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Introduction of Individual Reflection on Building Business
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Business are set up to fulfil demands and needs of people. For setting a business various things are discussed in brief from its goals and objectives to delivering product to customer. It shows that how the business operations will work and what activities will be performed. A proper plan is developed to find out cost and targeted customers. Moreover, it describes value proposition of business with respect to its cost (Mitchell and et..al, 2016). This report will explain process of developing a business canvas cycle. It shows that how each element of business operations are evaluated. At last it will show how an intrapreneur helps in promoting an innovative product.
For this present report organisation taken is BRANDME. The cited firm belongs to retail sector and operate in UK. The existence of the company on national level requires innovative products' marketing and development. Thus, this report will help in describing role of intrapreneur in developing a marketing strategy for the cited establishment.
A) Process of developing business canvas model in BRANDME and role of intrapreneur in it
It is important for a business to promote its product in an innovative way so that it attracts a large number of people. For developing marketing strategies the manager role is crucial because it helps in deciding the role of each individual in it. A business canvas model can be used by manager to develop effective marketing plan. This model clearly helps in defining role of each business components (White 2016.). It consists of different questions that helps in providing next business idea. A business model canvas describes how an organisation delivers, creates and capture value. It consists of different charts that describes value proposition of a firm. It is presented in visual form briefly describing each element. There are generally nine elements in it which are as follows:-
- Key partners- It refers to who are the key partners and suppliers of business. It describes their role in partnership and what factors motivates them in this (Cochrane and et..al 2017).
- Key activities- It describes what activities are required for maintaining customer relations, distribution channels. It adds value proposition to business.
- Value proposition- It shows that what are the core value does business deliver to its customers. Also, which customers needs are been satisfied by business.
- Customer relationship- It indicates what kind of relationship does customer expect from your business (Drain, Shekar and Goodyer 2016). Along with this how it can be integrated in terms of cost.
- Customer segment- This shows your targeted segment. It states that which type or class or customer is been targeted. Who are the most important customers.
- Key resource- It is similar to key activities but it differs in terms of resources.
- Distribution channel- This shows types of distribution channels that can be used. Apart from this through which channel product will be distributed and how much it will cost. Also, which channel will be best to use.
- Cost structure-It defines cost of each activity or resources that is required. With this the most expensive activity can be identified.
- Revenue stream- This describes that how much customers will be willing to pay. What are they recently paying. It shows that how much each stream is contributing in overall revenues of business.
In given business context I was given role of an intrapreneur which means a manager who promotes innovative product in the market. I was also given responsibility of product development. First of all I understood about the company and its products. Then I got to know what are their target customers and stack holders (Wium and Du Plessis, 2016). The process of developing a business model canvas begins from research in the market. This research helps in identifying the value of business and its product. Then comes a process through which this model is developed.
Key partners- It is very important to have a strong relation with people involve in a business. So I explained the role of suppliers, partners in a business model. I showed that how resources are connected with each other to have smooth flow of operations. I discussed form of ventures like joint, public and private venture, etc. I also showed them strategic planning done between competitors and buyer- supplier. I identified factors that motivated these all to remain engage in business.
Key activities- The next step was to define key activities that is needed for business to work. I showed them how business value is created. I was given role of a manager in this. I was able to explain about market segment, customer relationships, revenues, etc ( Lavoué and et..al 2015). I told them about what activities are needed in business and how they are connected with each other. I also told that certain activities are not needed and which activities must be improved for value proposition.
Value proposition- In this I showed them about how value of product or service is created for target market. I discussed about that value proposition cam be in terms of qualitative (design, customer experience) or quantitative (price, speed of service). What product or service is created to fulfil customer demands. I told them about the importance of value proposition of business and how it can be increased.
Customer relationship- Here I assumed myself as a customer and told about what kind of relationships should company develop with me. I described about types of relationships and importance of maintaining it. I also experienced that it is very essential for company to have effective and strong relationships with customers. I told them issue in determining customer experience with business.
Customer segment- It is the most necessary element in business canvas model. It shows about how customer are segmented in order to achieve business goals and objectives. I gave brief on different customer segments along with their pros and cons. I explained what each segment will be able to pay for product (Pammer, Krogstie and Prilla 2017). How profit will vary in each segment. I also learned about different channels through which goods are delivered.
Key resource- I showed them the most important resources required by company in business. There are various resources such as physical, human, financial, etc. that are basically required. I said that resources depends upon nature and size of business and how they contribute in achieving goals. I told about influence of having excessive and deficiency resources and its impact on operations.
Distribution channel- I showed them with a presentation that how a company communicate with its customers. It shows a line of process followed by firm to reach its targeted audience. I said that it contains sales, distribution and communication process to interact with consumers. I was highly been appreciated for this role. I told about types of channels and its working available and how company uses it (Koomen,Van Minderhout and Spilt, 2016). Moreover, which type of channel is suitable to which company.
Cost structure- I prepared a cost structure for using as an example. I explained about types of cost incurred by company and how a cost is generated. I showed different types of costs like fixed, variable, etc. and its relation with operations. Cost is incurred to generate revenue. With other things I learned about how cost can be controlled and reduced by using various techniques or methods. Also, it is essential for company to reduce cost as it hamper profits. I told that price of good is entirely based upon its manufacturing cost.
Revenue stream- In this I told about process of how revenue is generated by company from each customer segment. It is divided into two types I.e revenue from one time payment and recurring revenue from on going payment. I said that each revenue stream contribute in overall revenue generated. So it is important to focus on each stream to generate enough profits for firm.
The Belbin model helps in creating a balanced team by analysing the role of each individual. It studies members behaviour to find out their weakness and strengths. With this the necessary roles in team are covered. It categorises roles in three groups: action, people and thought oriented. Each group is having their own strength and weakness:-
Action-oriented roles
Shaper- They are extrovert people who motivates the team to improve. They find the best approaches to solve a problem. Some of my team members were extrovert, they challenged others to improve. When any member was facing problem they find out ways to solve them and encouraged others. We faced many problems and due to this team was able to perform better. I also motivated co workers to solve problem.
Implementer- These people turn the ideas by developing action plan. They are very disciplined and systematic people. My team members were not so disciplined as they ignored other ideas and did not show interest in them. Usually there were conflicts related to this. We coordinated with each other and shared our ideas to implement it efficiently. I helped my colleagues on how to maintain discipline and take interest in decision making process.
Completer finisher- People in this briefly overview the entire project and every small details related to it. They ensure that each task is completed on time and no errors are occurred in the project. My team member took the project lightly and due to this there were various errors that occurred. The task was not completed in appropriate time. Therefore, two members decided to thoroughly go to the plan so that errors can be identified and corrected. I communicated with others about the errors occurred.
Thus, in this many mistakes was found. The members were not given proper roles and this lead to affect the team work. Also, it is concluded that some people were very much concerned about the plan while others created conflicts.
People-oriented role
Coordinator- In this one of the member take responsibility of becoming a team leader. He decides roles and tasks of others. They have the skill and ability to do so. In our team by mutual consent we appointed team leader. He was having the capability of allocating task to others. In this we worked together. The role given to me was to complete to communicate. I was given this role and distributed task to them according to their skills and abilities.
Team worker- These people provide support to others ans ensure that the team is working effectively. Also, they resolve conflicts between team members by communicating with them. We were facing issues regarding this as there was no person who took responsibility to solve conflicts. This affected our team working. For this we decided to appoint a negotiator. I was not a negotiator but acted like it to resolve conflicts among them.
Resource investigator- These people are having strong communication skills through which they develop contacts. They work with stakeholders to achieve objective. Usually they are very enthusiastic and extrovert. In our team members were able to innovate new ideas and effectively coordinate with stakeholders. This helped us to bring resources that was required to accomplish our goals. I made contacts that helped us in providing resources for business.
Thus, it is concluded that we were lacking in some areas that affected our team work. Firstly we have to decide team worker to solve conflicts. It will help us to work effectively and accomplish goals. It was our major weakness as conflicts reduces workers performance.
Thought oriented role
Plant- People come up with new ideas and methods to work independently. They do not prefer to work with team as they have poor communication skills. In our team every member worked effectively with each other by sharing their ideas and thoughts. This helped us to complete our targets in time. But we need improvements in this. I recognised plant people and encouraged them to work in team.
Monitor evaluator- These people evaluate others ideas on the basis of their pros and cons. After this they decide whether to implement it or not. They develop strategy to implement idea. Our members were very much critical thinkers. Each of them coordinated with others to analyse ideas before implementing. This helped us to identify which was best for our team so that we worked upon it. I developed strategy with other members so that it is easy for them to work accordingly.
Specialist- They are having enough knowledge and experience in their work. They often try to maintain their status in team. We were having such members who came very often and helped us in the work. Therefore, when we faced any critical situation we took help of specialist. They provided us direction to work. With this we were able to face challenges. I worked with specialist people to share their ideas with others.
Therefore, we need to come up with more innovative ideas in order to develop a plan. It will be useful in providing the best one in accomplishing goal. Also, each member must communicate effectively to share his thoughts.
We were not having enough finance to implement our plan. Therefore, I contributed in business model by doing research in the market. We divided each team member role and allotted task to them. This helped us in accomplishing goals in effective way. I analysed the behaviour of each member and accordingly helped them to identify their strengths and weakness. Also, it helped them to recognise areas n which improvements was needed.
B) Steps taken to ensure successful outcome of final report
Due to some errors occurred it was important for me to take certain steps for a successful outcome of report. First thing I will do is creating a presentation of entire report. For this I will divide task to each team member and ask them to give their content. Then I will read content and on the basis of it will give them suggestions. Also, I will provide them some basic points on how to prepare a report. I will also ensure that proper communication is there between team member and a presentation ready before giving it (Duijn 2016). I will check presentation and ensure that content written is proper or not. I will give do practise before developing a plan that will help in identifying mistakes and improving it. I will also ensure that these mistakes does not happen again in the future. Thus, in this way team members can help in giving successful outcome of report (.Körkkö, Kyrö-Ämmälä and Turunen 2016).
C) What extent it may have differed in case of working as an intrapreneur in organisation with market culture and rational goal model
If I was working as intrapreneur in organisation I would have given an out standing report on business canvas model.. It is because the organisation was already having its target market and all other element that are necessary in canvas model. Also, there I should have known about their goals and objectives. Moreover, it will be easy for me to represent report on this . I would be able to define its market culture and what marketing strategies must be followed. Also, I would have changed rational goal model to canvas model. I will be enabled to provide more effective and accurate data with this model. I would have ensured management that canvas model is best for developing market strategy.
In rational goals model I would have found it complex and difficult to explain business plan. As rational model is based on facts and data I might have not explained it wrong or not properly (Garbati, Samuels and Khimasia, 2014). Also, this model is based on organisation ability to achieve its goals. In this I might have been not as effective as in canvas model. I faced problem in defined its goals and activities required to achieve those goals. For this I had to learn about this model and then develop a plan.
CONCLUSION:
From this report it is concluded that business model canvas plays an important role in developing product and marketing strategies. It consists of nine elements that is required in making a canvas model. It shows that how each element is related with one another and a successful canvas model is made. I had take part in developing this in which I learned that by giving a presentation it would have been easy to describe this. Moreover, there was not proper communication between team member and I was not able to briefly explain some elements. Moreover, I faced more difficulty in rational model where a fixed goal were set with business activities.
References:
Books and Journals:
Cochrane and et..al 2017. Culturally Responsive Teaching and Reflection in Higher Education: Promising Practices from the Cultural Literacy Curriculum Institute. Taylor & Francis.
Drain, A.R., Shekar, A. and Goodyer, J., 2016. Building Capability to Teach Humanitarian Engineering: A Reflection.
Duijn, M., 2016. The value of reflection on the evolving individual and collective practice of public policy innovation in water management: An action science approach. Journal of Cleaner Production.
Garbati, J., Samuels, B. and Khimasia, T., 2014. Welcome to the Write Place: A Reflection on our Roles as Writing Instructors.
Koomen, H., Van Minderhout, M. and Spilt, J., 2016. The Teacher-Student Interaction Reflection Program (TSIRP): Improving Teachers' Relationships with Individual Problem Students.
Körkkö, M., Kyrö-Ämmälä, O. and Turunen, T., 2016. Professional development through reflection in teacher education. Teaching and Teacher Education.55.pp.198-206.
Lavoué and et..al 2015. Reflection-in-action markers for reflection-on-action in Computer-Supported Collaborative Learning settings. Computers & Education.88.pp.129-142.
Mitchell and et..al, 2016. How to design governance for lasting service? Visual resource for workshop, guided stakeholder discussion and group/individual reflection.
Pammer, V., Krogstie, B. and Prilla, M., 2017. Let's talk about reflection at work. International Journal of Technology Enhanced Learning.9(2-3). pp.151-168.
Prilla, M., 2014. Collaborative reflection support at work: A socio-technical design task.
Reynolds, M., 2017. Organizing reflection. Routledge.
White, S., 2016. Reflection Framework.
Wium, A.M. and Du Plessis, S., 2016. The usefulness of a tool to assess reflection in a service-learning experience. African Journal of Health Professions Education.8(2. pp.178-183.
Online:
Business canvas model. 2010, [Online] Available Through: <https://www.sswm.info/category/step-rrr-business-development/module-4-business-development-part-i-entrepreneurial-adapta-4>
