L&M Fashion Enterprise Business Canvas

This project analyzes the business canvas model of L&M Fashion Enterprise, a clothing manufacturing company. It examines key partners, activities, value proposition, customer relationships, segments, resources, channels, cost structure, and revenue streams. The project also includes a peer group reflection, evaluation, and action plan for improvement. Desklib provides past papers and solved assignments for students.

Enterprise
(BUSINESS CANVAS
MODEL
L&M Fashion Enterprise)

Table of Contents
BUSINESS CANVAS MODEL .....................................................................................................1
PEER GROUP REFLECTION........................................................................................................3
IMPROVEMENTS..........................................................................................................................6
.........................................................................................................................................................7
REFERENCES................................................................................................................................8

BUSINESS CANVAS MODEL
Key Partners Key Activities Value
Proposition
Consumer
Relationship
Consumer
Segments
 Fashion
bloggers
 Logistic
Company
 Technolog
y partners
 Audit
partner
 Designing
of clothes
 selling
products
 High
quality
 Perfect fit
 Better
buying
experience
 Pricing
 Feedbacks
 Offers
 Customer
care
services
 Urban
Population
 Textile
retailers
(Internatio
nal
Market)
Key Resources Customers Channels Cost Structure Revenue Streams
 Funds
 Human
Resources
 Online
 Export
 Trade fairs
 B2C
 55-65% Raw
material cost
 5-20% Labour
Cost
 5-10% Energy
cost
 Commission
 Telegraphic
payment
transfer
 Venture
Capital
Business Canvas model
This is an strategic management and lean start-up template which is utilise for developing
new as well as documenting existing business model. Business canvas model is visual chart
which have elements of describing company or their products value proposition, customers,
finance, infrastructure and so on. Moreover, respective model assist company in aligning their
activities with the help of illustrating potential trade-offs. Management department of the
association is responsible as well as play important role in development of business canvas
model effectively. So that, goals and objective of L&M fashion enterprises will be accomplished
in appropriate manner. There are nine components which are involved in this model such as key
Partners, key activities, value proposition, consumer relationship, consumer segments, key
resources, customer channel, cost structure and revenue streams.
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L&M Fashion Enterprise is clothes manufacture company and they design clothes as per
the requirement or given order of customers. One of the major feature of respective firm is that
they manufacture clothes for all type of culture and traditional peoples. So that people from
different nation living in United Kingdom can complete their desire of wearing their tradition
clothes.
Key Partners- Their are some key partners of L&M Fashion enterprises who help in
easy running as well as growth of business. They are Fashion bloggers, Logistic Company,
Technology partners, Audit partner.
Key Activities- Designing and selling of clothes are the major two key activities which
help L&M fashion enterprises to sustain in business environment.
Value Proposition- For enhancing value proposition in the market area, several roles
will be played. L&M fashion enterprises have to keep focus on offering quality products b to
their customers which result in enhancing brand value and attracting more people.
Consumer Relationship- It is important for L&M fashion enterprises to maintain
healthy relation with their customers. So they will become loyal towards organisation and help in
sales maximisation. Accessible consumers service through feedbacks, offers and customer care
services.
Consumer Segment- It is important for an organisation to identify customers
segmentation so that products can be offer to right people and result in capturing high market
share. Targeted customers of L&M global enterprises are Urban Population and Textile retailers
(International Market).
Key Resources- In the growth of company key resources are very helpful for L&M
fashion enterprises these are Funds and Human Resources. They are important for continuing its
business operations.
Customers Channels- For expansion of company there is requirement of some business
channel these are Online, Export, Trade fairs and B2C
Cost Structure- Cost structure of L&M fashion enterprises includes : raw material,
labour and energy cost.
Revenue Streams- Generating high profits is the main aim of company and it generates
revenue by selling their products to the target market and venture capital provide financial
assistance.
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PEER GROUP REFLECTION
While I was doing such project I learned many things and my peer group helped me a lot
and provided me with various suggestions regarding assignment that is helpful for completing
work effectively and efficiently. In order to make my work easy and simple, they suggested for
using Gibb reflective model that can be used by business for making effective plans and
strategies for development and growth of goals and objectives by L&M Fashion Enterprise. This
model consists of six elements that are mentioned below:
Description- I was given with a new and different task that I have never done in my life.
For doing such project, I have to prepared Business Canvas Model for my new business that is
L&M Fashion Enterprise. This is clothes manufacturing company that designed clothes as per
need and requirement of customers. It also manufacture cultural and traditional clothes for all
category of people. In order to understand more, there are nine elements in canvas model which
are: key partners, key activities, value proposition, consumer relationship, consumer segment,
key resources, customer channels, cost structure and revenue streams. For sustainability and
success of organisation, I have to prepare this model in order to understand and grow in better
way. As it is my first experience where I have prepared canvas model for first time and learnt
many things which is useful for me in my career. The preparation of such pan for business was
not an easy task for me. Also I was feeling very nervous while conducting such project. There
are many components which should be considered while doing project like target consumer who
are willingness to buy clothes, requirement of resources for establishment, types of funding.
Also it is important to analyse cost required for running business and methods or ways through
goods are delivered. Here, customer can provide their requirement and accordingly
manufacturing is done. The major challenge which I faced was requirement of time for finishing
task successfully. For completion of work within given deadline and achievement of goals and
objectives, I divided elements and work effectively. I also took assist from my peer group and
they guided me about factors to be considered and ways of starting work. There were various
challenges and difficulties which I came across while preparing canvas model for corporation.
Through I put maximum attempt for completing task successfully and effectively. The activities
which I performed during project has taught me new things that is beneficial for my career. Thus,
this was the description of my project and difficulties which I have faced for preparation of
canvas model for new venture for achievement of goal and objectives easily.
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Feelings- I am very keen, active and enthusiastic for learning new and innovative things
which helps in enhancing my knowledge and skills which can be added in work experience for
getting better jobs. The person get success if he or she focus on learning new things with zeal
and activeness and apply those in their practical life. The opportunity provided to me for
preparation of new venture proposal by using canvas model, I felt very curious and happy in
order to experiencing new things which helps in enhancing pleasure and knowledge. When I
begin such project I was totally confused about ways to start and time needed for completing it
effectively. Due to my confidence level, I put maximum efforts and did it successfully. In order
to do it easily, I divided work on basis of requirement and priority. There are numbers of
challenges which I faced while doing such project. As I completed report, I was happy enough to
know about my level of knowledge, skills, and confident for doing work and learnt more new
things which added for my future career. After that project completion, I can make business plan
for any venture for achievement of objectives and goals. Before begin of project, I have gone
through research work for conclusion and proper finding which are important for completion of
task. Business canvas model assist in making insights which is beneficial for setting of targets.
My peer group also help me for making effective plan and guide me to improve my weakness
which they felt while making project. I took feedback from peer groups in order to avoid same
mistakes again and again. The skills and knowledge which I have learnt assist me in developing,
enhancing my career development and future growth. This was the feeling which I faced while
preparing canvas model for new venture.
Evaluation- When I was doing my project, I asked peer group for evaluating it and given
best suggestion so that I ca improve it more effectively and efficiently. I faced positive and
negative both experience that helps in enhancing and developing my knowledge and skills for
betterment. The good experience which I felt was that I finished my work successfully and
gained lots of knowledge and skills that is beneficial for me in future career. This project helps
me in building my confidence level which is required in business. While I was going through
project, I also learned coordination and communication skills which is necessary for doing task. I
feel very active and enthusiastic for learning different things on regular basis which is required in
corporate life. The bad experience which I faced was lack of time management for work
assigned. When project was assigned to me, I thought it would be completed within given
deadline but lack of management of time, I could not manage and complete as per given
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requirements to me. In order to overcome with such issues, my peer groups suggested me in
learning time management skills for doing work so that I can finish it within stipulated time
period. Each and every individual working under same group helped each other for achievement
of goals and objectives which encouraged and motivated me to perform in better manner.
Working in group provide good results than working individual as different ideas can be
generated through group-ism. Thus, difficult task need to be completed by taking help from
skilled, knowledgeable and experienced person for effective and better outcomes. In order to
help team, uncover root need to be found for issues and providing accurate solutions to given
problems and work. The positive and negative experience assists me in improving, enhancing
and learning my strengths and weaknesses for development of career and growth of future.
Analysis- While my project was analysed, my peer group told me various areas which
should be improved by me for making better and effective business canvas model for new
venture. For improvement of project work, they gave some suggestions such as: I should do
market research properly so that I can develop effective business plan and all significant factors
should be considered while preparing new venture. With help of business canvas model, L&M
Fashion Enterprise can improve more partners for expansion of their business. In order to avoid
fund shortage issues, all key resources should be used in effective manner. For creation of brand
value in market, goods and services should be provided in that area where consumers wants for
their convenience. L&M Fashion Enterprise should maintain strong relationship with their target
customers which helps in maintaining connection themselves with corporate for profits
enhancements. The new venture should considered each and every elements and factors in order
to avoid problems in future. The preparation of business canvas model assist new venture for
identifying goals and objectives of enterprise. Analysis helps in effective decision making to get
better outcomes. The management and planning issues has been found while analysis was done
for new venture.
Conclusion- The above report concluded that business canvas model has been prepared
for L&M Fashion Enterprise which helps in achieving goals and objectives and guiding for better
outcomes. This canvas model has nine important elements which helps in knowing about key
partner, activities and other of organisation. The resources are used for growth and success of
enterprise. For doing things in unique and effective way, I took suggestion from my peer groups
for better preparation of canvas model by including all relevant factors. During whole project, I
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faced positive as well as negative experience which helps me a lot in future. Through project, I
learnt many things which helps in improving my knowledge and skills which was positive
experience. I also enhance communication skills and built confidence in order to perform task in
more effective and efficient manner. If same task is assigned to me again then I can do it in more
effective and better manner by preparing model. Though I achieve set target but lack of time
management skills leads work incomplete. It was great and new experience which I felt that
helps me in improving my technical and analytical skills more deeply and effectively.
Action Plan- In order to achieve set target in given time period, I need to make an action
plan that is beneficial for me and organisation. I prefer in taking suggestions and ideas from peer
group for avoiding same mistake in future. For better action plan, following are the steps which
need to be followed such as:
Identify Problem- For making effective and better plan, it is necessary for identifying
problems. If business can identify circumstances behind happening of effect and results then it
can make plan effectively. If problem is known than set target can be achieved.
Set Objectives- Before starting any new venture, it is very important to set goals and
objectives. Without setting of objectives, goals cannot be reached so action plan is required. It is
very important for organisation to make clear about set objectives to individuals.
Organise Resources- It is very important to organise all resources of organisations as per
specification and need of business. The resources of organisation can be material, power, money
and man.
Time Table- It is defined as the way of completing project within stipulated time period.
When action plan is made, it is important to set proper time and efforts for accomplishment of
goals and objectives.
Measure of Success- If target is achieved as per set plan and strategy then success is
measured effectively.
IMPROVEMENTS
For success and growth of business, it is very important to do improvement so that
objectives and goals can be achieved effectively as per requirement of business. L&M Fashion
Enterprise should improve business canvas model which is given below:
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Key Partners Key Activities Value
Proposition
Consumer
Relationship
Consumer
Segments
 Social
media
partner
 Customisa
tion
 Fast
delivery
 Discounts
 Review
Key Resources Customers Channels Cost Structure Revenue Streams
 Banks  Sponsorships
 Service
through
application
The various improvements which can be done in business canvas model which are given
below:
Key Partners- L&M Fashion Enterprise should do improvement in model for social
media partners. For this, web page can be created at website in order to create awareness about
upcoming products
Key Activities- In order to attract large number of customer, products should be
customised for their convenience.
Value Proposition- For improving value proposition by L&M Fashion Enterprise, can
provide fast delivery for products for their customers.
Customer Relationship- L&M Fashion Enterprise can provide discounts to their regular
customers and also taking reviews on regular basis for better improvements.
Key Resources- L&M Fashion Enterprise can improve canvas model of key resources by
taking help from bank in case of shortage of funds.
Revenue Streams- For earning maximum revenues, L&M Fashion Enterprise can do
sponsorship and using application for ordering products and services. This should be improve
efficiently.
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REFERENCES
Books and Journals
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.
Frick, J. and Ali, M. M., 2013, September. Business model canvas as tool for SME. In IFIP
International Conference on Advances in Production Management Systems (pp. 142-
149). Springer, Berlin, Heidelberg.
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.
Massa, L. and Tucci, C. L., 2013. Business model innovation. The Oxford handbook of
innovation management. 20(18., pp.420-441.
Sanderse, J., 2014 The business model canvas of NGOs(Master's thesis, Open Universiteit
Nederland).
Spieth, P., Schneckenberg, D. and Ricart, J. E., 2014. Business model innovation–state of the art
and future challenges for the field. R&d Management. 44(3). pp.237-247.
Trimi, S. and Berbegal-Mirabent, J., 2012. Business model innovation in entrepreneurship.
International Entrepreneurship and Management Journal. 8(4). pp.449-465.
Wallin, J., Chirumalla, K. and Thompson, A., 2013. Developing PSS concepts from traditional
product sales situation: the use of business model canvas. In Product-Service
Integration for Sustainable Solutions (pp. 263-274). Springer, Berlin, Heidelberg.
Zolnowski, A., Weiß, C. and Bohmann, T., 2014, January. Representing Service Business
Models with the Service Business Model Canvas--The Case of a Mobile Payment
Service in the Retail Industry. In system sciences (HICSS), 2014 47th Hawaii
International Conference on (pp. 718-727). IEEE.
Online
Business canvas model. 2018. [Online]. Available Through :
<https://www.businessmodelsinc.com/about-bmi/tools/business-model-canvas/>
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