Growing Nail Bar: Towards a Coherent Business Model
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This assignment discusses the business model for a Nail Bar that is entering the market with unique services. It covers aspects like market analysis, competitor analysis, marketing mix, and more. The business model by Alexander Osterwalder has been utilized in this assignment.
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Growing Nail Bar: Towards a Coherent Business Model0 Title: Growing Nail Bar: Towards a Coherent Business Model Assignment Name: Student Name: Course Name and Number: Professor: Date:
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Growing Nail Bar: Towards a Coherent Business Model1 Executive Summary For launching a new business in the market it is important to understand a number of aspects to prepare a well-planned out business model for the organization. The business model helps the organization by providing direction in the various activities that are importance for setting up the business in the market. The business model facilitates detailed information about various aspects like the market, customers, latest trends, technologies and many other things. In this assignment, the business model has been formulated for a Nail Bar that is entering the market with a number of unique services that will help the organization in fighting the tough competition that is present in the market. The business model by Alexander Osterwalder has been utilized in this assignment. Contents
Growing Nail Bar: Towards a Coherent Business Model2 Introduction......................................................................................................................................4 Nail Bar Mission, Vision & Objectives...........................................................................................5 Mission........................................................................................................................................5 Vision...........................................................................................................................................5 Nail Bar Objectives......................................................................................................................5 Value Proposition........................................................................................................................6 Market Analysis...............................................................................................................................6 Competitor’s Analysis.....................................................................................................................7 Organization Marketing Mix & Competition Strategy....................................................................9 Marketing Mix.............................................................................................................................9 Competition Strategy.................................................................................................................11 Marketing Objectives & Strategies................................................................................................11 Marketing Objectives.................................................................................................................11 Segmentation.............................................................................................................................12 Positioning.................................................................................................................................13 Targeting....................................................................................................................................13 Important Aspects of Launching an Organization.........................................................................14 Team Management....................................................................................................................14 Financial Needs.........................................................................................................................15 Other Important Approaches.....................................................................................................16
Growing Nail Bar: Towards a Coherent Business Model3 Nail Bar Business Model...............................................................................................................17 Conclusion.....................................................................................................................................21 References......................................................................................................................................22 Appendix........................................................................................................................................27
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Growing Nail Bar: Towards a Coherent Business Model4 Introduction A business model is a plan that is formulated by an organization to strategize the processes and activities of an organization to generate profits. It is a detailed approach that describes the various important factor that has to be implemented by an organization for the purpose of making revenues. The business model helps the organization by providing them direction for the different practices that have to be executed in an organization. It is a step by step approach that helps the organization in understanding the marketplace and the competitors, so that the organization can operate easily in the market. A business model for a start-up business is different some the business model of an existing organization. A business model is based on the value proposition of an organization, as it displays the various products and services that the organizationisofferingtothecustomersorclients.Throughthevalueproposition,the organization is able to differentiate from its competitors. The business model for a new business has to include the startup cost and the other financial expenses that will be needed by the organization to enter the market with a bang.The Nail Bar is going to be launched in the market and this requires a set of strategy that helps in setting a wide stage for the organization’s launch. The business model for the Nail Bar is a plan of an organization that is formulated in accordance with the objectives of an organization that will further help the organization in generating profits. A business model helps in the complete planning of an organization’s products, expenses and to deal with the existing competition in the market. For the launching of the Nail Bar, it is important that the product fulfills all the needs and desires of the customers, also it should be able to utilize all the resources effectively for building a brand image that is ahead of its competitors. The idea of opening a Nail Bar is cool and effective, but the organization needs a business model for a startup, as this will create the path for the organization to start the business
Growing Nail Bar: Towards a Coherent Business Model5 in a systematic manner and to earn customers, clients and profits. A new startup business also requires a number of stakeholders, the business model will facilitate effective strategies to handle and manage the stakeholders too. Nail Bar Mission, Vision & Objectives Mission The mission of the Nail Bar is to provide its customers with incomparable services, so that the customers visit the salon more often. The Nail Bar wants to pamper their clients with the latest trends of beauty and this is the core value that is instilled in the organization’s team (Anggaredho and Rokhim, 2017). Vision The vision of the Nail Bar is to provide women with beautiful natural nails. The Nail Bar believes in providing realistic beauty and the methods that are utilized to attach the artificial nails are well-advanced and these techniques will provide natural looking nails. Nail Bar Objectives The main objectives of the organization Nail Bar are- Stepping in the market by creating huge awareness about the brand on the targeted audience. The main aim of the organization Nail Bar is to enter the market with a bang and to attract the maximum targeted customers. A clear differentiation should be created between the Nail Bar and its competitors, highlighting the uniqueness that the organization Nail Bar is offering to its client. There are anumber of competitorsin themarketwho havecarveda strong nichefor themselves, the only approach that will help the Nail Bar is providing services that are
Growing Nail Bar: Towards a Coherent Business Model6 better than the competitors and the organization have to display this differentiation to the targeted customers (Benijts, 2013). The organization should be able to generate high revenues, so that the next outlet of the Nail Bar can come into the market in the next 6 months. The organization aims at opening a total of three outlets in the next 12 months (Chhetri, Dash and Pottenger, 2017). This is the most important objective for the organization. The organization wants to achieve a high customer retention rate, as all the other objectives revolve around the customer. For this, the organization aims at providing its customers with great customer expectations. Value Proposition On the basis of the mission, vision and the organization’s objectives the value proposition of the organization Nail Bar is “We value you for our unique services because you are worth it”. According to this value proposition statement, the organization Nail Bar has placed the main focus on the customer and have targeted them with an approach that states that the customer is the priority of the organization Nail Bar. This value proposition also highlights the unique services that the organization is providing and is differentiated from the competitors’ approaches. Thus, the value proposition of the organization should be well-throughout and this will help the organization in attaining a bigger market size (Casadesus-Masanell and Zhu, 2012). Market Analysis There are a number of well-established organizations that have created a niche for themselves in the market. This has increased the customers demand and needs with the new organization and which has further elaborated the size of the target audience. The target audience
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Growing Nail Bar: Towards a Coherent Business Model7 of the Nail Bar salons has some specified desires that are all related to the innovation that the organization is offering to the customers (Garcia et al., 2015). In the current market, the nail care has increased, so it is very important for the new organization to facilitate the targeted audience with products that are better in comparison to its competitors. This is the strategy that will help the organization to stay ahead of its competitors and at the same time increasing the size of the target market of the organization (Ebel, Bretschneider and Leimeister, 2016). A number of different trends have been introduced in the market in the nail care industry and this has also helped the organization in formulating better positioning strategies too. According to these new trends, the organization has to update the level of innovation in the organization to provide customer satisfaction. The Nail Bar is a service provider organization and the one aspect that will set the organization apart from its competitors is the customer satisfaction. According to the latest market trends and this utilization in every organization, it is important for the Nail Bar to enhance their abilities of customer service and offer the customer with top notch services. The Nail Bar should implement a follow up call system for all the customers that should be conducted at equal intervals. This is a very successful market trend that has helped many organizations in creating a huge customer base and also in achieving loyal customers. The beauty industry is a world that does not get affected by the low economy. People continue to spend their money on beauty products and the organization Nail Bar thus should try to engage this aspect of the customer into their services and make a good use out of this opportunity (Kim and Min, 2015).
Growing Nail Bar: Towards a Coherent Business Model8 Competitor’s Analysis The competition in the nail care industry has intensified in the last decade. For the organization Nail Bar, it is going to be a very big challenge to create a strong foundation in the market, as the currently available organization has a strong and loyal customer base. It is very tough in the current market of the nail care industry to enter and survive. The organization Nail Baristargetingthecustomerswiththedifferentiationstrategyandinthatrelation,the organization is offering its customer more services that are not restricted only to nail care (Lai, Zin and Yahya, 2014). The organization Nail Bar is offering the customers with services that include manicure, pedicure and fixing artificial nails. In addition to this, the organization is also offering its customers with unique nail accessories, attractive women’s accessories and also a training course for the budding nail artists. The other service that the organization is providing its customers is they are offering Henna tattoos and design services too. The organization has hired an expert in the Henna designs. All these extra services are not being provided by any of the other organization in the market. The organization has the main focus on customer retention, but they also take into consideration the importance of employee retention, thus the customer welfare packages that the organization has decided for their employees is better than their competitors. The main competitors of the Nail Bar in the United Kingdom are- Ivi beauty and Ora nails- The organization is a beauty salon and provides its visitors with services related to nails, waxing, facials, threading, and massages. The organization does not specialize in any one particular service.
Growing Nail Bar: Towards a Coherent Business Model9 Coco Nail Bar- The organization, though provides services of nail treatment, but their main focus in on the liposuction treatments, waxing and CACI synergy (Harris-Roberts et al., 2011) WAHLondon-Thisorganizationisthebiggestcompetitorof theNailBar.The organizationmain focusison thenailtreatments,manicures,and pedicures.The organization has also created a huge customer base, mainly through their pop-ups in the entire city over the years. Also, the organization provides a wide variety of nail styling that has helped the organization in attracting customers. The organization also provides a master class to the budding nail artist. The organization Nail Bar is also offering nail treatments that are in trend and also utilizes the different styling methods that have been inspired by the different cultures throughout the world. The one aspect that will be helpful for the organization is that they will also be providing nail and women’s accessories that none of their competitors is offering. Also, the services of Henna tattoos and design are very unique and there is only a handful of the organization in London who offer this service (Lindgren, 2012). Organization Marketing Mix & Competition Strategy Marketing Mix The strategies that have been selected by the Nail Bar organization for the launch of the organization are associated with the four marketing mixes, that include- Product Being a nail care salon, the organization Nail Bar is offering its customers with a wide range of services. Some of them are a manicure, pedicure, nail treatments, artificial nails, nail accessories, women’s accessories, learning courses for aspiring nail artist and
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Growing Nail Bar: Towards a Coherent Business Model10 Henna design services. The organization has selected all these services to create a differentiation with their competitors. This is due to the aggressive and high intensity competitionthatexistsinthenailcareindustryandtheuniqueservicesofthe organization will help in building a strong foundation in the market (Lindgren and Bandsholm, 2016). Price As the organization Nail Bar is stepping into the market it is very important for the organization to select a pricing strategy that fulfills the organization’s objectives and also help in attracting more customers and creating a shift in the customers from its competitors. The best pricing strategy for Nail Bar is economy pricing strategy. Under the economy pricing strategy, the organization sets the price of their product and service which are minimized and this leads to earning small profits. This pricing strategy is beneficial for an organization who is stepping into the market as the main focus of the new organization is to gain customers and this pricing strategy is very effective in increasing the market size of the organization. Promotions TheorganizationNailBarhastofunctionaggressivelyintheirpromotion approaches.Theorganizationhastocreateabrandawarenessandforthis,the organization has to utilize multiple methods of promotions. The organization has to indulge in advertising, sales promotion and online marketing. The organization Nail Bar has to aim at enticing the customers to visit their salon on the launch day and this can be conducted by offering them special discounts and effective packages. The organization shouldalsoindulgeindirectmarketing.Tohandlethepromotionpractices,the
Growing Nail Bar: Towards a Coherent Business Model11 organization has to divide their approaches between pre-launch promotional activities and post-launch promotional activities (Heo and Kim, 2016) Place The location of the Nail Bar also places a very important role in the success of the organization. The organization has to select the place that will be perfect for offering the services to the customers. The location of the organization should be selected on the basis of the crowd in that area. The targeted customers of the organization should have the facility of easy access to the services of the organization. In this aspect, it is important that the organization selects the most appropriate location to conduct their business. The NailBarthus,hastofollowtheseguidelineswhileselectingalocationforthe organization (Mulyana, Daryanto and Purwito, 2018). Competition Strategy The organization Nail Bar has to implicate the better strategies in their marketing mix elements that are better than its competitors. The competition strategy has the main focus on building a differentiation between the various competitors and the Nail Bar. This differentiation will help in displaying the attributes of the Nail Bar organization in front of the targeted customers. The competition strategy also includes the utilization of the various platforms effectively to stay ahead of the competitors due to the larger market the organization is catering too (Kim and Jeong, 2014). Marketing Objectives & Strategies Marketing Objectives The marketing objectives are different from the organizational objectives, but the main focus ofthemarketingobjectivesistheultimatefulfillmentofthebusinessobjectivesofan
Growing Nail Bar: Towards a Coherent Business Model12 organization. For an organization which is going to step in the market, it is important for the Nail Bar to work strongly on their marketing strategies as this will portray the first image of the organization in from of the customers. The marketing team for the Nail Bar has been selected on the basis of their expertise and their vast experience. The organization must get their staff regularly trained so that the organization can work forward to achieve their marketing and business objectives. The marketing objectives of the organization are- To create a brand awareness that makes the organization Nail Bar, one of the top 10 nail salons in the United Kingdom. The nail industry has received a lot of prominence in the last 10 years and it is an emerging industry. The market of this industry is increasing day by day. The organization Nail Bar has to create a brand name that is popular in the entire United Kingdom for all the right reasons. The marketing strategy should highlight the attributes of the organization that will help in attaining customers for the organization. The key aim of the marketing message of the organization is to convey in detail, but creatively the various services offered by the organization. The marketing message should be aimed at the targeted audience and the medium to deliver this message should be effectively chosen (Rayna and Striukova, 2016). The organization Nail Bar marketing approaches should help the organization in making profits that should consistently increase every month. The organization has to implement strategies that will increase the good mouth advertising for the organization and for that the marketing approaches should aim at forcing the customers to talk more about the organization.
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Growing Nail Bar: Towards a Coherent Business Model13 Segmentation Before stepping into the market it is very important to determine the market that the organization should focus on and this requires segmenting the market, according to the services that the organization is offering that are in sync with the needs and desires of a particular and a specified market segment. The organization can segment their market, according to the following basis. The organization Nail Bar should segment their market on the demographic basis. The organization Nail Bar thus, segments their market on the basis of age, income, family size, gender, occupation, education and the lifecycle of the family (Langer, Weidenthaler-Barth and Steinbrink, 2018). The organization targets both male and female for their nail care organization, as this is a unisex salon. The other demographic criteria that should be implemented by the organization is the age aspect and people from the age of 16 to 60 should be targeted by the organization. Positioning The positioning strategy of the organization will be derived in accordance with the segmented market that is selected by the organization. An effective positioning strategy has to be selected so that the message conveyed to the selected segment should have the maximum impact. The positioning strategy of the organization Nail Bar is based on the customer benefits and the product characteristics. The value proposition of the organization also lays a lot of emphasis on providingthecustomersauniqueexperience.So,thebestpositioningstrategyforthe organization Nail Bar is product characteristics and product differentiation. The organization has the main marketing and business objective to create a differentiation in the organization’s product from their competitor’s product when positioned against each other (Pate and Shimizu, 2015).
Growing Nail Bar: Towards a Coherent Business Model14 Targeting Thesegmentedmarkethastobetargetedbythestrategyofdifferentiation.The differentiation strategy will help in gaining customers who will be loyal to the organization Nail Bar, as they are offering better and unique services in comparison to the current competitors in the market. The targeting strategy should also highlight the factors of uniqueness that the organization is providing to the customers. The Nail Bar is not just offering manicures, pedicures, nail treatments, and artificial nail services. The organization is also offering nail accessories, women’s accessories, learning courses for aspiring nail artists and Henna tattoos and designs. The organization must highlight these unique services that the organization is offering to its customers and amongst them, the main trait that should be utilized more in the targeting strategy is the Henna designs as this is a very unique service which is hardly available in the entire United Kingdom (Lichter, 2011). Important Aspects of Launching an Organization Team Management For any organization to start or new business or to survive in today’s competitive market, it is important for the organization to encourage and utilize better approaches to team management. The organization Nail Bar has to handle the following aspects of keeping the team management in priority. The various aspects are- Selection of the team The organization has to select team members, who have the skills of working in unity and practice teamwork in their working styles. The organization also has to hire experts for their every department and the selection criteria for each member should be with an approach that the hired employee understands the meaning of teamwork.
Growing Nail Bar: Towards a Coherent Business Model15 Allocation of work to the team The allocation of the responsibilities in the team should be conducted on the basis of each team member skills and talents. The organization Nail Bar requires a manager who will ensure that all the team members are fulfilling their duties as assigned to them and should try to extract the best out of each team member (Solaimani and Bouwman, 2012). Conflict management in the team In a team, conflict can happen due to the diverse perspectives of each team member. The team manager has to ensure that no conflicts should arise in a team. If in case the conflicts emerge, then it is the duty of the team manager to try to resolve it as soon as possible (Mason, 2015) Encouraging the team to work appropriately. In the current world of high competition, every person wants to work for their own individualobjectives.For the organizationNail Bar, it isimportantto teach and encourage the staff to keep the group objectives above than the individual objectives. The team members should be explained the interrelationship between team objectives and individual objectives and how they are connected with each other (Singh, Veron-Jackson and Cullinane, 2008). Financial Needs FortheorganizationtheNailBar,itisveryimportanttoallocatethefinances accordingly, also the organization required sufficient funding for the launch of the organization. This includes the allocation of financial resources for establishing the organization in the market. The financial resources should be allocated according to the objective that is, to receive a sufficient return on investment. For the launch of the Nail Bar, the organization has to finalize
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Growing Nail Bar: Towards a Coherent Business Model16 the investment on various different aspects that are required for the launch of the Nail Bar in the market (Maulina and Sari, 2017). The organization has to think of cost effective approaches, as the setup of a new business requires a lot of investment and thus the finance should be handled appropriately. The organization has to allocate the finances on- A total budget that is needed for the launch of the nail salon in London. A specific budget has to be created for the liabilities of the organization (Simón-Moya and Revuelto-Taboada, 2016). A budget allocation should also include the expenses that will be incurred on the salon license and permits. The budget should also include the cost of location, furniture and other important interiors that has to be conducted in the organization. The budget should be covering the next six months location cost of the organization (Sorescu, 2017). The budget should allocate the amount that will be needed to include all the important and updated tools and equipment that will be required for the business (Pulido Polo, 2018). The organization also has to invest a huge amount in the marketing activities and this also includes the launching of an official website and a mobile application. The organization should also include the salaries of the employees for the initial three months in their budget plan. Also, a specific amount should be allocated for miscellaneous expenses that may emerge uncertainly during the launch of the organization (Stubbs, 2014).
Growing Nail Bar: Towards a Coherent Business Model17 Other Important Approaches As the organization Nail Bar is stepping into the market the organization needs to implement furthermore strategies that will help the organization in building a huge launch in the market. The organization has to include some smart approaches, which are- Theorganizationhastosendintroductorye-mailsandbrochurestoallthe stakeholders of the organization and request them to spread it forward so that the footfall in the salon at the launch day is very high (Moraitis, 2018). Theorganizationhastoutilizemediumslikenewspapers,radio,magazines, billboards, and pamphlets to inform more and more people about the launching of the Nail Bar in their neighborhood. The organization has to offer the customers with packages that should take into consideration the various income standards of the different market segment. The packages should be fulfilling the needs and desires of the customers and provide immense customer satisfaction (Taran, Boer and Lindgren, 2015). The organization has to promote the Nail Bar on various platforms and through various mediums. But the organization has to follow very aggressive strategies for promoting the organization on the internet. The internet marketing has achieved a lot of prominence in the last decade and thus it should be utilized by the organization effectively (Luca and Suggs, 2010). Nail Bar Business Model The business model that has been selected for the launch of the Nail Bar in the market is by AlexanderOsterwalder businessmodel. The business modelby Osterwalder helpsin analyzing and examining the various factors that help in better planning, for the launch of an
Growing Nail Bar: Towards a Coherent Business Model18 organization and also for the smooth functioning of the organization after the launch (Teece, 2017). This model highlights certain prescriptions that serve as the building blocks of the organizational activities. As the organization Nail Bar is going to be launched in the market the business model will enable the organization to make better marketing plans and strategic management (Karlsson and Honig, 2009). According to the business model by Osterwalder, the following aspects have to be covered. Key Partners The organization Nail Bar is a new business, so the organization will be needing a number of partners that can help with financial and resource aid to the organization. But after from the partners and the suppliers, the key partners of the organization are the customers who will be responsible for the success of the organization. The organization should aim at providing a great customer experience so that the key partners help in the development of the organization (Kadam, 2017). Key Activities The organization apart from providing high quality services of manicure, pedicure, nail treatments, Henna designs, and many other services, the organization needs to develop better customer relationships and this can be achieved by building a personal bond with the customer. The organization Nail Bar can build a personal bond by making the special days of the customers even more special by providing them with special discounts and greetings them with personalized gifts. The will make the customer feel special (Jiménez- Marín, 2018). Value proposition
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Growing Nail Bar: Towards a Coherent Business Model19 The main focus of the value proposition is to inform the customer about the services which the organization is offering. This should also highlight the services of the customer that are being fulfilled. The value proposition of the organization Nail Bar is “We value youforouruniqueservicesbecauseyouareworthit”.Thishighlightsthatthe organization main priority is the customers and they are delivering unique services to the customers. (Dominici, 2009) Customer Relationships The formation of customer relationships is the approach that will help the organization in earning huge revenues. The service industry runs on customer relationships and customer experience. If a customer receives good experience by any organization, then the chances of the customer to return to the organization are very high. Through this, the organization develops a good relationship with the customers. The customer relationships help in attracting more customers to the organization with good mouth advertising (Deng, 2009). Customer Segment The organization Nail Bar is targeting the customers that belong to the age group of 16- 60. Also, the organization is a unisex salon, so the Nail Bar is offering services to all the genders. The organization has also segmented the market on the basis of the income standards of the customers and thus the packages offered by the organization strictly follow these criteria of income level, so that each segment is targeted with a different approach. The organization is offering different nail styling that has been created on the basis of the different cultures throughout the world. The organization should also segment the market, according to the cultural heritage of each segment, this approach will help in including the people from different cultures that will increase the market size
Growing Nail Bar: Towards a Coherent Business Model20 massively. This is a very innovative approach that the organization should utilize, as this approach opens a lot of opportunities for the organization to increase their market size with a huge number (Davari and Strutton, 2014). Key Resources The organization is entering the market, so for the launch of the business, it requires a number of resources. These resources can be financial or non-financial, but they should be utilized effectively by the organization to create a solid brand image in the market. The organization should utilize these resources for better distribution strategies for the organization’s services (Dadashzadeh, 2011). Distribution Channel The organization Nail Bar has to select multiple channels that will help the organization in reaching to a wide range of customers. The channels selected by the organization should be easily accessible by the customers and they should force the customer to visit the Nail Bar. The organization Nail Bar can utilize direct and indirect distribution channels. In the direct distribution, which is very common in the service industry, the customer is directly provided with services from the producers. The organization Nail Bar is providing the customers with services of nail treatment and accessories that are directly distributed by the organization to the customers. The organization can also indulge in indirect services by providing the facility of home visits and also by achieving sales through the utilization of the internet and many other indirect channels. To make a mark in the market, it is important that the organization utilizes both the distribution methods in building a huge customer base (Athanasopoulou and Sarli, 2015). Cost Structure
Growing Nail Bar: Towards a Coherent Business Model21 For stepping up in a new business, there is a requirement for incurring huge investments in a wide range of activities. For the organization Nail Bar, the most investment that has to be incurred is on the marketing practices and the latest tools that are needed for providing high quality services. The expense on the marketing practices will be more before the organization launches and after launch expense will be reduced by a few percents, but the marketing cost has to be incurred effectively as to form an attractive image of the organization in the market (Allah Pitchay, 2012). Revenue Stream It is very important for the new organization to understand the customers and the competitors while deciding the prices of the product. The organization should be aware of the charges which the customer is ready to pay. Thus, the prices of the services in the organization Nail Bar should be selected in accordance with the prices which the customers are happily ready to pay. Also, if the organization is providing unique services, then it is the right of the organization to charge the customers in that context. There are different ways through which the revenue can be generated in an organization, so the Nail Bar should clearly understand the contribution of each revenue stream and utilize the most effective one more often (Abdullah, 2018). Conclusion All the proposed organizational and marketing strategy will help the organization Nail Bar in a powerful launch in the market. All the proposed strategies have to be implicated and regular monitoring of the strategies is necessary. The organization has to work forward toward fulfilling the organizational and marketing objectives that have been set by the organization. All these objectivescan be fulfilled only if there is proper financial management and team
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Growing Nail Bar: Towards a Coherent Business Model22 management in the organization Nail Bar. For the overall management of all these activities and for adding innovation in the organization at regular intervals the organization has the very effective business model of Osterwalder that will help the organization in categorizing and dividing the activities of the organization in sub-parts. This will help the organization to implement approaches that will be more effective in attracting customers and dealing with them on a more personal base. Also, the business model provides the organization Nail Bar with the facility of continuously improving which is the most important factor of development in any organization. The organization also has to work on team management in the organization and have to ensure that the conflicts that emerge should be handled logically and appropriately. The allocation of the finances should also be conducted appropriately as in the setting up of new business there are many uncertain expenses that may arise, so the organization should be able to handle such uncertainty easily and smoothly. References Abdullah,J.(2018).Islamicmarketingmix:istherearoleforIslamic-based strategies?.International Journal of Islamic Marketing and Branding, 3(1), p.15. Allah Pitchay, A. (2012). Marketing Mix from Islamic Marketing Perspective.SSRN Electronic Journal, 1(1), pp.15-50. Anggaredho, P. and Rokhim, R. (2017). Business Model and Bank Risk in Indonesian Islamic Bank.Asia Pacific Management and Business Application, 5(3), pp.124-136. Athanasopoulou, P. and Sarli, E. (2015). The development of new sponsorship deals as new business-to-business services.Journal of Business & Industrial Marketing, 30(5), pp.552-561.
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Growing Nail Bar: Towards a Coherent Business Model27 Appendix Business Model Canvas
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