excel sheet

IDEA GENERATION

LOT

(Lot of Things at one place)

MGMT 20143 Think BiG

Student Name: Anil Kumar Deva

Student ID: 12064943

Lecturer: Aman Ullah

Campus: Melbourne

Executive Summary

The main objective of this organization is to provide number of services through a single platform at an affordable price. The name of this organization is LOT(lot of things at one place). They come personally to us and work on them. They get paid through the LOT app. LOT focuses on many of them. Which are as follows:

· Providing Mechanics for vehicle repairs.

· Household repairs- plumbing, water, etc.(done instantly by coming to our house)

· Restaurants- food delivery.

· Taxi services.

· Drivers- it creates to platform for drivers to get direct access with the customers, which means the customer can hire the driver based on their requirement and availability of the driver.

· Tow truck services- At affordable prices based on distance.

· Tutors- for different subjects.

· Cleaning services- house, commercial buildings, schools, etc.

· Cloths delivery instantly from stores through delivery driver (if there is any issue with the delivery the products must be returned to the store).

· Security- security guards will be provided.

By connecting all these services at one place it helps the customers a lot. It is also easy for the customers to get things done. It saves the time of the customer.

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Executive Summary……………………………………………………………………………………………………. 2

Table of contents………………………………………………………………………………………………………… 3

Problem Identification………………………………………………………………………………………………… 4

Benefits………………………………………………………………………………………………………………………. 4

Business model…………………………………………………………………………………………………………… 4

A. Building blocks……………………………………………………………………………………………………. 5

1. Customer segments…………………………………………………………………………………………. 5

2. Key partners………………………………………………………………………………………………….… 5

3. Value proposition……………………………………………………………………………………………. 5

4. Key activities……………………………………………………………………………………………………. 5

5. Channels…………………………………………………………………………………………………………. 5

6. Revenue systems……………………………………………………………………………………………… 5

7. Cost structure…………………………………………………………………………………………………. 6

8. Key resources……………………………………………………………………………………………………. 6

9. Customer relationships……………………………………………………………………………………… 6

B. Interrelationships………………………………………………………………………………………………. 6

C. Critical success factor…………………………………………………………………………………………. 6

D. Critical risks………………………………………………………………………………………………………. 7

E. Evaluation of feasibility……………………………………………………………………………………… 7

Conclusion……………………………………………………………………………………………………………………. 7

References………………………………………………………………………………………………………………….... 8

Appendix………………………………………………………………………………………………………………………. 9

Problem Identification:

The main aim of this idea is making available of many services to customer at one place. There is a gap in providing this type of services to the customers in the market(Moses, 2019). It is a combination of several services, among them some services are more often used by the customers as they are the services that occur without the knowledge of the customer at times. Some of them are vehicle issue, household repairs. To solve these issues, they need immediate service to keep their work going time to time. So, By using this LOT app they can book the required services at an affordable price where they come to their place to do the service. Here there is no need for the customer to go to a place to get things right, which is an innovative approach for the customer. Whereas coming to other services like food delivery, as food is a basic need of the customer instead of going to the restaurant you can order through app and you get the food delivered. Delivery of clothes, another basic need, which get the cloths to the door steps. Most of the vehicles gets unexpected issues in some cases, at that stage vehicle can be towed by booking tow truck through one click in the app which is very easy.

Benefits:

Some of the benefits through these services are affordable prices, exposure of many services that are available in the nearby locality to the customer, bring the services or products to the customer which helps the customer in saving his time, it also helps some of the organizations to find the security guards instantly using this app. It also provides many earning opportunities to courier drivers to earn money by delivering goods like cloths, food and cab drivers. Cleaning services, tutors all are available at one place that is through LOT app. Making all the services available at one place will be easy for the customer instead of searching for each service separately. It also provides cost effective services. It also provides an earning opportunity to many where they can join as delivery drivers and work when they are free, it is open to all(Whelan & Carcary, 2011). LOT also owns money by making these services available to the customers.

This LOT also helps the retailers as bringing their store exposure to many customers, which would be an advertisement to them. The customers can book their services based on the feedback given by other customers in the LOT app, in this case where feedback is taken then the retailers also do the services with utmost interest to maintain their credibility.

Business Model:

The strategy that is going to be adopted here is getting the services done from where we are, which means there is no need of us go to the specific place for a service or to buy a product. Some of the services are done at an affordable price. Since, if go to a place for service they may charge more from the customer where the customer cannot move to another place to get it fixed at a lower price. The app that is going to be developed shows the prices of the service and they come to us to fix it. This business model is going to help lot of customers by not visiting the stores and getting their needs and services done.

Building blocks

The nine building blocks in Osterwalder & Pigneur’s canvas of LOT are explained in detail as follows:

Customer segment

· As this is combination of many products and services, it targets all the age groups. The affordable prices will attract the customers.

Key Partners

· The main key partners are the retailers, delivery drivers. The delivery drivers deliver the products to the customers, any services required to the customer are done the retailers.

· Advertisements through television, offers, sending emails.

Value Propositions

· The customer needs are satisfied at lower prices for the services and at the same time the work is done at their place, which would be easy for the customer.

· We are using the technology as everything runs over the application which connect the retailers and customers on a single platform.

Key Activities

· Delivery drivers are appointed by the organizations.

· The organization collects some percentage of amount from the retailers.

· Retailers also can deliver their products.

Channels

· The customer pays the amount to the organization and the organization pays it to the retailers.

Revenue Streams

· LOT collects a fee of 30% from the value of goods and services purchased from the store, where it must pay the delivery drivers and their charges.

· Collects late fee if they made to wait the delivery driver too late, as it causes delay to the customer.

Cost Structure

· This company provides an access between the retailers and customers directly.

Key Resources

Delivery drivers, drivers, retailers, promotions, advertising(Halmaghi & Bacila, 2018).

Customer Relationships

· Improving the customer satisfaction by getting their feedback.

· Sending mails to the customer.

· Any issues are resolved in a specific time.

· Providing 24/7 technical support.

Interrelationships:

Here we connect many retailers and customers with this application. This LOT collects a fee of 30% from the product or service amount from the retailer to provide this type of service to retailers(Quiros, 2009). This provides any easy opportunity for the customer to get his work done at door step. The number of customers will increase to the retailers because of this type of services, so retailers will be ready to pay the 30% fee. Delivery drivers play a major role in this, as they act as a medium between the retailers and customers in some type of services.

For example, if the delivery drivers are made to wait too long in restaurants for delivery of food or in clothing shop or in any retail store of delivery then improvements are made by contacting the retailers to resolve it so that it would not make the customer to wait too long. The feedback received from the customers were taken into consideration and necessary improvements were made to improve the delivery experiences to both the delivery drivers and customers.

Critical Success Factors:

The number of retailers increase day-by-day, where it can be able to reach a greater number of customers. Bringing the service to the customers increase the numbers of customers as it reduces the customer effort in going to the store. Providing number of services using a single application will reach to many people in a short time will help in the success of this business(Bowen et al., 2004).

A technical support team is formed to constantly monitor the customer feedback and issues and resolve them as soon as possible so that it helps both the customer and organization. Making sure that the retailers can perform their services on time and guiding them so that it increases their reputation which brings them more profits. Coordinating, monitoring, guiding and resolving issues will ultimately lead to the success of the organization.

Critical Risks:

Risk is involved in any business at the initial stages, we need to overcome that to get successful(Cummings, 1986). Initially, it be difficult to get the retailer to collaborate with the organization where the organization need to reduce the fee so that it can make more retailers to collaborate so that it can expand. At the same time, it should hire delivery drivers where organization need to pay more amount in the initially until their business is expanded which will incur some losses to the organization in the initially stages to get the business expanded.

Since there are lot of services it is providing proper monitoring is required. Enough technical team members to be trained well and employed. Any mistakes by them will cost loss to the organization.

Evaluation of feasibility:

There is a huge scope for this business as it offers multiple services through a single click, though some of the services that will be provided here are currently available in the market. Providing benefits to both retailers and customers would make this organization to give a tough competition to the existing organizations. Apart from this, as this organization provides some services which are currently not available in the market that would bring more customers.

Assurance of quality services will be given to the customers(Clifton & Fyffe, 1977). Services worth the value of money will be provided.

Conclusion:

Overall this organization provides a huge advantage to the customers as well as retailers in expanding their business to many people. Making things easy for the customers is the target of any organization which can be achieved here.

References:

· Cummings, O. (1986). Success factors for evaluation in a business training context. Evaluation Practice, 7(4), 5-13.

· Clifton, D., & Fyffe, D. (1977). Project feasibility analysis. New York: Wiley.

· Bowen, M., Burke, R., Castrogiovanni, G., Dulebohn, J., Li, M., & Svyantek, D. (2004). DEVELOPMENTS AND NEW DIRECTIONS AT ORGANIZATIONAL ANALYSIS. Organizational Analysis, 12(1), 1-3.

· Moses, S. (2019). Scope Creep in Project Management: Definition, Causes & Solutions. Retrieved from https://www.workamajig.com/blog/scope-creep

· Reynolds, P., & Curtin, R. (2011). New business creation. New York: Springer.

· Whelan, E., & Carcary, M. (2011). Integrating talent and knowledge management: where are the benefits? Journal Of Knowledge Management, 15(4), 675-687.

· Halmaghi, E., & Bacila, L. (2018). Human Resources - Important Resources of the Contemporary Organization. International Conference KNOWLEDGE-BASED ORGANIZATION, 24(1), 314-318.

· Büttner, G. (2019). Auto-classification in an international organization: report from a feasibility study. Comma, 2017(2), 15-26.

· Quiros, I. (2009). Organizational alignment. International Journal Of Organizational Analysis, 17(4), 285-305.

Appendix

Key Partners Emails. Retailers. Advertisements. Promotions. Delivery drivers.	Key Activities Delivery by retailers as well as appointing delivery drivers.	Value Proposition Services are done at customer place. Affordable prices.	Customer Relationships Emails. Customer feedback.	Customer Segments Almost all age groups.
	Key Resources Delivery drivers. Retailers. Websites.		Channels Payment to organization. Organization to retailers and delivery drivers.
Cost Structure Earn income from retailers and application usage.	Revenue Streams They charge 30% of the product value from the retailers. Collect late fee from retailers if they made the delivery driver wait for long.

LOT BUSINESS MODEL CANVAS

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