BBC8047 Business Report Assignment Sample
Module code and Title: BBC8047 Business Report Assignment Sample
Introduction
The report is focused on developing a business idea in a bioscience-based business. It will focus on giving a brief overview of the business along with the target customer persona. The value proposition canvas will be used to describe the products and services, its gain creators, and pain relievers along with the pains the product will resolve as per customer needs and wants. Following that, the business model canvas is described to identify the process multifunctional team would help in achieving the defined value proposition canvas.
Section-1 Value proposition Canvas
Brief Description of the business idea
The growth of the bioscience industry is continuous and rapid offering diverse business opportunities. It is the industry that brings medical breakthroughs with vast medical advancements and technologies saving millions of life by creating modern lab equipment and efficient medications. Bioscience can be described as the industry responsible for developing biological solutions that sustain, improve, and restore the general quality of life for animals, humans, and plants all around the world (Mokhtar et. al. 2020).
Diverse business is evolved in this sector, for example, some business in this industry aims at agricultural biotechnology that helps in creating various agro-products initiating from feed activities to fungicides and fertilisers to plant-based feedstock.
Furthermore, many organisations in the sector aim at developing medical equipment and devices. The report is focused on developing the business idea concerning psychobiotic breast milk named BabyBiome. The major reason behind selecting this business idea is the increasing concern of parents to keep their children healthy and happy. Due to the busy schedule parents are unable to give their babies the best and they are in urge for something better to feed their child.
In the past few years, the risk of paracetamol addiction is increasing because of the consumption of diverse medicines and more. As per Sanders et. al. (2019) psychobiotics are described as prebiotics that offer diverse mental health benefits to the person that ingested in a particular quantity through interaction with commensal gut bacteria.
It has been researched that the gut microbiome is made up of trillions of fungi, bacteria, and diverse microbes. It plays a critical role in the development of health managing proper digestion and benefits the immune system in different aspects of health. Imbalance in unhealthy and healthy microbes in the intestines is harmful as it can cause high blood sugar, weight gain, high cholesterol, and other disorders.
Hence, it is necessary to intake necessary microbes appropriately for the benefit of health (Cunningham et. al. 2021). Gut microbiota is highly beneficial for balancing thoughts, moods, and feelings along with managing cognitive functions through the microbiome-gut-brain axis. The gut microbiome in an infant contains bacteroidetes, proteobacteria, and actinobacteria; whereas, firmicutes are relatively low.
The improper use of medications and antibiotics during childbirth can affect the gut microbiome of an infant. It can also increase issues related to mood regulations and anxiety. The development of this product is highly beneficial in improving gut microbiome and anxiety-related issues (Maldonado, 2019).
The product contains an increased number of probiotic oligosaccharides like Fructooligosaccharides and Galactooligosaccharides along with Vitamin B6 and D for boosting the growth of the infant. Hence, the primary benefit of psychobiotics is that it influences bacteria-brain relations that are advantageous for developing infant health effectively.
Target Customer
As per the business idea, the primary target customers for BabyBiome product are mothers that aim at offering great healthy to their child. It can be observed that babies tend to cry and become uneasy at an early age and parents give them Calpol to relax or calm them because the primary reason behind uneasiness is not known. Giving Calpol to the child frequently affects their health to great extent. BabyBiome is the product that plays as an alternative to Calpol protecting the health of infants.
The product can be used by mothers as the benefits of the product are improved sleep and also relieve gas (Lyons et. al. 2020). Therefore, the primary target customers of this product will be single mothers, working mothers, or individuals of the same sex having children. This product act as a supplement in a child’s diet that fulfills an infant’s need by providing all the beneficial bacteria assuring that are no additives, artificial colour, sweetness, flavour along with silicon dioxide that can affect a child’s health.
This product is highly advantageous for mothers that aim at improving the gut microbiome of their babies and regulating the child’s mood. The product is a perfect mixture of probiotics and Vitamin D that is very healthy for infants.
Value Proposition Canvas
A value proposition canvas is a concept or framework revolving around a product or service assuring that the business idea is positioned around the needs and values of the customer. It is a broader tool for developing the relationship between two parts value propositions and customer segments (Belleflamme and Neysen, 2021).
It consists of two primary building blocks including the company’s value proposition and customer profile. Customer profile consists of customer jobs, gains, and pains. On the other hand, the value proposition includes gain creators, products and services, and pain relievers.
Figure 1: Value Proposition Canvas. (Source: Value proposition canvas, 2020)
Customer Profile: The primary part of the value proposition canvas is, to begin with, the customer’s side. This assures that the business highly focuses on customer wants and needs. The critical point here is to identify the customer wants and aim at developing a potential solution as a product or service.
Customer jobs: It describes the social, emotional, and functional tasks customers are aiming to perform, the problems they aim at resolving, and the needs they want to satisfy. As per the customer jobs, it has been found that mothers are seeking healthy products to improve the gut microbiome of their babies. There can be observed diverse products developed in the market that are being used as an alternative to breast milk like milk powder. The bacteria or diverse ingredients that milk powder contains are not known properly.
Even it is not known whether the product is healthy for an infant’s gut microbiome or not (Ballan et. al. 2020). Other than that, there are diverse substitutes of milk products available in the market being used by mothers that are not capable of feeding breast milk to their children due to several issues. Some of the products have faced controversies and these products are not healthy for infants due to additives and diverse artificial ingredients added to them during production.
Furthermore, nowadays, infants are provided with diverse medications and antibiotics like vaccines or other paracetamol that affect children’s health as well. Therefore, customers are looking for a healthy and probiotic product that can help resolve the issue they are facing.
Pains: It describes the emotions, risks, and experiences that the consumers experiences while completing the jobs. Probiotics play a crucial role in the developing health of children. The primary element is probiotic microflora which includes bacteria of the genus Lactobacillus spp (Miqdady et. al. 2020). This is primarily responsible for exerting multidirectional, health-promoting effects on an infant’s body. It has been researched that around 9 out of 10 infants lack gut bacteria which plays a critical role in their health and development.
It has become highly necessary for parents to priorities the gut health of their children. It can only be achieved by adding probiotics, prebiotics, and other essential bacteria to the child’s diet. The parents have given great attention to the gut microbiome of children for the past few years as they have become highly aware of the importance of the gut microbiome on the health of infants. But there is no biotic product present that has no additive or artificial ingredients that can further impact the child’s health.
Moreover, trillions of fungi, viruses, and bacteria are present in the development of the microbiome of an infant, and finding a substitute that meets all these requirements is a primary issue parents are nowadays facing. A healthy gut is beneficial in improving an infant’s digestion and absorbs all the essential nutrients that an infant’s body requires. This further influences the immune system response and functioning of the brain (Sestito et. al. 2020).
The majority of infants are facing deficiency of B. infantis and researchers stated that this deficiency can put the health of infants at greater risk as they won’t be able to access the nutritional value of breast milk even. It also increases the exposure to harmful pathogens along with improper development of the immune system. Hence, there is an essential need to address all those pains from the early age of life for proper gut microbiome in adult life. The primary aim behind any business idea should be to help consumers in getting their job done along with providing them as per their needs or wants.
For example, Uber tries to resolve the customer’s pain that directly contrasts with the typical experience of getting a taxi traditionally. They are aiming to resolve the pains like no conversation with cab driver, enough cash into wallet along with the worry of directions to reach.
Gains: These are the benefits or advantages that customer expects and the things that would attract customer to adopt the value proposition. The primary benefit that customer expects from the development of the product is to provide proper nutrients and microbiome to their child for improving gut microbiome (Kapourchali and Cresci, 2020). The customers will be attracted to adopt this product because of its benefits and advantages on the health of the gut of an infant.
The issues related to infants deficient in gut bacterium would be resolved as well. Nowadays, it is essential to avoid the gut deficiency that new-born face at the early age of their life to avoid major future diseases and issues concerned with poor gut health. Other than that, BabyBiome helps in improving gut microbiome which is highly necessary for enhancing immune system responses and brain function communication.
Furthermore, diverse bacteria are present in the infant gut that can cause diseases and damage a child’s health. The increased amount of bacteria species can also increase the levels of antibiotic resistance. The issue is highly concerning because when bad bacteria increases in the baby’s gut the risk of diaper rash, colic, eczema, Type 1 diabetes, and allergies also increases (Mitchell et. al. 2020).
Therefore, the value proposition of the product is highly attractive and beneficial to mothers that have observed these issues in their infants and also for the mothers that aim to avoid those issues. BabyBiome is beneficial for improved gut health, enhances digestion, and reduces the impact of deficiency on a child’s health as well.
For example, Apple’s iPhone focuses on the pains of security issues that smartphone users have faced and offered consumers a smartphone that comes with high security they believe that a smartphone should be more than a collection of features. In this way, biodegradable plastic packaging aims at offering gains that can reduce the pains of consumers.
Value Map: This element focuses on products and services offered by the organisation. It consists of products and services, pain relievers, and gain creators.
Products & Services: Baby Biome is a product offered to target customers that possess a great value proposition and contains diverse beneficial nutrients that help in improving gut health. It includes Vitamin D, B6, Probiotics, and diverse seven strains of lactic acid bacteria that help in fulfilling the deficiency that an infant is facing. The formula for developing the product consists of increased probiotic oligosaccharides like Fructooligosaccharides and Galactooligosaccharides along with Vitamin D and B6 to enhance their growth. Galactooligosaccharides are prebiotic that help in reducing the secretion of cortisol which is beneficial for improving mental health in infants along with reducing anxiety (Granger et. al. 2021).
The presence of seven strains of lactic acid bacteria including B. bifidum, B. animlalis, B. breve, Bifidobacterium longum 1714, L. casei L. salivarus, and Lactobacillus Plantarum. These lactic acid bacteria present in the product are more beneficial than the different products present in the market. The product will benefit the infant’s health and boost their growth.
Gain creators: The product and services offered are proven and highly beneficial for treating depression, and anxiety, and reducing paranoid and other deficiencies that children have by either decreasing cortisol or enhancing dopamine in an infant’s body. BabyBiome helps in absorbing nutrients that are necessary for the infant body, reduces stress hormones along with balancing brain functioning (Butel et. al. 2018).
This is achieved by developing the gut bacteria that enhance a child’s immunity and digestive system. The value proposition of the product is also advantages for preventing obesity, and diabetes, enhancing cognitive learning, and brain flexibility, enhancing a child’s mood and happiness, regulating emotion, and developing elevated intelligence. Therefore, this product will provide diverse benefits to an infant’s child’s health and improve gut health as well.
Pain relievers: Unlike other products present in the market that act as an alternative to breast milk doesn’t have this many probiotics and essential bacteria that can boost an infant’s health. The product will attract the target customer as it primarily relieves the pain of trust issues that mothers have on diverse products available in the market. This product is proven to be beneficial for child’s health and also improves the gut microbiome of children as it contains seven strains of lactic bacteria acid (Fehr et. al. 2020).
Some of the major benefits of this product help in improving an infant’s mood and happiness along with reducing irritability and stress. It is also beneficial in regulating emotion and improves brain development. This reduces the impact of antibiotics and medications that need to be offered to infants when they feel uneasy and irritated.
Many times the gas issues and other issues that children are facing aren’t recognised properly and this leads to the consumption of Calpol in infants that affecting their health. But this product relieves the threat of negative impacts on the health of the infant. Other than that, due to the presence of various deficiencies in the child the risk of future diseases like obesity, diabetes, chronic diseases like IBD, asthma, mental illness, and many more can be reduced.
Section-2 Business model canvas
Customer segments: Customer segments are defined as the individuals that the company wants to target or serve. The primary target customer for BabyBiome is mothers that are looking for a product that improves infants’ gut health. Babies have become uneasy and cry most often and analysing the primary cause has become difficult. Due to this, mothers give them Calpol which helps in calming them but its impacts are unhealthy for the infant.
The product serves diverse benefits for reducing the effects of antibiotics and medications given to children and mothers focusing on enhancing the gut microbiome of their child. This product will also comfort the baby by improving sleep and relieving gas (Kim et. al. 2020). Hence, the target customer of BabyBiome would-be mothers or mothers those are looking for additional supplements in their child’s diet along with a product that doesn’t have any additives or any artificial colour, sweet, or flavour.
Value proposition: It describes the products and services and the way these stand out from the crowd to secure a competitive edge. The value proposition of the business idea is to offer the best product for infants to improve their gut health and to provide them with essential nutrients that boost their growth. It contains seven diverse strains of lactic acid bacteria, Vitamin B6 & D, and probiotics for reducing any deficiency that children have (Brüssow, 2019). It will also improve the infant’s immunity, growth, and mental development. Therefore, the product is the best choice for mothers looking for supplements in their child’s diet.
Channels: After deciding on customer segments and the value proposition it is necessary to identify the ways to reach the target audience. The major channels that will be utilised will be pharmacists in medical stores, child paediatricians, and more. Pharmacists and child paediatricians would help in recommending the BabyBiome product to mothers visiting the clinic or pharmacy if their child is feeling uneasy or have a bad digestive system (Ferro et. al. 2021). The business can use social media platforms, banners, and other digital advertisement techniques can be used to reach target customers.
Customer relationships: It aims at describing each stage while forming relationships with customers initiating from their visit to the business, ways to hold them, and ultimately the growth of audiences (Moshood et. al. 2022). Customer relationships are formed with target customers that are interested in offering nutritious and healthy diet to their child. Other than that, it will build relationship with mothers that are looking for additional supplements in their child’s diet that can improve their gut healthy and digestive system.
Revenue streams: The revenue generated will be from sales of products and services.
Key resources: These are the essential resources that are required by an organisation to run their business also known as assets for operating business and providing value to customers. Increasing the sales of the product is a complex and difficult task as influencing a mother to buy the product for their babies is difficult. It is because they want to buy the product that is best for their products (Sparviero, 2019). Hence, advertisements like word-of-mouth would be highly beneficial. From one mother to 100 mothers and this will increase gradually.
Key activities: The activities that are required to offer better services to the customer or achieve the unique value proposition described. The primary activity is the development of the product without any compromise on product quality as it is for infant consumption. Therefore, the manufacturing of the product should be great and meet all the requirements.
Marketing the product is also necessary to reach a wider audience and increase the sales of products by enhancing the mother’s trust in the product (Keane et. al. 2018). Celebrating staff that is involved in the entire process of product development to enhance their enthusiasm and encouragement is beneficial.
Cost structure: It includes various costs that are necessary for completing the key activities involved, and meeting key resources (Kühne and Böhmann, 2018). Following that, it also includes the cost of manufacturing, advertising and promotions, R&D costs, and sales cost.
Key partnerships: There are diverse key partners required for organisations survival and meeting several needs and demands (Carter and Carter, 2020). It involves the collaboration with child paediatricians and hospitals. Along with that, they have to partner with suppliers for meeting raw materials demands and pharmacist for product sales. They will also form partnership with events related to child’s health and wellbeing.
| Key Partners | Key Activities | Value Proposition | Customer relationships | Customer segments |
| · Collaboration with hospitals and pharmacists
· Collaboration with child paediatricians · Partnering with events concerning with child health and wellbeing |
· Testing
· No compromise in product quality · Sales and marketing · Celebrate staff |
· Contains Vitamin D & B6, Probiotics, and seven diverse strains of lactic acid bacteria.
· Boosts child immune and growth · Improve gut health |
· Customers interested in health and nutritious diet for their child
· Mother looking for additional supplements in their child’s diet |
· Single, Working or same sex individual mothers. |
| Key resources | Channels | |||
| · Word-of-mouth advertisement
· Influencing mothers |
· Social media platform
· Child paediatricians · Events · Pharmacists · Hospitals |
|||
| Cost structure | Revenue Streams | |||
| · Manufacturing cost
· Cost of key activities and resources · Events cost · Distribution costs · Marketing and advertising cost |
· Sales of products and services | |||
Conclusion
The report has described the business idea of developing psych biotic breast milk and the product is named as Baby Biome. It helps in reducing the issue in infant health like poor gut health and decreased growth along with improving their mental development. The major gain creator from this product is its benefits and the product quality that is best in comparison with other substitutes available. It would attract target customers through the effective value proposition and presence of diverse seven-strain lactic acid bacteria, Vitamin D & B6, and Probiotics that are beneficial for infants’ health. The primary role that the marketer will play in business commercialization is to promote and advertise the products and services to reach a wider audience.
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Value proposition canvas. (2020). [Online]. Accessed through: <https://www.b2binternational.com/research/methods/faq/what-is-the-value-proposition-canvas/>
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