Business Model Canvas PDF

Added on - 22 Nov 2020

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Business designindividual
Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1CONCLUSION................................................................................................................................3REFERENCES................................................................................................................................4
INTRODUCTIONBusiness design is being termed as human centred approach towards innovation process(Antikainen and Valkokari, 2016). Thus, it applies the practices and also principles of design thatmay help particular organisation in order create new value and also various forms in terms ofachieving competitive advantage. In this report, problem related to opportunity canvas has beendiscussed with appropriate solution. Opportunity canvas is super simple in order to use. Thus,they have to start with a problem and solution and move to different field. If problem field isfilled first than solution field will be filled out on the other step and vice versa. In this essay,Farfetchhas been taken into consideration. It is an online fashion retailer headquaretered inunited Kingdom. In this essay, detail discussion on opportunity canvas model has been provided.Further, use and problems of opportunity canvas model has been discussed. In addition to this,this report also highlights on challenges that has to be faced while using this model and also thesolutions that can be used in order to overcome such situations.MAIN BODYFarfetchis one of the online fashion retailer and has inventory tracking technology thathelps in solving dreaded experience of being confrontedwith a message of sold out after theyclick on item that is desired by them online. It specially sells cloths, home products and alsoluxury food products (Dudin and et.al., 2015). Thus, they want to become digital first retailer in aworld. Thus, for this they have signed a deal with IT service of India as Tata consultancyservices in order to help them in becoming digital first retailer that focus on new apps. As I amthe head of the innovation process, I would like to use opportunity canvas in my company so thatit may help me in innovating in strategic and successful way.Usefulness of opportunity canvasOpportunity canvas Analysis is that framework or model and a single pager in order touse and facilitate discussion about new features and capabilities (Ovans, 2015). It will help me increating and assessing comprehensive innovation strategy. It may seem like semantics and aninvaluable guide or direction to me that understanding demand that may arise for a new product.Thus, this canvas is being structured in nine step experience that is segmented into thinking as abusinessman and anticipating in market demand that is still unmet. Thus, to apply this frameworkor tool inFarfetchI will have to first scan market for various products and later arrive at a1
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