SIXTH MEETING (04-04-22)
- ROLANDO III LLAMADO
- Mar 13, 2022
- 3 min read
Updated: Apr 12, 2022
Subject: Revenue Streams
Topic: Identifying the Revenue Streams and Pricing of Products and Services
Day: April 04, 2022
Time: 10:00 a.m. – 11:00 a.m.
Facilitator: Rolando A. Llamado III
As the picture is identical to meeting 5, it is because two topics was discussed on the same day and time.
STEPS
A. Answer the following questions and put it in your blog site.
1. For what value are our customers really willing to pay?
2. How would they prefer to pay?
3. How much does each Revenue Stream contribute to overall revenues in terms of percentages of the total?
DISCUSSION
The discussion was led by Mr. Rolando A. Llamado III. The objectives of the meeting were to identify the revenue streams of the business and to name the price of the products and services.
To be able to meet the objectives, the following questions mentioned above were answered by everyone in the group.
The first questions focused on deciding of what applicable price does the services and products need to have. This part was a little hard to decide since prices are dynamic but since the members were just starters the prices were determined based on the prices that the products currently have. The second question was easier because online payment is popular nowadays but of course, thru cash is still an option. For the last question, the members chose two revenue streams which were service revenue and project revenue. The members have a hard time deciding on the percentage of these revenues.
CONCLUSION
1. For what value are our customers really willing to pay?
For the repair services: the estimated amount that our customers are willing to pay for the labor service is ranging from 800.00 – 1000.00 pesos. Currently the Philippines has a 537.00 pesos per day minimum wage, so the repair service has a reasonable price and is dependent on how hard and how long the work of the construction worker will last. For the products: the estimated amount ranges from 1,000.00 – 6,000.00 pesos. Since this is a reseller and the products are of high quality, it is expected to have an expensive pricing.
2. How would they prefer to pay?
They can pay thru cash or by online banking and e-wallets.
3. How much does each Revenue Stream contribute to overall revenues in terms of percentages of the total?
The percentages are 70% for the Service Revenue and 30% for the Project Revenue. The service revenue is higher compared to the project is because under the service revenue includes the possibility that the homeowners will avail more services and those services are linked with time so basically the longer the time of services, the higher the revenue.
One way of generating our revenue stream is brokerage fees because a percentage of the fee from the services that we are providing will give us profit. Another way of generating our revenue stream is the usage fees because the fee of the services will depend on the length of time the service was done.
BUSINESS MODEL CANVAS (REVENUE STREAMS)
GLIMPSE OF THE MEETING
Members Contributions:
· Delfin, Eden Eve V. (Writer) – records the minutes of the meeting, notes the discussion and writes the blog.
· Llamado III, Rolando A. (Website Editor) – edits, designs and inserts the video and blog in the website.
· Mariano, Yvette Kayle G. (Leader) – facilitates and leads the group and the discussion of the tropic for smooth and clear communication in the Google Meet.
· Olasiman III, Epifanio T. (Video Editor) – records, screenshots the meeting and edits the video that will be inserted in the website.
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