Business Model

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We have an app name "Park Happy" .I finished half of the paper. You have to start writing from the channels part to Key partners. Please elaborate each bullet points from channels part to until key partners. Beside do secondary market research, and who should be our investor for the business. 3 pages (single space) . APA citation .... I have attached the paper. continue from the channels part.

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Running Head: BUSINESS MODEL 1 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, the business model requires clients that are interested in the feature that is offered by the app. For instance, the “Park Happy” app offers numerous features that help solve the parking problems and struggles. It enables customers to locate an empty spot on streets and even garages where the vehicles can be parked. It also allows clients to determine whether the parking areas offer other additional amenities for them such as car wash and charging stations. Also, the app is time convenient for the customers. The users are expected to download the application so they can have it at all times. They do not have to rely on other people to access or use the “Park Happy” app. Once the target clients download the application, they will be able to mitigate their anxiety of obtaining a parking ticket and parking. As such, the target clients including the students, service workers, employees, and travelers are mainly those who download the service app and use it to make parking easier. Value Propositions BUSINESS MODEL 2 “Park Happy” is an application that offers affordability, convenience and eases of use as well as reduces anxieties associated with parking problems that are faced by different customers. Customers should utilize the service application to avoid the struggles they face on a daily basis while parking their cars. The application ensures that customers who download and use it have little or no problem finding a parking spot on the streets and in garages. The application also provides numerous benefits to clients that use it. The app makes sure that customers enjoy hassle-free parking since they will use the application to locate a free spot to park their car. Additionally, Park Happy is less timeconsuming. A client does not have to spend a lot of time trying to locate a parking area. The application enables a customer to identify a free space earlier and drive to that location. Thus, the application also saves on an individual’s money and gas. Additionally, Park Happy satisfies customer’s needs to locate an available parking spot. Further, since clients are assured of obtaining a parking space by using the application, it reduces cases of car accidents since people are no longer in a rush to secure a parking spot. Also, the rates of struggling to obtain a parking ticket will reduce due to the use of the Park Happy app. “Park Happy” app is also eco-friendly since it will provide the services that allow drivers to determine the rate of emissions released from their cars thus protecting the environment. The value proposition is essential for the customers since it provides a summary of why customers should consider purchasing a service or product (Osterwalder, Pigneur, Bernarda and Smith, 2014). Thus, the value proposition allows the business model presented above to share insight as to why customers should utilize the Park Happy app. Other features that will be available to the customers from using Park Happy include the option of changing the language preference and the option of customer feedback where clients can share their opinions regarding the service app. Further, the application unites the cloud source model that enables customers to deliver where to park for the other clients. It also provides an opportunity for customer reviews that satisfies the demographics of men and women between the age of 18 and 40 which is also the group that drives most in the society. Customer Relationships In a bid to maintain customer loyalty, it is imperative to create and manage good relationships with the clients (Vivek, Beatty and Morgan, 2012). Each of the customers expects the business model to offer them more dynamics updates. The customer segments also expect the model to offer better user interfaces. Further, constant updates regarding the application will be provided to satisfy the customer’s demands and needs. In turn, by providing all these requirements, it will be easy to maintain good relationships with each of the customer segment including the students, employees, travelers and service workers. Additionally, the business model plans to make customer services available at all times. The application will be designed to offer 24/7 customer service for all the esteemed clients. The customers will not have to worry about the time limit that the application has to offer regarding parking. They will enjoy services that will be available to them at all times. As such, with the provision of better services available to the clients, the business model will create and manage good relationships with the customers. BUSINESS MODEL 3 Also, the application will ensure that customers do not suffer from additional hidden charges. Once the clients download the Park Happy app, they will able to utilize its services safely. The business model offers a safe and reliable process that allows customers to be confident about linking their bank accounts and credit cards without having to worry about extra hidden charges or insecurities. Further, the clients will be in a position to enjoy the services provided by the application mainly because of the option of language preference. Additionally, customers can avoid the parking collision caused by selecting a similar parking space. The model will utilize a time slot system that ensures the first client to pick a parking spot has the right to park in that space. Key Activities The business model has various activities that it aims to accomplish to satisfy the interests, needs, and demands of the customers. The Park Happy application is created to reduce the parking anxiety experienced by most drivers. The majority of the drivers tend to worry about where to park their vehicles once they get to their destination. Thus, with the help of the Park Happy app, the drivers will no longer struggle with obtaining a parking space since they can locate a spot that is free by using the application. The second activity that the business model plans to accomplish is making sure that the target customers do not struggle with receiving parking tickets. The application aims to reduce the possibilities of receiving a parking ticket. The only struggle available is downloading the application and using it to locate a free space for parking. Additionally, the application also plans to protect the environment and keep it eco-friendly. The app is designed to testify the emission system of a vehicle thus allowing a driver to ensure that they make an effort to keep the environment where they drive safe and free from these emissions. Also, the application is designed to ensure that clients receive real-time data at all times. The application will not have faults such as providing false information regarding parking spots to the customers. It will provide real-time data that enables the clients to remain updated on everything. The clients will be assured of locating a real space for paring and not a fictional one where they have to wait for another individual to leave a spot for it to be deemed free. Further, the application offers customer affordability. As such, the business model plans to make sure that the different customer segments can afford to work with the application at all times due to its affordability. Cost Structure It is imperative for the company to examine the cost structure associated with the introduction of the application in a market where other apps are similar to it and offer the same services (Gattorna, 2017). The company is a new startup and thus has to control its fixed cost. The initial strategy of the startup company is to capture the market value. The company has to determine the time to recovery that makes it easy to establish the financial impact of the organization. Further, the organization will be able to focus on the areas with the highest impact as well as establish ways mitigate risks in the event of any shortfalls. Another approach the new company will utilize to minimize the fixed cost is standardization of components. Standardization is a procedure that enables the organization to BUSINESS MODEL 4 reduce the cost of production and acquiring materials. This procedure will enable the company to speed up its production, save time, and minimize the fixed cost. Also, the majority of the fixed cost will be associated with the technical developments in the company and the salaries given to the employees. Additionally, it is imperative to track and measure the efficiency of the business. Measuring the efficiency of the business model will help the company to identify optimal solutions that can be utilized to minimize cost. Further, the business will benefit from conducting an efficient analysis and proper forecasting since it will be able to identify and clear the unnecessary debt. The application is designed to be affordable to all customers from the students, travelers, employees to the service workers. It will be value driven and will not discriminate against any customer segment. It is also a crowd source model that will ensure customers provide values to other clients. Channels: ● m Channel Phases: 1. Awareness ■ We will increase the awareness level of our customer by letting them use the service as a demo through the internet (social media), email, radio, word of mouth, advertisements, etc. 2. Evaluation ■ After each parking a rating system will pop up to check whether customer found it easy to use the app/how fast the app responded to find a spot. Every quarter of the year we will ask our customer to provide us suggestions about how we can make it more convenient for them. The app will also contain a detector to calculate the emission system of the car. 3. Purchase ■ The app will be available free to download on App store/Google Play store. The app will be free of charger but will offer premium options which will only be available via a subscription program. 4. Delivery ■ We will deliver the service to use through our app. 5. After sales ■ Our mission is to provide the best support to our existing customer. We will provide customer support by periodically updating our app and maintenance of information by using cloud storage. Customers will receive reward points based on the frequency of using the app. Channel partners such as consultants, systems integrator, simplified channel relationship programs and marketing programs would be willing to invest in the app considering the solutions the app has to offer to the market. Key Resources: ● Trademark, copyrights; ● Amount of labor/capital we will require to satisfy the production capacity; ● We will have intellectual resources BUSINESS MODEL ● Cloud Storage. Key Partners: ● Proficient IT department; ● Motor Vehicle Agencies; ● NJ Park Community; ● Device maintenance workers; ● Resource suppliers; ● Cloud Storage Service Providers; ● Mobile App Developers. • Investor: Who should be our investor? How Should we pitch towards our investor? 5
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Explanation & Answer

Attached.

Running Head: BUSINESS MODEL

1

Business Model
Student’s Name
Institution

BUSINESS MODEL

2
Business Model

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

BUSINESS MODEL

3

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, the business model requires clients that are interested in the feature that is
offered by the app. For instance, the “Park Happy” app offers numerous features that help solve
the parking problems and struggles. It enables customers to locate an empty spot on streets and
even garages where the vehicles can be parked. It also allows clients to determine whether the
parking areas offer other additional amenities for them such as car wash and charging stations.
Also, the app is time convenient for the customers. The users are expected to download the
application so they can have it at all times. They do not have to rely on other people to access or
use the “Park Happy” app. Once the target clients download the application, they will be able to
mitigate their anxiety of obtaining a parking ticket and parking. As such, the target clients
including the students, service workers, employees, and travelers are mainly those who download
the service app and use it to make parking easier.
Value Propositions
“Park Happy” is an application that offers affordability, convenience and eases of use as
well as reduces anxieties associated with parking problems that are faced by different customers.

BUSINESS MODEL

4

Customers should utilize the service application to avoid the struggles they face on a daily basis
while parking their cars. The application ensures that customers who download and use it have
little or no problem finding a parking spot on the streets and in garages. The...


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