Strategic Management MGT-690 Assignment 01: Lubricants Business Model Canvas Submitted to: Ishfaque Waseek Email: [email protected]Submitted by: Abdullah Al Munir Email: [email protected]Cell: 01717200845, 01730406291
Key Partners: Lubricant Manufacturers: Partnering with reputable lubricant manufacturers is crucial for sourcing high-quality imported lubricants. These manufacturers produce the lubricants and ensure they meet the necessary standards and specifications. Suppliers play a vital role in the imported lubricants business by providing logistical support, warehousing facilities, and timely delivery of the lubricant products. Key Activities: This involves conducting market research, evaluating product quality, negotiating pricing and terms, and placing orders for importing the lubricants. Managing the logistics of importing lubricants from overseas, including arranging transportation, coordinating with shipping and freight forwarding companies, handling customs clearance procedures, and ensuring compliance with import regulations and documentation. Implementing quality control measures to ensure that imported lubricants meet the required standards and specifications. Key Resources: In an imported lubricants business, key resources are the essential assets, capabilities, and inputs that enable the business to operate effectively and deliver value to customers. This may involve implementing enterprise resource planning (ERP) systems, inventory management software, and e-commerce platforms. Adequate financial resources are necessary to support the working capital requirements, importation costs, marketing activities, and overall business operations. Value Propositions: The value propositions of an imported lubricants business refer to the unique benefits and value that the business offers to its customers. This value proposition caters to diverse industry sectors, applications, and equipment types. Highlighting the incorporation of advanced technologies in imported lubricants can be a valuable value proposition. Characteristics: The imported lubricants business should regularly assess and refine its value proposition to stay relevant and meet the evolving needs of its target customers. By embodying these characteristics, the value propositions of an imported lubricants business can effectively communicate the unique benefits and value it offers to customers, driving customer acquisition, satisfaction, and loyalty.
Customer Relationships: By integrating customer suggestions or requirements into future product offerings, the business demonstrates its dedication to meeting customer needs and enhances the customer relationship. Utilizing customer relationship management (CRM) software or other tools helps track customer interactions, preferences, and purchase history. This information can be used to personalize communication, anticipate customer needs, and provide a seamless and personalized experience throughout the customer journey. By prioritizing customer engagement, providing exceptional support, listening to customer feedback, and offering value-added services, an imported lubricants business can build strong and long-lasting customer relationships. Channel: The channel strategy of an imported lubricants business refers to the approach and methods used to distribute and deliver the imported lubricant products to customers. The business establishes a direct sales force to sell imported lubricants directly to customers. The imported lubricants business works closely with these industrial customers to fulfill their lubricant needs, often involving custom formulations or specialized product requirements. It's important for the imported lubricants business to assess the characteristics of its target market, customer preferences, and competitive landscape to determine the most suitable channel mix. Customer Segments: They require lubricants for agricultural machinery such as tractors, harvesters, irrigation systems, and other farm equipment. Mining and extractive companies, quarry operators, and other extractive industries require lubricants for their heavy machinery, excavators, crushers, and other mining equipment. Energy and utilities customers in the energy and utilities sector, including power plants, renewable energy companies, and utilities providers, require lubricants for their turbines, generators, transformers, and other equipment, Marine and offshore segment includes shipping companies, maritime operators, and offshore industries. Cost Structure: This includes quality control testing, certifications, compliance with industry standards and regulations, and maintaining the necessary documentation. Costs associated with providing training programs and technical support to customers, such as conducting workshops, seminars, or hiring technical experts, should be considered. Importing lubricants involves various costs, including import tariffs, customs duties, brokerage fees, documentation costs, and compliance with import regulations. This includes the costs associated with providing customer service, such as customer support personnel salaries, customer support infrastructure, and maintaining communication channels for addressing customer inquiries and concerns. Costs related to IT
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