Covid 19 and Business Perspective Questions
Question Description
Every now and then, even the most successful business model will be challenged by previously unforeseen shocks to the economy or society (e.g. trade wars, BREXIT and Coronavirus). When this happens, you need to be prepared to adapt your business model to maintain product-market fit. Would your business be able to survive and prosper? We would like you to envisage an external shock that could cause a fundamental change to at least one part of the Business Model Canvas developed for your team project this semester. For example, the shock might generate a change in the purchasing power of a specific customer segment, the sudden loss of a key resource or a change in the channels you have available for interacting with your consumer group(s) etc. With reference to your Business Model Canvas and Value
Proposition Canvas, describe:
a) What the shock is and why it would impact your business model? (5 marks)
b) Which component/s of your Business Model Canvas would be impacted by the shock? (5 marks)
c) Evaluate whether you would have to adapt the rest of the business model in order to maintain a product-solution fit between your product/service and the market. (10 marks)
Ensure that you briefly justify your response for each business model component
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