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Business Model Canvas (PDF)

   

Added on  2021-06-18

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Creating a Winning Business 1 – Spring 2018Assignment 2 Workbook: Business Model Canvas - Iteration and Reflection Student Id: [type here]Lecturer: [type here]Submission Date: [type here]Page 1
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Business IdeaPage 2Unique concepts and offerings are the prime requirement for establishing a new business innovatively in the competitive businessenvironment (McMullen and Kier 2017). In this study, a new business will be developed, which will be a Theme-basedRestaurantinWales. In this theme-based restaurant, the concepts and design will get priority over anything else. Moreover, the theme of therestaurant will be Rainforest view all over within the restaurant space. The customers will get an awesome feel of rainyenvironment within this restaurant during having foods. The restaurant will also provide delicious foods including Italian foods,Chinese foods, Mexican foods, Thai Foods, beverages and lot more.
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Business Model Canvas Version 1: Initial IdeaCost RelatedRevenue RelatedKey PartnersThe key partners will bethe best decorationcompanies of WalesThe key suppliers of thenew company will be thebest interior decoratorcompanies and fresh foodingredients suppliersThe suppliers will designthe best themes onrainforest concepts thatwill attract the customersThe supplier will alsoprovide fresh foodingredients for preparingfresh and delicious fooditems for the customersThe key partners willinvest in this company forbusiness progressKey ActivitiesThe restaurant will createan effective supply chainnetwork for getting supplyof effective themedecoration and deliciousfood ingredientsThe customers will able toavail the foods in differentphysical food stores of therestaurantsThe restaurant willprovidededicatedpersonal assistance to thecustomers during havingfoodsValue PropositionsThe restaurant willprovide an awesome feelof rainforest includingmist, plant growth,waterfall and animatronicsof insects and robots.It will also offer deliciousfoods to the customers fortheir health wellbeingThe restaurant will solvethe fun problem andreadymade problem of thecustomers though offeringfun themes and deliciousfoodsThe people having theneed for fun and fast foodlover will be the customersMarketing & Sales CommunicationThe restaurant will adoptstrongadvertisingtechniques for raisingawarenessregardingproducts and servicesThe offerings of themesand hygienic foods willcreate desire and interestamong the customersThe restaurant will useprint media and massmedia advertisement forreachingpotentialcustomersCustomer SegmentsThe restaurant will selectdiversify market segmenthaving needs of fun andentertainmentPeople having positiveattitude in life will be thevaluable customers Key ResourcesThe value propositionrequires talented andskilled human resourcesfor decorating attractivethemes and delicious foodsThe channels andcustomer relationshiprequire skills andinteractivehumanresources for bettercustomer interactionProduct & Service Delivery ChannelsThe customers canpurchase the foods fromthe own stores of thecompany and get deliveryof the foods within thestore itselfThemarketingcommunication will directthe customers towards thephysical storesCost StructureSupplier cost for theme decoration will be highly expensiveThe restaurant will have value driven business to provide delicious foodsand entertainment to the customersIncreasing volume of customers may lead to economies of scaleRevenue RelatedThe customers will be willing to pay even high price for aesthetic viewwithin the restaurant and its deliciousand uniquely tasty foodsRevenues will be generated at the restaurant owned by the company itselfThe restaurant will use fixed pricing for offering foodsPage 3
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Explain the history behind your idea:On my frequent visit in different restaurants, I realized all the restaurantsprovide almost same quality food items. However, I have recognized that therestaurants have lack of customized decoration for attracting the customers.Apart from foods, the customers are not getting enough entertainment onarriving at the restaurants. It is somewhat unexciting to the fun-loving people.Hence, I have come up with the idea of theme-based restaurants, where thecustomers will be enjoying rainforest themes and funs within the restaurantspace. It will definitely meet the fun and entertainment needs of the customersalong with temporary and readymade food needs. Hence, the business willdefinitely get success in the market.I have done my internship program of my university at a restaurant having therole of business development executive. I have enough idea to provideinnovative restaurant service to the customers. I know the ways of customizingproducts and services to attract the customers and retain them for longer period.Hence, I might be the right person to develop this business idea.Reflection: Reflection is the form of looking back on an experience (Smith 2014). Thisprocess effectively identifies the strengths and limitations of the experience ofan action. Reflection of an action helps in developing critical thinking skills andimproving future performance of an action (Maaranen and Stenberg 2017). Action learning set is a structured method, which enable the small groups toaddress the complex issues of an activity through their regular meeting andcollaborative working. It especially gears up the learning and personaldevelopment at managerial and professional levels. On the other hand,individual reflection is always associated with reflection of self, where otherpeople are not involved in the reflection (Bradfield, Cairns and Wright 2015).The identification of strength and weakness of an action is only limited withinone person, which can limit the critically of the reflection. Hence, action learningset is always better than individual reflection for effective critical evaluation ofan action. Assumptions:The main idea was to deliver a unique service to the people of Wales by offering entertainment along with food. However, the idea was supported through the response from the people of Wales as a survey was carried out in Cardiff Christmas Market fair where it was found that majority of people accepted the idea of rainforest theme restaurant. Moreover, secondary research was done along with multiple contacts with partners.Page 4
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