The building of a business model can seem like a tall order. However, based on the reading material given before today’s class, I’ve managed to take some simple notes on how to break down the process of creating a model. Essentially, it is split into 9 building blocks, and all contribute to the different areas that a business needs to address in order to run smoothly.
Zooming into the headphone/earphone market, a company called Master and Dynamic is beginning to make strides. As the ‘anti-Beats’, they serve to use combine a relatively older yet classic design with clear sound which can be considered their Value Proposition. Entering the market versus Beats is a challenge, as recently Apple purchased the audio company for 3 Billion, which will significantly increases Beats’ R&D, funding as well as advertising capabilities. With their flagship pair of headphones called the ‘Modern Thinking Cap’, this is certainly a model for those who want to stand out among the conventional Beats. As it isn’t very prominent in Asia at the moment, a wise choice would be for Master and Dynamic to expand product channels to Asia and increase marketing, if it truly wants to challenge the empire that is Beats Audio, which is already well established across the globe. They could also look to other major companies for collaboration if they want to expand, such as Samsung or Sony (which are all companies which are incredibly strong in the Asian Market), as Beats now do (following Apple’s acquisition).
