Institution Innovation Council (IIC) & EDC of Sheila Raheja School of Business Management & Research (SRBS) organized a Session‘ Business Model and Canvas (BMC)’on 18th August 2023. The motive of this talk was to make the students appreciate the basic BMC and its applicability for a new as well as an established business.
BMC is a strategic management and entrepreneurial tool that helps in describing, designing, inventing and capturing the market values. BMC is widely used to quickly draw a picture of our idea detail and this allows us to get a better understanding regarding our business. It also provides knowledge and skills such as tools’ hands on experience, communication and also team work.
It was well-received by more than 100 participants. The session with a warm welcome to all the attendees; Students gave an overview of its function & activities, introduced the guest speaker, Mr.AnandKelkar, An Industry expert ,Corporate trainer & Consultant.
The session was quite interactive. Mr. Anand started the session by stating the nine-block business model – Customer Segments, Value proposition, Channels, Customer relationship, Revenue Streams, Key Resources, Partners and Cost Structure. BMC is a strategic tool that helps to achieve business goals in a systematic approach.
Learning Outcomes:
- BMC acts like a broad framework for any new/existing business and is an iterative process.
- It helps an entrepreneur to communicate goals to his team and customers and to focus what his business does and will continue doing in future.
Content of Business Model Canvas:
- Key Partners: By doing this student got the idea about what is market scenario, optimization in product & cost can be achieved, from where they got raw material of their product.
- Key Activities: In this student got aware about how they will represent their product to customers. They can use the media, radio, newspapers etc. for marketing of the product.
- Value Proposition: In this one can directly come in contact with customer requirement. In this they will aware the customer about their product.
- Key Resources: In this section student got idea about, from which kind of industries, they will purchase raw material for their product.
- Customer Relationship: in this section students got to know about how they will manage the relationship with customer by giving them lucrative services.
- Customer Segment: Bifurcate the customer according to their product. To which kind of customer they can sell their product.
- Channel: In this section student got to know about how they will approach customers. Particular Media they should select for the marketing of their product.
- Cost Structure: They can attract customers towards their product by giving them lucrative offers in cost. In which department, they should have to invest most.
- Revenue Stream: in this section students got know about, from where revenue will generate from their product. Price can be negotiable according to customer requirement. How it is beneficial in cost as compare to same product available in market.
The Resource person explained the functions and tools used in each block with practical examples. He also enlightened the attendees on the opportunities and challenges that the BMC model has created. And the practicality of BMC really helps in conveying the idea to be developed and commercialized the product or business to the market.
Mr. Ananad further encouraged all to follow their dreams of building their own start-ups with a systematic approach. The Q&A session was interesting, allowing the participants to clarify their doubts about the BMC model. Session ended with vote of thanks.
