Assessment
Assessment
Embedded Files
Explain the Business Model Canvas and apply it to an existing business
Explain the Business Model Canvas and apply it to an existing business
Your Task
Your Task
You are to undertake research into a specific business or product (of your choice) and present your research using the Business Model Canvas.
The task consists of three parts:
- Report: What is the Business Model Canvas?
- Canvas: Business Model Canvas for a product you select
- Presentation: Explanation of the Business Model Canvas you created for your chosen product
You will have the three lessons in class before the half term break, as well as the three lessons when we return.Structure
Structure
In this task, you are playing the role of a Business Innovation Consultant, advising the management team of a business about one of their key products (it can be established or a new product). The management team are looking for ways to improve this product's performance in the market.
Report
You should prepare a summary report explaining the Business Model Canvas and how it is used within business. The management team have not heard of the Business Model Canvas and you need to make it clear to them why it is a useful tool for their business to use.
Remember to include an executive summary, as well as covering off on all nine sections of the canvas.
Canvas
Having undertaken research about the product, understanding who their customers are, how they make the product, where the major costs come from and the revenue models used, create a single page Business Model Canvas for the chosen product.
Presentation
Prepare a presentation for your client summarising the report (briefly) and then providing an explanation of the work you've done creating the Business Model Canvas for their product.
Your presentation should include:
- brief overview of what a Business Model Canvas is
- a summary of the product and key statistics about it (eg sales, production volumes, distribution, global reach, etc)
- details about the Business Model Canvas you created for it, including your explanations of what you've included (reasons, justifications, etc)
Task Due Date
Task Due Date
- Submit to Managebac on Monday 12 November, by 9am. You should submit three documents, in PDF format:
- Report
- Business Model Canvas
- Presentation
Business Model Canvas
Business Model Canvas
To bring all of our work together, you will be using the Business Model Canvas - this is the original version (the one that is stuck to the classroom wall), not the "Venture Canvas".
Below is a blank template for the Business Model Canvas with prompt questions to help you complete it.
You can also create a copy (in your Google Drive) of the blank template by clicking this link:
Value Proposition Statements
Value Proposition Statements
Probably, the most important part of your Business Model Canvas - what is it that your product does to help users, and how does it do it.
You'll notice that Value Propositions are at the core of the Business Model Canvas, right at the very centre.
When developing the value proposition, think about the customer segments you are aiming at, what their specific problems or needs are, and how your product helps them fulfill their need.
When thinking about customer segments, think about the 'problem' your users have and/or what they are trying to achieve by using the product (remember the benefit to the user).
This could be anything from getting the toilet clean through to launching a rocket to Mars.
A good prompt to help you in developing the value proposition is to try to complete this sentence:
Value Proposition
Value Proposition
This video might help you to better understand how to create a better value proposition statement.
Explaining the Business Model Canvas
Explaining the Business Model Canvas
The videos and documents below provide a detailed overview of the Business Model Canvas and how the different sections are developed. You should read/watch these videos to develop your understanding of the canvas approach, before developing a version of the canvas for your chosen business.
Example: Lego
Example: Lego
Here is a simple example of a Business Model Canvas that has been completed for Lego. Pay attention to the different customer segments and how the value propositions relate to each segment.
Other Resources
Other Resources
Business Model Canvas Articles
This article is a good background to the Business Model Canvas and the steps involved to create one for a business or product:
Understanding Customer Needs (the job to be done):
- https://hbr.org/2016/09/know-your-customers-jobs-to-be-done
- Christensen, Clayton M., Taddy Hall, Karen Dillon, and David S. Duncan. "Know Your Customers' 'Jobs to Be Done'." Harvard Business Review 94, no. 9 (September 2016): 54–62.
- also here: https://docs.google.com/document/d/1nLgNMIz9Ar6lViqgPymtSIOKb0gmFIKSue6AevDg4xo/edit
Report abuse