Purpose
Task 4
Purpose
This task enables you to demonstrate your understanding of:
Innovation
Decision Making and Project Management Financial Literacy and Information Management
Global, Local and Digital Perspectives
by working collaboratively to develop a viable business model accompanied by an individual evaluation of the overall model and your specific contribution to it.
Task Description
Supporting Documents
Business Model
You may choose to develop your business model on a customer problem or need identified through your Business Skills tasks. Alternatively, you may choose to identify and explore a new customer problem or need.
As part of this task, work collaboratively to develop a business model that represents the core aspects of a new or existing business. Your Business Model needs to address the key elements of the Business Model Canvas:
Element Description
Customer Segments & Value Proposition Who are the customers? What is the need being addressed and value delivered?
Customer and stakeholder engagement and retention What physical and digital strategies does the business use to build and maintain relationships with customers and stakeholders?
Distribution Channels How does the product or service reach the customer?
Revenue streams How does the business earn money from delivering the value proposition?
Key stakeholders Who are the most important partners that can provide resources and perform key activities?
Key resources What resources are needed to create and deliver the value proposition?
Key activities What are the core activities performed to create and deliver the value proposition?
In addition to the points above, your business model needs to be supported by appropriate supporting documents including:
Lean Validation Board Value Proposition Canvas
Customer Archetypes
Market Analysis Get/Keep/Grow Cycle Portfolio
During the development of the business model, you will need to maintain an individual portfolio that includes evidence of:
The decision-making and project management tools and strategies that you used to develop the business model.
Your individual contribution to the collection of data from a range of sources to create business intelligence.
Your use of business intelligence to develop the business model.
The pivots that you made in response to validated and invalidated assumptions.
The different tools and strategies that you used to collaborate with your team members.
Peer and self-assessment of your contribution to the effective functioning of the team.
The portfolio is not directly assessed, but forms the basis of your individual Business Model Evaluation.
Assessment
Business Model Evaluation:
On completion of the collaborative development of your business model and completion of your individual portfolio of evidence, you develop and present an individual evaluation of the business model. This evaluation should incorporate evidence of the development of the business model such as photographs, video clips, reflective podcasts and provide commentary on:
the effectiveness of the decision-making and project management tools and strategies used to develop the Business Model
risks and opportunities, including those posed by digital technologies, and recommendations to improve the business model
students individual contribution to the development of the Business Model including the creation and application of business intelligenceevaluation of the groups collaborative skills.
The business model evaluation may be presented in multimodal, oral, or written form.
Assessment Conditions
Format: Financial Overview / Presentation
Word Count: A maximum of 9 minutes if oral, 2000 words if written, or the equivalent if multimodal.
What you should have on your assessment:
Your Business Portfolio
Your Business Model
A step by step evaluation of the steps you have taken in making your decisions in your Business Model (Separate from the Business Model Canvas but everything can be added to a Multi modal presentation.
The Business Model should be done on a Business Model Canvas.
Learning Requirements Assessment Design Criteria Capabilities
1.explore problems and generate possible solutions to meet customer problems or needs using a customer-focused approach
2.apply decision-making and project management tools and strategies in business contexts
3.create and apply business intelligence to iteratively develop and evaluate business models and plans
4.analyse and evaluate the opportunities and challenges for business posed by digital and emerging technologies
5.analyse and evaluate, social, economic, environmental, and/or ethical impacts of global and local business
6.apply communication and collaborative skills in business contexts.
Purpose: To assess your ability to:
Contextual Application:
CA1Contextual application of decision-making and project management tools and strategies.
CA2Create and apply business intelligence to iteratively develop business models and plans.
CA3Contextual application of communication and collaborative skills.
Analysis and Evaluation:
AE1Evaluate business models and plans.
AE2Analyse and evaluate opportunities and challenges for business in the digital age.
AE3Analyse and evaluate social, economic, environmental, and/or ethical impacts of global and local business.
literacy
numeracy
information and communication technology (ICT) capability
critical and creative thinking
personal and social capability
ethical understanding
intercultural understanding.
- Finding and Solving Problems Contextual Application Analysis and Evaluation
A Insightful identification and exploration of problems and/or needs using customer-focused approachesHighly creative generation of innovative and viable solutions to problems and/or needs using customer-focused approachesPerceptive and highly effective contextual application of decision-making and project management tools and strategies
Astute and highly strategic creation and application of business intelligence to iteratively develop business models and plansAstute and perceptive contextual application of communication and/or collaborative skills. Discerning evaluation of business models and plans
Critical analysis and perceptive evaluation of opportunities and challenges for business in the digital age
Insightful analysis and evaluation of social, economic, environmental, and/or ethical impacts of global and local business.
B Well-considered identification and exploration of problems and/or needs using customer-focused approachesCreative generation of viable solutions with some innovation to problems and/or needs using customer-focused approachesWell-considered and mostly effective contextual application of decision-making, project management and change management tools and strategies
Strategic creation and application of business intelligence to iteratively develop business models and plansMostly perceptive contextual application of communication and/or collaborative skills. Mostly discerning evaluation of business models and plans
Mostly critical analysis and evaluation of opportunities and challenges for business in the digital age
Well-considered analysis and evaluation of social, economic, environmental, and/or ethical impacts of global and local business.
C Considered identification and exploration of problems and/or needs using customer-focused approachesMostly creative generation of viable solutions to problems and/or needs using customer-focused approachesConsidered contextual application of decision-making, project management and change management tools and strategiesCompetent creation and application of business intelligence to iteratively develop business models and plans
Effective contextual application of communication and/or collaborative skills. Considered evaluation of business models and plans
Some critical analysis and evaluation of opportunities and challenges for business in the digital age
Considered analysis and evaluation of social, economic, environmental, and/or ethical impacts of global and local business.
D Some identification and exploration of problems and/or needs using customer-focused approachesSome generation of solutions to problems and/or needs using customer-focused approaches Some application of decision-making, project management and change management tools and strategies
Some creation and application of business intelligence to iteratively develop business models and plansSome contextual application of communication and/or collaborative skills. Some analysis and description of business models and plans
Some analysis and description of opportunities and challenges for business in the digital age
Some analysis and description of social, economic, environmental, and/or ethical impacts of global and local business.
E Attempted identification and exploration of problems and/or needs using customer-focused approachesAttempted generation of solutions to problems and/or needs using customer-focused approachesAttempted application of decision-making, project management and change management tools and strategies
Attempted creation and application of business intelligence to iteratively develop business models and plansAttempted application of communication and/or collaborative skills. Attempted description of business models and plans
Description of opportunities and challenges for business in the digital age
Description of social, economic, environmental, and/or ethical impacts of global and local business.
Specific Feature Performance Standard Checklist
CA1Contextual application of decision-making and project management tools and strategies.
A Perceptive and highly effective contextual application of decision-making and project management tools and strategies. B Well-considered and effective contextual application of decision-making and project management tools and strategies. Evaluation effectively kept track of and dates added.
Steps in thought process of Business Model set out.
Decision making shown in Business Model evaluation and in the final Business Model
C Considered contextual application of decision-making and project management tools and strategies. D Some application of decision-making and project management tools and strategies. CA2Create and apply business intelligence to iteratively develop business models and plans.
A Astute creation and application of business intelligence to iteratively develop business models and plans. Business Intelligence created.
Business intelligence interpreted correctly.
Plans to develop Business Model.
B Purposeful creation and application of business intelligence to iteratively develop business models and plans. C Competent creation and application of business intelligence to iteratively develop business models and plans D Some creation and application of business intelligence to iteratively develop business models and plans. CA3Contextual application of communication and collaborative skills.
A Perceptive contextual application of communication and/or collaborative skills. Customer development effectively done.
Research and evaluation done.
Communication on findings done.
B Mostly perceptive contextual application of communication and/or collaborative skills. C Effective contextual application of communication and/or collaborative skills. D Some contextual application of communication and/or collaborative skills. AE1Evaluate business models and plans.
A Perceptive and highly effective contextual application of decision-making and project management tools and strategies. Completed Business Model evaluation.
Evidence of decision-making skills and project management used in evaluation and final Business Model
B Well-considered and effective contextual application of decision-making and project management tools and strategies. C Considered contextual application of decision-making and project management tools and strategies. D Some application of decision-making and project management tools and strategies. AE2Analyse and evaluate opportunities and challenges for business in the digital age.
A Astute creation and application of business intelligence to iteratively develop business models and plans. Opportunities examined to use digital opportunities.
Digital solutions created in Business Model.
Challenges overcome by making use of Business Model
B Astute creation and application of business intelligence to iteratively develop business models and plans. C Purposeful creation and application of business intelligence to iteratively develop business models and plans. D Some creation and application of business intelligence to iteratively develop business models and plans.
AE3Analyse and evaluate social, economic, environmental, and/or ethical impacts of global and local business.
A Insightful analysis and evaluation of social, economic, environmental, and/or ethical impacts of global and local business. Analysis of market.
Analysis of stakeholders.
Analysis of impacts both locally and globally, should that be of concern.
Other factors reckoned in Business Model.
B Well-considered analysis and evaluation of social, economic, environmental, and/or ethical impacts of global and local business. C Considered analysis and evaluation of social, economic, environmental, and/or ethical impacts of global and local business. D Some analysis and description of social, economic, environmental, and/or ethical impacts of global and local business.
