Business Canvas Model Development and Peer Feedback

The assignment begins with the development of an original business concept based on the business canvas model. A peer group reflection is then conducted using U-Learn peer feedback to gather perspectives from fellow members. Based on the feedback, suggestions are made to modify the business model canvas. Finally, an improved reiteration of the business canvas model is prepared to ensure successful growth in the market.

Enterprise

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Section 1Original business concept............................................................................................1
Section 2Peer group reflection....................................................................................................4
Section 3Improvement reiteration...............................................................................................7
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
Enterprise can be termed as the another name of business which can be described as a
actions of someone who shows some initiative and perform some innovative by taking risk
factor into consideration so as top set up, invest in and to run a business towards achieving
successful growth (Alalwan and Weistroffer, 2012). This report is based on three basic concepts
and they are original business concepts, peer group reflection and Improvement reiteration.
MAIN BODY
Section 1Original business concept
Business model canvas: This model was developed by Alexander Osterwalder and it
gives the brief description of current or new business models visually through visual
representation. In addition to this it is generally used by strategic managers as it renders a holistic
view of an organisation as a whole. Moreover it is especially useful in running a comparative
analysis by visualising different building blocks in order to start business which mainly consist
of routes to market, value preposition, key partners etc. (Bös, 2014). Additionally this model
consist of nine key elements which are essential to be considered in order to perform different
operational activities of new venture name “Eat and Treat” restaurant who render health and
delicious food to its potential customers. In addition to this it render services at it premises as
well as through online websites, mobile based application too they provide services so as to
attract more number of customers. Therefore given below are the nine elements of business
canvas model (Braglia and Frosolini, 2014):
Business model canvas
Key partners:
 Investors
 Food suppliers
 Payment processor
 Suppliers
 Deliver man
Key resources:
 Finance
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 Official websites
 Mobile applications
 Equipment used for producing and delivering foods
Customer relationship:
 Social media like Facebook, twitter
 Reward programs
 Word of mouth marketing
 Personal interaction
Customer segment:
 Less price sensitive
 Low income people
 Busy schedule people
Key activities:
 Production activities
 Marketing activities
 Order fulfilment and shipping
 Cooking and rendering services
 Procurement
Value preposition:
 Food at low cost
 Any where ant time
 Nutritional labelling and packaging
Channel:
 Mobile based applications
 Official websites
Cost structure:
 Cost driven
 Value driven
Revenue stream:
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 Discount offer on food
 Customer subscription
 Key partners: This section mainly describe about different key partners are involved in
business in order to reduce risk and to create streamlined operations of Eat and Treat
restaurant effectively and efficiently. Partners here refers to delivery man, food
suppliers, production manager, payment processor etc.
 Key activities: This section describe about the different activities which are carried out
by Eat and Treat restaurant such as marketing activities, cooking food and rendering
services in premises or through online delivery.
 Key resources: This element describe about the resources which are required by Eat and
Treat restaurant in order to carry out different operational activities in an effective
manner. Resources here refers to finance, equipments, man power etc.
 Value preposition: This sections include the number of activities performed by Eat and
Treat restaurant so as to render better value to its customers. It mainly consist of
rendering deliver of products and services to its customers with nutritional labelling and
packaging by taking into consideration that they provide good and value based quality
services to its customers.
 Customers relationship: It mainly includes those sources through which Eat and Treat
restaurant maintain better and long term customer relationship. Like through social
media, reward program or through word of mouth advertisement which helps to build
personal interaction with customers.
 Channel: It refers to the medium through which Eat and Treat restaurant render services
to it customers. Channel such as official websites, mobile applications, banners etc.
 Customers segments: This sections basically describe about the target customer which
is being segmented by Eat and Treat restaurant. Customer segment like low income
people, less price sensitive people, busy schedule people etc.
 Cost structure: This elements describes about the cost which is associated with different
activities which are being performed by Eat and Treat restaurant. Cost can be either
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value driven or cost driven. As value drive focuses on rendering maximum value to its
customers whereas cost driven focuses on minimizing investment into the business.
 Revenue stream: It refers to the sources through which Eat and Treat attract its
customers. Such as, through discount offer on food, customer subscription etc.
Section 2Peer group reflection
After coming up with original business concept with the help of business canvas model I
have used the Gibbs- Reflective Cycle model so as to get the reflection from peer group member
about the concept of business, thus it will help me to overcome the problems as well as to make
effective and efficient business concept (Buckley and Casson, 2016). Therefore with the help of
Gibbs model I can easily achieve my aim that is to set up business name Eat and Treat restaurant
and to achieve maximum profitability ratio.
Gibbs- Reflective Cycle model
This model was published by Professor Graham Gibbs in his 1988 book “Learning by
doing”. This is specifically useful for helping peoples learn from different situation that they tend
to experience (Dutta, Peng and Choudhary, 2013). Moreover this model consist of six core
elements which tend to be very much helpful for me in knowing about what else improvement
can be made in the business concept that is to set up a restaurant name Eat and Treat. Thus, the
six core element of Gibbs-Reflective model is explained below:
Source: Gibbs- Reflective Cycle model, (2019)
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Illustration 1: Gibbs- Reflective Cycle model

Description:
This core element gives the factual description of the incident or it can be said about the
original business concept. During this first stage no conclusion is termed to be drawn as the main
focus rely upon the information that too which is term to be relevant. As per my idea I have
planned to set up a new restaurant name Eat and treat, because after going through research
analysis it was founded that in modern era people are more conscious about there health and
mostly all restaurant render foods and services which effect the health of people. So taking this
aspect into consideration a view strike in my mind that there is a greater need of setting up of a
restaurant which will render health conscious food to the customers (Gronum, Verreynne and
Kastelle, 2012). Thus, I have then planned to set up new business venture name Eat and Treat
restaurant who will render health conscious food to customers. Therefore the result of the
situation was that I taken into consideration business canvas model in order to render visual
description of the key aspect and activities which are to be carried out while operating new
business venture in market.
Feelings:
This is the second core element of Gibbs reflective model, as during this stage emotions
felt during the incident or can be said while deciding the original business concept is being
discussed. As per my point of view I can say that when the idea of setting of new venture
business clicked into my mind I was excited because it was helping me to gain more and more
knowledge about the market that is about the choices and preferences of customers. Moreover I
have carried out a research analysis too in which I have learned and acquired knowledge about
the importance of various tools and techniques which can be used in order to collect valid and
reliable data. After a research analysis I have come up with a original business concept taking
into consideration Canvas business model which help in rendering brief and visual description of
the nine core elements which must be taken as a basic and important aspect while setting up of
business in marketplace.
Evaluation and Analysis:
Next come evaluation and analysis stage in which the situation and idea of original
business concept is being analysed. So in order to analyse the business canvas model I have
shared my viewpoint of establishing new venture name Eat and treat with my peers member so
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as to acknowledge there view pints . It is done so that they can suggest any best measure or any
other best practices which can be included in business canvas model.
Therefore after analysis it was founded that one of my peer member suggested that key
activity like rendering of Wi-Fi facility should also be included as mostly people prefer Wi-Fi
connection availability should be there where ever they visit. Additionally in key partner element
of business canvas model bank can also be included so that in case of emergency management
can raise funds and loan from bank which is termed to be the essential aspect as without
sufficient amount of funds an organisation cannot exist for long period of time in marketplace.
Whereas other peer member suggested that van service can be included in key resources so that
instant delivery can be rendered to the customers, which will also help in building long term
relationship with customers (Hennart, 2012). Whereas they also suggested that in customer
segment element target group can be people who go for gym as they prefer to consume healthy
as well as delicious food. So taking this aspect into consideration a new venture business must be
set up, which will help help in attracting large number of people towards there products and
services. Furthermore in customer relationship element it has been suggested by peers member
that transparency, fairness and ease of interacting can be included so as to build trust among long
term relationship with customers. In addition to this peers also suggested that use of print media
and other local Chanel like local radio can be used in channel element of business canvas model
so as to attract local people even. Thus, if all this changes will be made then it will help in
achieving the aim that is to earn maximum profit of firm and to increase the customer
satisfaction level who like to consume health conscious food and services.
Conclusion:
As the concept was to set up new business venture name Eat and Treat restaurant who
will render health conscious and delicious food items to its customer. Additionally while
carrying out research analysis it was found that there is a greater need to setting up of business
who provide health conscious food because mostly people prefer to consume health conscious
food. Moreover in order to evaluate the overall business canvas model I have shared my
viewpoints with my peers member so that they can render any good suggestion for restaurant
which will be helpful in achieving the aim. As per feedback of peers various new strategies and
plans were need to be changed in different key elements of of business canvas model. Thus, if I
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take all of the suggestion of peer members then it will help me to establish a successful business
in market place as well as will be helpful in achieving competitive advantage in marketplace.
Action plan:
This is term to be the last stage which deal with the plan of how effectively the situation
can be handled and improved. Taking into consideration the feedback of peer members a new
action plan has been implemented. Like a Wi-Fi connection facility is being rendered to
customers as well as in order to render instant delivery to target customer I have decided to use
Van for cooking and serving fresh food whenever demanded by customers. Other concept is that
I have planned to render service through van in those place where gym are located so as to attract
more customers of Gym as they prefer to consume health conscious food (Leonardi, Huysman
and Steinfield, 2013). As well as a cook has also been kept in van who will take into
consideration the taste and preferences of target customers so that accordingly they can serve
healthy and fresh food to customers on time without any delay. Moreover in order to implement
the plan of ease of interaction I have decided to render training and development session to the
workforce so that they can learn how patiently and politely they need to interact with target
customers so that they can influence large number of customers towards there products and
services.
Section 3Improvement reiteration
As per the above feedback of peers member a improved reiteration of business canvas
model is being specified below (Rice, 2013):
Improved reiteration business model canvas
Key partners:
 Investors
 Food suppliers
 Payment processor
 Suppliers
 Deliver man
 Bank
Key resources:
 Finance
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 Official websites
 Mobile applications
 Equipment used for producing and delivering foods
 Van services
Customer relationship:
 Social media like Facebook, twitter
 Reward programs
 Word of mouth marketing
 Personal interaction
 Transparency
 Fairness
 Ease of interacting
Customer segment:
 Less price sensitive
 Low income people
 Busy schedule people
 People who go to Gym
Key activities:
 Production activities
 Marketing activities
 Order fulfilment and shipping
 Cooking and rendering services
 Procurement
 Wi-Fi services
Value preposition:
 Food at low cost
 Any where ant time
 Nutritional labelling and packaging
 Instant delivery
Channel:
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 Mobile based applications
 Official websites
 Print advertising
 Other Chanel like local radio
Cost structure:
 Cost driven
 Value driven
Revenue stream:
 Discount offer on food
 Customer subscription
Thus, from the above business canvas model it can be identified that certain changes has
been done as per the feedback of peers member like in key partner elements bank has been added
and in key resources elements van services is being added. Additionally in customer relationship
transparency, fairness and ease of interacting with customers is being taken into consideration
along with it in customer segment element people who go for gym is being included. Moreover
in key activities Wi-Fi services is included and in value preposition instant delivery is being
taken into consideration (Veblen, 2017). Lastly a changes is being done in Chanel element as
well like print advertising and other channel like local radio is being taken into consideration
thus, all this changes will help new venture business name Eat and Treat to exist for long period
of time in market as well as to achieve competitive advantage in marketplace.
CONCLUSION
From the above mentioned assignment it can be concluded that firstly a original business
concept was being developed taking into consideration business canvas model. After this a peer
group reflection based on U learn peer feedback is being taken into consideration so as to known
the viewpoints of the per members in respect of business concept so that if changes required then
it can be made. After feedback, it was found that peer member has rendered some suggestion so
as to change business model canvas. So taking suggestion of peer member lastly an improved
reiteration business canvas model is being prepared which would prove to be useful for the
business in achieving successful growth in market.
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