Canvas Model in Enhancing Competitive Position - Essay Example

Final Canvas Knowledge Partner Introduction Business canvas model is regarded as the key strategic model based on the templates that have been designed for a new business or enhancing the operations of the existing businesses. Additionally, this model comprises various elements of a business and products’ value that includes customer segmentation, customer relationship, value proposition and cost structure among others. Moreover, the model significantly assists businesses in aligning their activities with the help of appropriate trade-offs among the activities. Besides, business canvas model is one of the most effective tools for strategic management, which assisted Lab Vlieland in determining the potential problems that are likely to impact in future (Muehlhausen, 2013). In this context, the paper intends to highlight the canvas business model of Lab Vlieland that assisted the business to carryout its activities effectively. Knowledge Partner Business Canvas Customer Segment Customer segment is one of the internal blocks of canvas model of Lab Vlieland, as the segmentation of customers allow the business to identify its key customers. Additionally, the company tends to focus over identifying the communities i.e. the targeted customers whom they serve products and/or services and maximize profitability of the business. Moreover, community members, knowledge partners, developers and employees of the organisation are the four key customer segment of Lab Vlieland. The knowledge partners of Lab Vlieland include travelling agencies, universities, sponsors, energy specialists as well as community members and volunteers. These knowledge partners will enable Lab Vlieland to get consultancy, supporting to provide efficient services as well as intelligence-based approach to attract large tourists. Apparently, developing strong connection with the communities will effectively ensure attractiveness of Lab Vlieland. Besides, developer is directly related to measuring the changing perception of the customers and engaged in research and development activities to provide maximum satisfaction to the customers. On the other hand, employees of the business engaged in producing products and/or services as per their requirements of customers (Diehl & Nikolou, 2013). Customer Relationship Customer relationship is one of the most integral approaches of managing customers by forming effective communication with current and possible customers. In this regard, it is very essential for Lab Vlieland to retain its profitability objectives and attracts customers with various customer intimacy strategies for building a strong differential competitive advantage and improved engagement with the consumers. Furthermore, this will enable to develop a strong connection with the communities at large. Another effective mechanism of strengthening customer relationship is the implementation of effective customer social responsibility principles. In addition, communicating with customers allows to develop high level of awareness with the mean of promotion and performing welfare activities (Diehl & Nikolou, 2013). Channels Communication plays an integral role in establishing effective demand of the offerings of the business in the mind of the customers. In this regard, effective communication channel will allow Lab Vlieland to reach its customers in an efficient manner and thereby provide value to its customers. Relatively, proper communication media and channels will allow Lab Vlieland to communicate its offering of island, which effectively allows attracting more customers towards the island. In this relation, Lab Vlieland should develop its online platform effectively that will allow people to be aware of the offerings of the business. Moreover, with the use of social media, the company will significantly enhance the communication level with the customers. Additionally, the approach of communication using booths in universities, consultant and media communication is regarded to be effective media tools that allow the business to approach more and more customers (Diehl & Nikolou, 2013). Value proposition Value proposition is a key element of canvas model that enables the business to have an understanding about the reasons for which the people tends towards any business offering. Additionally, the approach of value proposition is the promise that ensures the business towards providing superior values to the customers. Besides, in relation to Lab Vlieland, value proposition aspect not only allows the business to satisfy customers need and demands, but it is also likely to enhance the social image in the community. Besides, Lab Vlieland should focus over the aspect of internal auditing, which works as the catalyst for the company in enhancing the overall effectiveness and efficiency with the help of providing high insights and recommendations based on the assessment of the business processes and customers’ information. In this relation, through high level of environmental awareness, reducing the level of wastage and conducting eco-friendly activities allow the business to form a strong image among the customers. In this consideration, high level of environmental friendly activities will allow the business to form robust recognition and strong image of island. Apparently, this would further allow sustainable business activities and approach of existing and new customers (Diehl & Nikolou, 2013). Key activities Correspondingly, in order to effectively perform the operations and sustain it competitive edge, it has been highly important for the business to perform various key activities for enhancing Lab Vlieland’s performance and generate awareness in the mind of the customers. In this respect, Lab Vlieland to needed to regularly update and evaluate customers’ data to connect effectively with the customers as well as educate regarding the offerings of the island. Moreover, sharing information regarding the island using effective promotional tools and techniques will enable to effectively reach the potential customers. Likewise, this could be performed with the development of the island with clearer environment and hosting various events that are likely to create high alertness (Diehl & Nikolou, 2013). Key Partner In order to conduct the activities with high level of sustainability, it has been highly essential for Lab Vlieland to work in accordance with the requirements of the partners. In this relation, the key partners of the Lab Vlieland include universities, sponsors, energy specialists, communities and volunteers. Efficient relationship with key partners will enable the business to minimise the possible risk for the business and thereby, form a strong recognition in the mind of the customers. Moreover, the key partners will enable adequate support to the business in enhancing its operation through effective support. In this regard, energy specialist partners will enable the business to properly support regarding the manner through which it can sustain the activities with high environmental concern (Diehl & Nikolou, 2013). Key Resources Consultant, equipment, IT knowledge, employee and sponsored are the key resources of Lab Vlieland. The technological aspect facilitates them to communicate and operate effectively. Besides, these key resources enable in providing superior values to the customers and regarded to be the key assets of the company. In this regulation, business consultants and IT knowledge will enable to enhance the services of the business by providing superior offering to the visitors of the island. On the other hand, employees of the company can enhance the operation of the business activities by working co-ordinately with customers whereas, equipment allow the business to organise the event in the island successfully (Diehl & Nikolou, 2013). Cost Structure In the theoretical prospect, cost structure determines the cost that business needed to bear in order to conduct the activities in the island and sustain for the long run in the market. Website maintenance, salary and remuneration to the employees, regulation fees and cost bearing in the equipment are the key costs that Lab Vlieland undertakes while operating in the island. Websites cost includes all such cost that it bears to maintain information in the online platform. Moreover, employees are the key resources, who directly interact with the customers for which they need to be remunerated. On the other hand, to conduct the operation efficiently, the company needs to pay regulation fees to the government (Diehl & Nikolou, 2013). Revenue Revenue are regarded as the income that Lab Vlieland earns during it course of operation in the island from the existing and potential customers. For Lab Vlieland, membership fees, payment revenue, tourism and sponsors are the integral sources of revenue. Apparently, in order to survive effectively and maintain the profitability, earning regular income is one of the most integral aspects. In this regard, it can be affirmed that by providing superior level of offerings and services to the customer, the company can enhance the likeliness and interest over the island and thereby increase the overall revenue (GSCV, 2014). Conclusion From the above discussion, it can be comprehended that canvas model is one of the integral tools that assist the company to enhance its competitive position and serve effectively. Additionally, by emphasising efficiently over the nine different aspects of knowledge partner business canvas model, the company can effectively focus over its core activities. Apparently, customer segments help to identify the customers, value proposition to provide high values to the customer, channel to form effective communication, customer relation to strengthen the interaction with the customers. On the other hand, identification of key activities enables to provide super services in accordance with the needs and demands of the customers on the basis of key partners, cost structure and revenue of Lab Vlieland. References Diehl, B. & Nikolou, M. (2013). From business models to business plans. Retrieved from http://www.sbs.ox.ac.uk/sites/default/files/Entrepreneurship_Centre/Docs/diehl-nikolou.pdf GSCV. (2014). Revenue streams. Retrieved from http://gsvc.org/wp-content/uploads/2014/01/Revenue-Streams_Business-Model-Generation.pdf Muehlhausen, J. (2013). Business models for dummies. USA: John Wiley & Sons. Read More