The canvas model for business has proved to be the great model as for conquering and dividing the effective business strategies. The model reflects that the entire model has been divided into some of the crucial components such as the key partners, key resources, value propositions, customer relationships and many others. Moreover, the business model provides a critical reflection on by demonstrating the key structure for any particular small or larger corporations.
From my point of view there are some of the crucial areas which need to be improved such as the strategic purpose of the concerned firm. I enquired the fact that the business model of canvas excludes the strategic purpose which is important for the perfect evaluation of the business processes (Choudhry, 2010). The model reflects the importance of key partners and key resources for the completion of the successful business project but it lacks in explaining the desired strategic purpose of the firm and this provides the scope to enhance its effectiveness by providing the purpose for the business model. I came across the fact that the business model critically reflects the role of managing the customer with effective care as the relationship with the customers helps in increasing its effectiveness within concerned market segments. Moreover, the model also excludes the desired notion for completion of the project which needs to be included in order to increase the reliability of the full business (Guide to the business analysis body of knowledge, 2015). I recommend that the relationship with the customers’ needs to be improved by recognizing the respective requirements of the clients as this will help in establishing the brand reputation of the firm to a larger extent. The notion for the completion needs to be included and the relationship with the clients should be improved. Moving to the next, I realized that the mixing of the different level of abstraction for the business model of canvas is crucial and this should be reduced to increase the efficiency and effectiveness of the firm. The strategic planning needs to be done as per the requirements of the business procedures (Herschel, 2013). There are opportunities for innovation to the products and new template with strategic ideas needs to be formulated to expand the entire business. Moreover, understanding the needs and the demands of the customers are of great significance as they help in providing the desired elevation towards the enhancement of the firm.
As per my view the formulations of the effective strategies are of great significance as this will help in evaluating the performance of the concerned organization on a large scale. I feel that there should be perfect recognition of the issues or threats that may affect the execution of business procedures and then the solutions needs to be formed. The requirements of the customers need to be fulfilled and the services should be as per the satisfaction of the clients s this will help in providing complete reliability to them. I am aware of the fact there is an opportunity to increase the profitability of the firm identifying the desired strategic purpose which needs to be done by the concerned people within the management team (Hox, 2010). On the other hand, the competition level should be understood between the same kinds of organizations as this will help in offering the competitive advantage to the firm. The key partners as revealed within the proposed business model should contribute their best efforts and utilize the desired platform to increase the profitability of the organizations. A collection of the resources such as the intangible resources, intellectual resources and the Human Resources are imperative and these needs to be used as the strategic remedies to utilize the opportunities for improvements. Branding of the firm is another important remedy as it facilitates the growth of the organization and opts for more profitability (McDonald, Mouncey, and Maklan, 2014). The value propositions needed to be considered as it reflects the crucial requirements of the business. The particular model of business has been proposed to ensure complete effectiveness in providing the value propositions services to all of the clients as this increase the potentiality of the firm. I need to mention that the value propositions include the monitoring of the performance of the website in providing adequate services to customers as per their needs. The advertisements and the effective promotions need to be improved in order to increase the efficiency of the business within the concerned marketplaces (Zheng and Xue, 2009). I would strongly suggest that the use of the different channels such as the emails and the social media should be enhanced and these are crucial opportunities which help in the expansion of the firm. The Human Resource department should recruit skilled employees to increases the effectiveness of websites, especially the graphic and the web designers.
Choudhry, M. (2010). Capital market instruments. Basingstoke: Palgrave Macmillan.
Guide to the business analysis body of knowledge. (2015). Toronto : Ontario: International Institute of Business Analysis.
Herschel, R. (2013). Principles and applications of business intelligence research. Hershey, Pa.: IGI Global (701 E. Chocolate Avenue, Hershey, Pennsylvania, 17033, USA).
Hox, J. (2010). Multilevel analysis. New York: Routledge.
McDonald, M., Mouncey, P. and Maklan, S. (2014). Marketing Value Metrics. London: Kogan Page.
Zheng, N. and Xue, J. (2009). Statistical learning and pattern analysis for image and video processing. New York: Springer.