This document provides an in-depth analysis of Water Festival Malaysia, including customer segments, value proposition, channel, customer relationships, key resources, key activities, key partners, cost structure, and revenue streams.
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Running head: WATER FESTIVAL MALAYSIA Water Festival Malaysia Name of the Student Name of the University Author Notes:
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1WATER FESTIVAL MALAYSIA Table of Contents 1. Customer Segments.....................................................................................................................2 2. Value Proposition........................................................................................................................2 3. Channel........................................................................................................................................2 4. Customer Relationships...............................................................................................................3 5. Key Resources.............................................................................................................................3 6.Key Activities...............................................................................................................................4 7. Key partners.................................................................................................................................5 8. Cost structure...............................................................................................................................6 9. Revenue streams..........................................................................................................................6
2WATER FESTIVAL MALAYSIA 1. Customer Segments Theauthoritiesofthefestivalhavecreatedaparticularsegmentinmindwhile formulating the initial plan for the festival. The segment that the management of the festival targeted were based on two types of segmentation. The market was segmented on the basis of geographical border and behavioural approach of the people who are likely to get exposed to the event. By segmenting the market on geographic and behavioural basis, the market festival aims to create value for the people who have affinity for travelling and enjoying leisure. All the customers that is the guest visiting the festival are important, however, the foreign tourist are the important customers of the festival. 2. Value Proposition The aim of every organisation is to create value for the stakeholders (Craneet al.2014). The water festival helps in creating value for the customers by ensuring that the guests of the festival leave with favourable experiences when they leave the festival. It has been found that most of the people of Malaysia are subject to gruesome work routines (Liuet al. 2016). Thus, the organisation has been able to identify that they latter need relief from their regular schedules. Thus, it is helping in solving the problem of stress and anxiety that are associated with the jobs. By the help of the festival, the latter are being supplied with leisure services, such as water rides, food, drinks and most importantly interaction with the fellow guests who visit the festival. The guests of the festival are offered different prices for the tickets depending on which the nature of the services are determined.
3WATER FESTIVAL MALAYSIA 3. Channel Since, the festival offers services and is not product based, there exists no distribution channel as such. As the ultimate offering of the festival are services, there is absence of a one or a two tier distribution channel. The services can be availed by the guests once they visit the Penang National Parks and the Pangkor Island. The nature of services will depend on the prices of the tickets at which the tickets will be offered to the guests. Since majority of the portion of the guests are students and teenagers, the tickets that are meant for them are the most cost efficient. The tickets that are priced most aggressively as they provide the maximum amount of value to the guests. 4. Customer Relationships Theaimofeverycompanyisto createhealthyrelationshipswith thecustomers (Khodakarami and Chan 2014). The Water festival has developed a business model which is highlycustomeroriented.Theservicesoffervaluetothecustomersthroughwhichthe organisationexpectstoformulatehealthyrelationswiththecustomers.Thenatureof relationships have been formulated by keeping in mind the long term sustainability of the organisation. The latter offers to aim the value and services filled with leisure. They provide valueformoneyserviceswhichhelpstheguestgainfreedomfromstressandanxiety, furthermore, it also helps them in formulating and creating relationships with one another. Regardless of the nature of the services, the prices of the tickets do not affect the nature of services. In order to maintain the established relation with the guest the company intends introduce more flexibility to the services as the same determines the values that have been established by the business model of the company.
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4WATER FESTIVAL MALAYSIA 5. Key Resources The resources that are incorporated into the business model of the company can be segregated into physical resources, intellectual resources, human and financial resources. 1.Physical resources: The physical resources that are require by the organisation in order to offer their services to the guest of the festival are the slots that are required for organising the festivals on a weekly basis, the adequate supply of water, the tents that are required for offering the refreshments to the guests, vending machines for the drinks, bars, food stalls, medical facilities and washrooms, changing rooms and guest accommodation centreswhicharekeyrequirementformaintainingthecustomerrelationshipand distribution channel and the revenue streams. 2.Intellectual resources: These fall under the intangible assets that are required by the company. The innovative ideas, the patents and the goodwill that the company has earned over the years of providing the services. These are essential for the value propositions. 3.Human resources: The volunteers and the service providers who deal with the guest are the human resources that are needed by the operation of the festival. The employees of the organisation are the human resources (Noeet al. 2017). Such resources the key requirements of the distribution channel and the customer relationships. 4.Financial resources: The nature of operation of the business is through bank loans and sponsorships. There are negative balances associated with the operations of the company. The revenue that is generated by the business is used to pay of the outstanding debt.
5WATER FESTIVAL MALAYSIA 6.Key Activities Key activity are business exercises that incorporate any action occupied with the main role making a benefit. This is a general term that incorporates all the monetary exercises did by an organization during business (Jane M. Wiggins ,2010). Event allocating and booking: Before carrying any planning, event allocation and booking must be completed first. This activity must be done to ensure that there are locations available for the event to be carried on. If the company are unable to make booking on a location, this will cause a huge delay or even a cancellation on the event that will the company a lot of money. This will lead to unsatisfied customers that will result in loss of customerss (Murray and Scuotto 2016). Layout planning:Layout planning is carried out to arrange the stations such as games stations, food booth, and storages to optimize the space available and to make all the stations convenient and give easy access for the customer. Having an organized layout will make the set-up more efficient and help keep track of everything. Event setup:Maintenance are done before and after every event. This is to ensure that all equipment is in good condition and could be used for the next event. This could also help to avoid any future problems and cancel any delay. By performing constant maintenance, the organisation can keep tract of the needs of the business. Post mortem: This process will incorporate reflection after the service every year. The aim of this process is to check the processes that went well and the processes that have to be improved. 7. Key partners The key partners of the business are the owners of the company, the suppliers, the transporters, the entertainment partners and the advertisement partners.
6WATER FESTIVAL MALAYSIA The key suppliers are the supply partners from whom the food and drinks are sourced. They are the most important supplier as the latter form an essential part of the services the festival. The key resources that are being acquired by the partners, are capital, food and drinks supply, music and entertainment facilities and advertisement expertise. The key partners of the business are the major contributors to the sustainability of the business in the future. 8. Cost structure Expenses: The key expenses are the coststhat occurs as part of a company's operating activities during a specified accounting period (Zafaret al.2013). In this case, Canopy, plastic water tank, and game stations, PA system are all onetime purchases and does have to be purchase anymore, unless it is damage and have to be replace. The canopy will be used to protect the vendors or stations from the rain and the heat of the sun. The plastic water tanks will be used to store the waters that the customers as they will be playing with water and the game stations would be extra activities that the customer could enjoy during the event. The PA system will be used to play music. Ticket printing, Location booking, advertisement, man power, and entertainment needs the expenses annually for every event. The location booking expenses have been identified as the costliest expense of the business over the past month. The second costliest expenses are the expenses for the PA systems and the later have been also identified as the most expensive activity that is undertaken by the company. 9. Revenue streams The company offers services to the customer at various price ranges as a result of which they are considered flexible by the guest of the organisation. The range of services which are
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7WATER FESTIVAL MALAYSIA available for the guests help in making flexible ticket prices for the customers. The guest who are willing to utilise a particular service can opt for that particular service rather than choosing the service that is not useful for them. They aim the festival is too offer value to the customers, thus flexibility is one of the biggest contributors to the viability of the services of the company. The customers are willing to pay for the services which is deemed to be most suitable for them. The customers pay for a range of services, such as gaming booths, water rides facilities, music, entertainment, food, drinks and various other services. The guest of the festival who wish to avail the services book the services online and through call. They can pay with cash once they visit the festival grounds. Credit card are also accepted by the festival. It has been found that some customers are willing to pay later rather than at point of purchase of the tickets. Thus, the same is supposedly in the plan of the authority who are behind the establishment of the revenue streams of the services. The revenue streams of the festival are the major contributors to the overall revenue.
8WATER FESTIVAL MALAYSIA REFERENCES Crane, A., Palazzo, G., Spence, L.J. and Matten, D., 2014. Contesting the value of “creating shared value”.California management review,56(2), pp.130-153. Khodakarami, F. and Chan, Y.E., 2014. Exploring the role of customer relationship management (CRM) systems in customer knowledge creation.Information& Management,51(1), pp.27-42. Liu, Y., Wu, L.M., Chou, P.L., Chen, M.H., Yang, L.C. and Hsu, H.T., 2016. The influence of work‐related fatigue, work conditions, and personal characteristics on intent to leave among new nurses.Journal of Nursing Scholarship,48(1), pp.66-73. Noe, R.A., Hollenbeck, J.R., Gerhart, B. and Wright, P.M., 2017.Human resource management: Gaining a competitive advantage. New York, NY: McGraw-Hill Education. Zafar, S.Y., Peppercorn, J.M., Schrag, D., Taylor, D.H., Goetzinger, A.M., Zhong, X. and Abernethy, A.P., 2013. The financial toxicity of cancer treatment: a pilot study assessing out-of- pocket expenses and the insured cancer patient's experience.The oncologist,18(4), pp.381-390.
9WATER FESTIVAL MALAYSIA BIBLIOGRAPHY Alexander Osterwalder, Yves Pigneur, Alan Smith, Greg Bernarda, Patricia Papadakos (2014) “Value Proposition Design”, Wiley. Baker, M.(2003) “The Marketing Book, 5th ed", Oxford, Butterworth-Heinemann. Colin J Holocombe (2013) "eBusiness a complete text:Research and Planning”, Adams Media. Han-cong DUAN(2013) “Distributed business deployment platform based on service-oriented architecture” ,Journal of Computer Applications, Vol.12 No.10. pp.29-62. HowardH.StevensonandJ.CarlosJarillo(2007)"AParadigmofEntrepreneurship: Entrepreneurial Management", Strategic Management Journal, Vol. 11, Special Issue: Corporate Entrepreneurship. pp. 17-27 Hsin-chun Tasaw Lu (2008) "Negotiating Ethnicity: Burmese Chinese Migrants in Taiwan" Journal of Burma Studies, Vol.32 No.8. pp.2342-2345. Jane M. Wiggins (2010) “Key Activities in FM Premises and building management. Law,J. (2009) "ADictionary of Business and Management, 5th edition",Oxford University Press. NapoleonCat(2017),RetrievedfromNapoleanCat.com Https://napoleoncat.com/blog/en/instagram-user-demographics-in-malaysia-april-2017/ Pamela Hudadoff (2009)“The Customer Value Proposition”, Applied Product Marketing LLC
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11WATER FESTIVAL MALAYSIA Keane, S.F., Cormican, K.T. and Sheahan, J.N., 2018. Comparing how entrepreneurs and managers represent the elements of the business model canvas.Journal of Business Venturing Insights,9, pp.65-74. Breuer,H.andLüdeke-Freund,F.,2017.Values-basednetworkandbusinessmodel innovation.International Journal of Innovation Management,21(03), p.1750028. H2OJunky2019.H2OJunky,LLC-Home.[online]H2OJunky,LLC.Availableat: https://h2ojunkyllc.com/?olsPage=products [Accessed 2 Apr. 2019].