This assessment will cover the following questions:
- Examine the role of entrepreneur in building a business.
- Explain value proposition and what are the components of Customer Value Proposition Canvas?
- Examine the two fundamental principles which helps entrepreneur to discover new opportunities.
- Discuss the three types of customer needs in the market?
For every business it is required to develop a plan or strategy which enables in identifying activities. So, here a group of individual was formed to prepare a business plan. They carried out entrepreneur development for a particular business. Through it, various activities were included in it and analysed. The report will describe reflection of CMO in developing app. Furthermore, the FIT ME app consists of many features (Ojasalo and Ojasalo, 2015). It provides suggestion of type of clothing and accessories that is suitable for user. So, this is unique feature of App. Beside this, it helps in providing info about weather condition on basis of user location. It does not work only for individual but also for friends and families. Along with it, app will also provide suggestion of outfit based on type of event.
Thus, I had developed a business idea with my colleagues. The idea was regarding an App that focused on providing health related tips to all people. In this project I played role of CMO that is Chief marketing officer. The role of CMO is to conduct market research by analysing data and info. Also, he is responsible for promotion and advertising of product and services. Moreover, CMO handle and manages all marketing related activities. Besides this, from his point of view profits and sales are estimated. Therefore, as CMO I played my role in significant way. for analysing profits of app I had to evaluate past data and records. This is because it gave me insight on how much data can be gathered. However, by identifying profit it will be easy to find out long term success or not (Naggar, 2015). Alongside, revenue enable in determining return on investment and gross sales, gross income, operating and marginal profits, etc. it is said that profit is calculated by subtracting tax from gross profit. In app it is calculated from number of downloads. I realised that it is necessary to reduce overall cost of developing and designing app. It is because it helps in forming budget and on basis of further things are proceeded.
2 Value proposition canvas
The tool which helps in ensuring the service or product which has been position around what is needed by customer and what it values is called value proportion canvas. For customer value proportion, being CMO of the FIT ME App I has found out the various results regarding customers gain as well as its pain while along with it I has found out the culture of employees job in the business.
In order to identify business model, we used value proposition canvas model. This is because it is a framework that enable in finding out how products and services are been offered to customers needs. Moreover, I found that there are two segments in it which are value map and customer profile. In that I found that in product the gain creators are time saving, easy to use and innovative technology. So, from all these values of app is been generated. Also, we evaluated that if app saves time and is easy to use then customers are automatically attracted. Then in service part we identified elements of app that is smart, efficient, quick, etc. beside this, the pain killers due to which app value can be increased is new outfit in quick time, variety of fashionable clothes, etc. new and stylish outfits.Take assignment help to get bettter grades!
In another segment of customer, I identified that gains are user friendly, personalised and automatic (Fritscher and Pigneur, 2015). So, it will attract customers to use FIT ME app and get stylish wearables. Furthermore, pain killers that can impact on app value is time consuming, inappropriate outfit shown, etc. thus, in my point of view, it is essential to use proposition canvas as it gives insight on user requirement and market demand that whether app is according to user requirement or not. I found that are some other values as well which can be included in value proposition canvas. They are implementing new features in app, resolving issues which occurs in app, increasing user experience. So, these all will be useful in allowing more customer to download and use app. But I think that most important is app has to be user friendly. This is easy to make changes in app and identifying user requirements.
The value canvas also reflect that what crucial gains and pains is included in project. but there are some issues as well in value proposition. The main is technical issues and faults in app that can lead to impacting its user interface.
Moreover, the job that canvas reflect is user that are trying to find out some new outfit and cloth to be wear on each day. So, the App will only be for those who want some latest style fashion cloths. It can be used for designing some new cloths or mixing of it.
3 Lean business model canvas
It has been analysed that in entrepreneur business it is required to have key partners in it. the partners are foundation of business and support in decision making and developing strategies (Haaker and et.al., 2017). For FIT ME app there are essential partners which are Google play store, app developers, investors, payment gateway, etc. the developers are those who will develop app with by doing coding. Beside this, they will include features in it according to customer needs. The investors will provide funds to develop an App. Their only role is to invest in it and contribute in business. Worried about online essay help? Take expert's help now!
The model indicated that there are many activities conducted in App. As it includes different features so each one work on specific activity. Here, activities like R&D, online and offline marketing, user relationship management, etc. are done. User can also get outfit style on basis of event. so, these all are core activities of FIT ME app. However, there are some other activities as well of App such as providing suggestions to user family, friends, etc. these all ensure that App is fulfilling user needs.
The activities are carried out by using resources. The resources are also useful in managing activities of business. So, they play crucial role in conducting business for long term. In FIT ME app there are many resources utilised that are physical resources, smartphones, HR resources and financial resources (Bertels, Koen, and Elsum, 2015). So, with help of all these the App will be developed. Here, at initial level £ 50000 investment is done.
This is because it is a framework that enable in finding out how products and services are been offered to customers needs. Moreover, I found that there are two segments in it which are value map and customer profile. In that I found that in product the gain creators are time saving, easy to use and innovative technology. So, from all these values of app is been generated. Also, we evaluated that if app saves time and is easy to use then customers are automatically attracted. Then in service part we identified elements of app that is smart, efficient, quick, etc. beside this, the pain killers due to which app value can be increased is new outfit in quick time, variety of fashionable clothes, etc. new and stylish outfits.
For a business it is important to maintain customer relations. It enables in retaining them and creating a large customer base. Similarly, in FIT ME app customer relationship is maintained by taking review and feedback of users. They are been provided high quality services which is used by them. Another way of maintaining customer relationship is by sending e mails to them regarding new design and outfits available on app that can be used by user. In addition, customer problems and issues are quickly solved (Luft and et.al., 2016). Moreover, personal services and advice is also given to customers. moreover, online and offline method is used for customer relationship. A survey will be done as well to maintain relation.
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A business require proper marketing channels through which promotion and advertising is done. it enables in attracting people and generating awareness about data and information. so, in order to promote FIT ME app different marketing channels are available. It depends on entrepreneur that what type of channel is preferred. The App can be promoted by using social media. It is best channel for it. However, social platforms like Instagram, Twitter, etc. are sites to reach customers. Along with it, TV and digital marketing is also a channel by which promotion can be done. it will enable in displaying features of App. Thus, effective outcomes will be generated and customers will get aware about FIT ME App.
There are different customer segments in market that exists. So, each one needs and wants differ from one another. A business develops products and services on basis of target market. Now, for app the target market are all those people who like to wear fashionable details. By that it becomes easy to target that particular market in effective way. Also, it includes both men and women are target people who are engaged. Beside this, the app will enable in attracting those people. However, another customer segment is to models who want to wear stylish clothes. The app will be launched in all over London (Ibrahim and Dahlan, 2016). By using the app it will be easy for users to improve their dressing style.
The model also provides details about cost structure. from that it is easily identified that where cost incurred is more. In similar way, cost structure of designing an app is that use of software and application cost is £1500. Furthermore, the cost of testing and installation is £ 500. However, use of system and server in storing of data and information is £1000. the company will have to pay salary to technical experts will be around £750. At last for marketing and promotion cost required will be £ 1750. Thus, all these will cost will allow business to develop app and generate revenue from it.
For a business revenue is generated from many sources. Also, a business needs to analyse that what streams are available for it. here, for FIT ME app the revenue stream is that 1 month free trail for every user. Along with it, 50% discount will be given to students for downloading app. The app will charge £5 on per month from users. so, there is only one way that allows business to get return from investment.
4 C level specialist contribution
As a CMO my role was to contribute towards development of entrepreneur opportunity. here, first of all I analysed my roles and responsibilities. In that I gathered data and information from market to identify customer needs. Then, I did investigation on competitors and other types of apps available. On basis of that I suggested innovation that can be done. besides this, I communicated with my group (Pölling and et.al., 2017). Then, I focused on developing strategies that how App marketing and promotion will be done. I also suggested some ways related to what things are to be done and performed other functions and roles as well. I had to find out that what target market will be beneficial for App. There was change in things as well due to which I contributed in other activities. As CMO role is to involve in marketing activities. However, I analysed value proposition canvas to find out how value can be generated from App and what are the areas from where value is obtained. So, it gave me insight on customer and market segment values.
Another contribution of mine was that I proposed plans and showed them what profit or revenue can be generated within specific period of time. for this I used and analysed secondary as well as primary data that how much revenue can be generated. I also conducted a survey in market. it enabled me to provide description of what are needs of customers. It was essential for me to analyse outcomes to find out further opportunities that is available for business.
I communicated with CEO and CFO that what strategies are to be formed and how it will be implemented. I provided some tactics that included facts and figures. Then, I developed marketing activities and also shown set target market. furthermore, I set budget as well of marketing and determined resources that are required in it. So, it was easy for me to gain knowledge on relevant tasks. I may be able to use skills and knowledge in future business opportunity related project as well (Pedersen, Gwozdz, and Hvass, 2018). Being the CMO with strategically as well as enterprise-wide responsibilities, I had shifted business model or the industrial boundaries in effective manner.
Moreover, I had started focusing on the commercialization. While focusing on the commercialization I had worked at downstream role, where I had used my marketing communication skills to sell products and designs which is designed by others. Thus, by doing this I had created revenue growth relationship with the customers by focusing on my responsibilities which includes overseeing at traditional as well as digital efforts. Therefore, I being the CMO of the restaurant has brought innovations by playing a supporting role as a commercialize. At last I used a business canvas model which included different activities of business. In that I determined many components in an effective way. The components were resources, activities, cost structure, etc. I did it with help of other group members. It was easy for me to do this as overall business model was identified. Then, I communicated with CEO and formed strategies.
So, in this way as CMO I contributed to a great extent in this project. I did many activities and tasks related to what are things included in business. the main role was to develop marketing and promotional strategies. In addition to it, business canvas model is another major activity.
5 Financial and financing plan
As a CMO it is essential for me to provide relevant data and profit so that financial plan is developed. For this it requires many things such as cost structure, sources of finance, cash flow etc. these all were calculated by us and figures were obtained from it (Haaker and et.al., 2017). Hence, for FIT ME app profit and loss is evaluated by its financial statement. So, the overall plan is defined below :-
The main component in plan is cost structure that demonstrates required cost for designing and developing App successfully which includes cost of resources, cost of operations and expenditure of amount of money in employing staff. Then, comes is revenue stream which is total collection of money generated from the market. It consists of collection of shares of profits as well as cost expenditure in managing app and maintaining its efficiency through IT infrastructure. Then, I conducted break even analysis. It provided us details in how much time there will be no profit no loss situation will occur. In addition to it, on basis of that we can identify which source of finance is suitable. Furthermore, on basis of it price of App can be decided. Similarly, we did cash flow analysis which states that the amount of money app can brought and money the FIT ME App is expanded (Ibrahim and Dahlan, 2016). This analysis is generally done at the end of the month. So, this analysis is important for analyzing profit and loss statement of App
Source of finance is the path through which the firm will going to receive the amount of money initially for running the business. It includes business owners, investors, banks or firm which provides loan. While use of finance is the way in which the company uses its fund for doing the business. The use of finance must be done in systematic way so that cost of developing app remains low and return generated is high.
It is summarised that entrepreneur usually invest in business to get high return. So, as a CMO is found that business opportunity has to be identified. I have to analyse data and info to find out what better ways to make a business successful. Usually, in lean entrepreneurship the return is high as unique products are developed. This type of business are successful in many ideas. Lean start ups are those in which strategic ideas are analysed and validated. Here, a clear mindset is built and teams work in it. they understand current trend and new business or venture is established. So, entrepreneur develops new opportunities and then start a business. Thus, by developing FIT Me app is properly invested customer needs and preferences. In this way I identified different opportunities for business to grow and expand. Moreover, it allows business in fulfil needs of customers. Thus, the entrepreneurship begins when an individual tends to make a conjecture or put resources in best use. Therefore, the outcomes of business are value, and value is profits. And finally the profits are considered as rewards which are earned by the entrepreneur for taking risks. Moreover, until and unless the entrepreneur tends to take risk the business won’t start.