Venture Development Proposal: FitMe Mobile Application as CFO Report

This report outlines an individual venture development proposal for the FitMe mobile application, a grooming app designed to provide outfit suggestions based on current trends, weather conditions, and user preferences. The report, presented from the perspective of a Chief Financial Officer (CFO), details the business objectives for the initial three years, including profitability and resource management goals. It utilizes a Consumer Value Proposition Canvas to analyze user needs and a Lean Business Canvas Model to identify key elements of the business. The report further includes a marketing and consumer engagement plan, as well as a financial plan. The proposal emphasizes the importance of lean entrepreneurial opportunities and provides financial projections and budget details in the appendices, illustrating the app's potential for success in the market.

Individual Venture Development
Proposal as CFO (Chief Financial
Officer)

Table of Contents
INTRODUCTION...........................................................................................................................1
Business Objectives for Initial Three Years................................................................................1
Consumer Value proposition canvas...........................................................................................2
LEAN BUSINESS CANVAS MODEL..........................................................................................4
MARKETING AND CONSUMER ENGAGEMENT PLAN........................................................7
Marketing Plan.............................................................................................................................7
Consumer Engagement plan........................................................................................................8
FINANCIAL PLAN.........................................................................................................................9
IMPORTANCE OF LEAN ENTREPRENEURIAL OPPORTUNITIES.......................................9
REFERENCES..............................................................................................................................10
APPENDIX....................................................................................................................................11
Financial Budget........................................................................................................................11
Business Model Canvas.............................................................................................................11

INTRODUCTION
A business organization consists of different objectives which are associated with success
of company. This is really difficult for senior management level people to manage different
functions that are associated with performance of organization in the market place. Organization
need to plan different things which are directly related to the market place. Chief Financial
Officer is the person in organization who look after all the financial operations in organization. It
is their duty to set the financial goals for the company in target market (Mamoon, 2017). This
also their responsibility to involve in different market place activities to meet the organizational
financial targets. This report is about a mobile application which is known as Fitme. This is a
grooming application that provides better outfit suggestion which are based on current treads,
present situations and weather condition. It also provides high flexibility in operations.
Application is developed to provide support to the used in creating daily outfit. This application
is a user friendly application that provides better outfit solution that are suitable and relevant for
certain events. For success and growth of organization in market place they need to actively
participate in market place to meet goals associated with finance and revenue (Chepurenko,
2017). In the initial part this assessment is providing brief of different financial business
objectives that are designed for first three year for the outfit creation application Fitme.
Business Objectives for Initial Three Years.
 To increase the profitability from application up to 50 % with in three years.
 To improve the profit of organization to by implementing smart practices in the financial
operation to increase the marginal profit form Fitme Application.
 To effectively manage the resources in order to maintain performance of application for
user.
 To improve investments in the Information Technology department to reduce overall
financial losses by maintaining innovative practices in the financial operations.
The goals that are designed by the CFO of organization are more focused on the reducing the
investments of the business organization by implement different practices that are effective to
provide better opportunities to company to promote Fitme Application more effectively in target
market (Subbalakshmi, Tibrewal and Khandelwal, 2016). Resource management is about
creating better data base that is efficient to reduce the operational cost of company and
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investment in the Information Technology sector is to provide better client satisfaction to meet
the profit goals of organization without implementing extra financial efforts.
Consumer Value proposition canvas
Consumer Value proposition canvas is used by different organization to ensure that, their
services are designed and moves around the consumers. This is important for organization to
implement some effective development in their services to provide higher values to consumers.
This is not only associated with operations and effectiveness of organization product, it is mainly
concerned with the satisfaction of consumers which can be gained by providing better services
and product to consumers (Sarkar and Oberoi, 2018). In this canvas the value proposition of
organization product is directly evaluated for consumer. This canvas is mainly divided in two
parts which are value proposition and other one is consumer profile. This is how organization
can effectively target the consumer needs to provide them higher satisfaction. This canvas is all
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Illustration 1: Consumer Value proposition canvas
(Source: What is the Value Proposition Canvas, 2019)

about creating a framework that is effective to make better connection between company product
and consumer.
Consumer Profile-
Gains
There are some expectations of employees are related to the product and services of
organization. This is responsibility of the organization to full fill these expectations of consumer
in order to make them loyal to organization to meet long term business goals of company.
Requirements of consumer are categorised in this section of the consumer profile (Nardіello and
et.al., 2017). For the Fitme Application the basic expectation of organization are- better and
suitable outfit suggestion, relevancy of suggestion as per the current market trends and high
flexibility in the organizational processing.
Pains
Pains in consumer profile are considered as the negative experiences which are faced by
the consumer while consuming the product and services of company. These are some negative
experiences which are possible in the services of organization (Vlasenko, 2017). For example
software error, operational failure, technical issues in application. Synchronising error in the
processes. All these issues need be evaluated by organization to minimise the chances of error
with in the working of application.
Customer Jobs
This is all about the purpose of consuming services and product of company services that
are provided by company (Ekhtiari, Yadegari and sadidi, 2016). In this part the needs of
consumers are mentioned. This is all about understanding the needs of consumer to develop
Fitme Application for higher productivity.
Value Map
This is the value proposition where three things are considered which are connected to
the Fitme Application that is developed by the organization (Serafimova and Jakovlev, 2015).
This three aspects of value proposition are Gain creators, pain relievers and Product and services.
Gain Creators
This asset of value proposition is consists of people and resources that should be
possesses by organization to met the demands of consumer. Mainly these creators are know as
employees and other resources which are required to develop new products. For company this
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will include the management of financial resources that are need in making those resources
available in process.
Pain Relievers
This is all about the function of product and services which is performed to full fill the
needs of consumer. It is related to the process that is used to meet the demands and needs of
consumers. This directly related to the pains section of the consumer profile.
Product and Services
The products and services of organization are defined and developed as per the needs of
consumer this section of the consumer value proposition canvas. In this part of consumer
proposition canvas a reflection is provided for the needs of consumer where organization reflects
that how their produce and services are meeting the needs of consumers.
The Effectiveness of consumer value proposition is depends on how the organisation is
implementing different settings in business processes and frame work to meet the specific
consumer needs. By effective designing process organization can meet the higher brand value in
market and also can gain long term loyal consumers. By following this process organization can
achieve their business goals for initial three years.
LEAN BUSINESS CANVAS MODEL
Lean Business Canvas Model is based on the different assets like problems, solutions,
key matrix and competitive advantages of organization the target market. The structure that is
used for well known business canvas is followed in the lean canvas model. Some of main things
that are considered in this model are problems that are related to the launching and running
specific business successfully. Various solutions that can be used by business organization to
reduce the operational errors in the company process (Hoxha and Haska, 2019). The key metrics
that are included in the lean canvas model can be explained as the services and products that are
designed by organization for the target market. All the products and services of organization are
considered in the key metrics of organization. The unfair advantage is also included in the lean
canvas where the competitive assets of new product or start up is considered. The unique value
proposition are known as the promises that are made by organization to consumer are known as
unique value proposition. These assets are also involved in lean business canvas model. The cost
structure and revenue streams are also considered in the model to evaluate the proper data that is
required to meet the consumer requirement to run business efficiently. There are some more
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things are considered in lean business canvas model are key activities and key resources that are
required for new product of company. The key partners are also considered in the lean canvas
model to provide complete brief of business strategy which is important for the business of
organization. The lean business canvas model is mostly used by entrepreneur and business
owners to know the future condition which are related to their business.
The lean model which is used for Fitme application is consists of different factors that are
important for the functioning of organization. Various assets that are connected to consumer and
business organization are taken to improve the performance of the company in the market place.
The lean canvas model for Fitme application is consists of information which is related to its user
and people who are associated with services that are provided to the consumers.
Business Model Canvas
Problems
There are
different possible
issues are faced
by organization in
the delivering
services that are
related to the
Fitme
Application.
1. Limitation
s of the
applicatio
n in real
world.
2. Person
centric
applicatio
Solutions
1. The
working of
the fitme
application
is based on
the data
and
informatio
n which is
stored in
its data
base so it
needs
more
informatio
n to
effectively
Unique Value
Proposition
There are some
quality services
are provided by
this application
to the
consumers.
Some of main
advantages of
this application
are-
1. Effectiv
e outfit
suggesti
on to
applicati
ons
Unfair
Advantages
These data is
mainly related to
the competitive
market. The
unfair advantages
are those barriers
that are faced by
business
organization in
the market place.
The factors that
are included in
this are-
1. number of
competitor
s in the
Consumer
Segment
consumer
segmentation is
known as the
people who are
targeted by
organization to
perform their
business. People
that are targeted in
process are- people
over age of 16 are
mostly targeted by
company as
possible user for
Fitme application.
In specific younger
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n
developm
ent.
3. Current
informatio
n is
required
in process
of
providing
better
services to
clients.
4. The
process of
applicatio
n
developm
ent is
complex
and
difficult to
understan
d for non
technical
person.
complete
the
relevant
task of
consumers.
2. This is not
possible to
develop
application
that is
based on
the
users.
2. Consum
er
friendly
solution
related
to the
fashions.
3. Consum
ers are
able to
make
changes
in the
suggesti
on list
that can
be
updated
with
purchase
of new
clothing
s.
market
place.
2. Pricing
policies
and
business
policies
that are
followed
by
competitor
s in
market
place.
people are targeted
by company who
like to get dressed
effectively.
Key Metrics
1. Applicatio
n for outfit
suggestion.
2. Providing
thr current
informatio
n on the
current
fashion
trends.
3. Provide
shopping
guidelines
to people.
Channels
For the promotion
of application and
selling of
application
different channels
are used by
company. Some
of main channel
of business are-
1. Mobile
applicatio
n stores.
2. Computer
programs
which can
enable
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consumer
to use the
services of
this
applicatio
n.
Cost Structure
 Operational cost of organization.
 Cost of human resource.
 Cost of electronics equipments.
 Promotion and marketing cost.
Revenue Stream
 Profit that is earned form users.
 Get paid by different clothing
companies to promote their clothing
brands.
This is how the lean business canvas model looks for Fitme Application. There are many
challenges are faced by organization in the operations. These limitations are associated with the
information technology which is used by the organization. The fashion trends in the market place
are continuously changing and this is really difficult for technical team of organization to collect
the data of real time trends in fashion industry. There is also some information is provided in the
Lean business canvas model can be used to make positive improvement in business of
organization.
MARKETING AND CONSUMER ENGAGEMENT PLAN
Marketing Plan
Marketing is one of the most important thing to complete the objectives of business
organization with high conversion rate. There are different marketing policies and strategies can
be used by organization to reflect the product and services associated to Fitme Application in the
market place to make people aware of services that can help the organization to meet their
business objectives with in targeted time (Acs, Szerb and Lloyd, 2018). Some of main strategies
that can be used by organization are-
Social Media Marketing
There are a lot of people are using internet and social media sites. This thing can be takes
as advantage for organization. By creating page of different social media site company can
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effectively make people aware of their product and related services provided by them. This way
of marketing is cost effective and time effective for company.
Digital Marketing
Digital marketing is one of the fastest growing trends in the corporate world. This is one
of the most efficient way to promote the product of company in market place. For example
Company can use different advertisements and digital poster in order to promote the Fitme
Application.
Market Research
For the effective performance of application in the target market organization can
conduct market research that can enable the company to make effective changes in their product
and services. There are different benefits of market research to the business organization. It can
help the company to stay aware of consumer demands and their needs. This is how organization
can use the market research data to improve Fitme application and related services.
This is how different business practices an be used in marketing practices to improve the
revenue of organization the market place.
Consumer Engagement plan
Consumer engagement process is known as a process that is used by the business
organization to improve the involvement of the consumer in business process. This can enable
the organization to provide higher satisfaction to the employees (Pardjono and Dwi, 2017). There
are different processes can be used by organization to involve the people in the operations of
company. Some of strategy to involve people in organizational practices are-
Direct Communication with Consumers
Direct communication is a process that can be used by organization to involve the
customers in the business operations of the organization (Bocken, 2019). The processes like
social media communication can help the company to take direct feedback from consumer to
improve the issues with Fitme Application.
Targeting Consumer
This is one of the best way to involve the consumer in the operations of organization. By
targeting people as consumer base of organization can be improve. By targeting people
organization can effectively full fill their needs and demands cause it can help them to get
personalized information of people.
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FINANCIAL PLAN
There is a specific business plan is is required different activities to meet the business
objectives that are related to the Fitme Application that is designed to provide outfit suggestion
to the people. For the effective performance of application in the market place there are different
changes need to be made in organizational practices. For this process a specific budget plan is
required to meet the business objectives.
These is how different expanses are made by organization in various operation to keep the
organization running efficiently. As per the budget process an estimation of finance is made by
the financial team of organization. There are different things are considered in the process to
budgeting. It includes over all expense that ae planned by the organization to promote their
application in the target market. With the forecasted budget, actual budget also included in
process to improvise the budgeting process for future.
IMPORTANCE OF LEAN ENTREPRENEURIAL OPPORTUNITIES
There are different business organizations are using the business proposition canvas to
improve their business in the market place. The lean entrepreneurial opportunities are important
for business organization because on small level they need to make different updates in their
business policies to generate maximum profit along with development in the market base. In
different ways it can help the start up organization with new product. This process can be used to
detection of change in the market place to make effective changes in the business. These
opportunities also can be used in to make effective changes in organization structure to reduce
the chances of market place failure. This is ho the lean Entrepreneur opportunities are important
for the business organization that is coming up with their new product in market.
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REFERENCES
Books and Journals
Acs, Z.J., Szerb, L. and Lloyd, A., 2018. Global Enterpreneurship Index. Washington, GEDI.
Bocken, N., 2019. Sustainable consumption through new business models: The role of
sustainable enterpreneurship. Sustainable Entrepreneurship Discovering, Creating and
Seizing Opportunities for Blended Value Generation,.
Chepurenko, A., 2017. Innovation Enterpreneurship in Transition Economies: Problems and
Outlook. Форсайт. 11(3 (eng)).
Ekhtiari, m., Yadegari, e. and sadidi, g., 2016. Ranking enterpreneurship main risks in non-profit
financial funds by todim technique under grey conditions (a case study in iran). Economic
Computation & economic cybernetics studies & research. 50(3).
Hoxha, J. and Haska, E., 2019. Enterpreneurship Models Building Relations and Creative
Economy”.
Mamoon, D., 2017. Economics case study: Harvard Business School pedagogy techniques: From
teaching entrepreneurship to influencing business policy through research. Turkish
Economic Review. 4(3). pp.290-300.
Nardіello and et.al., 2017. Economic development based on international enterpreneurship and
business tourism. Економiчний часопис-XXI. 165(5-6). pp.104-109.
Pardjono, M. and Dwi, E., 2017, September. Building Enterpreneurship Competence: The
Evidence of Edotel Effectiveness. In International Conference on Technology and
Vocational Teachers (ICTVT 2017). Atlantis Press.
Sarkar, M.P. and Oberoi, S., 2018. Digital enterpreneurship and its effect on employment
opportunities and labour market in India: A review. International Journal of
Management, IT and Engineering. 8(3). pp.248-261.
Serafimova, M. and Jakovlev, Z., 2015. Enterpreneurship, management and communication.
Subbalakshmi, A.V.V.S., Tibrewal, S.K. and Khandelwal, I., 2016. Globalized perspective on
emerging trends in enterpreneurship-A review. International Journal in Management &
Social Science. 4(1). pp.21-24.
Vlasenko, v.v., 2017. The problem of choosing the external economic strategy of
enterpreneurship.
Online
What is the Value Proposition Canvas, 2019. [Online]. Available
Through.<https://www.b2binternational.com/research/methods/faq/what-is-the-value-
proposition-canvas/> .
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