Tampa Bay Wave
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Tampa Bay Wave
Executive Summary
This project aims to identify how this organization runs its operation to remain competitive. Additionally, the project will also consider the organizational key partners and their impact on the organization (Kumar, 2018). The relationship between the organization and these individuals will also be evaluated and identify vital activities that enhance organizational success. Importantly, the project is also tailored towards weighing the value proposition of the organization’s organization and contribution to the environment. Another consideration will involve evaluating the organization’s services and its diversity and equity (Tampa Bay Wave, 2020). The project will also consider the relationship that the organization has maintained with its customers and other important stakeholders. Importantly, this research will also put into consideration the key resources that are used in the course of running the organization’s activities.
Concerning resources, the project will also evaluate the sustainability of this organization. Additionally, different channels that are used by the organization to enhance its operation will also be evaluated. Further, it is difficult for the project to run without considering the organization’s cost structure. Enhancing the success of the project will venture into revenue streams that apply to the organization. The project will also elaborate on the Canvas model elements that apply to the organization’s operations, ensuring competitive analysis. In conclusion, the project will also consider the recommendations that should be applied to this organization to enhance the organization’s value proposition. Importantly, the recommendation includes the customer segment and determines how the organization will generate their income.
Business Model Canvas
The Customer Segment
The segment helps in determining the individuals of whom the value is created. Additionally, the organization also considers services and products offered to these individuals (Kumar, 2018). The organization is supposed to produce its goods and services to profitable customers who ensure that it gains profit and becomes competitive.
Value Propositions
The element helps in considering the value that is delivered to customers. However, this feature, the organization’s products, and the organization are made attractive to the customers. Importantly, reviews are done on the cost, value, and benefit of its value to its customers to attract and maintain them (Kumar, 2018). Improving the value propositions requires the organization to collect the customers’ views that need to be worked.
Channels
Channels refer to the networks the organization uses to reach its customers. The organization is supposed to select the most cost-effective channels and the one that ensures that there is adequate communication hence enabling the organization to deliver its value proposition (Kumar, 2018). The organization is also supposed to consider the most effective way to reach its customers to gain competitiveness.
Customer Relationships
The organization is supposed to determine the type of relationship that it has with its customers. Through this relationship, the organization can establish and meet the customers (Kumar, 2018). The relationship is usually driven by how the organization can get its customers, maintain them, and make this relationship grow. Importantly, consideration is made on what these customers are willing to give up using the company’s products
Revenue Streams
The revenue streams include the possible ways that the organization uses to get money. Importantly, thinking about the value that customers are willing to pay and how they pay for the products is essential to determine productivity (Kumar, 2018). In addition, to ensure competitiveness, the organization is supposed to determine the market that they trade-in. Revenue is generated through the sale of assets, leasing, advertising, subscription fee, and licensing.
Key Activities
These activities have importance in the value proposition. Some of these activities include development and research, strategy, and product distribution (Kumar, 2018). These activities are considered as the most important in executing the value position of the organization.
Key Resources
Key resources are important assets that enhance the working of the business model. These resources enhance the sustainability of the organization (Kumar, 2018). These resources should be allocated to use in the key activities to enhance competitiveness.
Key Partners
Key partners comprise the external suppliers and companies involved in most of the key activities and add value to the customers (Kumar, 2018). Enhancing the relationship with these individuals is important to ensure that the organization remains competitive. Additionally, relating to this, individuals help in cultivating the relationship between organizations with their customers.
Cost Structure
The cost structure is considered the main driver of the business model since it determines the most expensive activities and resources (Kumar, 2018). The element is important in determining expenses and costs to be incurred during the organization’s operation. The element helps in determining if the organization ends up being value or cost-driven.
Recommendations
Ensure That The Organization Is Value Driven
Ensuring that the organization’s processes are value-driven is essential for any organization’s operations. When the value is given priority, the products are of high standard and quality (Tampa Bay Wave, 2020). Importantly, these show that the organization values its customers’ needs since they are produced in the best way possible. Upholding the organization’s most important values, such as integrity, makes the organization create a positive image. When the organization develops a good image, it can attract as many customers as possible. Through this process, the organization ends up creating revenue and increasing its effectiveness. In addition, the organization maintains its customers, which is essential for running the business and revenue creation. In addition, when the organization embraces these values, it creates a value proposition for the organization by ensuring that the customers’ satisfaction is met.
Additionally, when the organization is value-driven, it ensures that its products meet their customers (Breuer, 2019). Meeting the needs of the customers and enhances their relationship with their stakeholders. Upholding these values ensures that the organization maintains integrity and competitiveness.
Consider Innovation and Diversification
The organization should ensure considering technological innovations and diversity (Tampa Bay Wave, 2020). Through innovation, the organization should be able to determine ad innovate ways of meeting its customers. Additionally, through innovation, the organization. Importantly, diversion ensures that the organization is committed to meet all the needs of their customers from different areas. In particular, when the organization increases its operations, it can identify the customers’ needs in different places and locations. The organization then acts to meet these needs, hence increasing the value proposition.
Further, the organization can increase its revenue through these processes. Considering technological advancement, the organization can design products that are attractive to the customers hence gaining more customers. In addition, technology acts as a channel for information. Hence, through technology, the organization can get to know the concerns of its customers. Through this process, the organization can act in fulfillment of the identified issues.
Researching the Market and Enhance Relationships
Market research is essential for ensuring that a value proposition is attained (Payne, Frow, & Eggert, 2017). When the organization researches the market, it can identify areas that they need to improve. Importantly, through this research, the organization can determine areas where they need to direct their activities. Additionally, the organization can determine external factors that have an impact on value propositions and the customers. Through this research, the organization can also identify its products and improvement (Wang, Kung, & Byrd, 2018). The market research also helps in understanding the changes needed for the organization.
On the other hand, enhancing the relationship between the organizations and other individuals, such as customers and stakeholders, is essential in ensuring that the value proposition is enhanced. In addition, through this relationship, the organization retains most of its customers. Importantly, the organization may get to know the reactions of different customers concerning their products. Through this relationship, the organization can identify areas of weakness that need to be improved. Importantly, when there is a good relationship between the organization and these individuals, communication is enhanced. Improved communication is necessary to ensure that the organization runs smoothly. Maintaining a relationship with these individuals is beneficial for the success of organization operations.
References
Breuer, H., & Lüdeke-Freund, F. (2019). Values-Based Stakeholder Management: Concepts and Methods. In Rethinking Strategic Management (pp. 217-239). Springer, Cham.
Kumar, S. (2018). Nine Components Of Business Model Canvas. Business Model Canvas. Retrieved from https://medium.com/@sarathkumar_66483/nine-components-of-business-model-canvas-cc67607ccb53.
Payne, A., Frow, P., & Eggert, A. (2017). The customer value proposition: evolution, development, and application in marketing. Journal of the Academy of Marketing Science, 45(4), 467-489.
Tampa Bay Wave. (2020). Wave’s Diversity Philosophy and Policy Statement – Tampa Bay Wave. Tampa Bay Wave. Retrieved from https://www.tampabaywave.org/waves-diversity-philosophy-policy-statement/.
Wang, Y., Kung, L., & Byrd, T. A. (2018). Big data analytics: Understanding its capabilities and potential benefits for healthcare organizations. Technological Forecasting and Social Change, 126, 3-13.