Nine Building Blocks of Detachable Hood Backpack
Product's Value Proposition:
The idea of operating a business that deals with detachable hood backpack will be able to offer a unique experience to the customers. The detachable backpack hoods are integrated into the backpack to offer a super look. It is also truly differentiable from other backpacks in the market today (Trimi & Berbegal-Mirabent, 2012). The detachable hoods backpack hoods helps in offering a way of carrying products such as books and still act as a sweater during humid and cold weather. Most youths also enjoys awesome look for the detachable hood backpack. It is appropriate in travelling, biking and response to unexpected weather changes. Therefore, the detachable hood backpack is a versatile product, which would help in meeting the numerous needs of the customers.
Customer Segments:
The detachable hood backpack will help the customers to enjoy unique experience and versatile use of the backpack unlike other normal backpacks. The target customer segment for the detachable hood backpack are school going children to teenagers aged from 8 years to 25 years.
Channels:
The detachable hood backpack will be sold and delivered through physical retail stores and other online stores, both directly and indirectly. Online stores are the most common way of selling the back hood backpacks due to the increased number of young people using the internet.
Customer Relationships:
Most of the customers are young people who need dedicated personal assistance and customer service. Thus, the company will maintain strong dedicated personal assistance and co creation customer relationships. This allows the customers to provide their feedback on the design and nature of the detachable hood backpacks. For instance, the clients could offer their ideas on how to improve the products.
Key Resources:
The company's key resources include talented and creative employees, capital investments, and social media marketers. These resources will be useful to promoting the design and production of the detachable hood backpacks.
Key Activities:
To promote the business model of the detachable hood backpack, the business will design the backpacks using quality material including nylon and leather material. The model of delivery will be appropriate to uphold the superior quality of the brand (Abraham, 2013). The new detachable hood backpacks will be able to offer appropriate versatile backpacks, which can be used during in travelling during unexpected weather changes and biking. Other activities include the creation of online website/stores in order to sell the products to numerous customers.
Key Partnerships:
The business has to enter into various partnerships with suppliers and other partners to enhance the success of the business model. The suppliers of the material will form a crucial partnership with company to enhance the continuous supply of the production material. A partnership with social media marketing firm is also useful in enhancing the success of the company in terms of online sales and popularity of the company. Apart from all, the buyer seller relationship is also important. The company will run loyalty programs to attract the customers into a tighter relationship.
Revenue Model:
Based on the target customer segment, the estimated value of detachable hood backpacks is higher than the costs of other normal backpacks. The customers would be willingness to pay around $150 for the detachable hood backpack. However, the cost of the detachable hood backpack is $300 and more. They could pay more for the ability of product to incorporate versatile material including durable nylon and leather material with a classic appearance. Revenue will be made through the sale of the detachable hood backpacks
Cost Structure:
In order to enhance the success of the detachable hood backpack, the company business incurs various costs including advertising costs, transportation costs and storage costs. This accounts for both the fixed and variable costs.
- Clarify/Align around product vision. Spend a few minutes discussing the product, the target market, the approach, etc. Let's make sure we are aligned.
- Communication and Collaboration Tools - I think we saw this week, we need to get out of email with our files and feedback. The paper trail is a mess and we're going to have big files. For communication, we need something lighter weight and more "real time conversational" than email.
- Gurus and Customers - we need to start thinking of gurus (5) and customers (15). I think Gurus will be harder than customers.
- Discuss week 5 assignment(s).