MN5W50QA: Iteration & Reflection on Business Model Canvas Project

This report presents a detailed iteration of the Business Model Canvas (BMC) for the MN5W50QA Creating a Winning Business module. The business idea centers around Wooden Street, a venture focused on crafting high-quality, customizable wooden furniture using rare and expensive woods, targeting an elite customer segment. The initial BMC version identifies key partners like Timberbel and Janus Henderson, key activities including raw material sourcing and manufacturing, and a value proposition emphasizing customizable products. Marketing strategies focus on social media and a comprehensive marketing mix. Subsequent iterations refine the BMC by incorporating feedback, such as securing funding from HSBC, introducing marketing activities earlier in the process, expanding the target market to include middle-class customers, and sourcing fabrics globally to enhance product quality. The report also includes reflections on the business idea, assumptions, and the learning process, highlighting the importance of innovation and market demand understanding. This document is available on Desklib, where students can access a wealth of solved assignments and study resources.

MN5W50QA - Creating a Winning Business
Project 2 Workbook
Business Model Canvas - Iteration and Reflection
Student d type hereI : [ ]
ecturer type hereL : [ ]
Submission Date type here: [ ]
NOTES
1. ou should stick toY one page for each of the parts o achieve this you may reduce the font size if needed no smaller then and you can delete the. T , ( 8)
guidance words in italics
2. Make full use of the uide questions in italics in the orkbookG W
3. or VersionsF 2 and 3 of your MCs youB – ONLY need to show the changes from the previous version
n the bo below please e plain inI x , x simple terms your business idea Ma imum of, . x 100 words
ageP 1
Business idea:
ooden street is new venture ready to serve fi nest and quality wooden work and wooden furniture this company will be using rare andW ,
e pensive woods to make furniture ooden street is focusing on starting innovative furniture manufacturing where customer can customizex . W
their furniture according to their need sing best wood and with the best design this company will reach elite customer segment but. U ,
before reaching customer it is important to reach investor and key player which will be involved in the process ooden street is ready to. W

usiness Model Canvas Version nitial dea Ma imum words for the pageB 1: I I ( x 400 )
Cost Related Revenue Related
Key Partners
ho are our ey partnersW k ?
ho are our ey suppliersW k ?
hich ey resources ill ourW k w
partners provide hich ey? W k
activities ill our partners performw ?
ype hereT :
ooden street aim toW
include certain partners,
these are:
ood provider oodenW : W
street will be considering
imberbel for providing rawT
material such a wood ti mber,
and fi ne bark of trees.
rivate investor oodenP : W
street will be seeking private
investor for sufficient supply of
funds to business operation.
or e ample anusF x ; J
enderson will be investing inH
the idea.
Key Activities
hat ey activities do our valueW k
propositions re uire in order toq
produce mar et and deliver them, k ?
hat a out channels customerW b ,
relationships different revenue,
streams?
ype hereT :
ooden street will beW
performing key activities which
allow them to become stable
in the market there are,
three main activity these are, ;
Initial activity: ind the bestF
raw material skilled human,
workforce and enough
investment which make the
process start.
Secondary activity:
erforming manufacturing ofP
raw material into fi nish goods
and service including,
operation and production
machinery.
Final activity: Distributing fi nal
product to store and
channels and performing
marketing to distribute these
fi
nal products to the end user.
Value Propositions
hat value do e deliver to theW w
customer hich of our? W
customer s pro lems are e’ b w
helping to solve hich customer? W
needs are e satisfyingw ?
ype hereT :
he product of woodenT
street will going to meet
e pectation of the customerx
because customization is key
value propositions of the
company there are certain,
area of uniqueness which
will be covered with the
product range of the
ooden street these areW , :
Customizable product: hisT
is one of the most valuable
and innovative concept
available with oodenW
street where customer can
fully customize their product
according to their need in
affordable price range.
Marketing & Sales
Communication
Ho ill e raise a areness ofw w w w
our products and services ith ourw
target customer segments hat? W
messages or offers ill create desirew
and interest Ho ill those? w w
messages reach our potential
customers e g ace oo ads? . . F b k
ype hereT :
ooden street will beW
focusing on running
advertisement campaign on
acebook ads and oogleF G
adword using different,
channels marketing will cover,
some important area these,
are:
Reach target audience: ithW
the help of social media,
ooden street will reachW
target audience social media,
profile and understanding
customer desire will be used
as keywords to make
campaign effective.
Marketing mix: sing eachU
element of the marketing mix,
ooden street will beW
focusing on making their
marketing effective and covering
every important element.
Customer Segments
or hom are e creating valueF w w ?
ho are our most importantW
customers?
ype hereT :
ooden street will beW
targeting audience in niche
market where segmentation
will be done of the basis on
some point these are, :
Income level: nly eliteO
customer will be targeted in
the marketing segmentation,
will be done on the basis of
income level where high
class or wealthy individual
will be targeted.
Occupation level:
nderstanding occupationU
level this company will,
target audience who have
stable occupation level which
means either professional or
businesses themselves will
reach ooden street forW
product demand.
Key Resources Product & Service Delivery
ageP 2

usiness Model Canvas Version nitial dea Ma imum words for the pageB 1: I I ( x 400 )
hat ey resources do our alueW k V
Propositions re uire e g physicalq . . ,
intellectual human fi nancial hat, , ? W
resources do our channels,
revenue streams customer,
relationships re uireq ?
ype hereT :
ooden street is newW
venture which means certain
resource will be required in
the process these are, :
Human resource: Skilled
employee including wood
man and other designer who
carry skills to manage such
operation only talent will be,
hired in the company to
maintain the quality of the
fi
nal product.
Financial resource: his isT
key element in the new
venture ooden Street will, W
be focusing on working
capital from either bank loan
or reaching potential investor.
Channels
Ho ill customers purchase andw w
receive the product or service?
hat a out after sales support e gW b . .
returns here ill the mar eting? W w k
communication direct customers to?
ype hereT :
ooden street will beW
delivering their product with
the help of certain delivery
channels these are, :
Wholesalers: roduct ofP
ooden street will beW
delivered through
wholesalers where they will
be provided with basic price
of product however they can
not change the product
price.
Direct delivery: his is one ofT
the most important where
ooden street will not beW
using any middle man or
middle channel to deliver
their product they will focus,
on direct distribution.
Cost Structure
hat are the most important costs inherent in our usiness model thin a out fi xed andW b ? ( k b
varia le costs hich resources and ey activities are most expensiveb ). W k ?
s the usiness model more cost driven helping the customer save money or value drivenI b ( ) ?
s there an opportunity for economies of scaleI ?
ype hereT :
Revenue Related
hat value are our customers illing to pay for hat are they paying no Ho do theyW w ? W w? w
currently pay and ho ould they prefer to pay Ho much does each possi le revenuew w ? w b
stream contri ute to overall revenue Ho might e price this product or service e gb ? w w . .
su scription fi xed or varia le pricing pay in advance PayPalb , b , , ?
ype hereT :
ageP 3

usiness Model Canvas Version nitial dea Ma imum words for the pageB 1: I I ( x 400 )
Costing is important process in the business ooden street will be calculating, W
cost on the basis of profitability there are certain area where cost will be,
high these are, :
Setting manufacturing plant: his is most costly move where ooden streetT W
need to have sufficient budget to make this plan successful.
Hiring skilled worker: ages and salary will be another resource which willW
be costly and might impact company and their future projection.
Revenue is important element ooden street will be focusing on those, W
channels from where revenue might occur these are, :
Direct pay Revenue might arrive with the help of direct pay where customer:
will be paying directly to the business
Explain the history behind your idea:
his idea was developed by e amining current market demand in decoring aT x
home it is very clear that furniture need to meet demand of customer,
which means the best way is customizable furniture allowing customer to
make their own his idea was crafted after understanding the market and. T
demand customer are demanding innovative product with uniqueness in the,
product.
nd of pageE 2
ageP 4

usiness Model Canvas Version Reflection Ma imum words for the pageB 1: ( x 400 )
Explain the history behind your idea: e g ho did you come up ith the idea hy. . w w , w
do you thin it ill e successful hy do you thin you are the right person tok w b ? W k
develop this idea?
ype hereT :
his idea was developed by e amining current market demand in decoring aT x
home it is very clear that furniture need to meet demand of customer,
which means the best way is customizable furniture allowing customer to
make their own his idea was crafted after understanding the market and. T
demand customer are demanding innovative product with uniqueness in the,
product.
Reflection: hat do you understand y the term reflectionW b ‘ ’? hat is an actionW ‘
learning set and hy might it e more effective than individual reflection’ w b ?
ype hereT :
was nervous with start of this business plan because there is high risk inI
the market due to competition business might fail Reflecting upon my, , .
e perience in the module and starting this business this was helpful as thisx ,
allowed me to learn new things his business plan include high risk and high. T
level of uncertainty where failure of whole business can be seen.
Assumptions: hat are the main assumptions ehind your usiness idea Ho couldW b b ? w
you test those assumptions?
ype hereT :
ooden street was started on some of the main assumption which need toW
be fulfilled these are, :
nnovation his is one of the main assumption set where innovation will beI : T
delivered with product and service.

usiness Model Canvas Version nitial dea Ma imum words for the pageB 1: I I ( x 400 )
nd of pageE 3
ageP 6

usiness Model Canvas Version After the itchB 2: P (just provide changes since last version Ma imum words for the page) x 400 .
Cost Related Revenue Related
Key Partners
ho are our ey partnersW k ?
ho are our ey suppliersW k ?
hich ey resources ill ourW k w
partners provide hich ey? W k
activities ill our partners performw ?
ype hereT :
t has been identified that the fundsI
the e isting investors are providingx
to the organization are not sufficient.
herefore the organization willT ,
fi
nance its manufacturing process
by taking funds from S C bankH B .
Key Activities
hat ey activities do our valueW k
propositions re uire in order toq
produce mar et and deliver them, k ?
hat a out channels customerW b ,
relationships different revenue,
streams?
ype hereT :
arlier there were noE ,
arrangements for the purpose
marketing and promoting the
products within the market.
herefore the organization hasT ,
taken steps to introduce marketing
and development activities just after
secondary activities.
Value Propositions
hat value do e deliver to theW w
customer hich of our? W
customer s pro lems are e’ b w
helping to solve hich customer? W
needs are e satisfyingw ?
ype hereT :
arlier the organization was onlyE ,
focusing on the idea of providing
customizable furniture with the
available resources of the
company but now the company, , ,
will provide the customers with
the facility of providing the
customers with furniture with the
resources and customizations that
they are not available within the
company.
Marketing & Sales
Communication
Ho ill e raise a areness ofw w w w
our products and services ith ourw
target customer segments hat? W
messages or offers ill create desirew
and interest Ho ill those? w w
messages reach our potential
customers e g ace oo ads? . . F b k
ype hereT :
he wooden street will also adoptT
the strategy of email marketing his. T
will help the company in sending
personalised emails to the
customers and influence them into
purchasing the products within the
company.
Customer Segments
or hom are e creating valueF w w ?
ho are our most importantW
customers?
ype hereT :
arlier the organization was onlyE ,
targeting the customer that belongs
to the category of high class
people but now the company will,
target the middle class income
group too by providing them with
affordable products.
Key Resources
hat ey resources do our alueW k V
Propositions re uire e g physicalq . . ,
intellectual human fi nancial hat, , ? W
resources do our channels,
revenue streams customer,
relationships re uireq ?
ype hereT :
he organization will source fabricsT
from different parts of the world in
order to enhance the quality of the
products provided and increase
the satisfaction level of the
customers.
Product & Service Delivery
Channels
Ho ill customers purchase andw w
receive the product or service?
hat a out after sales support e gW b . .
returns here ill the mar eting? W w k
communication direct customers to?
ype hereT :
he products will be available toT
the customers via online platforms.
he customers will have theT
opportunity to return the unused
products to the company within a
ti
me span of days of buying the10
same.
Cost Structure
hat are the most important costs inherent in our usiness model thin a out fi xed andW b ? ( k b
Revenue Related
hat value are our customers illing to pay for hat are they paying no Ho do theyW w ? W w? w

usiness Model Canvas Version nitial dea Ma imum words for the pageB 1: I I ( x 400 )
varia le costs hich resources and ey activities are most expensiveb ). W k ?
s the usiness model more cost driven helping the customer save money or value drivenI b ( ) ?
s there an opportunity for economies of scaleI ?
ype hereT :
mploying designers with specialised knowledge in interior decoration nd knowledge ofE
fabric in order to manufacture the product.
currently pay and ho ould they prefer to pay Ho much does each possi le revenuew w ? w b
stream contri ute to overall revenue Ho might e price this product or service e gb ? w w . .
su scription fi xed or varia le pricing pay in advance PayPalb , b , , ?
ype hereT :
he organi ation ill e receiving payments from the customers from online as ell as theT z w b w
offline channels of payment.
nd of pageE 4
ageP 8

usiness Model Canvas Version Reflection Ma imum words for the pageB 2: ( x 400 )
Pitch: Ho did you prepare for your pitch hat ent ell or not so ell hatw ? W w w w ? W
have you learnt from the experience?
ype hereT :
efore proceeding with the development of the pitch researched the market withB , I
respect to my roduct ith the help of the research tried to determine theP . W , I
issues faced by the customers within the market and tried to develop the product
while keeping in my mind the needs and wants of the customers made use of. I
comprehensive language within my pitch so that the investors could easily
understand my business plan also tried to determine the need of fi nances that will. I
be required in order to manufacture the products and the suppliers from where we
can avail the resources in order manufacture the product ven though tried my. E , I
best to determine the cost associated with the manufacturing of the product but I
found it difficult to analyse the cost associated with the manufacturing of the product
within the market.
Assumption Testing: Ho have you tested the main assumptions ehind your ideaw b ?
Ho has your usiness model canvas een updated and changed and hyw b b w ?
ype hereT :
arlier within the fi rst model we divided the key activities into three parts hey wereE , , . T
initial activity secondary activity and fi nal activity he initial activities with respect to the, , . T
development of furniture included acquisition of raw material within the company in
order to process it he secondary activities included the procedures of converting raw. T
material into a fi nished product and lastly the fi nal activities in included availing the,
products to the key consumers within the industry owever earlier the marketing. H ,
aspect was ignored by company therefore this ti me the marketing activities will be, ,
done after the secondary activities in order to promote the products and increase the,
sale of the company.
Comment on your Action Learning Set: hat helpful advice if any have youW , ,
received from other people in your group hat advice or help have you given? W ?
hat has or ed ell and hat could you do to ma e your group more effectiveW w k w w k ?
ype hereT :
This advice to include a set of marketing and development activities was given by
one of my team member within my company. The inclusion of marketing and
development activities within the process of manufacturing and development of
the furniture has helped us in increasing our sale within the company.

usiness Model Canvas VersionB 3:
nd of pageE 5
ageP 10

usiness Model Canvas Version inal Refined VersionB 3: F (just provide changes since last version Ma imum words for the page) x 400 .
Cost Related Revenue Related
Key Partners
ho are our ey partnersW k ?
ho are our ey suppliersW k ?
hich ey resources ill ourW k w
partners provide hich ey? W k
activities ill our partners performw ?
ype hereT :
he wooden street will beT
acquiring its fabrics woods from,
all over the world he satin wood. T
will also be used by the organization
as it considered one of the best
foods for the purpose of
manufacturing and development
of furniture he suppliers of the. T
wood will be from SA and RussiaU .
Key Activities
hat ey activities do our valueW k
propositions re uire in order toq
produce mar et and deliver them, k ?
hat a out channels customerW b ,
relationships different revenue,
streams?
ype hereT :
n order to e pand the businessI x
within the nited ingdom as wellU K
as outside the national boundaries
of the country the company will,
adopt strategies such as
franchising and licensing across,
the world.
Value Propositions
hat value do e deliver to theW w
customer hich of our? W
customer s pro lems are e’ b w
helping to solve hich customer? W
needs are e satisfyingw ?
ype hereT :
he furniture that will beT
developed by the company will be
modern and contemporary yet
provide a traditional outlook to the
customers.
Marketing & Sales
Communication
Ho ill e raise a areness ofw w w w
our products and services ith ourw
target customer segments hat? W
messages or offers ill create desirew
and interest Ho ill those? w w
messages reach our potential
customers e g ace oo ads? . . F b k
ype hereT :
he organization will also make useT
of traditional marketing techniques in
order to promote the products of
the company or the purpose of. F
promoting the products the,
organization can provide
advertisements by way of using bill
boards televisions radios and, ,
other such modes.
Customer Segments
or hom are e creating valueF w w ?
ho are our most importantW
customers?
ype hereT :
he major segment that theT
organization aims to target involves
upper and lower middle class
income groups.
Key Resources
hat ey resources do our alueW k V
Propositions re uire e g physicalq . . ,
intellectual human fi nancial hat, , ? W
resources do our channels,
revenue streams customer,
relationships re uireq ?
ype hereT :
he organizations will make use ofT
innovative machineries and
equipment that could help the
company in increasing the qualities
of the products manufactured.
Product & Service Delivery
Channels
Ho ill our customers purchasew w
and receive the product or service?
hat a out after sales support e gW b . .
returns here ill the mar eting? W w k
communication direct customers to?
ype hereT :
he organization will also adopt theT
strategies in order to provide the
customers effective and premium
quality product f any customer. I
has received any kind of defective
products the organization will rep,
lace the defective piece and[
provide the client with a fresh
piece.

usiness Model Canvas VersionB 3:
Cost Structure
hat are the most important costs inherent in our usiness model thin a out fi xed andW b ? ( k b
varia le costs hich resources and ey activities are most expensiveb ). W k ?
s the usiness model more cost driven helping the customer save money or value drivenI b ( ) ?
s there an opportunity for economies of scaleI ?
ype here he cost associated with acquisition of raw material labour and salaries areT : T ,
inherent to the business.
Revenue Related
hat value are our customers illing to pay for hat are they paying no Ho do theyW w ? W w? w
currently pay and ho ould they prefer to pay Ho much does each possi le revenuew w ? w b
stream contri ute to overall revenue Ho might e price this product or service e gb ? w w . .
su scription fi xed or varia le pricing pay in advance PayPalb , b , , ?
ype here the customers are paying the price as they are receiving fi ne qualityT : .
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