Update on Keys and Cost Structure

Please update us on your group’s progress on these building blocks by class time Monday, November 18. If you have questions and need feedback from me or others in class, I would suggest that you add them here. 

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5 thoughts on “Update on Keys and Cost Structure

  1. Misty Menees says:

    Key Resources-The most Important assets to make the business model work.

    Value Propositions-Our Value Proposition is creating a website to efficiently and easily bring together musicians with those needing a musician. Our resource here is human in that we would need a creative web designer. Also, financial in that we would have to pay for this persons services as well as the domain.

    Channels-Key resources for our channels will be human. We will need a small staff to maintain them. We will need someone to create and maintain our social media presence, respond to customer feedback, help with registration, account setup, and payment issues.

    Customer Relationships-Our Key resource for customer relationships will be human and intellectual. We will need someone to maintain the customer database and send out weekly email blasts to subscribers both freemium and premium.

    Revenue Stream- A key resource for our revenue stream will come from the intellectual category by way of partnering with a payment acceptance company such as Paypal. We would not want to limit subscribers so we would hope to be able to also accept credit card payments.

    Key Activities-What key activities are required for each? What do we have to do or create to offer these?

    Value Propositions- Design of a website and an app. Our people are our product so it would need to be continually updated and maintained. We could attempt to self-design a website to save money but this might be better left to a pro.

    Channels- Under the production category, we would create and maintain a social media presence via Facebook, Twitter, MySpace. This would require a staff member to maintain our image and message.

    Customer Relationships-Weekly e-mail blasts would go out to all subscribers both freemium, premium and old customers to frequently blast them the same image and message we have crafted on social media. Our website is self-service so we are just reminding them of the service we offer them in finding a gig, or an available musican, Email blasts could also tease upcoming availability or feature a musician they have never heard. Create a constant reminder that we are the go-to place for this type of service. Top of the mind for musicians.

    Revenue Streams- Make it easy for subscribers to pay for the service. Discussed Paypal and accepting credit cards. Also would need to advertise with music festivals and concert venues.

    Key Partners-Who are they? Do they provide a key resources? Or Key Activities?

    The possibilities are wide open with this building block. We might partner with a web design firm or consultant to design our website and app in exchange for mention or ad space on the site. Look for somebody new and needing to build a resume. A start-up web designer or a start-up self design site.

    We could potentially partner with music stores, concert venues, music festivals, ect in exchange for mutual advertising. They might hang our logo and we can feature their link on our email blast.

    We would also want to look at partnering with a payment service in exchange for ad space or mentions.. One was mentioned in class early this semester as a more secure PayPal alternative.

    Did we talk about cost structure in class? Have not got that far yet.

    • Carrie Brown says:

      Sounds good. The key for this group is continuing to do research and customer discovery to help increase specificity. For example, once you’ve determined the minimum viable product, you can estimate how much creating a website like that might cost – keeping in mind you add additional features later. A basic site isn’t very difficult, but if you want some kind of matching functionality or more advanced features like that, it’s more difficult. You also need to know more about a solid social media strategy for this particular customer set as well as thinking more specifically about possible key partners and maybe even just talking to some to gauge interest. Just saying “we’ll use social media” to promote a site isn’t enough – what sites will you use, what are some strategies you might employ, etc.

      We did talk about cost structure – it should be in the power point.

  2. katvideos says:

    Sorry I didn’t see this one…better late than never. As of 11/20/13 we are pressing forward with iTVNewz.com plans to present to everyone. We are approaching the deadlines for our script and video portions of the presentation. We can’t wait to share our information with all of you and anybody else who will listen to us. Speaking of listening, we’ve engaged more than a dozen potential customers, users and franchisee folks about the concept and have received several good comments on the need for a video based hyper-local multi-media supplier. We’ll be sharing some of their thoughts in our presentation. Until then…it’s your world we’re just living in it.

  3. asiangrits says:

    Online Education: Nigeria’s Answer for the 21st Century
    Nigeria’s Online Institute
    Inaju, Julia & Angela
    Our project is a start-up for a Nigerian based online higher education institution.
    The start-up of Nigeria’s Online Institute will need an endowment of funds to launch the institute into securing a software contract, establish academic partnerships (faculty), provide training and software support as well as secure the appropriate accreditation and approvals of the country’s higher education governance.
    Revenue Stream: The institute will generate a small income from a fixed list price, transaction of student application fees. This accounts receivable income will be re-occurring in the form of tuition and electronic/software fees.
    The application fee will be set at a fixed rate comparable to existing on ground institutions. The tuition and fees will likely be set at what will seem a fixed rate. The cost of tuition, by its very nature, will be more dynamic as the costs for running an online institution will potentially fluctuate.
    Our key resources:
    Physical: existing Wi-Fi and connectivity infrastructure
    Intellectual: existing higher education professionals offering insight as well as curriculum development for initial start-up
    Human: Those seeking to pursue higher education and those potential partners we can team up with to facilitate continued growth and momentum forward.
    Financial: Potential partnerships, government supplement/support as well as tuition and fees paid into institution.
    Key activities:
    Production: Curriculum
    Problem Solving: This institute reaches towards solving the problem of accessibility of higher education for broad number of individuals seeking higher education degrees
    Platform/network: Desire 2 Learn software is software / curriculum delivery platform we have chosen to for the development and delivery of curriculum within Nigeria’s Online Institute. The accessibility of wi fi networks throughout the country will be the lynchpin.
    Our value propositions require: Those seeking to pursue higher education degrees – to know of the institute’s existence, take initiative to apply and have the discipline to pursue and complete coursework in an online environment.
    Our distribution channels require: The proper training and support for faculty; the development of curriculum and the student’s ability to access some sort of ISP.
    Our customer relationships require: An initial introduction, the ability to communicate and the staffing to facilitate continuous one on one support to the students (as well as the faculty); In addition The institute will have agents in-country and easily accessible to assist students or answer prospective student’s questions through toll-free number (call center) or via website LIVE CHAT option.

    Our revenue streams require: The proper assessment of costs faculty, support staff and for the software delivery platform broken down by the number of enrollees and fundamental software components in use. The bare basic requirement is essentially the tuition and fees.

    What will you be required to do to create and offer a value proposition?
    To reach markets?
    Maintain customer relationships?
    Earn revenues?

    Key partners:
    Four types:
    Strategic alliance between non-competitors
    Coopetition: strategic partnership between competitors
    Joint venture: to develop new businesses
    Buyer-supplier relationships to assure reliable supplies
    Motivations:
    Optimization and economy of scale.
    Doesn’t make sense for a company to own all of the resources and perform every activity itself
    *reduction of risk and uncertainty. Especially valuable in competitive environment where maybe you can form a strategic alliance in one area while competing in another.
    Acquisition of particular resources and activities. Maybe you need to acquire knowledge, licenses or access to customers because you don’t own these resources or perform all these activities yourself.

    Who are key partners? Universities i.e. University of Jos
    Who are our key suppliers?
    Which key resources are we acquiring from partners? A business plan and clear focus of structure, strategy of implementation and facilitating the launch, first year and future growth
    Which key activities do partners perform? Financial support, facilitating introductions to more individuals who can be potential partners, investors, influencers or educators.
    Alliances will help you optimize your business model, reduce risk, or acquire resources.

    *Note we have some numbers of what TBR pays annually for D2L software usage; However — are still breaking down costs.

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