Creative Industries in the Collaborative Economy

Table of Contents

Introduction.

Business Canvas Model

Key partners.

Key activities.

Key resources.

Value propositions.

Customer relationships.

Channels.

Customer segments.

Cost structure.

Revenue streams.

Conclusion.

References.

Introduction to Business Model Canvas

Business model canvas is a strategic management that is used to develop new business models or documenting the existing business models (Joyce & Paquin, 2016). This is one of the effective ways in building the business model that takes into account the pre- requisite knowledge and the knowledge of resources that is important for setting up a new business. It suitably defines and communicate a business idea through the representation using canvas. This way of mapping out an idea through visualization of the building blocks is an effective way (Bonnazi & Zilber, 2014).

Business Canvas Model

The creative industry describes business with creativity at its core and one of such creative industry selected for this business model canvas is library. Setting up of business is a crucial step which requires a lot of strategic planning in order to achieve a strategic goal. An entrepreneur who creates a new business makes use of business model canvas.

Library is a curated collection of books, educational materials and different evidences and sources of information that is in high demand not only by the children but by overall population. An entrepreneur who is planning to start a new library and reading center would require a huge space and a high quality of business model (George & Bock, 2011).

The strategic goal of library is acquisition of reader’s satisfaction.

The long- term goal is to take this business of library online and make everything digital. This will start from basic that is setting up of a library in the urban area.

Key Partners

The key partners are the people or other companies with whom strategic relationships are build for the progress of the business (Porter & Kramer, 2019). This is the business of library so the chosen key partners will be the book publishers, book suppliers, municipality and the publishing houses. This is going to be a bog library that will contain all kinds of books and is being built for vast domain readers. The strategic relationship with the suppliers is also very important because of the vitality of supply chain. The book publishers will supply the books that are published in their publishing house and will keep the library updated with the new editions. The strategic relationship will be built with five major publishing houses and rest all the other local publishing houses will also be contacted for the local readers. The library will also have newspapers and the magazines in different local languages so the key partner will be them also. Partnerships in the business of library is crucial as it gives public access and the partnership will be built with the schools because the libraries plays very important role in introducing children to the world of books that is invaluable (Buwule & Mutula, 2019). This broad exposure is also important for expanding the library’s literacy goals and is also good for providing enough resources. The key partners will also be the book retailers and book wholesalers that will be considered in the supply chain.

Key Activities

The main activities that are essential to deliver the value proposition are purchasing new and updated version of the academic books, registering the membership with the clients (Fjeldstad & Snow, 2018). The library will offer various activities for it customers and will always perform them in a manner that it attracts the serious and valuable readers. This library will also organize educational programs with the students through partnering with the schools. This will include the quizzes and some online tests. The catalogues will be provided to the adult customers in which the list of all the books will be given in systemic manner that is alphabetical order. This will help the customers in easily finding the books of their interest. The sections of the books will be well separated with the labels of fictional, non- fiction, academics, books for children and so on. The membership system will help in making good customers and the books will also be supplied at home through telephonic or online order. The flexibility in the timings will be given and the memberships will be given to the regular customers and to the schools. The books will also be supplied to the schools and other libraries that are present in local areas and regional areas as this is going to be the central library located in the centre of urban area.

Key Resources

The main assets that are important to deliver the value proposition includes the resources that are important for the smooth working of this business and also for functioning of the channels and revenue system (de Oliveria et al., 2018). The resources that are important to maintain customer relationships are the books, educational materials, reader friendly books and human resources. The human resources that is the staff members are important for this central library who will help the customers in fining the books and article databases. There will be books in different languages and trade and academic business publications will also be found in this library. This library will also require different educator resources from other book stores and publishing houses. The staff members will help in maintaining the books in the library and giving the customers high quality of service. The collection of good books is very important resource for the readers and also for the library’s growth. The key resource is also the administration and catalogue system that will digitally provide good information on the availability of the books and other educational materials. The administration system will help the readers in easily accessing the library services and will also make this reader friendly service. Online portal and management team for the international customers so that service can be provided digitally (Padhi & Nahak, 2019). There is a need of access to different databases so that articles for the customers can also be provided.

Value Propositions

The value proposition that will help this central library in giving clients better experience is that they will be allowed to borrow books, the books will be supplied at home and they will have better reading experience in terms of space and variety of books. This library will provide variety of books and is going to be one of the biggest libraries situated in the urban area. The library will also sell few non- fictional books on the offers and the prices will be kept low so that the customers gets attracted to buying these books. They will have better buying experience as it is very important for maintaining good customers. The second major value proposition is that they will have access to variety of books that will allow them to have good knowledge. The third value proposition is the facilitation of quizzes and other online exams for the school children based on the monthly book that will be released by the library every month. The winner of this contest will receive the pack of five non- fictional books of the winner’s favorite genre. The library will allow borrowing of books, selling of books and the books will also be delivered at the doorstep through online booking.

Customer Relationships

The type of relationship established with the customer is important and a lot depends on the way a librarian and other staff members interact with the customers. The service providers will welcome the customers and will ask them for the help. The customers will have better reading experience as compared to other small libraries in different regions. The membership scheme will be provided in the service in which the customers will be called and sent an e- mail for the renewal of their membership, criteria for availing the memberships and details of different schemes that are available under these memberships. Variety of advantages will be provided for the customers and the senior management will constantly keep in touch with the readers. The personal contact details will be documented for each customer so that deliveries can also be made. The personal choice on the specific book, educational material or the genre will also be acknowledged and this will help in building a good will. The employees of this central library will be bilingual who will speak in English and the local language so that the customer interaction can be carried out effectively.

Channels

The channels of distribution of product helps in reaching the customer segments (Melchiorre & Johnson, 2017). The international customers will be reached through online portal in which ebooks and the access to different articles of specific databases will be given and for the local customers the service is available at the doorstep also. The communication channel is through e- mails and telephonic communication. These channels of distribution that is offline for the local communities and online for the international communities will help in reaching to the large masses. The customers from different backgrounds can be contacted through their personal details and they can receive the product that is reading material through both online and offline services.

Customer Segments

The customers of the library will be the national and international customers. The schools, small libraries, regional people, local communities, people from rural and urban areas, business people and everyone who is interested in reading will be our customers. The most important customers will be schools and other small libraries that will order the books in bulk. The customer market is wide and the target is mass market (Dadzie et al., 2019). the second most important customers will be international customers for whom the services will be available online through the portal of the library. They will also be given membership schemes to attract more customers. Thus, the target is mass market that includes both national and international people. The value proposition targets will get high quality of service at the building of library and also at the online portal as it will have a different staff addressing the needs of international customers.

Cost Structure

The key costs in the library’s business model will be associated with the resources. The key resources and key activities will contribute to the cost structure. The costs of books online and offline will be fixed and the membership will be given that is discount on the articles and other sources of information like magazines. The book prices will be kept normal and not too high and the rental rates for books will be high that will be returned once the books are returned. The employee wages will be high and the number of employees will be limited (Meinder et al., 2017). They will be paid for the best services and there is an additional cost of software price. The software price is associated with the online portal for the international students. There is no building rental rate because the building will be owned. The cost of resources will be added to the cost of key activities and this will result in total economy collected from the library.

Revenue Streams

The value propositions will generate money for the business. The borrowed and rented books will help in generating the money as 80% of the amount will be returned on returning books whereas 20% will be considered as profit. There are multiple methods of generating revenue that is also through the programs that will be conducted in schools. The quizzes and online exams will also help in generating revenue and the customers will be allowed to pay through cash and online mode. The library will provide multiple forms of payment and the customers will be allowed to pay through any of the above mentioned channels (Khalil & Gervais, 2017).

Conclusion on Business Model Canvas

The conclusion drawn is that this is the business model canvas for the business of library. The library will be set up in the urban area of the nation and will be known as the central library. This will be the central library because it will be accessed by the national and international customers, readers, schools, small libraries in the school and other regional areas. The library will have a value proposition that it will also sell the books along with the facility of renting them and will do the same for the international customers through the online portal. This business will be run on both online and offline platforms.

References for Business Model Canvas

Bonazzi, F. L. Z., & Zilber, M. A. (2014). Innovation and Business Model: A case study about integration of Innovation Funnel and Business Model Canvas. Revista Brasileira de Gestão de Negócios-RBGN16(53), 616-637.

Buwule, R. S., & Mutula, S. M. (2019). New Partnerships for Ugandan University Libraries: A Shift from a Reactionary to Proactive Approach of Research and Innovation Information Services for SMEs', Supporting Entrepreneurship and Innovation (Advances in Library Administration and Organization, Volume 40).

Dadzie, K. Q., Dadzie, C. A., & Winston, E. M. (2019). The Transitioning of Marketing Practices from Segment to Customer-Centric Marketing in the African Business Context: Toward a Theoretical Research Framework. Journal of African Business20(2), 206-223.

de Oliveira, M. G., de Sousa Mendes, G. H., de Albuquerque, A. A., & Rozenfeld, H. (2018). Lessons learned from a successful industrial product service system business model: emphasis on financial aspects. Journal of Business & Industrial Marketing.

Fjeldstad, Ø. D., & Snow, C. C. (2018). Business models and organization design. Long Range Planning51(1), 32-39.

George, G., & Bock, A. J. (2011). The business model in practice and its implications for entrepreneurship research. Entrepreneurship Theory and Practice35(1), 83-111.

Joyce, A., & Paquin, R. L. (2016). The triple layered business model canvas: A tool to design more sustainable business models. Journal of Cleaner Production135, 1474-1486.

Khalil, R., & Gervais, A. (2017, October). Revive: Rebalancing off-blockchain payment networks. In Proceedings of the 2017 ACM SIGSAC Conference on Computer and Communications Security (pp. 439-453).

Meidner, R., Hedborg, A., & Fond, G. (2017). Employee investment funds: An approach to collective capital formation (Vol. 5). Routledge.

Melchiorre, M. M., & Johnson, S. A. (2017). Finding new ways to reach older students: Creating a social media marketing plan for professional and continuing higher education programs. The Journal of Continuing Higher Education65(2), 73-81.

Padhi, S., & Nahak, B. (2019). The Role of Smart Library and Smart Librarian for E-Library Services. INFLIBNET Centre, Gandhinagar.

Porter, M. E., & Kramer, M. R. (2019). Creating shared value. In Managing sustainable business (pp. 323-346). Springer, Dordrecht.

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