BUS 400 week 3

In your response to two peers, address the following:

● Provide at least one specific idea or recommendation to help them address the

problem areas in their model.

● Share any suggestions or tips that you found helpful when researching or working

on your business idea.

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Peer 1 :

Sally Navarro

Hello everyone,

The BMC management tool helps businesses develop and communicate their ideas quickly and

efficiently. It consists of a one-page outline that logically illustrates a product or business

concept. A company's primary internal sections are those related to its stakeholders. These are

the areas that I would like to focus on to perform well in my business activity. In addition to

these, I would also like to manage the company's external stakeholders. This would be very

challenging to do to perform well in BMC. As an external business owner, I must focus on

generating revenue for my company and keeping my clients happy. This is easier said than done

since I have all the necessary resources to compete against other companies. Some challenges I

face include retaining and developing good relationships with my customers. Although

prepositions and value additions are essential factors in business, I'm still trying to figure out

how to approach these concepts. For me, productivity is most important when generating

customer relationships and utilizing resources.

Refrence:

Ebinum, O. (2016, July 7). How to: Business model canvas explained. Medium.

https://medium.com/seed-digital/how-to-business-model-canvas-explained-ad3676b6fe4a

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Peer 2:

Holly LaRoche

The segments that I believe I will be able to complete immediately is the customer segments, it

is easy to predict who would benefit from the product created, but without knowing how much

the product is going to cost to build will be who can actually afford to buy the product. Value

propositions is another one that can be recognized once brainstorming and research has been

done and knowing what the competitive edge is on the competition. Channels could also be

another segment that could be completed immediately, figuring out the best way to sell the

product to new and also repeated customers. Advertising would play a big role in sales.

The segments that I feel might need more work and time to figure out is key partners figuring

out partnerships can take sometime along with Cost knowing how much the product is going to

cost to build, how much it will cost for employees, materials, advertising all these things have to

be considered and research needs to be done.

I haven't considered the key resources or partners in my invention, I will have to think about

distributors, suppliers, what types of stores will be carrying my products. Figuring out if the

company is going to partner with anyone to keep the cost down is another segment that I have to

think about.