Develop the Business Model Assignment
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Develop the Business Model Assignment
We are in the Bed and Breakfast business in Texas. We have detected a place to enter the market, possible target customers, and used Porter’s Generic Model of Competition (1985) to position our business. Remember the wedding cake example? Here is where your creativity begins.
For Students Using Readers
This lesson starts with a multi-piece diagram. I will cover more details of Michael Porter’s Generic Model of Competition in the lesson that follows. I can’t use the exact image due to copyright laws. Let me describe my adapted model above. Barrowed from the “Twilight Zone,” imagine if you will.
The model is anchored with a long slender rectangle in the middle of the page. The rectangle recognizes the importance of the end user and measuring the customer’s value proposition. On each side of the rectangle are two smaller boxes for a total of four boxes. Coming from each box is an arrow facing the slender rectangle. The boxes represent arenas where firms can compete. Arena one is located in the top right-hand side and represents the Ford Automobile position of broad market and low cost. I designate arena one as one dollar sign. Located in the top left-hand corner, arena two is a box representing the Mercedes position or broad market differentiated. Arena two is characterized by two dollar signs.
Moving over to the bottom right-hand corner, arena three is a box that represents the Ferrari position of narrow market and special. Keep in mind that this product or service is expensive. Arena three is characterized by three dollar signs. If we look to the bottom left-hand side of the page we see arena four. Here we very high-end products and services such as the Bugatti Chiron position of an extremely narrow high-end market. Pricing is afforded by only a few high-net-worth individuals. Four dollar signs.
Purpose
The purpose of this assignment is to test business models, describe customer value propositions, identify our value adding activities, and look for pivots (changes). It is best to start the assignment with the graphic and work around the boxes. You will create a Bed and Breakfast in Texas and pick a specific box in which to operate. Remember that each box above has unique costs structures, pricing, target market, brand image, supply chain, and customer expectations. Once again, we shop at Walmart for painting clothes for a reason.
Background
All of us have eaten at restaurants and questioned the theme, food choices, food quality and presentation (greasy?), décor, music, and customer service or lack thereof. We could do a better job of running this place. Now is your chance!
Running a successful business takes talent and attention to detail. You have read the chapter and the provided Industry report. You have also eaten at terrible restaurants. Now take a 35,000 ft. view of your business and how you would make it a success. What would you do, how do you get it done, and how do you make money? Let your imagination run wild. Be sure to identify other companies that will supply you or provide assistance (Internet searches). Plumbers, electricians, lawyers, CPAs, painters, HVAC, sheet suppliers, etc.
Now is the time to start thinking about the type of bed and breakfast you will operate. Are you dog friendly? Do you want to attract bikers? Is this a rustic cabin experience or chic`? Keep in mind, that if you remain middle-of-the-road, you will compete on price against everyone else. If you offer something different and valued by the target market, you can charge more. This will also influence your supply chain and business partners.
Mechanics
Start with chapter 4 of the textbook, view the lesson videos in Canvas, and look at the examples in the textbook. (Please submit the assignment as Lastname.Firstname.BusinessModel.docx.) Your written report should be key boarded, utilize the American Psychological Association (APA) citation format, 2 pages of model, and 2 pages of text in length. Use 12-point Ariel font, 1/4-inch indentions, use page numbers, and single line and character spacing. I am expecting a professional report that (a) demonstrates a command and understanding of the topic, (b) uses sound presentation logic and well thought through justifications, and (c) displays use of appropriate graphs, charts, or tables. All submissions will be graded as to following instructions, content, punctuation, grammar, citations, and sentence structure. Turn in your Word files to Canvas for submission to www.turnitin.com. Late submissions will not be accepted (unless covered by University policy).
Headings and subheadings tutorial: APA 7th edition format – YouTube (Links to an external site.)
Headings (apa.org) (Links to an external site.)
Assignment
Create your own Bed and Breakfast. I have attached the Business Barringer – Ireland Business Model for you to use in this assignment. Create the bullet points for each box by following the example in the text. Please attach additional pages in Microsoft Word to explain (elaborate) on your bullets points in paragraph form using level two and three headings.
Resources
(Links to an external site.) Demographics & Data – MGMT 3850/4100: Entrepreneurship & Business Planning for Entrepreneurs – Guides at University of North Texas (unt.edu) (Links to an external site.)
2020 Barringer – Ireland Business Model.docx Download 2020 Barringer – Ireland Business Model.docx
Areas of Concern to Develop/ Test the Business Model (level one heading)
Level two headings below.
What Customer Segments do we serve What is your Value Proposition What types of Customer Relationships Which and how many Channels What Key Activities do we Perform What Key Resources (owned, leased, or barrowed) Who are your Key Partners How many and types of Revenue Streams What is your Cost Structure Product Pivot (if needed) Customer Pivot (if needed) Revenue Model Pivot (if needed)