WEEK 5-6

I. MINUTES OF THE MEETING (MEETING SUMMARIES)

DATE: April 2, 2022

TIME STARTED: 7:06 PM

CALL TO ORDER: A discussion meeting was called to order at the google meet code sop-ihas-cig. It was presided over by Ms. Gheorjette Isla, with Denise Guiloreza as secretary.

ATTENDANCE: Mr. Martin Aranzado, Mr. Nathaniel Deboque, Ms. Denise Guiloreza, Ms. Gheorjette Isla

ABSENT: None

AGENDA ITEMS:

A. Acknowledgement of tasks for this week

1. Business Model Canvas (BMC) Infographic— Cost Structure

2. Finalization of Answers

3. Summary of Learnings

4. Minutes of the Meeting

B. Discussion about Cost Structure

1. The team opted to develop a cost-driven model that lowers the site's costs without compromising service.

2. The team will need to purchase the website maker's subscription to receive payments from students and conduct other future transactions.

3. Payment processing fees were also considered because the majority of the transactions were done through online banking and needed a percentage or tax.

4. The e-platform is the most expensive of the key resources because it also requires a subscription from the website builder.

5. The maintenance of the website we use is the most expensive key activity.

C. Distribution of duties to members of the group

1. BMC Infographic Update was tasked to Mr. Aranzado

2. Finalization of Answers was assigned to Ms. Isla

3. Summary of Learnings is to be done by Mr. Deboque

4. Minutes of the Meeting will be handled by Ms. Guiloreza

ADJOURNMENT: Meeting was adjourned at 9:00 PM by Ms. Gheorjette Isla

Prepared by:

Denise Guiloreza

Secretary

II. WHAT HAVE WE LEARNED?

We are near to completing the business model canvas. Today, we discussed the cost structure. Through the collaboration of ideas, we will develop the needed cost structure. It needs 3 questions answered: Which of the following is the most significant cost inherent in our business? key resources are the most expensive? And last, which key activities are the most expensive?

We would like to have a business that is inexpensive for everyone to have access to it. We chose to be cost-driven in this type of cost structure because we want to offer low-cost services, but it still provides quality services. We will create an account for the simple transaction of money or payment for the services. There are some virtual wallets or cashless payments that have a transaction fee and also a tax. The most expensive key resources are in building or creating the websites and other e-platforms that we use for providing services and connecting to the customers, which require a subscription fee.

At the end of the day, we’ve learned the cost structure of our business and we have learned to find out what is the most profitable thing that we offered. It also helps us to know the proper allocation and explain all the costs incurred in the business.