The elevator pitch was a success! Senior management believes they made the right choice in giving you the title of CIO and putting you in charge of seizing new opportunities in the marketplace.
While the pitch conveyed your good idea, it was just that: an idea. You now have to test the feasibility of your idea. However, before you create a complete business model canvas (BMC), you want to quickly identify key elements needed to take your product or service idea to market.
In doing so, you will assume that all components of the BMC are at the fingertips of your project team. For example, you will have to work with the marketing and sales departments, and perhaps outside vendors and suppliers, to promote, advertise, and sell the product or service.
The Business Model Canvas Template you complete in this assignment will serve as the groundwork for the more detailed PowerPoint slide deck you will create in Milestone Two. As with any well-executed project, a former project manager experienced in such product-to-market initiatives has agreed to assess your complete BMC slide deck, which you will submit in Module Five.
For this assignment, consider the company you have selected and the work you have completed so far to further your business idea. Then, complete the Business Model Canvas Template linked in the Guidelines for Submission section with your assumptions about the key activities for your business idea, product, or service. Specifically, you must address the following rubric criteria:
- Value proposition: Complete the Value Proposition building block by describing the value of your business idea, such as the customer need you are satisfying or the problem you are solving.
- Front-stage considerations: Outline the segments related to your potential customers, which include the Customer Segments, Channels, and Customer Relationship building blocks.
- Back-stage considerations: Make initial assumptions about how your business will work. This includes completing the Key Activities, Key Resources, and Key Partnership building blocks.
- Financial considerations: Make reasonable assumptions about the segments that will inform your profit projections. These include the Cost Structure and Revenue Stream building blocks.