The Study on the Redevelopment strategy of Cultural and Creative
Product in Taiwan
Dept. of Marketing and Logistics Management
During the Covid-19 pandemic, the cultural and creative product industry is work hard for survival. This preliminary research discovers the redevelopment strategy of cultural and creative product in Taiwan using the Business Model Canvas.
Due to the profit source comes from the business model of a company, therefore, it is critical to explore business model innovation for survival. Past work points out that business model is constructed by customer value proposition, profit formula, key process and key activity. Other study describes that a Business Model Canvas included nine factors can be used for organizational resource or strategy planning. These nine factors are: value proposition, customer segments, customer relationship, channel, key activities, key resources, key partners, cost structure and revenue model. Thus, this paper tries to discover the redevelopment strategy of cultural and creative product in Taiwan using the Business Model Canvas. This paper uses a cultural and creative product shop in Southern Taiwan as the case company.
This research first uses this analysis framework to explore the present situation of the case company. And then the author discovers that there are three shortages explored by this framework. Therefore, the author proposes some strategic suggestions to the related practitioners and scholars as the helpful reference.
The research results are revealed as follows. 1. In the Customer Segmentation dimension, it can enhance e-commerce to diversify sale risks during the pandemic. Otherwise, the case company can enlarge environment-friendly souvenir market with its products. 2. In the Key Activities dimension, it can implement new product launch during some event participation. The case company also can use the social media marketing well. 3. In the Key Resources dimension, it can implement the household maintenance/repair pick-up for customers’ repair requirement. At last, these research results can be the helpful reference for related practitioners and scholars.
Keyword: Covid-19 pandemic, cultural and creative product, business model innovation