I am trying to build a business model based on my thesis which helps in providing the consumer insights about the advertisements for the marketers. Kindly share your experiences how you build a business in marketing functional area using your thesis.
To develop a business model, you need to have a research gap.After identifying the gap try to get few additional variables and build constructs.Finally, the constructs should be tested for reliability and validity.Then you will able to develop a model in the area of your research or thesis.Hope this may give you bit idea.
I suggest you to start with idea- what information is necessary to your target audience and what media outlooks they usually used...
The following papers should be helpful to your topic:
- Chesbrough, H. (2010). Business Model Innovation: Opportunities and Barriers. Long Range Planning, 43, 2, pp. 354-363.
- Johnson, M. W., Christensen, C. M. and Kagermann, H. (2008). Reinventing your business model. Harvard business review, 86, 12, pp. 57-68.
- Rust, R. T., Moorman, C. and Gaurav, B. (2010). Rethinking Marketing. Harvard Business Review, 88, 1, pp. 94-101.
- Teece, D. J. (2010). Business models, business strategy and innovation. Long range planning, 43, 2, pp. 172-194.
- Zott, C., Amit, R. and Massa, L. (2011). The business model: recent developments and future research. Journal of management, 37, 4, pp. 1019-1042.
The model building could take place by assessing the research gap by intense literature reviews. Secondly, its essential to conduct a qualtrics survey to substantiate the findings..inter rater reliability between the panel also can benefit the critical path assessment for data validation.
Model building initially happens in a researcher's mind based on a deeper insight in to the topic that one is attempting to do some research. This brief idea then needs to be supported by the appropriate variables / constructs in order to make a workable / meaningful model showing some relationship between the variables. Then the researcher needs to validate the model with the help of data.
Thank you very much for your interesting research area.
Since you are going to develop a business model through your thesis you need to be careful. First you have to identify the research gap/problem area. It may be related to a particular industry or a product. Read more relevant literature then you will be able to conceptualize your research study. The business model may be the output your research study or your recommendation.
Once you have determined your product strategy and understood which market problems you plan to solve, you must then determine how you will earn revenue from selling your product. This involves creating a business model.
Business models enable you to describe how you translate your product’s value into revenue for your company. This includes understanding:
Who your customers are
How you will price your product
How you plan to distribute it
During the product management process, companies spend significant effort on delivering the actual product. However, without the basis of a solid business model, there is no business.
Product managers have a unique view into what prospective customers are willing to pay and how they will buy a product. This positions the project manager perfectly to define the business model.
Creating a business model for new products
To create a business model, answer the following questions:
Who are you selling to?
What are they willing to pay for the solution to their market problem?
How will customers pay for the solution (each time they use it, every year, over time)?
How will you price your product?
How will you sell your product (that is, directly or through a channel)?
Review these articles for background information on creating your business model
Business model: Understand how your company can deliver value to your target market, and how you will charge for that created value.
Distribution: Determine how you will sell your product. Is it sold directly to customers, through a channel or through partners? This will affect your pricing and revenue model.
Revenue model: Determine what type of revenue model you would like to employ (that is, recurring, transactional, services or project-based revenue).
Pricing: Once you decide on the revenue model, you must determine how you will price your product for each transaction.
For more information about developing a business model, download the MaRS workbook, Business model design.
The information and exercises will help you design a business model by working through the key variables in executing a market strategy—competition, partnership, distribution, pricing and positioning.
References
IBM Global Services. (2006). Business model innovation—the new route to competitive advantage. White paper.
IBM Global Services. (2008). The Enterprise of the Future. Whitepaper.
Kurtzman, J., and Rifkin, G. (2005). Startups That Work. London: Penguin Group.
Shenoy, G. (2010). Is product management needed in a software startup? Pragmatic Marketing. Retrieved October 26, 2010, from http://www.pragmaticmarketing.com/resources/Creating-Product-Management-at-a-Startup
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