Integrating Business Model Canvas in Feasibility Assessment of Share Essay - 136

Integrating Business Model Canvas in Feasibility Assessment of Share Economy Businesses - Essay Example The Business Canvas Model’s Inspiration is an artist who does his work on canvas painting. The chassis of the model takes into consideration the consumer, the product offered, the infrastructure and the monies of a business model. The Canvas Model is a visualization of a business model that seeks to explain how a firm creates, delivers and captures value. There are nine building blocks within the Business Canvas Model. Its popularity is mainly with entrepreneurs for business innovation. An alignment of a feasibility study with a business model is a strategic business-planning tool. Being a share economy business, most of AirBnB’s customer segments are interdependent usually consisting of personal and business travelers (PPTPOP 2014). Identifying the different markets such as the mass market, niche market, segmented, diversified, or a multi-side platform is a crucial stage in the process (Osterwalder and Pigneur 2013, p.164). The company caters to a multi-sided market. I t offers shared rooms; private rooms or a guest could just rent out the entire place. Feasibility analysis is necessary to find out the gap in the current market (Hass2 008, p.48). The personal travelers were the initial target for Airbnb as they were the most alive to pricing and more amenable to where they stayed. Airbnb's offering is especially popular with business travelers who want to stay in a place for more than a week and want to feel more homely than in a hotel. The main channels for customer acquisition for AirBnB are its website and application, social media, public relation, and word-of-mouth. A share economy business encourages collaborative consumption in the economy (Botsman and Rogers2010, p. 132).  Identifying how the value proposition of the company is a fundamental stage in the feasibility study (Johnson 2010, p.158).