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Identification of the key Components of Canvas Business Model

Discuss about the Business Model Analysis for Canvas Business Model.
 

The canvas business model comprises of several crucial components which are required to run a business successfully.  These key components can be further divided into several other categories such as infrastructure, offerings, customers, channels, relationship with the customers, finances and revenue streams (Adams, 2014).  Considering these several features are of great importance’s as these components reveal the execution of the complete industry procedure in order to establish the pillars of the business within the concerned marketplaces (Van Hecke, 2010).  It is evident to understand the desired wishes of the customers within the selected area of the markets as this will facilitate the offering provided to the respective clients.  The adoption of the Canvas Business Model offers perfect direction for the execution of the completely new business venture.  The different key components of this model have been described below as to provide clear understanding regarding the Model.

The collection of the preferred resources such as intellectual resources, physical resources, Human Resources and the customer relationship resources are crucial as this assists in enhancing the effectiveness of the complete business.   The resources are considered to be the most significant assets of the particular firm.

For the proposed business, there are some of the vital partners as to execute the business they are Website developers, graphic designers, software developers and the web designers.  The role of the key partners is to improve the overall performance of the firm and to increase the rate of productivity (Zheng and Xue, 2009).  For this business, the role of graphic designers and the other web designers are very crucial as they help to increase the efficiency and reliability of the website which is going to be used for the business procedure. 

It refers to the particular collection of the services along with the products as per the satisfactory wishes of the clients. The clients need to be satisfied regarding the requirements as they facilitate the preferred growth and expensing of the firm.  As per the well-known researchers, the value proposition is defined to be the desired offerings of the firm which distinguishes it from the other competitors within the targeted marketplaces.  It includes the performance of the website, security of the website, cost saving, incentives for the use of the website and customer service.

The relationship with the customer needs to be improved as to completely satisfy them with the offerings of the products along with services (Spanyol, 2014).   There is the vital scope for self-service to the entire customer’s particular with the use of this website. This will help in utilizing the time of the customers and will retain them towards the business.  Setting up of the customer care will provide effective and reliable services to all of the customers.

Description of Each Component

Identification of the different target market segments for the different clients are crucial as this will offer satisfactory services as peer the change in trend throughout the market segments (Safko, 2010).   The customers can be reached through e-mail, channels, websites and social media to draw their attention towards the firm.  This consists of the mass markets, segmented markets, niche markets, diversity and the multi-sided platforms. 

This includes the advertising marketing, up gradation of the system with the help of the graphic designers, web hosting, and website developers. The structure provides complete view regarding the costs involved in the full marketing and advertising activities and this is very crucial for a collection of the financial resources for the whole business processes (Ryall, 2010).

The revenue streams highlight particular way I which the income for the firm is received. There are several ways for generating the revenue for the company, such as the donation to the website, populated list which is generated after the listing of the advertisements, advertisements fee for the membership and membership advertising (McDonald, Mouncey, and Maklan, 2014).  These ways increase the overall running of the business procedure. 

These elements provide the desired elevation in the enhancement of the business procedure starting from the collection of the resources to final advertising and promotion of the website concerned.  The customer market segments are an important component as it provides the actual view regarding the needs and the demands of the clients within the targeted market segments  (Kendrick, 2010).  The customer relationship is another important component which has been selected in order to provide unmatched service to the clients for retaining them within the particular firm (Hox, 2010).  The different resources such as the intellectual, Human Resource and the physical resources plays the major role in administrating the full business procedures. The Human Resources facilitates the growth of the firm by recruiting the most skilled developers and the graphic designers in order to increase the reliability and smoothness of the company’s website.  Starting from the development of the website to its running needs to be understood in an effective manner for this reason the key components have been selected. Key partners are of immense significance as they increase the growth of the concerned business to the larger extent and opt for more profits (Guide to the business analysis body of knowledge, 2015).  It is vital to understand and recognize the characteristics of the cost involved within the business process with the help of the cost structure.  The fixed costs, variable cost needs to be recognized in order to increase the effective business methods.

Reason for Choosing the Elements

Each of the elements within the Canvas business model reflects its importance as to maybe the resources, customers and the entire technical requirements for perfect evaluation of the business methods.  The key partners, key resources, and the key activities are the essential key components which are required to develop the infrastructure in an effective way (Gallagher, 2009).  The issues and the queries if the different customers related to the services provide to them with the help of the website needs to be solved by the customer care of the firm.  The business model of a canvas is the preferred strategic management mainly for the development of the new or the existing business within the targeted market segments.  It includes and describes the firm's value propositions, customer's relationships, finances and the infrastructure which are of great importance as to bring out the positive outcomes for the firm. 

The canvas business model is particularly used by each and every of the business firms within the competitive market segments, which in turn increases the level of competition for the existing organizations.  It provides the preferred structure or the template to execute the growth of the firms concerned within the concerned market segments.  It has been the most effective tool for the new startup of business.  It reflects the steps involved starting from the revenue streams to the achievement of the defined missions for the concerned organizations. It helps in reflecting and finding the issues which certainly comes while the running of the complete business procedures. In other words, the model proposes the crucial elements required to evaluate the growth or the expansion of the particular firm within the certain market areas (Fabozzi and Markowitz, 2011). The identification of the customer segments provides perfect idea for the development of the website of the firm as to assist the clients with satisfactory services required by them.  The key partners such as the developers, graphic designer play the major role in enhancing the reliability of the website so that more clients can be attracted to the business of the firm. The approach of the targeting, segmentation and positioning help to offer the wide variety of ideas for the expansion of the business as compared with that of the other firms (Davis, 2013). The customer segment as included within the canvas business model highlights the identification and selection of the market area of the customers so to assist them with the better or superior quality of the services.  The adaption of this model increases the output of the enterprise as compared with that of other competitors in the market places (Desbordes, 2013). The value proposition reveals the offerings of the firm to the clients and the model also establishes the effectual relationship among the value propositions and the beneficiaries. The distribution channel is crucial in order to spread the offerings of the firm to the customers in a wide area within the targeted or selected marketplaces. Managing the relationship with the different consumers is one of the crucial responsibilities of the firm as it affects the mental level of the clients (Choudhry, 2010). The globalization has increased the demands of the best quality of services at the affordable price ranges and it is, therefore, much importance to assist the clients with the satisfactory services as this will bring out positive outcomes with great results for the association (Chapman, 2011).  The clientele can be reached during e-mail, channels, and websites along with social media to draw their attention towards the firm.   As per the changing trends all through the different areas  of the market segments, the needs for the latest and innovative services have significantly increased and thus, the demands for the adaptation of this canvas business model has increased as it fulfills the needs and the desired of the clients. 

References

Adams, M. (2014). Latest Developments in Officers’ Duties of SMEs. Journal of Business Systems, Governance & Ethics, 6(3).

Chapman, R. (2011). Simple tools and techniques for enterprise risk management. Chichester, England: Wiley.

Choudhry, M. (2010). Capital market instruments. Basingstoke: Palgrave Macmillan.

Davis, B. (2013). Managing business analysis services. Plantation, FL: J. Ross Publishing.

Desbordes, M. (2013). Latest sponsorship strategies and the need for research. International Journal of Sports Marketing and Sponsorship, 14(3), pp.1-1.

Fabozzi, F., and Markowitz, H. (2011). The theory and practice of investment management. Hoboken, N.J.: John Wiley & Sons.

Gallagher, R. (2009). How to tell anyone anything. New York: American Management Association.

Guide to the business analysis body of knowledge. (2015). Toronto : Ontario: International Institute of Business Analysis.

Hox, J. (2010). Multilevel analysis. New York: Routledge.

Kendrick, R. (2010). Cyber Risks for Business Professionals. Ely: IT Governance Pub.

McDonald, M., Mouncey, P. and Maklan, S. (2014). Marketing Value Metrics. London: Kogan Page.

Ryall, M. (2010). Bridge management. Amsterdam: Elsevier/Butterworth-Heinemann.

Safko, L. (2010). The social media bible. Hoboken, N.J.: Wiley.

Spanyol, T. (2014). Nuisance calls latest. J Direct Data Digit Mark Pract, 15(4), pp.348-350.

Van Hecke, M. (2010). The brain advantage. Amherst, N.Y.: Prometheus Books.

Zheng, N. and Xue, J. (2009). Statistical learning and pattern analysis for image and video processing. New York: Springer.

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