Business Model Canvas - Iteration and Reflection

This document discusses the iterative journey and reflection of a business model canvas for Desklib. It explores the changes made in terms of cost, revenue, key partners, activities, and value propositions. The document also provides insights into competitor analysis and assumptions made for the business idea. The subject of business model canvas and its application in the hospitality industry is discussed. No specific course code, course name, or college/university is mentioned.

Creating a Winning Business
Project 2 Workbook:
Business Model Canvas - Iteration and Reflection
Student Id: [type here]
Lecturer: [type here]
Submission Date: [type here]
NOTES
1. You should stick to one page for each of the parts. To achieve this, you may reduce the font size if needed (no smaller then 8) and you can delete the guidance words
in italics
2. Make full use of the Guide questions in italics in the Workbook
3. For Versions 2 and 3 of your BMCs – you ONLY need to show the changes from the previous version
In the box below, please explain in simple terms, your business idea. Maximum of 100 words
Page 1
The new business idea chosen for this exercise is to open a brand new hotel within the hospitality markets called Destime. The
hotel is located in a popular area of London UK and services customers of all economic classes. The hotel can be booked by
customers through traditional and online approaches and operates on standard check in and check out schedules. The hotel has
a dedicated restaurant to feed its customers, with the hotel employing waiters, chefs, managers, accountant, marketers and
hotel staff. The hotel is also insured by third party insuring company against damages.

Business Model Canvas Version 1: Initial Idea (Maximum 400 words for the page)
Cost Related Revenue Related
Key Partners
The key partners of Destime
include partner restaurant that
provides food at hotel to
customers. The suppliers of
Destime hotel’s peripherals, the
investors, insurers and legal
partners of Destime, Chefs of
partner restaurant.
Key Activities
The key activities of Destime
include providing
accommodation services to
customers, providing them with
food through restaurant,
effective customer management
to possess high customer
satisfaction levels, cleaning and
maintaining the hotel premises
to standards etc.
Value Propositions
Destime provides value to
customers through its services
by offering local people and
tourists with affordable
accommodations in the central
area of London, in a popular
tourist area, the likes of which
are not offered by competitors at
affordable prices (Joyce and
Paquin, 2016). The hotel also
provides value through its
restaurant.
Marketing & Sales
Communication
Destime promotes and
advertises to the public about its
operations using both traditional
and digital channels of
marketing through tools such as
websites, social media
platforms, TV and radio
commercials, newspapers,
magazines, billboards etc.,
Customer Segments
The target customers of Destime
include local Londoners and
tourists belonging to upper and
middle classes of society.
Destime caters to couples,
bachelors and families of all
sizes towards providing them
with best accommodation
services as possible.
Key Resources
Physical Resources of Destime
include the operational building,
equipment, ICT systems,
restaurant etc., human resources
include accountants, managers,
chefs and hotel staff. Financial
resources include investments,
cash.
Product & Service Delivery
Channels
Customers can book rooms as
per their requirements through
phone call or online website of
Destime in addition to various
other third party websites, to
receive the accommodation
services of Destime for their
preferred time durations.
Destime also provides efficient
Page 2

Business Model Canvas Version 1: Initial Idea (Maximum 400 words for the page)
after sales service to customers
taking care of all their
accommodation needs during
their stay and after check out as
well.
Cost Structure
There are several costs attached to operations of Destime such as employee wages,
energy costs, maintenance costs, purchasing from suppliers etc. Employee wages are
the most expensive activity for Destime (Toro-Jarrín, Ponce-Jaramillo and Güemes-
Castorena, 2016). The business model operates on a cost basis with not much room
for economies of scale.
Revenue Related
The hotel primarily makes its revenue from customers who engage in transactions
with Destime in exchange for their accommodation services. The hotel generates
additional revenues from customers choosing to eat at their restaurant. Customers can
pay by cash, online wallets, online banking etc. The majority of revenues are
collected by providing accommodation services.
End of page 2
Page 3

Business Model Canvas Version 1: Reflection (Maximum 400 words for the page)
Explain the history behind your idea:
During my time in London, I found out that there exist numerous hotels and
accommodation businesses in the central area of London, but not many cater to the
middle classes of the population and offer diverse services to this particular section of
the consumes. This is why I have decided to open a hotel in the very popular central
area of London, with the intention to primarily service the middle classes of the
tourists and local European. I feel that using this strategy can help the business
become successful, as there aren’t many competitors in the area who offer
accommodation services to tourists at affordable prices (Ojasalo and Ojasalo, 2018). I
am qualified to develop this idea as I have previously worked within the hospitality
industries of UK for last 8 years.
Reflection:
I feel that reflecting on the business idea and my operations is a good way for me to
assess my progress as through reflection practice, I can evaluate the strengths and
weaknesses of my own operations and assess the ways in which I can improve myself
and my business idea for both personal and professional development.
Assumptions:
The main assumptions of the business idea relate to the main concern that plagues the
operations of the entire world relating to the creation of a vaccine for the
Coronavirus (COVID-19) through which my business would be able to operate again
as soon as possible towards profitability. As the virus has stopped tourism industry of
UK, a vaccine is needed for the productive and profitable operations of Destime in
the future. If such vaccine is not discovered, then Destime cannot operate successfully
within the hospitality industries of UK.
The business also operates under the assumption that changes to Brexit will
encourage tourism further within the UK, with increased number of tourist coming to
London for profitability.
End of page 3

Business Model Canvas Version 2: After the Pitch (just providechanges since last version) Maximum 400 words for the page.
Cost Related Revenue Related
Key Partners
Key partners of Destime now
include gym instructors,
swimming instructors and third
party insurers.
Key Activities
The hotel has expanded its
operations to now include a
dedicated gym and swimming
pools for their use by the
customers of Destime
(Jerusalem and Fitrihana, 2019).
The hotel has also insured the
swimming pool and gym for
damages.
Value Propositions
Now the hotel provides
additional value to its customers
through dedicated swimming
pools and gyms so that its
customers can relax, dine, swim
and work out all within the
premises of Destime.
Marketing & Sales
Communication
For its promotion and
advertisements efforts, Destime
now makes use of digital
software to monitor and improve
its digital marketing operations
through the use of Google
Analytics so that increased
number of customers can
effectively be attracted to
transact with Destime.
Customer Segments
The target customers of Destime
now also include people
belonging to elite classes of the
population who can be serviced
effectively at Destime.
Key Resources
Physical resources include
swimming pool, gym, gym
equipment. Human resources
include swimming and gym
instructors.
Product & Service Delivery
Channels
The customers can now also
book for their accommodation
needs using online emails and a
dedicated smartphone
application designed to work on
all popular phones.
Cost Structure
Added costs of Destime include additional wages, additional maintenance costs, gym
Revenue Related
The expanded operations of Destime has added significantly to the profits of Destime,

Business Model Canvas Version 1: Initial Idea (Maximum 400 words for the page)
equipment cost (Umar, Sasongko and Aguzman, 2018). The business no longer
operates on a cost based model preferring to focus on customer service.
with both gym and swimming pools adding to the revenue.
End of page 4
Page 6

Business Model Canvas Version 2: Reflection (Maximum 400 words for the page)
Pitch:
After launching Destime I analysed that customers are still unsatisfied with the
services. So company has researched in the market to Destime needs and wants of
customers and included swimming pools, gymnasiums with instructors which
increase the customer engagement due to increase the products provided to them.
This also helped me to understand that demand of customers is not same and it
changes due to several hidden factors in hospitality industry effectively.
Assumption Testing:
I have used many strategies and techniques like benchmarking which helps me to
analyse the business growth after including more services in the business model.
This also improved profitability of the company and motivated employees to provide
satisfaction to customers effectively. it is also very essential for me to understand all
the factors which help me to increase brand value in the company effectively.
Comment on your Action Learning Set:
I have learned that it is very essential to develop effective strategies which help
Destime to focus on customer satisfaction. I have also understood that it is very
essential for company to develop high quality of services with effective workforce
and improve the efficiency to gain higher profit margins effectively Markham,
Gentile and Graham, 2017). I have received many feedbacks to provide more
facilities in the restaurant and improve the quality of the interiors to gain better
customer attraction and satisfy customers effectively. According to me it is very
important to develop strategic management which enable business to manage all the
resources and gain higher productivity effectively.
End of page 5

Business Model Canvas Version 3: Final Refined Version (just provide changes since last version) Maximum 400 words for the page.
Cost Related Revenue Related
Key Partners
Bar and Spa are now included in
the key partner of Destime to
increase the productivity and
customer experience effectively.
Key Activities
Providing safety regulation s in
the bars and spa due to usage of
flammable products. This also
helps customers to be safe and
trust us to increase satisfaction
effectively.
Value Propositions
To provide comfort and
relaxation to customers and to
reduce the stress level by getting
massage services and bars
effectively. due to increase in
stress level in the corporate
world it is very important for
customers to release all the
tension and stress and become
more productive in making
decision effectively.
Marketing & Sales
Communication
Digital marketing is the
effective way by which we can
communicate all the information
top target customer segments
effectively (Mahlanze and
Sibiya, 2017). This also reduces
the cost of marketing and
attracts more customers to the
company and improves
profitability effectively.
Customer Segments
Employees of corporate
organisation who works very
hard and need some relaxation
to increase their efficiency and
also want to improve the quality
of decision making are my
customer segment.
Key Resources
Raw materials, skilled
professionals for bars and spa.
Bartenders and masseuse will be
human resource of Destime
which will help to improve the
productivity of new expansion
effectively (Doberneck and
et.al., 2017).
Product & Service Delivery
Channels
It is very essential for Destime
to develop online customer
service forum to understand all
the issue of customers and
determine effective solutions to
make them loyal to the business.
All the services will be provided
at the visit of customers to
restaurant and improve the
efficiency to provide better
services and increase their

Business Model Canvas Version 3:
services effectively.
Cost Structure
Main cost which company will incur is research and development to analyse the
trends of customers in the market and improve the quality of products. Due to
increase in the different services company also has to increase the skilled professional
to all the activities in the business which increases the cost of Destime. Salary and
incentives to employees to increase their motivation. Damages are also covered in
the cost of company and impact the profit margins negatively. There are also many
fixed cost which company has to incur while operating its activities in the market.
Revenue Related
The main income sources of the company will be food products from the restaurant
and additional income from pool, bar, spa etc to increase product diversification and
retain customers in the business effectively.
Company has adopted effective digital payment methods to increase the calculation
of all the finances and reduce cost.
End of page 6
Page 9

Business Model Canvas Version 3: Reflection (Maximum 400 words for the page)
Iterative Journey:
After including bar and spa in the business model it has increased the productivity of
my business to attract more customers and make them loyal effectively. As I have
implemented product diversification strategy which help to retain more customer and
expand customer base to gain more profit margins effectively. fast food assumption
helped me to develop my business in the food and beverage industry. There are many
customers who are not aware of different services of businesses. i have adopted
effective communication strategy to increase awareness of population and improve
brand image of my business effectively.
Competitor Insight:
Director competitors are those which have similar business model with similar
products and services. Indirect competitors are those which have different product
and services however they provide same satisfaction to customers effectively. I have
learned from my competitor to analyse strategies of rival businesses and innovate
accordingly to attain core competency in the market (Nuthall, 2018).
Cost & Risks: There is high risk of competition in my business as food is very
demandable commodity and also very basic need of every human being (Edwards,
2016). This also increases the threat of new entrants in the market and impacting the
strategies negatively.
End page 7

References
List of Web Resources (at least 3)
List the web sites that you have used for your research. Note: you don’t have to cite
them using the Harvard author-date format in the previous pages; you can just list
them here e.g.
http://grasshopper.com/blog/startup-competition-guide/
Academic Sources (at least 3)
These should be listed in full Harvard Format below and in author-date format in the
earlier pages e.g. on page 3 you might say “reflection is a form of looking back
(Smith, 2014)” and below you would cite this fully:
Smith J. (2014) Theories of Reflection, 2nd. Edn., Prentice Hall: London
Doberneck, D.M and et.al., 2017. Community Engagement Competencies for
Graduate and Professional Students: Michigan State University's Approach
to Professional Development. Michigan Journal of Community Service
Learning. 24(1). pp.122-142.
Edwards, C.C., 2016. Critical Moments in Personal and Professional
Development. Transformational Learning Experiences: A Conversation
with Counselors about Their Personal and Professional Developmental
Journeys, p.649.
Jerusalem, M.A. and Fitrihana, N., 2019, November. Bussines model canvas of
teaching factory fashion design competency Vocational High School in
Yogyakarta. In Journal of Physics: Conference Series (Vol. 1273, No. 1, p.
012049). IOP Publishing.
Joyce, A. and Paquin, R.L., 2016. The triple layered business model canvas: A tool to
design more sustainable business models. Journal of cleaner
production.135. pp.1474-1486.
Komattil, R and et.al., 2016. Evaluation of a personal and professional development
module in an undergraduate medical curriculum in India. Korean journal of
medical education. 28(1). p.117.
Mahlanze, H.T. and Sibiya, M.N., 2017. Perceptions of student nurses on the writing
of reflective journals as a means for personal, professional and clinical
learning development. Health SA Gesondheid. 22(1). pp.79-86.
Markham, M.J., Gentile, D. and Graham, D.L., 2017. Social media for networking,
professional development, and patient engagement. American Society of
Clinical Oncology Educational Book. 37. pp.782-787.
Nuthall, P.L., 2018. Farm business management: the human factor. CABI.
Ojasalo, J. and Ojasalo, K., 2018. Service logic business model canvas. Journal of
research in marketing and entrepreneurship.
Toro-Jarrín, M.A., Ponce-Jaramillo, I.E. and Güemes-Castorena, D., 2016.
Methodology for the of building process integration of Business Model
Canvas and Technological Roadmap. Technological Forecasting and Social
Change.110. pp.213-225.

Umar, A., Sasongko, A.H. and Aguzman, G., 2018. Business model canvas as a
solution for competing strategy of small business in Indonesia. International
Journal of Entrepreneurship.
End of page 8
Business Model Canvas Version 3: Final personal career & action plan (Maximum 400 words for the page)
Continuing personal career development: reflection and action plan
Page 12

Critically reflect on your experience and challenge faced and the abilities you
have developed
 Time management skill- This will help me to develop divides the entire
task and reduces my workload effectively.
 Team working skill- Working in the project also helped me to gain more
effective coordination of employees.
 Conceptual skill- this skill improves the understanding about all the factors
which increases the decision making efficiency.
Personal action planning:
1. I have to develop effective communication and problem solving skills.
2. I will use online tests and communicate with friend to increase my
communication skill and also take more challenges to brush my thinking
capacity to solve problems effectively.
End of page 9
Page 13

APPENDIX: Summary of Evidence of testing your MAIN assumptions (Maximum 400 words for the page). PLEASE provide detailed
information about your testing.
List your MAIN assumptions (No more than 3) How did you test the assumption? (E.g. Give details
of who was approached; how many; how you
contacted them. OR any partners contacted).
Summarise the results of testing. (E,g, % of people
liking your product/service; any positive and/or
negative comments etc.)
Fast food attracting more customers The menu in the restaurant was built in the restaurant
accordingly (Komattil and et.al., 2016). The pictures
were put of fast food.
People liked the services of the fast food because they
gave feedbacks on them. The revenue generation was
low.
Swimming and gym services getting in more loyal
customers
Swimming and gym got in a healthy and good lifestyle
people in the organization which make the organization
have better brand image.
The revenue generation in Destime increased and the
company started to have a better reputation in the
market. There are loyal customers as well.
Communication Feedbacks from the customers as to how they were
aware of the changes in the organization.
The report from the customers was good and the
customers were satisfied according to the feedbacks
and loyalty to the hotel
Page 14