Business Idea Development: Business Model, Success & Feasibility

This report outlines a business idea centered on disposable baby bibs, addressing the need for convenient and hygienic solutions for parents. The report details the benefits of the product, including reduced laundry and enhanced baby hygiene. A business model canvas is proposed, highlighting key partners, activities, resources, value propositions, customer relationships, channels, customer segments, cost structure, and revenue streams. Critical success factors such as marketing strategy, customer needs, product differentiation, market research, technology utilization, and risk management are discussed. The feasibility analysis indicates positive cost-benefit outcomes, with the business expected to achieve break-even within the first year and maintain a positive net present value, suggesting long-term sustainability. The report concludes that the business idea is viable and offers potential for significant profit and market success. Desklib provides students access to similar documents and solved assignments.

Running head: THINK BIG
Think Big
Name of the Student
Name of the University
Author Note

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Table of Contents
Introduction................................................................................................................................2
Overview of the business idea....................................................................................................2
Benefits of the idea.....................................................................................................................3
Proposed business model canvas...............................................................................................4
Critical success factors...............................................................................................................4
Feasibility of the idea.................................................................................................................6
Conclusion..................................................................................................................................7
Reference List............................................................................................................................8

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Introduction
Most of the parents in the recent world have to carry their babies when they are
catching a flight or are in an office meeting. The major challenge for them is that they have to
look after their children in a proper manner so that they can look clean. It is therefore
important for the parents to use baby bibs so that it can keep the baby healthy and clean. The
baby bib that will be designed recently will serve the purpose of keeping their children clean
as well as the parents do not have to carry many clothes for changing their baby (Zhao,
2013). The main aim of this report will be to provide an idea in business and the benefits that
the product will have along with the business canvas model and the success factors. The
report will also provide the idea feasibility as well as the recommendations for the product.
Overview of the business idea
The use of baby bibs is increasing within the industry and the major challenge that is
being faced is that it has to be cleaned on a constant manner. This has resulted in carrying
more number of clothes by the parents and also ensure that they are being cleaned every time
on a periodic manner. The idea of making these baby bibs will therefore help the parents in
not carrying too many clothes, which is an effective solution for them as well as ensure that
the children are clean (Schnitzlein & Haralambopoulos, 2014). The bibs will come in small
sizes so that it can decrease the weight of the luggage when the parents are travelling with
their children. Most of the materials that will be required for the baby bibs can be sourced
directly from the stores that are available locally so that it can be modified and used in the
new baby bibs. This will result in decreasing the level of cost of the business, as the funds can
be sourced directly from the fundraisers and the product can be supported through the various
financial institutions that are present in the area (vorn Hofe et al., 2017).

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Benefits of the idea
The use of baby bib also help in providing many benefits, as it can be disposed of
after being used. It also helps in keeping the children clean, as it is very difficult for the child
to understand what they are doing. This is due to the fact that their habits of feeding is
different from that of the adults and they tend to spill their food on the clothing materials as
well. The baby bibs that are disposable in nature will help in maintaining the level of
cleanliness of the children, as it can be disposed at an easier rate without cleaning it
(Zuccarello, 2014).
Another major benefit that the use of disposable baby bibs provide is that the parents
do not need to carry the extra clothes for their children. It has been seen that the parents carry
almost 4 to 5 clothes on a daily manner so that it can help in cleaning the child as well as
disposing the materials. This is due to the fact that the child needs to be provided with
frequent meals, which will damage the clothes and needs to be changed on a frequent manner
(Monoson & Monoson, 2017). The new baby bibs are light and can be disposed, which will
help the parents in reducing the chances of carrying bulk materials. The other benefits of
using this baby bibs are as follows:
 It will help in protecting the baby from skin rashes as well, as the food will not come
in contact with the skin of the child
 It is cost-effective as well due to its cheap price
 It will also protect the babies from getting their clothes stained due to the overspill of
food (Morgan et al., 2015)

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Proposed business model canvas
Key Partners
The company will
be partnering with
local stores so that
the materials can
be priced at a lower
amount
Key Activities
The use of the
product will help in
keeping the baby
clean by ensuring
that the parents do
not have to carry
extra clothes in
keeping their babies
clean
Value Proposition
It will help in
increasing the level
of loyalty among the
customers, as the
product will be
beneficial in keeping
their child safe
Customer
Relationships
The product is
user-friendly in
nature and will
help the customers
in maintaining a
direct relationship
with the company
due to the sales and
marketing
techniques
.
Customer
Segments
The major
customers of the
company will be
the parents who
have children aged
between 2-9
months and are
frequent travelers
in flight
.
Key Resources
The company will be
using the advanced
technologies so that
it can help in
improving the
service provisions
Channels
The company will
be advertising its
product through the
social media as
well as the print
media
Cost Structure
The price of the product will be $30 per packet, which is
nominal. It has to be paid by the customers so that they can
purchase it. This will also provide the opportunity to the
company in generating the funds that will be required in
carrying out its operations
Revenue Streams
The major revenue of the company will be the
amount that the customers will pay for
purchasing the product. This will help in
increasing the revenue of the company as well
Critical success factors
The major factors that will help the product to be successful in the market are as follows:

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Proper strategy in marketing
It is important for the company to market the product in a proper manner so that its
reach can be maximized within the customers. The products will be advertised with the help
of posters and billboards so that it can spread more information regarding the product that is
being provided by the company. This style of marketing will allow the company in gaining
more level of popularity among the customers as well (Bollig, 2015).
Customer needs to be met
It is very essential for the brand to ensure its popularity so that it can be successful in
the market. It is also essential for the company to meet the needs of the customers. This will
help the company in understanding the choices of the customers so that it can help in
increasing the level of purchase. This will also help in increasing the level of production for
the company so that the level of profit can be increased as well (Leung & Su, 2014).
Differentiation of product
The product that will be provided by the company will be highly differentiated in the
market due to the fact that it can help in keeping the children safe from skin rashes and the
parents do not have to bear the burden of carrying extra clothes for their wards. It will also
help in providing overall protection to the babies when they will eat their food (Rimmer,
2017).
Market research
The company needs to do a proper research of the market so that it can help in
understanding the needs of the customers. This will ensure that the company does not face a
loss while manufacturing baby bibs. The company will also gain a competitive advantage

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over the rival firms that are operating in the market so that it can ensure its success (Martinez
& Abedin, 2014).
Use of latest technology
The company will be using the latest technologies so that it can help in increasing the
level of production of the firm. This will also help in keeping the cost of production to a
lower level; so that the profit level can be increased as well. The latest technologies that will
be used by the company will also provide in sourcing the local materials and transforming the
products in to a finished product. It will also help in increasing the level of trust among the
customers as well (Davidson, 2018).
Controlling the risk
The use of the new business idea will also attract large amount of risk that the
company needs to mitigate so that it can be sustainable with its business operations. The
contingency plan needs to be developed by the company in a proper manner so that any risk
in relation to technology can be mitigated at a faster rate (Bollig, 2015).
Feasibility of the idea

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The feasibility for the company has come to be positive, which shows that the Cost-
Benefit Analysis (CBA). The point of break-even for the company will be achieved by the
company within the first year of its operation. Moreover, the Net Present Value (NPV) will
also remain positive for a consecutive number of years, which shows that the business will be
sustainable in nature in the future as well.
Conclusion
The analysis that has been done above shows that the business will be sustainable in
nature and the profit levels of the company will also increase to a greater level. The idea of
the business will also be positive in nature, as the company can earn better level of benefit by
operating in the market.

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Reference List
Bollig, C. J. (2015). U.S. Patent Application No. 29/445,300.
Davidson, S. (2018). U.S. Patent Application No. 15/648,195.
Leung, K., & Su, N. (2014). U.S. Patent No. 8,683,614. Washington, DC: U.S. Patent and
Trademark Office.
Martinez, W. P., & Abedin, S. J. (2014). U.S. Patent Application No. 13/791,487.
Monoson, V. A., & Monoson, R. (2017). U.S. Patent Application No. 29/567,037.
Morgan, H., Hoddinott, P., Thomson, G., Crossland, N., Farrar, S., Yi, D., ... & Rothnie, K.
(2015). Benefits of Incentives for Breastfeeding and Smoking cessation in pregnancy
(BIBS): a mixed-methods study to inform trial design.
Rimmer, A. (2017). Sixty seconds on... baby boxes. BMJ: British Medical Journal (Online),
358.
Schnitzlein, A. M., & Haralambopoulos, C. (2014). U.S. Patent Application No. 14/169,873.
vom Hofe, M., Samulewicz, C., Heix, S., & Ruffer, S. (2017). Retailers’ Resistance Towards
Radical Innovations in the Baby Nutrition Market—An Empirical Study: An Abstract.
In Creating Marketing Magic and Innovative Future Marketing Trends (pp. 911-912).
Springer, Cham.
Zhao, Y. (2013). Development of Free Gift Based on People-Oriented Concept.
In Proceedings of 2012 3rd International Asia Conference on Industrial Engineering
and Management Innovation (IEMI2012) (pp. 159-167). Springer, Berlin, Heidelberg.
Zuccarello, J. (2014). U.S. Patent No. 8,881,312. Washington, DC: U.S. Patent and
Trademark Office.