ACCTG 1 Lecture Notes - Lecture 10: Spotify, Marketing Mix, High Tech
Document Summary
Chapter 6 start-up: developing the business model: bringing your idea to life. Entrepreneurs engage in effectual reasoning" or effectuation" (making something happen) in contrast to causal or deductive reasoning used by professional executives. A business model is the plan for how a business competes, uses its resources, structures its relationships, communicates with customers, creates value and generates profits. The new venture creation framework" mirrors an approach developed for large companies the business model canvas; central to both approaches is the development of an innovative business model. Your marketing strategy describe how you will deliver your value proposition to each of the customer segments you have identified with a certain marketing mix (e. g. price, service, promotion, distribution channels); needs to cover core + launch strategy. The operations plan highlights the practical things you need to do to launch a new venture, e. g. legal and operating issues, partnership opportunities; identify key activities.
