Key Resources and Activities
Let’s talk about Key Resources and Key Activities.
At the heart of our product site lies our resources, so we’ll have a look at what key resources you may need for your business to work. This is really the part that explains how you will create your value proposition. Have a think about what types of products, services, assets you may need to create your value proposition. This often includes intellectual property, talent, and infrastructure. Perhaps you have a website that is unique, perhaps you have offices or property that are very unique.
Next up on the product side is key activities.
These are really the activities that you do on a daily basis and what you need to understand is your strengths and weaknesses to which you can play on. These may include sales and marketing, research and development, manufacturing or distribution. Perhaps if you were an app development or software company your core focus should be to program and develop.
Now, let's have a look at some key activities that are general activities that most companies will perform.
This is the production of assets. With manufacturing, often you will produce tangible products, such as furniture, hardware, perhaps even software. But really your output is a product that you create on your own, and the company focuses on the manufacturing of the product. Rather than sourcing it externally your company will focus on the actual production and manufacturing.
Key examples for manufacturing are that of a furniture store (creating their own furniture) or Fonterra (milk production).
If your company focuses on reselling products, your main activities will focus on distribution and logistics of that product.
The main example would be an import and export businesses.
3. Sales and Marketing
One of my favorite areas and key activities of businesses is that of sales and marketing. Almost any business model will have some aspect of sales and marketing in their business model. This is especially important to find more customers as customers lead to revenue.
An example of a sales and marketing company is car yards, often car yards work with car manufacturers to then resell and market their product in a specific area or a specific country.