The document site visit was the Business Model Canvas. I learnt that the business Model Canvas gives a strategic business model that allows one t focus on the business model segment. It is perceived as the strategic management and lean start-up temple for creating or documenting an existing business model using a visual char. I acknowledged the main elements that make up the business model canvas include
Key partners: they are the people that the business collaborates with to ensure effective business operations.
Key activities: the genera activities that the company gets involved with in the daily operations.
Key resources: The resources needed to develop the value for the customers
Value proposition: the collection of the services and products that the business gives to meet the needs of the customers
Customer relations: is how the business creates a reputation with its customer segment as means of ensuring that it succeeds and survives.
Customer segments: As a means to build and effective business model, the company needs to identify the customers that it serves.
Channels: the company can deliver its value proposition to its intended customer with the various channels, in an efficient, cast and cost-effective manner.
Key resources: they are assets to the business that are necessary for the operation of the business and developing of the customer value.
Cost structure: explains the most significant monetary effects that come with operating under various business models, the cost structure can characterised in the following aspects: variable costs, fixed costs, economic of scope, and economics of scale.
Revenue stream: describes how the firm is going to generate income from different customer segment. Among the revenue streams include, Asset sales, Usage fees, licensing, lending and renting, advertising and brokerage fees.
Reflections on lecture topics
In the lecture we learned how to submit assignment using the Mahara E-portfolio website. I am also fascinated with the new skills that I learnt with this new model. The first guest lecturer was Eduardo Kranz, a Design Director at FJORD. I was fascinated with his inspiration and how he started doing freelancing when he was still in his 2nd year of university. I got motivated on how I can acquire knowledge and experience that will get me to become a freelancer. He talks about the increasing demand on business that require design, something that he specializes on and he has been working towards.
The second guest speaker for the lecturer was Tom Skeehan, an Industrial Designer, founder of Skeehan Studio and also one of the lecturers. I have come across people who admired his rich career path, and I believe that this was the opportunity for time to get more in-depth insight about him. Considering that he is one of the teachers I has confidence and comfort to listen and ask questions, his lecture was engaging. As a graphic designer, I learnt how to demonstrate my ideas through sketching, something that I found to be more fascinating. He also stressed on networking and branding where he gave the practice example of the two rather than the regular lecture on the topic.
The third guest speaker for the lecturer was Wayne Thompson, a self-proclaimed "Type Nerd" and very accomplished typographer. IN the past I have had a limited exposure to the typographer, and I would wish to get an opportunity to grasp more about the topic. As a professional typographer I found his lectures as mind blowing, I got the opportunity to learn things that I had no idea about. I was able to learn about ligatures and alternates. I believe that the 5 basic principles of making type font legible will be essential for me in the near future. I found this lecture as one of the valuable one.
The fourth and last guest lecture was Chris Do one of the knowledgeable and respectable people who possess a lot of knowledge in the field of art and design. It is always a privilege for one to get an opportunity to attend his lecture, and now that he was going to talk lecture on my field of profession, it was like a double bonus. Throughout the lectures I learn different insights about various aspects that I cannot state in one page. Through his lecture I grasped a lot such that I believed that I have more to learn in my field of profession. He was also resolute about the significance of being enlightened about your potential mentor and to not seek for guidance through laziness, something that will be much helpful in the future. Chris Do is one of the fantastic mentors to the people, and he can change ones perception in life and encourage them through their endeavours.
Reflections on tutorial discussions
In the first tutorial we were introduced to the tutors and classmates, familiarize ourselves. Everyone was curious of what they anticipate at the end of the tutorial classes. We were provided with the highlights of the lessons and assigned to study a YouTube channel. In the second tutorial we learnt about the, goals and the steps we can take to attain those goals. In the practical lessons we closed our eyes and thought of things like the environment we would like to work in, who we would be working with etc. the exercise is engaging a it challenges one on what they need they need to have an effective working environment. It realised that one needs to be a proactive in any environment in order to achieve the set goals. In the third week of tutorial we talked about various means we can present our first assignment together with things to think about including the report. Also we learnt of the element of ethics in design. The forth week we learnt of the Ps of marketing. I got some insight in effective graphic design and advertising, as I learnt the strategies needed to promote the business or product. The 4Ps include Product, Price, Promotion, and Place, and the company I applied in this case was Nike. The fifth week discussed of our upcoming assignment, we learnt on how to conduct a professional interview in our field of study. I emailed Inklab regarding the interview but I am yet to hear from them. I expect to have an engaging and friendly interview with the company. I have already prepared the questions that I will be using in the interview. In the last tutorial lesson we learnt about the Business model Canvas. I created a practical business model canvas and filled it while have different consideration in every step. Even though I did not have a prior knowledge on how to construct one, but I did not encounter any challenges. For my practical example on the business model canvas, I chose a T Shirt company which specializes in pop and 'nerd' culture, as they are increasingly popular.
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