Week 10 - Business Model Canvas

For this week, we were tasked to slowly make our business model canvas based on the data that we collected from the previous activities. But before we make our BMC let us first understand the purpose behind the BMC. The business model is all about how a company creates value for itself while delivering products and services for customers. It must be consistent in the value that it creates in delivering products and services and also can handle the increasing number of customers. The Business Model Canvas comprises nine blocks that will help keep track of our Business Model progress. The nine blocks are value proposition, customer relationship, customer segments, channels, revenue streams, key resources, cost structure, key activities, key partners.

In creating our Business Model Canvas, what we did first was fill in the Value Proposition block since we have already made this task the previous week. The next thing we did was to identify our customer segments. The customer segments that we have made for this week are still tentative because we are still in the process of validating and identifying some of our customers. After the customer segment, we identify our channels. The channels category answers the question how does the product get from your company to the customers?. For our channels, we have decided that we are going to use the Google Playstore and Appstore platform to host our application. For the customer relationship category, we have identified some ideas on how to get, keep and grow our base and that is through giving them timely updates and offering product discounts. For the key resources, these are the important assets required to make the business model work. Our BMC needs the Google and Apple platform to host our application so they are key resources. Four our key partners, the chef and bakers gives us insights as to what features and function we should add in order to give customers and wonderful experience using our app. The influencers then help us promote our products so that it would be known to a lot of customers. For the key activities, we usually focus on software development and marketing our product. Finally, the cost of making our product constitute greatly at marketing and developing our product. Marketing includes promoting and hiring influencers to promote our application. The developing part includes, hiring programmers and paying for hosting ang other fees.