Description
We are having an app “Park Happy”.Its our business model. I want you to elaborate each points more precisely and perfectly. A good Secondary market research is necessary. Beside APA citation. Atleast 3 and a half pages ( single space).
Customer Segments:
- We are creating an app convenient for students, service workers, employees/employers, and travelers who face a lot of struggle while parking their vehicles;
- Our customers needs in critical times are satisfied with the time efficiency and reliability that our resource team provides;
- The app will not only help you to find an empty spot on the streets, but also nearby garages;
- The app will help to find out if the lots offer any extra amenities such as car wash or charging stations;
- Time convenience for users, users’ affordability, reducing anxiety of parking/getting parking tickets
- As we are making a service app, we need users who will download and use the app. As a result, our most valiant customers are those who download the app.
Value Propositions:
- Hassle free parking;
- Less time consuming, money & gas saver
- Satisfying the need to find an available parking spot``
- Reducing car accidents (as people are in rush to get the free spot);
- Rate/chances of getting parking tickets reduce
- App contains the option “Eco-Friendly” which means it will help count the rate of emissions releasing from one’s car. As a result, it will protect the environment.
- The app will contain the option of changing language preference (will include 40+) language options;
- It will contain the option customer feedback after the occurrence of usage every time;
- Our app unites with the crowd source model where we want our customers to deliver where to park for other customers
- Customer reviews highly satisfy to the demographics of men and women from the ages of 18-40. This is the age group that drives the most.
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Customer Relationships:
●Each of our Customer Segments will expect us to establish and maintain constant updates of our app, providing them with more dynamic updates and better user interfaces.
●24/7 customer service will be available for our customer;
●No hidden extra charges. Safe/reliable process which will help the customer to link their bank accounts or credit cards without any hesitation;
●Customers will be able to enjoy the app as we are making it with language preference;
●To avoid the collision of picking the same parking spot, we will use the time slot system. Whoever picks the spot first in the app, will have the right to park.
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Key Activities:
●Reducing parking anxiety,
●Reduce the possibility of receiving tickets for parking;
●Testifying the emission system of car (keeping the environment eco-friendly).
● Providing real-time data to customers;
●Customer affordability.
Cost Structure
As a new startup company, we need to control our fixed cost. As there are some similar apps in the market our initial strategy is the capture market value;
● We need to estimate the “Time to Recovery”, which can determine the financial impact of our company. It will help us focus on the area with highest impact and find ways to reduce risk in case of any shortfalls;
● “Standardization of Components” will be good a procedure to follow to reduce production and materials acquiring cost. It will, help to have speedy production, save time, and minimize fixed cost;
● Most of the fixed cost will be associated with technical development and salaries of the employees;
● Tracking and measuring efficiency of the business will help to find the optimal solution to minimize the cost;
● An efficient analysis and proper forecasting will eventually help us upon to devoid unnecessary debt;
● As the app is affordable for each individual customer, we believe it will be value driven. This is a crowd source model, so customers provide values to other customers.
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Explanation & Answer
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Running Head: BUSINESS MODEL
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Business Model
Institution Affiliation
Date:
BUSINESS MODEL
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Introduction
In a bid to make it easier for customers to avoid struggles associated with parking, “Park
Happy” is an application that is being created to assist individuals. The app is designed to offer
efficiency and reliability as well as reduce anxieties that clients can experience as a result of
parking problems. Research on the demand for the parking application as well as the reaction of
customers in the market will help establish whether park happy is a promising business model.
The research focuses on customer segments as well as value propositions and customer
relationships, key activities, and cost structure. Each of these segments will provide adequate
research information that will help in determining whether investing time and resources in the
app is worth the effort.
Customer Segments
Customer segments make it easy to group the clients based on the similarities they share
in accordance with the dimensions that are deemed relevant for the business model (Khajvand
and Tarokh, 2011). The dimensions of the business model proposed above include channel
preferences, customer needs, and their interest in the features offered by a product. For instance,
the current business model aims to attract the attention of individuals such as service workers,
employees, students, and travelers that struggle with parking their cars.
It is imperative to understand that each of the potential clients mentioned above shares
similar dimensions of the business model. The current business model entails the creation of an
application that makes it easy for customers to park their vehicles. As such, the model needs to
establish a customer base that is interested in avoiding the struggles faced while trying to park a
car. It also requires customers that need parking assistance as well as people interested in the
channel that relies on advanced technology such as the “Park Happy” app.
The potential customers that the business model plans to target including the students,
employees, travelers and service workers most likely have the same interests. For instance,
students and employees are interested in solving the problem that entails struggling with parking.
Also, travelers and service workers are interested in avoiding the struggles with parking their
cars. As such, the business model aims to serve the needs and interests of these customers by
creating an application that reduces the struggles faced by them during parking.
Additionally,...
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