Integration of Business Model Canvas for Market Analysis and Competitor Evaluation

This business plan discusses the significance of Business Model Canvas (BMC) in establishing a new business or enhancing a previous one. It explains the nine essential segments of BMC, including customer segments, value propositions, channels, customer relationships, revenue streams, key activities, key resources, key partners, and cost structure. The plan also highlights the importance of market analysis, competitor evaluation, and target audience assessment in the process of conducting a successful business.

BUSINESS PLAN
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Business Plan
Integration of Business Model Canvas
Analysis of target audienceAids in process of market analysis
Evaluation of needs and
requirements if target audience
Evaluation of competitors
Choosing of marketing and sales process
Establishing milestone and metrics
Assessment of business forecast
Analysis and evaluation of key aspects leading to
final decision
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The Business Model Canvas or BMC plays a vital role in the establishment of a new business. It
can be stated that the right side of this model is focused towards customers while the left towards
the infrastructure. The BMC model has a total of 9 segments which are essential for the
conduction of a new business or enhancement of a previous one.
Customer Segments: The first aspect helps in understating the target audience of a business.
Through the application of market segmentation, appropriate decision can be taken for success of
the business.
Value Propositions: This defines the core value of the product on the basis of which customers
would be attracted towards it. Usefulness of the product helps in enhancing its value towards
positive direction.
Channels: Channels are the essentials means through which a product or service can reach the
target audience (Beckett and Dalrymple, 2017).
Customer relationships: Maintaining of customer relationships aid in development of a
business along with building of a loyal customer base.
Revenue streams: Revenue streams aid in establishing correct price of a product in a market.
Utilisation of various methods such as asset sale, advertising can aid in enhancing the revenue
for a product.
Key activities: This consists of the necessary steps such as product distribution, development of
strategy for enhancing value of the product.
Key resources: Adequate resources such as time and money are essential for successful
functioning of business (Bertels, Koen and Elsum, 2015).
Key partners: Partners such as suppliers or dealers are important for functioning of a company.
Cost structure: Factors which drives the cost along with expenses of a business are important to
be analysed. It helps in evaluation of necessary strategy for future of the company.
Therefore, assessment of these nine elements helped in understanding its significance required
for conduction of a business in the desired manner. Each of these elements plays an important
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role in the process of conducting a business through which necessary assessments can be made.
Thus, the significance of BMC model became adequately clear through the aid of this study.
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References
Beckett, R.C. and Dalrymple, J., 2017, Business Model Value Capture: an Activity Theory
Perspective. In ISPIM Innovation Symposium, 3(2), pp.1-13).
Bertels, H.M., Koen, P.A. and Elsum, I., 2015. Business models outside the core: Lessons
learned from success and failure. Research-Technology Management, 58(2), pp.20-29.
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