IBP Exam - IBP final exam PDF

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IBP final exam...

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Veda Rana 13959844 A. The external shock that could cause fundamental change for our business is the coronavirus pandemic. The pandemic restrictions would impact our business financially due to losing customers who use our physical services but also disrupt current internships or intern opportunities, weakening the businesses value proposition and potentially losing business partnerships as others are also affected.

B. COVID-19 would impact our customer segments, key partnerships and value proposition as internship availability and opportunities are a main component of our service. Internships are mentioned in the businesses value proposition which is a motivating factor of using our service however, if they are not available due to COVID restrictions and are not guaranteed due to fallen partnerships, the service becomes less desirable to customers. Due to the economic effects of COVID19, partnerships may fall as partnering firms may not want to financially risk hiring interns and or providing benefits for our service. This however also impacts the specific customer segment ‘students who are looking for internships’, as COVID restrictions and impacts on businesses negate possible opportunities of internships in the near future. Thus, this customer segment may completely abandon the business as it is no longer desirable to them in this time frame.

C. Upon evaluation, it is determined that the business model canvas should be adjusted according to the impacts of COVID19. The entire BMC does not need to be changed to maintain a product-solution fit between our product/service and the market as our main service is providing student mentorship and tutoring in business units. However, the BMC must be altered to lessen the impact of temporarily removing internships. COVID19 alleviates the opportunity to expand our customer base to students who may be finding difficulty learning online as it is a foreign experience to most students. Business units can be difficult to learn online especially individually, thus U-Excel can provide mentorship to those who need extra support and mentoring opening a new customer segment. COVID19 also gives U-Excel the opportunity to extend their online presence by expanding distribution channels. By increasing online marketing of the service, this will allow the service to be distributed to a wider audience thus generating more customers. U-Excel may also change the value proposition of the service, making more emphasis on the benefits of online mentoring in response to the difficulties of online learning. Cost structure on the BMC would need to be adjusted as expenses for physical mentoring such as room bookings would be completely removed due to COVID restrictions.

Veda Rana 13959844 A. Challenging prejudices and discovering commonalities came easily to our team in working as a group towards our final task. Due to online learning circumstances, we were able to easily avoid forming any presumptions of each other and ultimately get to know one another through talking about our experiences in relation to the group work. This helped us in creating a great sense of empathy towards each other allowing us to coherently work as a team and develop innovative ideas and thoughts. Finding commonalities such as studying similar units and being first year students also helped our group to connect and create trustworthy relationships with one another enabling us to feel safe when giving any challenging input. This habit most helped us in the final group task as we had enough confidence and trust in each other. Trying another person's life came most difficult to our group as we all came from similar backgrounds such as growing up in Australia and being first year students. This disadvantaged our group as we did not allow ourselves the opportunity to get an outsider perspective due to being too comfortable within ourselves and our similar backgrounds and experiences. For example, during the second task, we were focussing on the wrong issues due to not putting ourselves in an outsiders position thus our group component suffered as our idea was not clear. We mainly looked at the task from an insider perspective that we all related too, although it made the process difficult when pursuing the task.

B. As mentioned, my group suffered from not being able to apply ‘try another person's life’ habit. This habit expands empathy by gaining direct experience from other people's lives. This enables people to gain empathy of other people and their experiences hence being able to be more innovative, creative and intrinsic with their thinking. This is not only an essential habit in group work to empathise and form relationships with others but an important habit to learn when problem solving externally such as in this unit. This habit has the ability to open new opportunities and provide more intrinsic insights of society. If we had used this habit when working as a group, our earlier tasks would have been much easier to develop ideas and finish as we would have a deeper understanding of issues and perspectives leading up to the final task. For example, in task two where we had to develop and discuss different insights perceived from our interview candidates, we had very similar responses as our topic area was very broad. We thought that having a broad topic would ensure a diversified response however we gained similar insights from interviewees making the end task more difficult. If we had used habit three, we could have chosen a topic that allowed us to reach into a more diversified audience by initiating empathy. This would have allowed us to understand an outsider's point of view rather than focussing on broad issues....