In summary, the up-cycling company is a place where customers can either buy products already up-cycled by students or come to learn up-cycling textiles by themselves under the instructions of lecturers and students. The company’s vision is to promote the creative capacity as well as the interest in up-cycling textiles of not only design and fashion students but also all the customers. As mentioned previously, the business model of the up-cycling company is structured based on the business model canvas (Osterwalder, 2008 and Pigneur, 2010), consisting of nine important elements which will be introduced below.
I. Key partners
In the business model canvas, “key partners" part is listed with a number of questions to help entrepreneurs identify …show more content…
Key activities and Value propositions
According to Osterwalder (2008) and Pigneur (2010), key activities are any activities aiming at “creating value propositions, distribution channels, maintaining customer relationship and revenue streams”. Alternatively, they are actions of a company to deliver its products or services for profit and build relationships with its customers (Jensen, 2013). For the value propositions, they are described as elements catering to customer segment’s needs (Osterwalder and Pigneur, 2010), product market scope (Hamel, 2000) or value offering (Gordijn, 2002).
With this explanation, two actions including up-cycling discarded textiles into other useful products and teaching customers to up-cycle are key activities of the upcycling company. The customers are offered values from these up-cycling activities as better solutions to use their textile wastes and save money. Furthermore, the pride in creating new products by themselves can be also considered as another value proposition. For example, by learning to up-cycle a pair of jeans into two small bags, the customers can not only save money but also get knowledge in making …show more content…
Customer segments
Business cannot exist without customers (Wilam, 2013) to deliver the values of its products or services (Osterwalder and Pigneur, 2010). “Customers” mentioned in the canvas are people and organisations for which the business creates values. They can be segmented into different groups such as mass, niche, or multi-sided market in accordance with the criteria of geographic, demographic, lifestyle and product benefits (Kazemzadeh et al. 2009). Depending on its products and services, an organization can choose to target a single group or multiple groups (Shahand, van Duffelen and Olabarriaga 2015).
Customer segments of the up-cycling company can be potentially divided into two groups based on their behaviours. The first are those who are excited at and willing to learn how to up-cycle textiles into the products they like while the second are normal buyers of textiles up-cycled products. They are characterised as customers who love crafting or creating new things and those who care about the environment.
IV. Customer Relationships and
I. Key partners
In the business model canvas, “key partners" part is listed with a number of questions to help entrepreneurs identify …show more content…
Key activities and Value propositions
According to Osterwalder (2008) and Pigneur (2010), key activities are any activities aiming at “creating value propositions, distribution channels, maintaining customer relationship and revenue streams”. Alternatively, they are actions of a company to deliver its products or services for profit and build relationships with its customers (Jensen, 2013). For the value propositions, they are described as elements catering to customer segment’s needs (Osterwalder and Pigneur, 2010), product market scope (Hamel, 2000) or value offering (Gordijn, 2002).
With this explanation, two actions including up-cycling discarded textiles into other useful products and teaching customers to up-cycle are key activities of the upcycling company. The customers are offered values from these up-cycling activities as better solutions to use their textile wastes and save money. Furthermore, the pride in creating new products by themselves can be also considered as another value proposition. For example, by learning to up-cycle a pair of jeans into two small bags, the customers can not only save money but also get knowledge in making …show more content…
Customer segments
Business cannot exist without customers (Wilam, 2013) to deliver the values of its products or services (Osterwalder and Pigneur, 2010). “Customers” mentioned in the canvas are people and organisations for which the business creates values. They can be segmented into different groups such as mass, niche, or multi-sided market in accordance with the criteria of geographic, demographic, lifestyle and product benefits (Kazemzadeh et al. 2009). Depending on its products and services, an organization can choose to target a single group or multiple groups (Shahand, van Duffelen and Olabarriaga 2015).
Customer segments of the up-cycling company can be potentially divided into two groups based on their behaviours. The first are those who are excited at and willing to learn how to up-cycle textiles into the products they like while the second are normal buyers of textiles up-cycled products. They are characterised as customers who love crafting or creating new things and those who care about the environment.
IV. Customer Relationships and