Lean business model
Describe a practical problem the customer has and how you intend to solve the problem for the customer.
You will need to provide some convincing evidence for the problem (see Frederick,O’Connor & Kuratko 2019,
pages 157–167).
● Customer segments – Define your potential customers.Divide your customers
into segments and provide a rationale for targeting a selected segment.
Briefly discuss the best customer persona for your target market (see Frederick,
O’Connor & Kuratko 2019, pages 267–268 and 204 and205).
● Value proposition – What are the pain-points of the target market, the jobs to be
done, and the benefits the customer will receive?(See Frederick, O’Connor &
Kuratko 2019, pages 167–170.)
● Solution – This is the product experience that you plan to deliver to the customer.
The product experience or solution comes from the value proposition.
The most successful product experiences are those that address the solution to your
customer pain-points.
To discuss the solution(s), briefly describe and illustrate a ‘pretotype’ of your product or service design fora minimum viable product (MVP)
using virtual MVP techniques (see Frederick, O’Connor& Kuratko 2019, pages
222–235).
● Channels – Consider which channels your customer uses so that you can
acquire, sell to, and retain your customers. You will need to provide evidence for
your channel selection (see Module 4 of the learning materials).
● Revenue model and pricing strategy – Briefly discuss the best possible revenue
model(s) and pricing strategy(ies) for your new venture.Relevant rationales are
required to justify your arguments.
Note you are not required to provide
detailed calculations; some meaningful gross figures will be sufficient here (see
Chapter 10 Creating Revenue Models of Neck, Neck &Murray 2018).
