VCW for BF5: Expanding Services for Sustainable Fishing
Identifying the optimal geographical market for expansion using the Value Creation Wheel.
Which is the best geographical market to expand our services of caracterization of fishing areas, fish provenance and ecolabeling, and impact on tourism.
This project utilizes the Value Creation Wheel (VCW) framework to determine the best geographical market for BF5 to expand its services related to fishing area characterization, fish provenance, eco-labeling, and tourism impact assessment.
Overview:
BF5 aims to promote sustainable fishing practices by offering services that leverage Earth Observation (EO) technology and other data sources. The team employed the VCW framework to analyze market trends, competitors, and potential solutions, ultimately seeking to identify the ideal geographical market for expansion.
Process:
The team followed the five phases of the VCW:
Discover Value: Defined the challenge of identifying the best geographical market for expansion, considering BF5's three core services: fishing area characterization, fish provenance and eco-labeling, and tourism impact assessment.
Create Value: Generated ideas and solutions, including leveraging EO technology, AI, and partnerships with data providers and research institutions.
Validate Value: Engaged with stakeholders, including Ana Paula Kauruga, to gather insights on market needs and opportunities. Used the POKER method to refine and select the most relevant filters.
Capture Value: Applied the filters through a Value Creation Funnel (VCF) and Multi-Criteria Decision Analysis (MCDA) to identify France, specifically the Brittany region and Finisterre department, as the target market.
Consolidate Value: Developed a prototype, including a website and mobile app, for delivering services. Defined the marketing plan, pricing strategy, and team structure. Analyzed the business model canvas, 3Ms, KPIs, and roadmap.
Key Takeaways:
Sustainable Fishing Solutions: BF5's services address critical needs in the fishing industry, promoting sustainable practices, reducing illegal fishing, and supporting eco-labeling initiatives.
France as a Target Market: France's extensive coastline, strong fishing industry, and commitment to sustainable practices make it an attractive market for BF5.
Brittany and Finisterre: Within France, the Brittany region, particularly the Finisterre department, stands out as a prime location due to its significant fishing activity and coastal tourism.
Stakeholder Engagement: Gathering insights from stakeholders, including industry experts and potential customers, helped validate the value proposition and refine the target market.
Technology and Data Integration: Combining EO data with other sources and utilizing AI enhances the accuracy and comprehensiveness of BF5's services.
Conclusion:
BF5's application of the VCW framework demonstrates its effectiveness in identifying the optimal geographical market for expansion. The project highlights the importance of a structured and data-driven approach to market selection, considering factors such as industry trends, competitive landscape, and stakeholder needs. By focusing on France, specifically Brittany and Finisterre, BF5 can effectively promote sustainable fishing practices and contribute to the long-term health of the marine ecosystem.