MGMT20143 Think Big Project: Car Parking Business Model Innovation

This assignment solution presents a business idea focused on addressing car parking challenges by utilizing empty spaces in commercial buildings through a digital platform. The proposed business model involves liaising with building owners to rent out unused spaces, offering commuters a convenient way to book parking spots via a mobile application. The solution includes a business model canvas detailing key partners, activities, value proposition, customer relationships, and revenue streams. It also incorporates a feasibility analysis, assessing the strength of the business idea, industry-related issues, and market potential. The analysis concludes that the business is feasible and has great potential for mitigating parking problems in urban areas. Desklib is your go-to platform for accessing a wide array of study tools, including past papers and solved assignments.

THE CAR PARKING
INNOVATION
THINK BIG
(Portfolio 3)

The Problem
 Thousands of cars
which are increasing
daily in the city.
 Very less parking space.
 Daily commuters face
problem.
 They are relying on the
public transport like
Train and buses which is
very congested and
overcrowded especially
in office hours.

The Problem
 The Office goers
finds it increasingly
difficult to park
cars.
 Everyday increase
in number of cars
are creating
problems as the
parking spaces are
not increasing.

Benefits of Idea Generation
 A business idea of
commercial parking
by utilizing the
empty spaces of
commercial
buildings in city
through liaising
with building
owners and
providing them an
extra income for
unused spaces

Benefits of Idea
Generation
 This will
immediately
address the
problem of car
parking.
 Owners of empty
spaces will start
having income.
 The car owners will
be relieved.

Benefits of Idea
Generation
 This can be done through digitalization by
incorporating mobile application in which
building owners can rent their spaces
even for the single day, weekly or
monthly
 For the commuter’s side, they can book a
space for parking from home which will
save their time and money

Possibility
 There are thousands of
car unutilised in Sydney
with 35% of Sydney
households having two
cars.
 In this scenario, this
business planned to rent
those unutilised vehicles
to the people who want to
drive car for short
periods.
 This business idea
provides the insurance for
vehicles and accident.

Business Model
Key Partners Key Activities Value Proposition Customer Relationships Customer Segments
i. Space Availability
ii. Car Parking
iii. Maintaining
Relationship between
Building Owners
i. Customer Support
ii. Insurance Policy
Key Resources Channels
i. Manpower
ii. Customers
iii. Software engineer
iv. Platforms and
building sites
i. Website
ii. Social Media
BUSINESS MODEL CANVAS - Car Parking Model
Revenue StreamsCost Structures
i. Mobile application
ii. Vehicle insurance
iii. Affordable price
iv. Mobile application
i. Business People
ii. City Commuters
i. Manpower
ii. Offi ce setup
iii. Operation Cost
iv. Human Resources
i. Car Parking
ii. Car Renting
iii. Building Contracts
i. Real state Agencies
ii. Building owners
iii. Car owners
iv. Software Technologists
v. Stakeholders

Critical success factors
 User Friendly Website and Mobile
application
 Providing Insurance to the Vehicle
 Acknowledgement of Customer
Feedback


Feasibility Analysis
 The feasibility of innovative car parking model in
city areas is checked through five different
parameters which is analysed below by providing
the score.
 The strength of business idea receives total score
of +1 by evaluating the five sub topics under this
heading
 The industry related issues is analysed through 5
different sub headings which in a total score +2
which means it is highly potential business idea.
 There is a highly potential of targeting Market and
Customer related issues which get a sore of +3.

Feasibility Analysis

Feasibility Analysis