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Innovation of Business

Answer :

ELEMENT 2

As per the business model Canvas I have identified key partners of organization such as interested people in fitness and has ability to invest in it. This will also include suppliers as wholesalers shop and various retailers. For gathering resources with reference to partners will be via various social networking sites like Instagram, Facebook, word of mouth from friends and relatives etc. Target has been set in context to selling specific product by applying different discount offers. Further I have extracted key activities which will be playing very essential role in organization such as applicability of different technologies and it is applied on various products. The product can be delivered via online medium and framing of different medium like shops for wholesalers. For maintaining very good and long term relationship with its consumer they are struggling with price but not with quality in other words quality products are sold in low prices. As there special emphasis is on quality instead of price but there margin is not as wide and they gain potential to earn profit at very limited level.

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I have determined its customer relationships as every customer has requirement of relationship of long term. They have built one of the best brand image in industry as well as from perspective of customer as well. In the context of cost of product is quite expensive so they are not purchased. As in order to identify its value proposition it gives very best quality of product at low rate and even it maintains long term relationship so accordingly it always tries to solve each problem of customer. They always use concept of replacement if actually that sold product has characteristic of damage, faulty or any mistake then by performing this concept it gives satisfaction to its customers. It is considered as one of the best value proposed by organization. Its product offering which I have justified that gloves, yoga mats, gym t-shirts, straps, polar loop, full suppliers for workout and full monitoring system. By providing the best quality, all the desires of customers related to that product are satisfied at very great level and there visit is converted in re-visit to shop (Business model canvas,2018). In every business it is necessary that value must be created as it must deliver best value proposition to every customer and partners and it also helps ventures for gaining competitive advantage.

I have observed various customer segments as they are creating value especially for regular customers and even for new visitors as well. The daily customer with respect to this shop only has provided feedback along with recommendations with reference to service are considered as very most important and best customers. Along with customer segment, key sources are also identified such as human, natural and financial resources which are used for creating innovative ideas in products which are existing. By using the latest technology they purchase or sell their product of the best quality. There main aim is to establishing relationship of long term aspect with customers by providing material of low cost but it represents quality as well. The reach has been identified by me as it wants to sell product with the latest technology that is online system but in the present era they had achieved their reach via advertisement, banners and pamphlets. As there is presence of integration of various channels and societies and product are sol according to its need. In context of yoga mat which are very efficient and has availability in very cheap rate with one of the best quality. I have identified that this model is very short, crisp and fast as it leans toward approach of entrepreneurship where all customers will be discovered and replicated as best model in market.

I have learned the cost structure of this specific organization as its products like sport shoes, mats, gym equipment and deodorants are cost inherent with respect to business. The most expensive resource is considered as human resource. The most costly key activity is offering discount on small product as it is very time consuming and its wastage for selecting item. Along with cost structure, revenue stream has been identified as many customers have willingness to pay less price and market has requirement of product of the best quality. Every customer is paying to get satisfaction according to their need and generally they are making payments via cash, banking or online transaction. There is presence of both type of customers who wants to pay there transactions by e-banking or cashless transactions but on its contrary people of old age wants to pay via cash only. There is contribution of 50 to 70 percent in overall revenue. Further it is justified that it will be very great for developing portfolio of ideas as for securing capital and to promote more ideas this specific model is used.

In this assessment I have determined whole aspects of the business model canvas but there is limitation of this study that I have not evaluated market and competitor analysis of this specific industry. I have determined concept of key partners as the people who will be helping the organization to achieve success (Benefits of business model canvas,2018). Then ways to perform key activities or how they are performed. The most important aspect has been identified is of value proposition like specifically what has to be done in this business. In each business customer relationships plays very vital role for achieving success so how interaction has been done with customers and employees as well. There is identification of its customer segment and people who get help, if customer segmentation is performed wrongly then it will take to such path which will directly move towards loss. So in this context customer segmentation should be performed with very serious mode and in appropriate form.

After identifying these major segments, there should be extraction of key resources as what are the basic requirements to run a business and to achieve success. For achieving competitive advantage distribution channel should be always unique and it should each and every region which are targetted for business. The most important concept of every business is about cost structure and revenue stream, though both are different but they are measured in quantifiable manner and related to capital. The cost structure should be very attractive as every customer is rational out of 95% so it should be allocated by keeping in mind about rationality of consumer with great quality and revenue stream is next and most emphasized factor to be in business. Without revenue business is not refereed well known and successive.

By analysing this business of gym and clothing, I have not identified the main strategic objective of this organization as it plays very essential role for achieving success. While performing this brief analysis I have not identified its notion of competition as it had mixed level of abstraction. The model has just specify the checklist not with detail information. The financial performance of organization is mandatory for knowing its stability in industry and in this canvas model of specific company is not justified. In the present scenario, market conditions are very pervasive in nature so it should update it in very constant manner. In the first specified model, various opportunities were missing which are stated below and after that it should specify each step with systematic structure. The main aspect is that not all business has single way to accomplish goals, due to various internal and external factors it leads to problem so it should consider alternative option.

While interpreting the business canvas model, it must facilitate process of benchmarking, innovation of business models and comparative analysis. As it helps in measuring performance in context of finance and even quality which is not included in this. In the present scenario, it is observing only new target market not observing its existing market. It is considered from above study that it is comprehended and frames sense. In other words, it has number of ups and downs such as clarifying business thinking it must build blocks naturally and leads to next. The most important concept which is identified through this model of specific organization as it creates important discussions about structures and blocks for guiding it through brainstorming. The decision should be undertaken by different comments by groups and ideas undertaken in this subheading of model which will be giving all ideas in perfect shape (Business model strategy, 2018).

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Key partners

  • Interested people regarding fitness.
  • Manufacturers and suppliers.
  • Suppliers of health books, supplement, equipment and footwear.
  • Manufacturer of new products.
  • There is presence of various advertisement companies via social media.
  • Customer base according to capability for advertising store via partners.
  • Competitors of same industry helps in improving quality and used for comparison among themselves.

Key activities

  • Application of the latest technology on its product.
  • Promotion and marketing is most essential element so it will be well known to every customer.
  • Websites, distribution and online orders are managed by working along with post which will be giving surety about delivery on time and quick stock management so that organization can dispatch order as soon as possible.
  • Order must be tracked as it is very vital for to giving response to complaints given by customer about late arrival or issues in context of arrival.
  • The manufacturers who provides product of the best quality and it should not struggle in context of margin.

Value proposition

  • It provides clothing of full comfort, quality and affordable which increases the level of performance.
  • They provide products at very competitive price and objective is to save money of theirs with limited margin.
  • The level of convenience is very good as their website can be operated in 24/7 hours so it is targetting the consumers who have engaged work schedule.
  • There product offering is given of all products such as yoga mats, gloves, gym T-shirts at on e platform.

Customer relationships

  • Believe in self and automated service.
  • Acquiring customers via blogs, magazines and gym.
  • Customer relationship is maintained by different loyalty programs through free shipping at certain amount, email, convenience, guarantee and competitive price.
  • Customer base will be grown by word of mouth, hashtags and social media.
  • Providing a section of enquiry regarding deliveries and for feedback increases business in efficient and effective manner.

Customer segments

  • Members of gym.
  • Person who are searching for activewear, footwear etc. at best price plus quality.
  • The male and females of more than age of 18 who wants to gain fit and healthy life.

Key resources

  • For the perspective of innovation in existing products there is huge requirement of physical, financial, intellectual and human resources.
  • Physical resources include storage warehouse and stocks, financial consists of capital, intellectual comprises trademarks and copyrights and human resources include web and application development, operations and marketing as well.

Channels

  • The segment of various customers will be reaching via different forms of advertisement on magazines, social media and gyms and fitness websites.
  • Other retailers.
  • Blogs and social media.

Cost structure

  • It is following concept of cost driven.
  • Working on economies of scale.
  • The structure of cost has been classified in two types of cost such as fixed and variable.
  • Fixed cost includes infrastructure (website), packaging development and accounting system.
  • Variable cost consists of marketing, operations, ,material and distribution.
  • Cost related to developing product, general and administrative cost.

Revenue streams

  • The direct sale of products is via retail sales.
  • The revenue has been generated by working with different brands and organizations such as gym for advertising on their website.
  • There main aim is about 75% gross margin with the best quality.
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