BUS 400
Module Three-Discussion
Southern New Hampshire University
There are some segments which needs to be treated according to the business model I would
apply for the decision making.
First step for this would be Defining the target audience and understanding their needs
and preferences is something I've already started researching. This is crucial for tailoring the
product or service to meet their specific demands. Then progressing to second step where I've
also made progress in outlining the unique value that my business will provide to the identified
customer segments. This value proposition is the core of what sets my venture apart. While not
finalized, I have some initial ideas about how I can reach and communicate with my customers.
This includes both online and offline channels, and I'm actively exploring which ones will be
most effective. On the other hand, there are segments that I believe will require more work like
Determining the right pricing strategy and revenue streams will take more time, as it depends on
a deeper understanding of customer behavior and market dynamics. I need to conduct thorough
market research and financial analysis to get this right. Then after that identifying and securing
key resources such as technology, personnel, and partnerships will require additional effort.
These resources are essential for the success of the business, so I need to carefully plan and
allocate them. After that we know that defining the key activities necessary to deliver the value
proposition will need more detailed planning. This includes manufacturing, marketing, and
distribution, and I need to create a comprehensive strategy for each.
Also there is another department that I haven't taken into account yet. I believe they hold
importance and we should definitely consider them alongside the segments I have already
mentioned. It is crucial to keep an eye on the following aspects;
●Partnerships; Collaborating with partners can greatly drive our success.
●Cost structure; While I have an idea of my expenses it's important to monitor and manage our
costs.
●Customer relationships; Building connections, with our customers is vital, for both retention
and long term success.
These segments were not initially included in my consideration. They are indeed
significant well.
References
Rice, T. (2022, November 25). 9 building blocks of the Business Model Canvas. Animas
Marketing. https://animasmarketing.com/9-building-blocks-business-model-canvas/
