21 assign 7
Running head: BUSINESS MODEL DESIGN
BUSINESS MODEL DESIGN 2
Business Model Design
Business Model Design
Every business entrepreneur must come up with a plan that will help their business a success. A business model will help the entrepreneur in identifying the sources of revenue and making a profit. One of the business model designs that I will follow is the advertising model. My business being a new in the market, I will need this model to market the company and make people aware of my business. With the growth of technology, I will have a good platform for advertising my restaurant. There are many radio and TV stations where I can promote the services that I render to the audience by advertising from them. Many people do listen to radios and view televisions and hence I can broadcast my brands. This will help me in gaining customers. Another advertising platform that I will use is printing. I can print ads I the newspapers and magazines. Newspapers and magazines are highly targeted to a specific audience. In addition to that, ads in a newspaper and magazines are eye-catching which will capture my targeted audience (Osterwalder, & Pigneur, 2013). Many people who read newspapers are those in the offices therefore, they can be interested in buying from my restaurant since it offers fast food and drinks. Therefore, they can take their meals even if they are in a hurry.
An internet is also a good platform where I will be able to advertise my restaurant. My targeted audience may click through to a website for more information about the restaurant. I can also use the email marketing to send promotional messages to current customers. In addition to that, I can also use a directory to advertise my business for many years. The Yellow Pages directory is a trusted means to get to the local markets. Despite the fact that there is stiff competition in the market, the Yellow Pages directory will help me in advertising my business to local areas as well as others too (Osterwalder, & Pigneur, 2013).
The second model that I would follow is the Add-On-Model. This type of model offers buy-in. With the integrations that my restaurant will offer to the first customer, they will trust my company which will help me in retaining the customers. In addition to that, when the customers receive integrations from my restaurant, then they will value my business even more. This model is effective since it can help in doubling the number of customers. Another advantage of this model is that the customers that I will attract will help me since they will provide reviews on what they want or what they expect to receive from us. Therefore, I will be able to know how profitable an add-on will be even before I start developing it. Another business model that is effective is the data business model. This type of model is mostly used by businesses that are just starting. It helps in driving the value from collecting information and also analyzing data received from the data collected. Data business model offers various opportunities for many services that will help me in improving customer satisfaction (Osterwalder, & Pigneur, 2013).
Market research and report on your target markets in terms of size, competition, and access
A market research is advantageous at any stage of the business. My business being a start-up business, market research is critical for my business. Based on the location of my restaurant, my target customers will be the business people, teenagers, families, and any other person. The prices of my product accommodate lower and middle-income earners. Even though the competition is quite stiff from both big and small existing restaurants that offer both fast food and drinks, after my market analysis, I have a big chance to acquire many customers. After an extensive research of the value of the market, I have realized that I have the potential to grow successfully since the products that I offer to my customers are of high quality and the price can be attained by most people. I think that I will have an easy access to the market. This is because of the quality of the products, prices, customer service as well as giving them a platform where may write their reviews on what needs to change and improved. By so doing the customers will feel that they are valued. Hence, this will help me in getting honest customers as well as attracting new ones.
References
Eagle, L. (2015). Marketing communications. Abingdon, Oxon New York: Routledge.
Osterwalder, A. & Pigneur, Y. (2013). Business model generation : a handbook for visionaries, game changers, and challengers. Hoboken, N.J: Wiley.
Spencer, B. (2013). Business model design and learning : a strategic guide. New York, N.Y. (222 East 46th Street, New York, NY 10017: Business Expert Press.