We had a surprise, a new professor to take the
lecture!! We started with the presentations very strict on time. The discussion
on resources helped us to analyse the resources needed for our business model,
i.e. money, office space, journals for research, researchers, and last but the
most important human resource. After learning the importance and advantages of
having process for our organization we built process chart of entire business
model from customer acquisition to completion of service to the customers. The
main point “ get the work done from least capable people effectively” i.e.
efficient utilization of human resource. A class exercise which motivated and
made us to learn that we can even work without no resources.!! Well that was
just a motivation for budding entrepreneurs like us.
The most important part of
business:- the product / service which earns revenues for us ; how can it be
tested by the building Minimum Viable Product (MVP) ,the most important thing “
always charge for your MVP, don’t give it for free..!!” , after discussion with
the professor we designed our MVP, how it can be tested and what we should
price for it. One of the strategy of pricing was also learnt, that to
extract most of the customer surplus by charging as maximum as possible to
consumer but without dissatisfying him.
After the class the
Team discussed the case study of “Match, Mint Cup and Newspaper” and learnt the
importance asking -relevant questions to the customers which impact the quality
of service provided by company, the importance of processes which helped the
hotel to provide the perfectly planned service to customer every time, weather
it is done by same person or different person each time. The main
point “ get the work done from least capable people effectively” i.e. efficient
utilization of human resource. A class exercise which motivated and made us to
learn that we can even work without no resources.!! Well that was just a
motivation for budding entrepreneurs like us.
The most important part of business:- the product / service which earns revenues for us ; how can it be tested by the building Minimum Viable Product (MVP) ,the most important thing “ always charge for your MVP, don’t give it for free..!!” , after discussion with the professor we designed our MVP, how it can be tested and what we should price for it. One of the strategy of pricing was also learnt, that to extract most of the customer surplus by charging as maximum as possible to consumer but without dissatisfying him.
After the class the Team discussed the case study of “Match, Mint Cup and Newspaper” and learnt the importance asking -relevant questions to the customers which impact the quality of service provided by company, the importance of processes which helped the hotel to provide the perfectly planned service to customer every time, weather it is done by same person or different person each time.
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