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COMPANY LOGOBUSINESS MODEL CANVASPRINCIPLES OF ENTREPRENEURSHIP (ENT530): BUSINESS MODEL CANVASFACULTY & PROGRAMME : FBM & BACHELOR IN TRANSPORTCOURSE CODE : BASEMESTER : 3NAME : NURFARAH ADIBAH BINTI AHMAD NAZIRSTUDENT ID : 2019291572LECTURER : SIR MUHAMMAD IZWAN MOHD BADRILLAHTABLE...

Description

COMPANY LOGO

BUSINESS MODEL CANVAS

PRINCIPLES OF ENTREPRENEURSHIP (ENT530): BUSINESS MODEL CANVAS FACULTY & PROGRAMME COURSE CODE SEMESTER NAME STUDENT ID LECTURER

: FBM & BACHELOR IN TRANSPORT : BA247 : 3 : NURFARAH ADIBAH BINTI AHMAD NAZIR : 2019291572 : SIR MUHAMMAD IZWAN MOHD BADRILLAH

TABLE OF CONTENT

TITLE

PAGE NUMBER

COVER PAGE

1

TABLE OF CONTENTS

2

ACKNOWLEDGEMENTS

3

LIST OF TABLES

4

LIST OF FIGURES

4

1.0 INTRODUCTIONS

5

1.1 EXECUTIVE SUMMARY

6

1.2 COMPANY BACKGROUND

7

1.3 PROBLEM STATEMENT

8

1.4 SWOT ANALYSIS

9-10

2.0 BUSINESS MODEL CANVAS

11

2.1 KEY PARTNERS

12

2.2 KEY ACTIVITIES

12

2.3 VALUE PROPOSITION

13

2.4 CUSTOMER RELATIONSHIP

14

2.5 CUSTOMER SEGMENTS

15

2.6 KEY RESOURCE

16

2.7 DISTRIBUTION CHANNEL

16

2.8 COST STRUCTURE

17

2.9 REVENUE STREAM

18

3.0 CONCLUSION

19

4.0 APPENDIXES

20

ACKNOWLEDGEMENT Assalamualaikum w.b.t. First and foremost, I would like to thank to Allah the Almighty for giving me strength and ability to complete this report successfully and in time. I would like to extend my deepest appreciations to my lectures, for all the precious comments, guidance, ideas, advice, and also encouragement throughout development of this report. With his guidance, I was able to gained a lot of knowledge on making this report thank you for also reminding us about the datelines. This task assigned to me as one of the requirements for the subject principles of entrepreneurship (ENT530) and therefore I would also like to express my appreciation university technology mara (UiTM) for including this assignment as a requirement for this subject as I have gained a lot of knowledge through it. I would also like to thank my colleagues for helping me by providing guidance and ideas for me to complete this report. Not to forget the support and advice they give to me throughout this period. Special thanks to my parents and my siblings that have provided me moral support and strength to complete this report. To them I extend my obligations and gratitude, for their continuous support patience, prayers, and benevolence during the period of my report. I would also like to thank everyone who contributed towards completions of this report. Your kindness, support, opinion, and advices are much appreciated. Thank you all very much. I hope that the information provided in this report will be beneficial for me and also everyone. Thank you.

LIST OF TABLES Name of Organization Business Address

Bake Your Day Lot 85291 Permatang Badak Perdana 25150,

Website

Kuantan Pahang [email protected]

Telephone no. Main activities Date of Commercial Date of Registration Name of Bank Bank account no.

04-3342633 Baking 12 December 2020 5 January 2021 Bank Islam 06019023216612

LIST OF FIGURES Title

Description

Bake Your Day

Name of our business and company that means to make people happy for the day after we deliver their order.

WhatsApp number

Easier for customer to direct contact us.

Instagram site

For the customer to put trust on our product and service after reviewing our feedback on Instagram post.

Baking tools

Shows that our priority is baking variety food.

1.0 INTRODUCTION

Business Model Canvas (BMC) is a strategic management and lean start up template for developing new or documenting existing business models. The business model canvas was proposed by Alexander Osterwalder based on his earlier book, Business Model Ontology. It has nine segments which form the building blocks for the business model in a nice one-page canvas. The Business Model Canvas reflects systematically on “Bake Your Day” business model. “Bake Your Day” can focus on their business model segments by segments. This BMC can help “Bake Your Day” to define and communicate a business idea or concept quickly and easily. It is because the BMC is only onepage document which works through fundamental elements of a business or product, structuring an idea in a coherent way. The business model canvas breaks this brownies business model down into easily understood segments. By digging into these nine elements of brownies company, we can recognize and act on areas that can be improved. It also reveals clear paths on which to build company organizational innovation strategy. Business Model Canvas can serve to unite company under a clear visualization of where your organization sits today and where it can be tomorrow. There are some benefits to the brownies company by applying the BMC. The BMC can reduce the risk of failure. The BMC can help brownies company with execution steps requirement to take the idea to market. These nine segments will lead to a good input to marketing strategy. The other benefit from this BMC is target customer needs. The biggest reason for failure is product or market fit and not the product itself. The BMC force us to think beyond our product with envision what product that will be selling, how the product will be selling, what type resources that we need as well the different customer segments that can serve and so on.

1.1 EXECUTIVE SUMMARY Bake Your Day is a bakery that produce variable, unique, minimalist and healthy products. The company is mainly selling the variable brownies which are brownie cake and also brownie cookies. The company goal is to offer high quality brownies at a competitive price to meet the demand of the middle to higher income local market area resident and tourist. Our company are now focus on certain area such as Kuantan and Pekan, Pahang. Due to current situation, we may have faced some problem such as flood and Covid-19 disaster. Our business is 100% based on online platform. Our products are self-produce which is homemade with the premium ingredients. We used to start the business from the bottom and still learning and growing up our business. Even we are still students, we use to fill in leisure time with baking and make some sales profit. Since we are still students, we do reduce the price until it is affordable as it can, to sell to other students. Bake Your Day provides brownies that are made with the premium ingredients bought from a reliable source of raw materials or food products. The products are prepared a night before or a few hours before the products pick up by the customer or delivery to customer. This showed that our products are fresh selling product. This is because the product has a lifespan of 5 days if refrigerated. Our business will be start operating on January 2021 officially on our Facebook page. We will make sure our products success, so we can growth more and explore more products in the future.

COMPANY BACKGROUND Bake Your Day was formed on 12 December 2020 as a relatively small-scale friends run bakery shop with 2 employees and many of the products being manually produced. Bake Your Day specializes in the production of cakes and cookies. Our products are known for them distinctive quality and taste. Bake Your Day engaged in the food that is making cookies and cakes. We choose a business in the field of food because the business is tailored to the needs and the skill we have and adequate supporting factor for developing certain this effort. The company is being founded by Nurul Ainul Fatihah and the partners who is Nurfarah Adibah in 2020. Nurul Ainul has graduated 2 years ago and has an experience on making cakes and cookies while she had working at a cake premises before. It is Cake House in Perak as a baking breads and pastries. She has spent the last two years working at there. She brings a wealth of practical experience and a realistic market in the business. In end of 2020, she agreed to try in the field of food which is making cookies and cakes. She believes this effort will develop well because they formed a partnership by opening their own store near their house. Bake Your Day will stand out from the competition due to their uniqueness and outstanding quality. Our vision of is to provide an increasing portfolio of high quality, speciality products in the market, whilst maintaining excellent customer satisfaction in every interaction. Our superb team of highly trained employees will ensure that all goods are produced fresh to our customers

PROBLEM STATEMENT Bake Your Day currently has a problem due to the Covid-19 pandemic and flood. This is because our location is at Kuantan, Pahang. Before floods came, we do operate as usual. During the flood, our baking location also was hit by the flood. We used to save our utensils and machinery up to a higher place. We have to face the flood for at least a week. After the flood is slowly shrink, we start to operate back slowly according to the placed ordered. Some of our customer are also affected by the flood. However, from day to day, we get to operate our business actively. We also give our customer some reward for keep staying and patient with our “stop operation for a while due to flood” notice. The other problem is we find out most of the baking business make a delicious cake but too sweet and not suitable for the veterans. On behalf of that, we change some of our ingredient to make it healthier and more suitable for all range of age. Now, we are using stevia instead of sugar. Due to that, our customer will become interested on our product and will repeat it frequently. Last but not least is we find out that some of business did not provide a service which the customer can request for a custom design and toppings that they want. Therefore, we come out with some toppings such as salted caramel, Cadbury chocolate, dark chocolate, almond, and more. We choose this kind of toppings because it is the most popular among the customer, also the taste is fit with the healthy brownies we make.

SWOT ANALYSIS SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) is a technique to assess the four aspects of our business. The purpose of this is to make the most that we got for the advantages of our organization. This also can help to reduce the chances our failure from understanding what we lack at and remove risk that will stumble upon us. Below is our SWOT analysis:

Easy to produce Popular Variety products

Offer an affordable pric Growing industries Facebook Pages

Not readily available ased on current situation gnizable Brands

STRENGHTS

WEAKNESSES

OPPORTUNITIES

THREATS

ated mpetitors of product is prioritize by onsumer

STRENGTHS 

Easy to made and can produce a large number in a short period of time.



Our product can last long for 5 days if refrigerated.



This product is different from other products because we make it variety.



Variety types of brownies which are cake and cookies, also can choose toppings.



Pastries like brownies are popular among students and family especially when having any event.

WEAKNESS 

Baked brownies are more appealing and more preferred by the consumers.



Not readily available, consumer must make an order first.



Based on current situation because now we are facing Covid-19 and flood disaster.



Unrecognizable Brands because we are still new in this industry, thus we need to get trust by the consumer with using the feedback from customer before.

OPPORTUNITY 

Our products are open for improvements and developments, we do improve our products if there are something wrong by referring to the customer feedback.



Pastries are a growing market and are in demand nowadays, we can enter the market using social media and easily to attract customer.



In this technology era, we use social media platform such as Facebook to market our products. We use this opportunity because Facebook is one of the biggest and famous social media platforms to market or selling our products.



We offer a cheaper price than other competitors, thus this will attract more customers. We used pricing strategy with setting a lower price to get customer attentions, at the same time make a brand of products.

THREAT 

It can be easily imitated. This is because our products are common among the consumers and easily to get anywhere.



There are so many competitors that are making baked products thus we have to add more creativity on our products to make brand positioning.



We are catering to students and they have limited allowance and may not want to buy our product.

BUSINESS MODAL CANVAS

DETAIL OF BUSINESS MODAL CANVAS. 2.1

KEY PARTNER

Key partners are the relationships that you have with other business, governmental, or nonconsumer entities that help your business model work. These also can be relationship that your company has with your suppliers, your manufacturers, business partner and so on. We choose the key partner who has a high-quality product. We have chosen ingredient supplier from bakery supplier that only sell the high-quality ingredient such as flour and premium chocolate. We also have the logistics partner such as JnT, Pos Laju and City Link to post our product all over Malaysia. We used those because it is fast, cheaper and systematically. We only choose a secure supplier of stevia to make sure we will not get scammed by getting the actual stevia instead of sugar. Key partner will control risk and uncertainty. If we have a good relationship with our key partner, it will reduce the inherent risk that comes with doing your own business. If there are certain things that we do not require, key partner who already has these process and the infrastructure developed would come in extremely handy.

2.2

KEY ACTIVITIES

Key activities are any activities that your business is engaged in for the primary purpose of making a profit. It also the thing that you do to add value. This is often documented as part of strategic planning exercises such as business model canvas. There are several key activities that will be used: 

Marketing Marketing is the process of selling. It is amongst the most mature, developed and diverse of business practices. The following is list of marketing techniques that will be used. The first one is pricing. In many cases, pricing strategy is focused on ways to charge price insensitive customers at higher price while still selling to customer. Our brownies is designed with affordable price to customer needs or we can call it as penetration pricing which is the strategy of improving market share with a low price. Secondly, is the product design which is the look of brownies that has been demand by the customer. Design is the practice of creating things. Our brownies are designed with a several toppings that customers’ want and

according to the trending toppings nowadays. So, it can surely satisfy the customers’ want. The third is branding. Branding is strategies to create a unique and valuable identity for product and services in the mind of customer. Bake Your Day Brownies is the name of the Brownies we make. It shows that, when we bake your brownies fresh from the oven, we do make your day even better and happier. 

Sales Sale is the process of establishing relationships, discovering needs, presenting solutions and closing deals. There are many types of sales in business. For selling this brownie, it will used personal selling, direct marketing and sells channels. Personal selling is the use of a sales force to promote and sell a product using social interaction such a face to face and social media. This kind of brownie will be promoted by company itself and by the social media such as Instagram, Facebooks, Shoppe, Lazada and so on. Sales channel is a means of selling to customer in closing sales.



Promotion Promotion is any strategy that is designed to raise recognition, awareness, interest and enthusiasm for brands, product and services. By buying our brownies, the customer will get free gifts of our new product such as Bake Your Day Creampuff. The selected customer also will get the chance for giveaway product from our company when the special day is coming such as on our anniversary or else.

2.3 VALUE PROPOSITION A great value proposition is a statement that paints a clear picture of what a brand has to offer for prospects. Bake Your Day Brownies are offering variety taste of brownies such as brownie cake with different toppings, and also brownie cookies with different dip sauce provided. Our products are also unique, this is because we have a service that can follow customer design want or also call as customization services. We do custom our customer cake exactly like they want. This custom service basically ordered on a special day such as birthday party event. With a high-quality ingredient use and affordable price offered, it will make our product born as brand positioning in our consumers’ mind. Furthermore, we use stevia instead of sugar, thus this makes our products healthier and unique than others. It is suitable for any range of age. Even some of my consumers’ grandmother like it. It is not sugary as other expected. Last but not least, our customer satisfaction is our priority, we will always delivery on time or make a fast delivery to make sure our customer will

not be disappointed with our delivery services. Therefore, my customer doesn’t need to worry because we will always Bake Your Day. 2.4

CUSTOMER RELATIONSHIP

Customer relationship describes the type of relationship a company establishes with its specific customer segments. There are several ways that we will do to keep in touch with our customer. 

Social media marketing Social media can elevate our product significantly in our target customer segments estimation. Nowadays, almost all people are using social media such as Facebook, Instagram and so on. Bake Your Day Brownie product will be posted in social media to attract more customer and to get remember of our product latest update for all dear customer.



Prepare Hotline The resulting traffic directed at an organization form content marketing can give entrepreneur access to a rich resource of potential customers. When customers of Bake Your Day, product subscribe to receive information and news regarding our product, we have managed to acquire a customer without having to invest in an extensive sales force.



Feedback Form Words have powerful impact on the way our product will be positioned and perceive by the customer. Feedback Form can play an instrumental role in ensuring the success of our brand positioning as well as attracting the right customers to your product. Our beloved customer will get a notification about our latest product every month.



Make customer as a member To attract more customers, we should treat our customer like a membership. We will provide a membership card for them as they will get more discounts by having this membership card and lots of promotion are waiting them.

2.5

CUSTOMER SEGMENTS

Customer segmentation is the practice of dividing a customer bas...