Draft Business Model Canvas PDF

Preview

Summary

Download Draft Business Model Canvas PDF

Description

1

Draft Business Model Canvas Technology has consumed the lives of billions of people all around the world; in most instances, it has made the world a better, more efficient place. Now, at every twist and turn, people search for ways to make their lives easier through the use of technology. Whether it be from being able to send text messaged from their smart watch or driving without having to touch the steering wheel while transport themselves from one location to another, if it makes a person’s life easier even by the tiniest amount they are likely to spend money on the product. The product, in this case, is an app that for various pieces of information to be stored and accessed at a moments notice. This information includes, at launch, a driver’s license, car registration, and car insurance with the ability to update information quickly and more easily than ever. To begin, a product cannot and will not launch without the input of the three keys; key partner(s), key activities, and key resources. Now, in some cases, such as this one, a key partner or partners are not required. There is no any one specific person or company that the product needs to launch as there are many companies and many people that can help promote and/or sell it. Next, key activity is based on what the entrepreneur needs to do at this very moment to aid in the selling of the product; at this very moment, the entrepreneur needs to conduct surveys and solidify a price for the product. These help the entrepreneur get solid evidence to see if people would pay for the product or

https://www.coursehero.com/file/58849877/Draft-Business-Model-Canvasdocx/

2 not as well as what price they would pay for. Lastly, the key resource of this product is the entrepreneur that came up with the idea for it; without the idea, the product may never come into existence. Next, the product needs to set itself completely apart from others that may be or have the potential to be similar. To do this the product needs to have a Unique Value Proposition, a Minimal Viable Product, solid customer relationship retention methods, proper channels of distribution, a precise target market, and lastly the expenses and revenues of the product. The UVP of the app is that competition is not working on a similar product. The MVP is that the base app includes the storage readily access to a copy of the following; the driver’s license, car insurance, and car registration plans to develop the app to include more such as social security info, all insurance policies, various health cards, and many more. Furthermore, the customer relationship and retention is focused on partnering with subscribers of two or more years to help pay for a portion of traffic tickets. The channels of distribution will be that of social media and the app store. Social media is widely used among between the ages of 16 and 26 and will prove most beneficial for distribution. Which leads to the factors of the ideal target market; between the ages of 16 and 26 as previously stated, self-driving citizens, and citizens of the United States. In addition, the expenses can be split into a couple different $150,000 to develop a hybrid app, $100,000 for marketing, and $30,000 for maintenance of the app for the first year. Lastly, the revenue with a goal of 500,000 downloads in the opening months in a population set above 329 million citizens. A subscription to the app would cost $3.99 a month; the 500,000 downloads comes in the first month would add up to a revenue of $23,940,000 in a year. Furthermore, there are millions of new drivers in the United States each year. In conclusion, the app would succeed overall and produce a hefty profit for the amount of effort put in. From an entrepreneurial standpoint, I believe that it would prove most beneficial for the users of the app to download early and weep the benefits of assistance in later years, thus leading to

https://www.coursehero.com/file/58849877/Draft-Business-Model-Canvasdocx/

3 downloads in the opening months rather than later in time. Overall, the three keys, the UVP and MVP, along with the customer retention efforts give the investors a reason to get involved with the production and profitable lifespan of the app.

https://www.coursehero.com/file/58849877/Draft-Business-Model-Canvasdocx/

4

https://www.coursehero.com/file/58849877/Draft-Business-Model-Canvasdocx/

5

https://www.coursehero.com/file/58849877/Draft-Business-Model-Canvasdocx/

6 References https://thinkmobiles.com/blog/how-much-cost-make-app/ (how much it costs to make an app) https://www.worldometers.info/world-population/us-population/#targetText=the%20United%20States %202019%20population,of%20the%20total%20world%20population. (United States population) https://www.fiercewireless.com/developer/maintaining-app-critical-to-its-overallsuccess#targetText=Most%20actually%20incorporate%20a%20maintenance,year%20to%20maintain %20the%20app. (How much to maintain an app) https://www.statista.com/statistics/198029/total-number-of-us-licensed-drivers-bystate/#targetText=U.S.%20licensed%20drivers%20by%20state,-The%20driver's%20license&targetText=In %202016%2C%20there%20were%20about%20225%20million%20licensed%20drivers%20in,in%20the %20country%20that%20year. (New drivers per year) https://www.businessofapps.com/marketplace/app-marketing/research/app-marketingcost/#targetText=App%20Market%20Research%20Costs,cost%20between%20%245%2C000%20and %20%2415%2C000. (Marketing an app-best ways?)

https://www.coursehero.com/file/58849877/Draft-Business-Model-Canvasdocx/...