Entrepreneurship and Innovation EAE 7501 A Assignment Sample
A company’s business strategy is a very appropriate plan for the business that helps the company achieve its objective as well as fulfil its goal. It also guides them to appropriate decisions that can help the company’s financial stability improve in the market of competition. This assignment is based on the template of Lean Canvas. This template is an appropriate template that helped the business with the construction that was made by Ash Maurya (Truong, 2018). This model template has been adopted from the business model Canvas, which was developed by Alex Osterwalder. This theory is part of the business plan. It is very proper and from the inside, because it has all the evidence as well as elaborate justification.
A strategic framework is a very special kind of framework that helps a business to rethink as well as rebuild initiatives for the company for the accomplishment of a division. However, this strategic framework is extremely useful because it can be used for development strategy as well as various business analyses. Business consultants may use a business framework of related strategies to find a solution to a specific business problem (Balashova et al. 2018). Foster’s five forces are a very appropriate framework for business. It helps to understand the competitive landscape in the current market, which has the business to increase its attractiveness as well as increase profitability.
Rivalry between competitors
It is very essential to understand the competition as well as the stability conditions in the market of that individual company. In this section, it is necessary to be clear about the competition in the market. It is also understood to analyses the completed work as well as directly connect with the competitors (Wahyuni, Fahada and Atmaja, 2019). Also, it is equally important to understand the strengths and weaknesses of the competitors. This is the last step in this section to understand the quality as well as the service provided by the rivals, so it is possible to understand the level of competition.
Power of the suppliers
It is very important in this step to understand as well as analyses the power of the suppliers. This helps a business with prices as well as giving the proper information regarding the prices, which helps a business with financial loss. In this section, it is also important to understand the potential in the market as well as the stars and the type of material they are providing. This expansiveness can help with this reach by choosing one supplier rather than another. Also, business history needs to understand the material of the substitute, which helps about cost efficiency (Muafi et al. 2019).
Segmentation of the consumer
In this section, it is very important to empathize with customer segmentation. This section is very important because it enables the customer to understand the power range of the customer as well as the power of the customer to prepare high-quality products at a low price. In this section, it is possible to understand the power of the buyer as well as the size of the customer’s order. By evaluating their power of them, it is possible to choose an appropriate term (Gomes, Okano and Otola, 2020). This is also why this section is very much appropriate to understand which product would be better for the customer, as well as how the new product is launched and how they check the customer’s initiative.
Recognize the threat posed by newcomers
A business is all about a venture, and it is quite common for a new business to take over another business by offering a late low rate with an appropriate product. these companies are perfectly competitive with any established business. In this section, it is very important to understand the establishment of the business accord as compared to the new business. If any new business offering is something to understand the cost of their business, Also, it is very important to understand the legislation behind the new barriers. information regarding this supplier as well as distribute it so that they can easily access it (Rusli et al. 2019).
The effectiveness of a substitute product
In business, it is also possible for other competitors to provide a lower price while maintaining appropriate quality as the company processes. It can be easily stated that in a business, it can be perfectly competitive for an established business that someone else is giving a cheaper product with high quality. Through this section, it is possible to analyses the number of substitutes in the market as well as the price and quality of their products. The possibility of the customer is that a company can find them. It can also analyse the cost of the substitution, which can help or check the other companies’ business easily (Boafo, Kraa and Webu, 2018).
Potential business opportunities can be a helper for a business, which helps to allow a business by understanding the needs as well as the subsidiaries, along with the equal opportunity for its business. Generally, it can be stated that a potential business opportunity is related to an option for an appropriate idea as well as a sector of a new opportunity for a new job, along with introducing the product to the market. Porter’s five forces model has the opportunities for a potential business. It helps the company be able to compete in a competitive market (Ferras‐Hernandez and Nylund 2019). By analysis, rivals in the competitive market While doing any business or having some success in a business, it is very important to understand your rival. Any rival company can take another company down if that company has a cheaper way of doing business than the particular company. Other companies need to understand that they have the power to understand the capabilities of their rivals (Mukhezakule and Tefera 2019).
It is also helpful to understand the potential new market entrances under the option of “potential business opportunity.” A businessman must understand the entry of a new market marketer because they have the potential to build a strong business by offering a lower rate as well as a higher quality of the product. On the other hand, it is also very important to understand the power of the supplier because it is the supplier who provides the product. It is the quality of the product that makes a business high and, some of the time, due to the low quality of the product, it is possible to make a business down (Baxter, 2019).
With the help of Porter’s five forces, it is also possible to understand the potential market analysis of the customer segment as well as the product substitute. Customer segmentation is the main thing that a company needs to understand to increase its business. The company needs to understand its customers’ ignorance as well as their demand and needs. Substituting products of a company can also be dangerous for other companies that are producing high-quality products at a lower price. It can be a disaster for businesses that are providing the same range of products at a high price. It can be stated that these are the potential business opportunities that a business can follow to develop (Adelakun, 2020).
On the other hand, the lean canvas model is quite related to the poster’s 5 values of forces. Such as in the lean canvas model, it is very helpful for the business to understand the proportion of the customer value that is appropriate for any business. This model also helped to understand the segmentation of the customer, which can help to create a proper customer base. By understanding genetics, it is possible to understand how to choose an appropriate channel for business (Anastasiu, Gavriş and Maier, 2020). The canvas model also focuses on building the proper relationship with the customer as well as streamlining revenues, which helps a business to achieve success as well as increase their financial condition. It is equally important to the key resources as well as the partner, which is related to the key code of the principal. Finally, it is the key activity as well as the structured cost of the company that is also helpful in understanding the potential business market.
Assess proof of concepts rigorously and create research strategies.
Figure: Theory of Lean Canvas
( Source: Rusli et al. 2019)
For the potential opportunity for the customer, it is necessary to focus on nine components of the BMC model, such as
Segmentation of customers
Segmenting the customer is very important. It is important to target one’s audience. Segmenting is possible by the analysis of the geographical area of the customer, the gender of the customer, as well as the customer’s age and interests (Rusli et al. 2019). It can help to understand whether the customer will be selected or not.
Relationship with the customer.
It is also important to establish an appropriate business-customer relationship. This is the relationship that the customer uses to share with the company. Various interactions with the customer can help the customer relationship.
Channels are the means of connecting with the customer. It has played a joint role for the customer as well as the company. channels are the main touchpoint of the company that is responsible for the company to make good connections with the customer. It also helps channel helper companies to create awareness of the product as well as improve its service (Gomes, Okano and Otola, 2020).
stream of revenue
It is critical to remove the ribbon for the customer to feel the product. Each point has a value for the customer, which they earn through the transaction related to its benefit. Also, with the help of recording the stream of revenue, which can help to create a revenue stream for the customer,
main components that make the business complete. A few key resources are human, which means the employees of the company. such as the cash of the company as well as the credit line of the company (Muafi et al. 2019). On the other hand, intellectual properties such as the brand image of the company, along with the pattern and the copywriting of the company, also included are physical assets such as inventory and the structure of the business.
The pricing structures
In this section, the business needs to understand the code structure so that it can help the business to bring a proper profit.
The value of prepositions
This is the main block of the whole theory. This is the main block to making a proper relationship with a customer in case the customer faces any issue regarding the product as well as service (Wahyuni, Fahada and Atmaja, 2019). By following this point, the company can build a proper relationship with the customer.
Showing mobility and creativity in addressing and resolving issues.
The lean start-up approach, which is related to the lean startup methodology, is a very appropriate methodology that helps a business to develop as well as help to create a brief development plan for a business that occurs and that can help a business rapidly grow in the modern viable (Balashova et al. 2018). It is very simple. It can also be stated that this approach can be easily accessible with the help of business hypotheses as well as various experiments that help the business achieve its goal. It can also be used to help the iterative release of the product along with the learning validated, which helps the product for its future growth. It can be said critically that this model has the appropriate advantages of the product regarding popularity, which is also helpful for the customer value for the lifetime.
It is also very helpful to vary products based on the reactions of the customer, which helps experimentation in the customer’s favour and helps formulate a strict plan (Truong, 2018). Finally, it can be stated that it is the most successful and innovative approach to assisting a company’s growth. Finally, it is possible to state that factors that are critical beyond the lean startup approach, such as productivity and customer value, make sense over time. It is also very essential to make the product have the appropriate reaction so that it helps customers appropriately get the product. On the other hand, it is also stated that the experimentation of the trick striking plan is a strict plan for the favor of its opposite.
Business strategy development is very appropriate for any business because it provides various reasons for establishing a business. It can help a business to give proper direction, which can establish the direction of the business by increasing its profit. Making appropriate decisions can also help a business to build a strong customer-building relationship. On the other hand, it is also very important for the business strategy to give the cover agents a competitive edge in the market. This plan is very helpful in measuring the success as well as the satisfaction level of its customers. However, the model of the lean canvas is very appropriate. The strategy’s commercial benefit is possible because it possesses all of the necessary capabilities to develop a business as well as a new project.
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