Essay MKT20031: Marketing and Innovation – Business Model Canvas (BMC) – Marketing Assignment Help

Assignment Task:

Purpose 

• This assignment asks you to build and improve on the innovation idea you have created in the first assignment, using tools and frameworks that lets you better refine your idea into a more concrete form. 

Overview 

• You will use two frameworks, the Business Model Canvas (BMC) and the Gaps Theory to refine your innovation idea. 

• You will need to elaborate your BMC, then answer questions on how those elements will address the potential pitfalls from the Gaps Theory. 

Assignment Details 

Task 1. Creating a complete business model canvas 

The Business Model Canvas (BMC) by Osterwalder & Pigneur provides a template of nine dimensions that is aimed at equipping new ventures before they are launched. You must complete all nine elements by integrating/using concepts of services marketing provided from the Lovelock, Patterson, and Wirtz (2014) textbook. The outputs of this task will be two parts, a one-page “canvas” highlighting the summary of your elements, and a section that elaborates each element. 

Task 2. Answer four “gaps” questions 

The Gaps Theory highlights six potential pitfalls that may lead to unsatisfied customers. The framework was originally developed for services marketing but can be used for products as well since in today’s world, almost all market offering has some service elements to it. In this assignment, you must answer four questions relating to your business model, based on the Gaps Theory. 

Explain how your BMC elements: 

1. Ensures that management and staff avoid knows what customers expect (Avoiding Gap 1). 

2. Ensures that delivery standards are accurately translating what the managers believe that customers expect (Avoiding Gap 2). 

3. Ensures that the ‘ground staff’ can perform to the expected delivery standards (Avoiding Gap 3). 

4. Ensures that there is a balance between what is promised to the consumer and the level of performance that is delivered (Avoiding Gap 4).