Assignment
Watch the YouTube video: "The Business Model Canvas - 9 Steps to Creating a Successful Business Model - Startup Tips"
Fill out two more sections of your business model canvas: Define your Value Proposition, and Define Your Channel Strategies
o Define your Value Proposition
Your value proposition is what defines your business, and what excites your clients to do business with you. If you are not exciting your clients enough, they would not go through the effort of trying your product or service.
Here are 4 questions to ask yourself about as you define your value proposition:
o What is the problem that you are trying to solve?
o What is the value that your product or service add to your target segment?
o How do you address the needs of your target segment?
o How is your value proposition different from others - or unique?
Keeping your value proposition clear and effective allows you to communicate it effectively within your company and to your target segments. Every one of your team members needs to understand how their work contributes to that value proposition.
Channel Strategies
Channels are the way that you interface with your clients and services. Your aim is to find the most convenient way for your clients to buy your products and services and to have a great experience doing so.
Here are 2 commonly used channel strategies to sell through to your channels.
o Direct Channels where you sell directly to your clients either through your website, through your stores or through your sales teams
o In-Direct Channels where you rely on others to sell your products or services. These could be distributors, retailers or resellers that already have the supply chain or customer relationship and would thus provide you with the most efficient way to reach your clients and possibly to support them
o Deciding on the channel model in a startup is very important since each way would have its advantages and disadvantages. As the business evolves, it can have a hybrid channel model that makes use of both routes to reach your clients.
Format your assignment according to the following formatting requirements:
o The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
o The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
o Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.