group assignment entrepreneurship business model canvas

• Becoming and recognized as the leading company in smart toy products in the Kid Wonderland market operating ❖ Mission Kids Wonderland is a 4M brand toy business from Hanoi.. This is al

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GROUP ASSIGNMENT

Entrepreneurship Business Model Canvas

Class: MKT1303 Suject: ETR 401

Lecturer: Mr Trinh Trong Hung Group: 01

• Desire to strive to become the largest distributor of children's toy products, with a reputation in the region and more broadly, Vietnam

• Becoming and recognized as the leading company in smart toy products in the Kid Wonderland market operating

❖ Mission

Kids Wonderland is a 4M brand toy business from Hanoi Innovation, creativity, prestige has been at the heart of everything we do, along with our unwavering commitment to excellence in linking with our disciplines This is also our goal to build and develop the brand Kids Wonderland in general and brand 4M in particular, to satisfy customers and provide innovative, high-quality products that help to improve learning so easy, interesting

Kids Wonderland will achieve this goal by:

• Innovate, educate and create opportunities for children to develop positive curiosity and learn through discovery

• Explore, design, and create fun, safe ways for children to participate in meaningful play experiences

• Put quality and safety first

• Integrating green perceptions and social values into our educational products

• Demonstrate a sincere interest in staff, stakeholders, children, parents, and teachers worldwide

• Grow our company by developing our brand

" Trust Devotion - Creative - Professional "–

II Business Model Canvas

❖ ABOUT BUSINESS MODEL CANVAS (BMC)

Business model canvas (BMC) is a way of presenting information about the inputs that make up the value chain of an enterprise in the form of images, widely used in the process of building and planning an enterprise new In addition, it is also used to analyze a company's current business situation

Business model canvas (BMC) was developed by Swedish executive expert Alexander Osterwalder He used 9 main groups of factors that make up BMC, which he implies that they are the 9 pillars that make up the organization of a company, including: Main Partner, Main Business Activity, Main Resources, Residual Value, Customer Relations, Information Channels and Distribution, Customer Segments, Cost Structure, and Revenue Flow

❖ BUSINESS MODEL CANVAS (BMC) - An intuitive tool

A company's business performance can easily be improved by adopting BMC With just one look, all the relevant aspects are clearly represented thanks to the visual simulations By looking at the evolution of each element, a business can refine the values it offers to customers and improve its strategies in an organized way Meanwhile, if you use this tool to create a new business, business owners can plan from the outset a series of important strategic decisions through the use of the tool

❖ ADVANTAGES OF CANVAS BUSINESS MODEL

The following points make it impossible for businesses to ignore the use of the Canvas model

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• Focus: we can see that the most essential contents of the business model are

presented in the shortest, most succinct and with the elimination of redundant details This helps users to get a full and fast judgment about the business

• Flexible: you can easily edit and test the things you want (in planning) • Be clear: obviously extremely important, it helps the reader spend less time

reading and understanding the plan, which helps to shape the problem more quickly

• Short and concise: The business model is a blueprint that defines your

business initially This is a useful tool for easy communication with investors, partners as well as employees Because of the brevity, all the content related to the business model is omitted the redundant details, showing only on a page of important information, fully conveying the strategic vision of the business

• Visual thinking: The Canvas business model provides a visual view that makes

it easy to weigh and make decisions It gives a neat analysis of the main factors affecting the business and clarifies the direction of the business through the model

• Fast, convenient, and easy to share: If you print a Canvas model on a poster,

employees can use scraps of sticky notes to stick to the key keywords and track their impact on the model business in the future Also it is a convenient mobile tool that allows for easy access and sharing You can easily re-draw a complete Canvas model, or simply pass each other's hand between everyone so that everyone can grasp the main idea as well as add additional information if needed

• Knowing the relationship between the 9 pillars: The Canvas business model

allows you to understand the relationship between the 9 pillars and useful methods that can change the relationship between them to increase productivity With this tool, you can easily discover new opportunities or improvements

• Minimize the risk of failure: The Canvas business model helps you take the

steps to get your idea to market Connect your values + customer segmentation + revenue stream From there, create your marketing strategy, positioning statement and sales strategy Increase the competitive advantage of businesses with competitors

❖ 9 VALUE SYSTEM IN CANVAS MODEL

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MKT1303 Kid Wonderland –Canvas business model brings your business idea into one clearly structured form This has the advantage that others can quickly understand and discuss your business model

The Business Model Canvas also provides an overview of your business idea from any angle That will help you optimize, control and run your business better Each of the values below, you can consider it as part of the business It can also be considered as a target value system that the business aims for

1 Customer Segment

Customer segmentation is the process of dividing customers into groups based on common characteristics so that a company can market to each group effectively and appropriately

Common types of customer segments

• Geographic Segmentation

Geographic segmentation involves grouping customers by country, state, region, climate, or market size You need to tailor your message to different geographic segments, keeping in mind local culture or weather

• Behavioral Segmentation

Behavior segmentation involves segmenting customers based on how they interact with your brand

• Lifecycle or Customer Journey-Based Segmentation

In addition to understanding your buyers' preferences and interests, you also need to know where they are at the stage of the buying process This type of customer segmentation is known as cycle or customer journey segmentation

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Here our group chooses geographic segmentation

❖ About income

- 35.88 million VND / person in 2018 in 2018 (the Mekong River Delta decreased to 1.41 times, the Southeast 1.57 times, Ho Chi Minh City decreased to 1.32 times with income level in rural areas, it is 58 million VND / person / year) (https://dangcongsan.vn/kinh-te/tang-nhanh-thu-nhap-binh-quan-dau-nguoi-nam-o-nong-thon- 554604.html)

- Average income of Hanoi in 2020 is estimated at 130 million VND / person / year (https://vov.vn/chinh-tri/ha-noi thu-nhap-binh-quan-dau-nguoi-gap-18 Lan-army-of-country-784708.vov)

- In Ho Chi Minh City, the average salary of employees is 456 USD / month (about 10.3 million VND / month) (https://thanhnien.vn/tai-chinh-kinh-doanh/tphcm-co -muc-of-the-high-average-to-be-938809.html)

=> Realizing that the income in the city is much higher than in the countryside and the Kids Wonderland group's product is also in the mid-range, maybe a bit high compared to rural families, so we decided to locate in Hanoi

- According to the statistics of Nhan Dan newspaper, compared to the school year 2018 - 2019, tuition fees increased sharply in educational institutions in urban areas with an increase of 41.9%, in rural areas by 26.7% and in mountainous communes it is 26.3% In addition, more and more families are investing in their children to study abroad so that their children have the opportunity to be exposed to the development of the educational environment

=> Children's spending on education has also increased significantly in the country => Parents are very interested in their children's learning => toys help stimulate curiosity, help children learn while learning play, orientation, not whip has huge potential in the market

❖ Population

- The population density of Vietnam is 290 people / km2, an increase of 31 people / km2 compared to 2009 Vietnam is the country with the third density in Southeast Asia, after the Philippines ( 363 people / km2) and Singapore (8,292 people / km2)

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MKT1303 Kid Wonderland –- Urban population is 33,122,548 people, accounting for 34.4% of the total

population of the country; rural population is 63,086,436 people, accounting for 65.6%

- The total fertility rate (TFR) is 2.09 children per woman, below the replacement fertility rate This shows that Vietnam has maintained a stable fertility rate for more than a decade, the trend of having two children in Vietnam is common TFR in urban areas is 1.83 children / woman; in rural areas it is 2.26 children / woman Women with university education have the lowest fertility rate (1.85 children / woman), much lower than women who have never attended school (2.59 children / woman) Ho Chi Minh City is the locality with the lowest fertility rate in the country (1.39 children / woman), Ha Tinh is the province with the highest fertility (2.83 children / woman)

=> The population in rural areas is also large, although the income is not high, but not all => can be exploited => focus on marketing on social platforms, linking with shipping parties ( has been done, a number of selected shippers are:….)

- The average age at marriage of Vietnamese people is 24

=> About 3-4 years after a high rate of families will have children aged 2-5 years old => run ads to target customers from 28-40 years old

Typical information collection methods include: • Direct or telephone interview

• Survey

• Joint research using published information about market types • Focus groups

2 ways are chosen by Kids Wonderland:

• Use information already in the market to find a niche and select potential customers

• Survey about question: - Close question

▪ Are you willing to invest a lot of money to buy toys for your children?

▪ How much money are you willing to spend to buy toys for your kids?

2 Value Proposition

The value proposition of a brand is the combination of products and services provided to customers These values need to be unique and different from the competition

Value solutions deliver value through a number of attributes such as flexibility, performance, work completion, and branding

Business, design interface, innovation, pricing, cost, risk mitigation, dimensional interoperability,

multi-When building a value solution, the prerequisite question is what problem you want to solve through the value of the product / service Then, find ways to improve your product, service, or overall customer experience to deliver greater value than your competition Finally, businesses need to define core values.As for our value solution, we ask 4 specific questions to make customers better understand what we are provide users, 4 questions including: "What, Who, Why, How" From these 4 questions we will analyze in more detail

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MKT1303 Kid Wonderland –

➢ What: The product that we provide to the customer is the scientific toy product,

it helps to give the user the utmost creativity to execute his ideas in mind Why did we choose this product? As you know, there are many types of toy products on the market, but many models do not bring positive purposes to consumers, there are many violent products, making photos Affect the development of consumers, especially children, so we decided to use this product

➢ Who: Our target groups are the ages from:

• From 3 to 10 years old because this is one of the age groups with the most curiosity

• These products will bring practical value to young children and arouse their curiosity Our products give young children a new understanding of the surrounding objects as well as things that children have not seen • While learning while playing, it also gives children useful things,

increased intelligence Moreover, at this age, young children will learn very quickly, they will apply the knowledge in the classroom to the toys, thereby helping them understand more and be able to connect families together because there are families that do not have lots of time for the kids

➢ Why: Why choose our products that rival kp Because all of the products that

we distribute, I have patents from our inventors and also the parent company's trademarks More:

• Our products have also been brought to the international arena by our favorite kids to compete in prestigious competitions

• In terms of prices, our products are very age-appropriate, divided by each item, each item will have a different price suitable for the age of the baby

• Eye-catching, easy- -use product that attracts young people to

• And in addition, every month we have gratitude programs for customers who trust to use our products and have gifts for babies

➢ How: The core value that we bring to customers is that parents can feel the

benefits of using smart toys for themselves It helps the baby to think, think sharper, be smarter and gain more awareness in reality without too much parental help

3 Channels

a Online Channels

• Search Marketing (SEO & SEM)

This is a paid form to advertise on major search engines such as Google, Bing, (SEM) and optimize the website to get higher rankings in natural search results through search engines ( SEO)

For example, when you search for the keyword "timekeeper" on Google, you will see about the first 3-4 articles with the word "Ad" or "Ads" next to them Those are articles that have paid advertising fees to Google to prioritize display to readers (SEM)

• Mobile Marketing

This is a Marketing channel through mobile devices such as phones, tablets, Some of the marketing forms that can be mentioned on this channel are to optimize the application for better display on the app market (app store optimization - ASO), push ads, display in apps to encourage user installation

A prime example of the Mobile Marketing channel are image or video ads that appear in mobile games

• Email Marketing

This is a very popular Digital Marketing channel, but if you abuse it, it is easy to create the opposite effect When applying this marketing channel, marketers will send email to the available database to promote products and services However, the point to note in this channel is to determine the number of potential customers' database and try to "personalize" in each email to avoid the customer

"straightforward" to put the email in the spam mailbox and press bad brand image

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MKT1303 Kid Wonderland –A good example for the deployment of Email Marketing channel is emails sent to customers on holidays, New Year, birthdays, to increase the frequency of brand appearances without making customers lose love

• Content Marketing

This is a popular channel, but it is not always effective by businesses In short, Content Marketing is the creation of content on potential platforms to attract a large number of customers, in order to increase brand awareness or increase conversion rates

One way of producing content that content marketers often do on social media is to make a connection between their brands and popular trends The event that Apple launched the iPhone 11 pro with three unique cameras is a trend that many brands "catch the trend", including Grab

• Social Marketing

Social Marketing is a channel to reach customers through potential social networks such as Facebook, Instagram, LinkedIn, Twitter, Youtube, with the aim of reaching a large number of customers to increase brand coverage

An obvious example is that almost all brands have social media accounts, especially Facebook, Twitter Besides, they are very active in posting and replying to comments to increase interaction with customers

• Display Advertising

In essence, display is programmatic advertising through platforms Display forms of display varied from images (static banners, animated banners), video, html, For example, when you open a news page, the top or corner of the page often has ad frames of many different brands This makes customers always have to see you everywhere at all times, unable to "hide" anywhere

=> Kids Wonderland uses Social marketing because they have internship experience in the previous period and are familiar with running ads on platforms such as facebook ads, zalo ads, along with saving face costs By choosing to run online ads, using social media for running ads will be more convenient and economical