Developing a Business Model and Plan for a New Innovation

Overview of the main problem identified and insights gained

Question 1 — Revisiting your first assignment.

Give an overview of the main problem identified, insights gained from research and the idea and brand that you developed to solve it. This should be a summary of your first assignment, as it gives context to this summative assignment.

Question 2 — Business model analysis

Develop a business model and a value proposition for your innovation, by making use of Strategyzer’s – Business Model Canvas and the Value Proposition Canvas below:

• Strategyzer. 2018. The Business Model Canvas.

• Strategyzer. [s.a.]. The business model canvas instruction manual.

• Strategyzer. 2018. The Value Proposition Canvas. [Online].

• Strategyzer. [s.a.]. The value proposition canvas instruction manual. Ensure you cover the following:

Q.2.1 Justify why having a business model is imperative.

Q.2.2 Identify the type of business model that you believe is best suited for your innovative solution and give a reason for your answer.

Q.2.3 Apply the 9 sections of the business model canvas to your innovation. Substantiate your answers with references throughout. Do not forget the work that you have already done in Assignment 1.

Q.2.4 Develop a value proposition for your innovation.

Q.2.5 Include the summarised, completed Business Model and Value Proposition Canvases as appendices to your assignment.

Question 3 — Write a business plan

Create a business plan for your new business. This plan needs to cover the following:

Q.3.1 Justify why writing a business plan is so important.

Q.3.2 Write a business plan for your innovation by covering the seven componentsbelow:
1. Executive summary;
2. Business description;
3. Market strategies;
4. Competitive analysis;
5. Design and development plan;
6. Operations and management plan;
7. Financial factors.

PLEASE NOTE: The goal of the business plan is NOT to test your financial and numerical skills. The point is to check if you can consider and relate all the business concepts to a new business venture in an innovative way. Do not submit a generic business plan.

• Questions and overall assignment structure is logical and flows from one section to the next.

• Sentence structure, style, grammar and language is of acceptable academic standard.