Selling an Idea-Key Activities For Business Success
Thoughts and Ideas on the Key Activities That Will Yield the Highest Return on Investment for the Moving Services Company Owner
Spajic (2021) defines key activities as the most important actions a business must perform to maintain successful operations. The foundation of a successful moving business company is safety and reliability. Customers need assurance that their goods will be packaged well to avoid destruction during transportation and that they get to the required destination on time. Therefore, the key activities that will yield the highest return on investment for the owner of the moving services company are packing goods to prepare them for movement and transportation of the goods to the selected destination. Investing in high-quality packaging materials, insurance for the goods being transported, and qualified and honest staff offers a return on investment by creating a good reputation for the company, attracting more customers, and creating customer loyalty.
The Most Important BMC Elements for the Moving Service Business
The most important BMC elements in the moving service business are customer value proposition, customer relationships, key partners, and key resources. Customer relationships are vital in maintaining business sustainability. The stiff competition in the logistics industry requires investing in customer relationship management to develop and maintain good customer relationships for a better competitive advantage. Also, customer relationship management is associated with customer loyalty and satisfaction (Santouridis & Veraki, 2017). The business can use customer relationships to identify improvement areas and meet customer needs and preferences. Secondly, a customer value proposition is essential in attracting and retaining customers by convincing them that the business’s products and services are better than what is offered by competitors. Sheth (2020) defines a customer value proposition as a statement outlining the company’s plan to ensure that customers get value for their money. Therefore, creating a convincing customer value proposition is vital to create a competitive advantage. Further, key resources are vital in maintaining operations, and key partners can help the company serve its customers efficiently (Fisher et al., 2020). For example, the moving services company can partner with logistics companies to expand into intercountry and interstate transportation.
Fisher, G., Wisneski, J. E., & Bakker, R. M. (2020). Business model canvas. Strategy in 3D, 174-184. https://doi.org/10.1093/oso/9780190081478.003.0019
Gheorghe, A. V., Vamanu, D. V., Katina, P. F., & Pulfer, R. (2017). Critical infrastructures, key resources, and key assets. Critical Infrastructures, Key Resources, Key Assets, 3-37. https://doi.org/10.1007/978-3-319-69224-1_1
Santouridis, I., & Veraki, A. (2017). Customer relationship management and customer satisfaction: The mediating role of relationship quality. Total Quality Management & Business Excellence, 28(9-10), 1122-1133. https://doi.org/10.1080/14783363.2017.1303889
Sheth, J. N. (2020). Customer value propositions: Value Co-creation. Industrial Marketing Management, 87, 312-315. https://doi.org/10.1016/j.indmarman.2019.10.012
Spajic, A. (2021). The business model canvas as a tool of marketing mix. GRIN Verlag.
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Unit 8 DB: Selling An IdeaUnit 8 DB: Selling An Idea
Anyone can have a good idea, but it takes skill development and practice to turn that idea into a profitable venture. Using what we’ve been discussing each week, revisit the individual elements of the Business Model Canvas and include the following in this final discussion:
Discuss your thoughts and ideas on the key activities that will yield the best (highest) return on investment for the business owner.
Identify which of the nine elements of the BMC are most important to the business you selected for your final project, and share why these were selected.
To strengthen your viewpoint, be sure to discuss multiple elements and how they interconnect with one another.
In the responses to your peers, discuss and question your peer’s comments and thoughts.
If possible, please try to enter your initial thread on Monday or Tuesday (no later than Wednesday at 11:59 p.m. EST) and complete your responses by Friday at 11:59 p.m. EST. Doing so provides additional time for the group to respond to each other in a meaningful and thoughtful way. The grading rubric will help guide your participation in the weekly conversations.