Analyze Business Model Innovation and Related Topics

This assignment requires a comprehensive analysis of business model innovation, including its definition, importance, and key characteristics. It also involves examining various tools and frameworks used for business model innovation, such as the Business Model Canvas. Additionally, the task includes analyzing case studies and research papers on business model innovation in different industries, providing insights into its impact on sustainability, resource efficiency, and cleaner production. The assignment aims to understand how entrepreneurs and managers represent the elements of the Business Model Canvas, comparing their perspectives with those from research literature.

Enterprise

Table of Contents
INTRODUCTION...........................................................................................................................1
1. Business concept.....................................................................................................................1
2. A peer group reflection of Skoopitos BMC based on peer feedbacks....................................5
3. Improved Re-iteration of Business Model Canvas.................................................................7
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Experimental learning is important for student to be focused on method which assist
them in engaging in learning. Experimental learning assist in providing students an opportunity
in order to practice and develop their skills such as curiosity, self-direction. Experimental
learning is beneficial in order to enhance the problem solving, creative and critical thinking skills
by utilising the reflecting practice skills. The present report will help in analysing the
experimental learning with the help of peer feedback. Report will introduced a new business
venture plan with the help of using business model canvas diagram by students which will assist
in increasing his experimental learning skills. Along with this the peer feedbacks will also be
discuss which assist in getting proper suggestions and feedbacks regarding the problematic
issues. Further, to improve the issues highlighted by the peer discussions and different strategies
for improvement. At last, the reiteration model will be include with the updated BMC model of
new business venture.
1. Business concept.
The new business venture that are planned is to open a new restaurant Skoopitos. Having
a business concept is very important element in order to develop a new business venture. The
main concept of Skoopitos would be based on the new and latest trend which will assist in
attracting more customers. As per the recent trend in restaurant industry, customers are more
intended to visit a restaurant which offers healthy menu option (Trimi and Berbegal-Mirabent,
2012). The new business venture will include fine dining services which provides customers with
full customer services, unique interior designing, well trained staff. Skoopitos restaurantswill
also keep varieties of food with proper hygiene and full of nutrition.
Before starting a restaurant, it is very essential to analyse the market, the owner need to
know who are the main competitors it will help the new business to add some unique
determinants that will help in gaining advantage over other competitors in market. It is also
essential to find the potential supplier and vendor for the restaurant. The concept of Skoopitos
should also include staffs, table setting the design of ambience, efficient parking facility. The
concept of Skoopitos should be appealing enough to attract the customers.
Business Model Canvas for Skoopitos are:
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The above business model has illustrated the different elements of the new business
venture Skoopitos. The business model canvas is great tool that will help in understand the
business model in a structured form. The business model canvas will assist to understand the 9
important elements of the business. Following are the main elements of Skoopitos business
model canvas:
 Key partners: It helps in defines the potential partners of the new business venture. The
key partners of Skoopitos will be the suppliers who will supply the vegetable and other
raw material for restaurants, vendors and retailers. The restaurant will operates by the
sole-proprietorship.
 Key activities: This block of BMC will help in explaining the action that will assist
Skoopitos to perform its operations successfully. The main activities of the new business
venture includes starting a new business to make make profit and take out better rate on
investment (Pedersen, Gwozdz and Hvass, 2018). Another activity includes providing
best quality food and services to its customers. In order to increase sales, marketing and
promotion will also includes in the main activities of Skoopitos restaurant.
 Value proposition: This block explains the reasons or uniqueness which helps in
attracting Skoopitos over other restaurants in market. Value proposition set by Skoopitos
are providing food with quality, greater taste , healthy and in varieties. The order process
will be simple and very quick. The ambience and comfort furniture will also helps in
adding value to customers.
 Customer relationship: It will help in defining the relationship that the new business
venture will make with its potential customers (Restaurant trends 2018, 2019). Personal
assistance, serving healthy food experience with great music in premises are some ways
through which Skoopitos will manage its relation with customers.
 Customer Segments: It is one of the most essential elements in business model which
defines the target segments in the market. It helps yin segmenting the market on different
basis, Skoopitos will going to target the
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 Key resources: As per the BMC, resources helps in allowing business to create and offer
value proposition and to maintain customer relationship. The main resources of Skoopitos
will include good premises, excellent ambience, automated machine for beverages, deal
in fair-trade practices.
 Channels: it will defines the ways of restaurant to communicate to its targeted customers,
the mode of promotion and marketing are also included in channels (Martin and et.al.,
2018). The main channels of Skoopitos will include traditional methods like television
advertisement, hoardings, suppliers.
 Cost structure: It is the set important elements as it will defines the cost that will
incurred while operating its main functions. The cost structure of Skoopitos will include
variable costs such as labour, suppliers, etc. other cost will include marketing, facility in
premises.
 Revenue Stream: the main source of revenue for Skoopitos includes sales of food and
beverages.
Key Partners
 Sole
proprietors
hip
 suppliers
 vendors
 Retailers
Key
Activities
 Starting
new
business to
make
profit and
better
ROI.
 Providing
quality
food and
Value
Proposition
 Simplify
and speed
order
process
 great taste
 new
varieties
 quality
 healthy
Customer
Relationships
 Personal
assistance.
 Healthy-
food
experience
 Great
music
Customer
Segments
 Youth
customers
 fast-food
lovers
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services to
customers.
 Marketing
and
promotion
to attract
customer.
 Increasing
sales
 customer
experience
d
 comfortabl
e furniture.
Key
Resources
 Good
premises
 Excellent
ambiance
 Automated
machines
for
beverages.
 Fair-trade
products.
Channels
 Television
advertisem
ent
 hoardings
 suppliers
Cost
Structure
 economies
of scale
 variable
Revenue Streams
 Sales of food and beverages
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costs
 marketing
 facilities production
2. A peer group reflection of Skoopitos BMC based on peer feedbacks.
Peer feedback can be defines as the feedback that is given by one students to another on
their work, behaviour or performance. It assist the students to use the evaluation criteria and
standard objectively which makes them to better apply them easier to monitor their own work.
Peer feedbacks works as a motivation for students. The business model canvas that I have
prepared for Skoopitos, I discussed that with my group members in order to get their feedback.
They have raised many issues regarding the key elements in the business model of Skoopitos
which are as follows:
As per the peer discussion with my group members regarding business model canvas of
new business venture of restaurant, I have analysed that there are some issues in the business
model of Skoopitos restaurant. There are many aspects which required to be added in business
model to make Skoopitos a successful business venture (De Reuver, Bouwman and Haaker,
2013). I got some feedback from my group members that in place of starting business as sole
proprietorship, the business should be started as partnership. As per the feedback I got from
others, a business with partnership will able to raise more capital than in a sole proprietorship. I
have also learned that the partner will share the losses when they occur while the sole
proprietorship will have to bear the loss alone. Partnership will also leads to increase the
investment in business and some partners my be able to use more abilities which will also help in
increasing the revenue for the and to share the workload of the business.
As per the discussion with my group members, I also got some feedbacks for the idea of
key activities of Skoopitos restaurants I understand that the business has to extend its key
activities. Skoopitos has to increase its operations by managing beverages also, as per the
feedback I also analysed that offering varieties of beverages will also help to attract the
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customers who wants to visit a restaurants for beverages or prefer beverages with their food also
(Mansour, Presser and Bjerrum, 2018). I also got some comments regarding expanding my
business plan activities through some food service customers. One of the most essential aspects
that I missed out in my business model is the service of home delivery of food. It is an important
aspects to start the activity of food home delivery to the customers. It will also helps to attract
more customers and increase the business of the restaurant.
By evaluating my business model concept of Skoopitos, I got some quality feedbacks
regarding the customer relationship of new business venture. As per the feedback, I should also
include the free Wi-Fi and internet access in business premises as it is one of the most important
factor which customers especially youth customers prefer to have in a restaurant (Euchner and
Ganguly, 2014). With the increase in the technology the use of online payment has also been
increased.
My group members suggested me to include online payment services for the customer
which would help in increasing the customer experience and assist to build relationship with
them. As per the feedback, one essential elements that I have not added in BMC is the use of
social media. In order to make the strong relationship with the customer, it is essential to involve
them in the social media with Skoopitos (Keane, Cormican and Sheahan, 2018). The new
business venture should start interacting with its loyal customers through various social media
platform like Facebook, Twitter etc. as my group members, it would assist to the customers to
write their view regarding the service, quality, taste , services etc. it is an effective way to attract
more customers. As per my business model of Skoopitos, I have targeted only youth customers
from market. But my group members has argued that, as I have included the hygiene and
nutritious food in my business concept it should target different segments of the market of all age
group.
Talking about the key resources of Skoopitos, my group members gave me feedback I
could include mobile payment which would be very beneficial for the business (Rytkönen and
Nenonen, 2014). By discussing with the group, I got feedback that I can also includes the
excellent staffs and chefs as my key resources as they are the main resources considered in the
restaurants business. As per the feedbacks, Quality of food and hygiene in restaurants can also
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be considered as the key resources of Skoopitos. My group members has suggested me that my
channels networks in BMC are not sufficient (Lüdeke-Freund and et.al., 2019). I should improve
the channels block by including more aspects like mobile order and pay app, through restaurant
websites and social network. My group members argued that, mobile order and pay app are the
current trend in restaurant industry. With increasing in the digital world, customers prefer to
make transaction digitally or through internet. My group members has also highlighted the issues
that having own website is very essential in order to promote and let the customer knowing
regarding the services, menu, restaurant ambience and premises.
My group members also argues the fact regarding cost structure that, apart from variable
cost and production cost there are some fixed cost of restaurant which are essential to be
considered. As per my group members, the fixed cost for restaurant like management salaries,
machineries and furniture, advertising expenses are also some cost that needs to be considered
(Lopez, Bastein and Tukker, 2019). At last in the discussion, my group members also pointed out
on the revenue stream elements in my business model canvas that along with sales, business can
also earn revenue trough food service, cross-selling etc.
After the peer discussion, as per the issues highlighted by my group members I have
analysed that I should implement some strategies to improve my business model for new
business venture. I have to critically analyse each of the issues in order to improve them and on
the basis of that further improvement will be made.
3. Improved Re-iteration of Business Model Canvas.
After getting the feedback on the business model for the new business venture, I have
improved certain point as suggested by my group members. As per the peer discussion, I have
improved and included the some points in my business model of Skoopitos. As per the
discussion, Skoopitos will be operated by the partners instead of partnership. As per the feedback
by my group members, I have also extended key activities by including separate beverages
section in restaurants. My group members also highlighted the issues that I should include the
home delivery services which are very much in trend now. Along with this I have also added
self-service. By analysing the comments of my group member, the use of technology is must
essential to be included in elastomer relationship (Martin and et.al., 2018). I have added free Wi-
7

Fi and internet access in business premises and online payment in order to ease the payment
mode.
Along with this, one of the most important aspect to make relationship with customer
that I have missed out earlier is the use of social media and involvement of social media with the
customer. As per my business concept, my group members suggested me to target wider range of
market. Hence, my target customers will be of all age group and the coffee lovers who wants a
comfort place to sit and drink (Alqassab, Strijbos and Ufer, 2018). I key resources, as per
highlighted issues I have added mobile payment, excellent staffs and chef's, quality in food. In
channels block I have added mobile order and mobile pay application, promoting through
websites and social network. As per evaluating the feedback comments, I have added fixed cost
also in cost structure and food service and cross-selling in revenue stream.
Key Partners
 partnership
suppliers
vendors
Retailers
Key Activities
 Starting
new
business to
make profit
and better
ROI.
 Providing
quality
food and
services to
customers.
 Marketing
and
promotion
Value
Proposition
 Simplify
and speed
order
process
 great taste
 new
varieties
 quality
 healthy
 customer
Customer
Relationships
 Personal
assistance.
 Healthy-
food
experience
 Great
music
 Free Wi-Fi
and internet
access.
 Online
Customer Segments
 All age
group
 coffee
lovers
8

to attract
customer.
 Increasing
sales
 managing
beverages
 home
delivery
service
 food-
service

experience
d
 comfortabl
e furniture.
payment
 social
media
 high
involvemen
t in social
media
Key Resources
 Good
premises
 Excellent
ambiance
 Automated
machines
for
beverages.
 Fair-trade
products.
 Mobile
payments
Channels
 Television
advertisem
ent
 hoardings
 suppliers
 mobile app
and mobile
pay
 website
 social
network
9

 staff and
Chef's
 quality
food and
services
Cost Structure
 economies
of scale
 variable
costs
 marketing
 facilities
 production fixed cost
Revenue Streams
 Sales of food and beverages
 food sell services
 cross-selling
CONCLUSION
By summing up the above report, it can be concluded that, experimental learning is very
beneficial for the students as it helps in enhancing their skills of critical thinking, problem
solving, innovative and creative thinking. The present report has concluded a new business
venture plan through business Model Canvas with the help of experimental learning. The present
report has uses the reflective skills approach and the peer discussion for the experimental
learning. Further, through peer feedback discussion issues has been highlighted in the BMC and
new improvement strategies will be provided. Furthermore, report has concluded the updated
BMC of the new business venture of Skoopitos restaurant as per the suggestions and issues
highlighted .
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REFERENCES
Books and Journals
Abraham, S., 2013. Will business model innovation replace strategic analysis?. Strategy &
Leadership. 41(2). pp.31-38.
Alqassab, M., Strijbos, J. W. and Ufer, S., 2018. The impact of peer solution quality on peer-
feedback provision on geometry proofs: Evidence from eye-movement analysis. Learning
and Instruction. 58. pp.182-192.
De Reuver, M., Bouwman, H. and Haaker, T., 2013. Business model roadmapping: A practical
approach to come from an existing to a desired business model. International Journal of
Innovation Management, 17(01), p.1340006.
Euchner, J. and Ganguly, A., 2014. Business model innovation in practice. Research-Technology
Management. 57(6). pp.33-39.
Keane, S. F., Cormican, K. T. and Sheahan, J. N., 2018. Comparing how entrepreneurs and
managers represent the elements of the business model canvas. Journal of Business
Venturing Insights. 9. pp.65-74.
Lopez, F. J. D., Bastein, T. and Tukker, A., 2019. Business model innovation for resource-
efficiency, circularity and cleaner production: what 143 cases tell us. Ecological
Economics. 155. pp.20-35.
Lüdeke-Freund, F. and et.al., 2019. Research on Sustainable Business Model Patterns: Status
quo, Methodological Issues, and a Research Agenda. In Sustainable Business Models (pp.
25-60). Palgrave Macmillan, Cham.
Mansour, H., Presser, M. and Bjerrum, T., 2018, February. Comparison of seven business model
innovation tools for IoT ecosystems. In Internet of Things (WF-IoT), 2018 IEEE 4th World
Forum on (pp. 68-73). IEEE.
Martin, A., and et.al., 2018. MODELLING E-HEALTH BUSINESS MODEL CANVAS
BASED ON FINANCIAL FLOWS AND SHARED VALUE. IADIS International Journal
on WWW/Internet. 16(2).
Pedersen, E .R. G., Gwozdz, W. and Hvass, K. K., 2018. Exploring the relationship between
business model innovation, corporate sustainability, and organisational values within the
fashion industry. Journal of Business Ethics.149(2). pp.267-284.
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Rytkönen, E. and Nenonen, S., 2014. The Business Model Canvas in university campus
management. Intelligent Buildings International. 6(3). pp.138-154.
Trimi, S. and Berbegal-Mirabent, J., 2012. Business model innovation in
entrepreneurship. International Entrepreneurship and Management Journal. 8(4). pp.449-
465.
ONLINE
Restaurant trends 2018 . 2019 [Online] Available
through:<https://joinposter.com/en/post/restaurant-trends-2018>
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