Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A group of investors has approached you (a business strategist) with a consulting assignment. They want you to formulate a business model for a potential
A group of investors has approached you (a business strategist) with a consulting assignment. They want you to formulate a business model for a potential service in Qatar. The business will be branded Call-a-Vehicle (C-a-V). The basic idea behind this business is to create a mobile application that could be used by a potential customer (a rider) to call or book a car as and when needed. This mobile application must be functional 24/7 and easy to use and download. The response time to service the rider's order should be less than ten minutes. Additionally, C-a-V wants to identify suitable partnerships that will help with the establishment and growth of the business. These potential partners should bring investment and/or relevant expertise benefits to the business. Regarding the key business activities, you must advise C-a-V about the nature and type of business activities that must be carried out to run a successful business. Furthermore, the investors want a good estimate of the key resources that will be needed to establish and grow the planned business. Investors need a clear idea about required key resources so that they can arrange the finances and identify expert human involvement. As C-a-V is about creating a digital platform, they want to understand the customer side of the value. They need a clear understanding of the value that must be delivered to the riders (customers). In addition, investors want your help in clear identification of the appropriate customer segments. They want you to divide the potential customer groups into vehicle needed, frequency of service use and duration of service use. You are at liberty to use other practical and logical approaches to segment the market . Investors are also concerned about establishing suitable customer relationships. You must help investors with understanding the types of relationships and benefits of these relationships. For instance, an important relationship benefit that is desired is positive word of mouth (+WoM). Who can provide +WOM? As C-a-V is a service-based business, negative perceptions about the business must be kept at a minimum. So, how can-WM be suppressed or reduced? Suitable channels must be identified for promotional activities to create service awareness and enhance service usage. You must be practical and realistic in terms of suggesting appropriate channel types that can be effectively utilized for awareness creation and advertising. Obviously, investors need help with cost structuring. They need you to highlight the main costs that will be incurred to get the business off the ground and run it for the next two years. You must identify both direct and indirect costs. Investors want you to outline the sources and types of the potential revenues, Especially, you must detail the main revenue generation streams for C-a-V. These are the key areas of consulting. You are at liberty to add other useful areas/suggestions as long as they fit into the business model that you are building
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started