentable. The canvas has been divided into seven segments and I was allocated the “Value Proposition” segment. Hence, before working on this segment, I conducted a thorough research on ways to create value for the business. It has been understood that both sellers and buyers need to be engaged in order to create value for the business.
While working in the group, I realised the significance of considering diverse perspectives. My group members wanted to make a good impression and therefore, they motivated me to be better at my portion. During the early stages of the group project, I realised that it would not be possible to control the entire process. Hence, focus has been given on deepening knowledge on the allocated segment only. During the course of my group work, I realised the value of different perspectives of group members and ways to learn from them. Moreover, I learned negotiation skills as well. In the future, my improved negotiation skills would allow me to gain a competitive advantage in the job market. Employers always look forward to hiring a candidate who is capable of sharing ideas and respecting the ideas of others in a group (Shah, 2013). During team projects, candidates capable of showing tolerance for other’s ideas will gain the attention of the team leader. It would be a great opportunity to show my leadership traits and the ability to embrace possibilities.
Digital and data skills used and skills gap
In order to develop the group Business Model Canvas E-Poster the following type of skills has been used-
Digital skills- The E-poster should be visually appealing and therefore, it should be ensured that the content is readable (Brownlie, 2007). Basic PowerPoint skills are required because the canvas has been created on a single PowerPoint slide. Slide formatting has been done in the beginning and thereafter texts were added to make it look presentable. The poster should be organized logically so that it can have a maximum impact on the target audience (Cook and Feen, 2013). Limited time was there to grab the audience’s attention. Therefore, I have ensured that our poster must convey a message. After adding text, I have also added images and charts to make the poster look appealing. My approach to creating the poster was much like a graphic designer. Every detail should be in place. Hence, I have used my visual design skills. Readable fonts have been used and the colour palette is attractive enough.
Data skills- In this poster, there was no need to present numerical data in my portion. Only texts have been added and therefore, I have used particular designing skills so that the content looks relevant. The audience would not spare more than 20 minutes to understand our E-poster. Therefore, data has been added in a short and understandable manner. It should be kept in mind that the information presented in the poster should be quickly understood by people sitting even at a distance (Tlp-lpa.ca. 2020). Hence, the intent behind preparing the poster was surely clear. After gaining deep insights regarding the topic, the main points have been highlighted in a concise way.
Moreover, few skills gap has been identified as well. Before presenting my segment, I should have written the information in Google doc or Word. Viewers will only grab the main idea. They are not interested to go through long sentences. It would have been better if I would have highlighted the main points in my segment. Using high-quality photos would have ensured the effectiveness of the E-poster (Sarıca and Usluel, 2016). In future academic conferences, I wish to present my poster in a far more effective manner. Therefore, I wish to learn InDesign as well as Microsoft Publisher. Further, I wish to learn better design principles.
Application of advances in technology to the business
Technological advancements can ensure business success and it will surely have an impact on a business. Particularly, AI can be useful in handling multiple operations of a business. For example, the target customer for our business is women and children; therefore, it would be possible to get closer to this customer segment by sharing product related information in a personalised way. Again, AI marketing can be useful for the crafts business as customers are likely to get attracted to innovative ideas. The channels of the business are YouTube, Instagran, Facebook, Pinterest and so on. These social media channels can be used for AI marketing. Huge data related to marketing analytics can be gathered in a relatively short span of time. Thereafter, campaigns can be boosted and it will also ensure ROI faster. AI can be applied to understand the customers. Data related to past deals can be gathered (Tarafdar et al., 2019). This data can be useful to understand trends of future possible sales.
Thereafter, customer profiles can be created and customers can be divided into two segments. One that are genuinely interested in the product and one those are considering a purchase but still not sure. Moreover, the digital technology can enhance customer relationships with our enterprise. AI marketing has the potential to analyse huge data set and upcoming trends as well. The traditional selling-buying strategy is a tedious process and it would be soon replaced by software-driven technology. Women and children are our target customer and whenever they use smartphones, the data derived from cookies of their mobile applications can be visited or used. Based on the business criteria, AI can target the customers. Criteria such as age, gender, location and time can be used. Hence, technological advancements can effectively manage our crafts business.
Further innovation of the business
Every business needs to be innovative and it would be possible to make changes within the existing business environment so that the services or products meet the needs of the customers. Innovation is crucial because it can improve the overall efficiency of our business. This in turn, will increase profitability. I would like to improve the social media channels so that our business can ensure greater profitability. Social media channels such as Pinterest, YouTube and Facebook are already being used. However, gaining and retaining the attention of a larger segment requires a better social media strategy. The purpose is to create more brand awareness. Every marketer wishing to establish a business should consider improving the social media strategy first. This is the need of the digital age. Our crafts business is comparatively new to the market and therefore, it should be relevant for the customers. Creating a social media channel is not enough. Constant interaction is necessary as well. Therefore, in order to capture a huge market and gain customer loyalty, it would be feasible to interact with them regularly (Brewer, 2013). It would be done by scheduling posts as well as status updates.
The digital world is way too demanding and this single opportunity should not be missed. Customers need right content before making a buying decision. Hence, the company’s products such as woven accessories and any new design shall be updated as soon as it is developed. I would also like to use Infographics as it is regarded as a visual asset. The idea should be to offer eye-catching as well as enticing craft products (Instructables.com. 2020). Hence, keeping the interests of children in mind, infographics can be used. This would also help in strengthening the brand. Millions of active users are on the social media channels and it is one of the best opportunities for innovation.
Managing the risks associated with innovation
While innovating the social media segment of our business, certain risks are bound to surface. For instance, risk related to reputation management prevails. Social media channels are great platforms; however, it can create a negative public image as well. Legal issues might also occur while managing the platform because a business might be subjected to inappropriate comments from another business. The issue can be managed by ensuring a strict social media communication. A senior leader of the business could be asked to take control of the channels. The responsibility might not be handled by junior members. Similarly, security issues are also related while managing a social media business. Sudden malware or spyware attacks are common. This in turn, might also create irreparable damage. The confidential information of the company related to key activities, key stakeholders, customer information or revenue targets might be exposed as well. Hence, the issue could be managed by collaborating with the IT department and ensuring a proper privacy policy in place. Account hacking or cyber theft related concerns can be managed by hiring a professional who can advise us regarding proper security tools. Using a refined security system would be beneficial as well.
Reference List
Brewer, L., 2013. Enhancing youth employability: What? Why? and How? Guide to core work skills. ILO.
Brownlie, D., 2007. Towards effective poster presentations: an annotated bibliography. European Journal of Marketing.
Cook, R. and Feen, P., 2013. Dynamic digital posters: Making the most of collaborative learning spaces. In ASCILITE-Australian Society for Computers in Learning in Tertiary Education Annual Conference. Australasian Society for Computers in Learning in Tertiary Education.
Instructables.com. 2020. [online] Available at: https://www.instructables.com/id/How-to-Make-a-Business-Model-Canvas/ [Accessed 12 May 2020].
Masters, K., Gibbs, T. and Sandars, J., 2015. How to Make an Effective E-poster. MedEdPublish, 1, pp.1-9.
Sarıca, H.Ç. and Usluel, Y.K., 2016. The effect of digital storytelling on visual memory and writing skills. Computers & Education, 94, pp.298-309.
Shah, S.Z.A., 2013. The use of group activities in developing personal transferable skills. Innovations in Education and Teaching International, 50(3), pp.297-307.
Tarafdar, M., Beath, C.M. and Ross, J.W., 2019. Using AI to Enhance Business Operations. MIT Sloan Management Review, 60(4), pp.37-44.