Assessment : Application of the Business Model Canvas Due Date: (Due 24 th ) Weight: 25% Length: Report should be 1,900 words According to the World Travel and Tourism Council, the coronavirus...

Assessment : Application of the Business Model Canvas

Due Date:
(Due 24^th
)

Weight:
25%

Length:
Report should be 1,900 words

According to the World Travel and Tourism Council, the coronavirus pandemic could cut 50 million jobs globally in the travel and tourism industry. In Australia, Tourism employs one in 13 Australians and the government is struggling to keep the $80 billion tourism industry alive.

As the Australian government makes its plans for tourism recovery, you will create an innovative business startup by evaluating the world and circumstances surrounding Australia. Your business startup must be related to the Travel and Tourism Industry in Australia. Open New Restaurant in Brisbane

There is one tool that you can use to clearly communicate your business startup to investors, stakeholders and employees: the business model canvas.

Background:

What is a Business Model Canvas?

The business model canvas was invented byAlex Osterwalder, cofounder of Strategyzer. You can access theStrategyzersite to download templates and tutorials of the business model canvas and then adapt them to your own goals and needs. Osterwalder developed the business model canvas to addressnine componentswithin an organization:

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  Key partners. Who are the most important people involved?


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  Key activities. What activities drive the most value?


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  Key resources. What resources are needed to create value?


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  Value proposition. What key problems do your products or services solve?


• 
  Customer relationships. What do your customer segments expect from you?


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  Channels. How does your value proposition reach your customers?


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  Customer segments. Who are you creating value for?


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  Cost structure. What are the essential costs within your business?


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  Revenue streams. How do customers reward you for the value you provide?

When a business model canvas is filled out correctly, almost anyone can understand your business and its functions. They can see why customers love your business (or will love it) and how it is profitable.

Evolving consumer mindsets and behaviours, emerging technologies and platforms, and the relentless need to innovate and bypass competitors are among the biggest challenges and opportunities for travel and tourism industry brands.

For example, a recentstudy by Expedia Media Solutions found travellers are more concerned about their experiences than they are with getting the best deal early in the decision-making process. That puts the pressure on travel brands to truly think outside the box—across all stages of a traveller’s journey. There are many examples of start-up businesses in Australia in recent years.

Approach and Requirement:

Warning and advice:

There are many sources of information available on the internet. You need to avoid plagiarising other people’s materials – do not exceed the cut-off limit of a 20% similar score. If you do not understand the requirements of the assessment task, please ask the lecturer for clarification. If you need help with paraphrasing, please seek help at student services. If you have issues with time management, the best approach is to have a note book and list down the due dates of all Assessment task and start working on the tasks from the first day by adding snippets of content into the outline of your report.

What is Innovative Start-up Business Models?

According to the definition by TechTarget, “Business model innovation is the development of new, unique concepts supporting an organization’s financial viability, including its mission, and the processes for bringing those concepts to fruition. The primary goal of business model innovation is to realize new revenue sources by improving product value and how products are delivered to customers”.

Your report must have the standard report structure: cover page, table of contents, executive summary, introduction, conclusion and list of reference sources.

Your start-up business can be in any of these four segments of the hospitality industry: food & beverages, Travel & tourism, lodging and recreation. The hospitality industry has transformed immensely in the past 5 years. The digital age has shortened the period of many businesses’ competitive advantage and disrupted many business life-cycles. Now, more than ever, the way companies operate and deliver services to its customers is influenced by the use of technology and the processes has to be transformed with more frequency. The fast advancement of technology in the digital age has played a big role in shrinking the global marketplace. The need for business model innovation is even more important for companies to stay competitive and foster growth in the highly competitive global marketplace.

Criteria used to grade the report:

1. Introduction: You have given a comprehensive background of events leading to the disastrous decline of the travel and tourism Industry in Australia. You have considered the role of government, businesses and stakeholders in their efforts to revive and recover the industry. (6 marks)

2. Development: You have conducted extensive research into the travel and tourism industry to identify the present trends and seize on a startup business opportunity to fill the need in the industry. Your report describes the present situation and the reasons why your business idea will deliver to the market what it needs. (6 marks)

3. Organization: Your interpretation and application of the 9 components of the Business Model Canvas is appropriately detailed and it reflects academic thought. (10 marks)

4. Overall Presentation, i.e. Transition is logical – font, spacing Grammar, spelling, expression In-text referencing and reference list has at least 3 academic references. APA referencing used throughout is consistent and accurate and demonstrated ability to reference a range of both primary and secondary sources both in-text and using a reference list. (3 marks)