NV final
Incumbents A. Competitors B. New entrants
A
-introduce the new -pitching to investors -engaging employees Design techniques: A. Customer insights B. Ideation C. Visual thinking D. Prototyping E. Storytelling
E
originates from an organization's existing infrastructure/partnerships to expand/transform the business model ideation-epicenters of business model innovation: a. resource-driven b. offer-driven c. customer-driven d. finance-driven e. multiple epicenter
a
predefined based on static variables revenue streams- pricing mechanisms: a. fixed menu pricing b. dynamic pricing
a
quantity matters ideation-2 main phases: a. idea generation b. synthesis
a
varies with current position and future expectations opportunity must be: a. desirable b. feasible
a
provide external parties with ideas or assets lying idle within the firm business model paterns-open: a. outside-in b. inside-out
b
cost advantages that a business enjoys as its output expands; larger companies benefit from lower bulk purchase rates; average cost per unit falls as output rises cost structure-characteristics: a. fixed costs b. variable costs c. economies of scale d. economies of scope
c
fixed costs/(unit selling price - variable costs) cost structure: a. cost driven b. value-driven c. breakeven
c
• Spectrum for Reasons for Failure from Blameworthy to Praiseworthy -Deviance: An individual chooses to violate a prescribed process or practice -Inattention: An individual inadvertently deviates from specifications -Lack of Ability: An individual doesn't have the skills, conditions, or training to execute a job -Process inadequacy: A competent individual adheres to a prescribed but faulty or incomplete process -Task Challenge: An individual faces a task too difficult to be executed reliably every time -Process Complexity: A process composed of many elements breaks down when it encounters novel interactions -Uncertainty: A lack of clarity about future events causes people to take seemingly reasonable actions that produce undesired results -Hypothesis Testing: An experiment conducted to prove that an idea or design will succeed fails -Exploratory Testing: An experiment conducted to expand knowledge and investigate a possibility leads to an undesired result reading & HW: a. How to Write a Great Business Plan b. Six Degrees of Lois Weisberg c. Strategies for Learning From Failure
c
-purpose: numerous examples exist of reward systems that are "fouled up" -it's best when firm goals and individual goals are aligned a. your network activity b. Alaska Gold Mine strategy activity c. categories of failure d. On The Folly of Rewarding A while hoping for B e. narrative structure
d
EX: skype business model patterns EX: a. unbundled b. long tail c. multisided d. free e. open
d
cash, lines of credit, stock option, debt, equity key resources-types of resources: a. physical b. intellectual c. human d. financial e. social
d
cost advantages due to a larger scope of operations; cost advantages rise as multi-tasking (more than one product per market strategy) increases cost structure-characteristics: a. fixed costs b. variable costs c. economies of scale d. economies of scope
d
new products
-functionality -manufacturability -market testing
"Rather than teach creativity, rediscover it" A. "How to build your confidence" (TED video) B. Creativity analysis C. IDEO new product development process (shopping cart innovation video)
A
-for ("count" of target customers) -who (quantified statement of need or opportunity) -the (product/service name) is a (product/service category) -that (quantified statement of benefit) Business model canvas building blocks-value proposition: A. First sentence B. Second sentence
A
-global market conditions -capital markets -commodities and other resources -economic infrastructure A. Macro-economic market factors B. Market forces C. Competitive analysis (industry forces) D. Key trends
A
-guided mastery •demystify •build self efficiency: you can affect the world -take people who had the fear they weren't creative, take them through a series of steps, and turn the fear into familiarity A. "How to build your confidence" (TED video) B. Creativity analysis C. IDEO new product development process (shopping cart innovation video)
A
-reliable information about things with which they are familiar or have experienced -articulate their own problems and needs -discuss the features and products they currently use to meet their needs Business Model Canvas Building blocks-Customer segments A. What a customer CAN tell you B. What a customer CAN'T tell you
A
-time -feeling -altruism -emotional health Your network activity- 4 ties (greatly increased information (opportunity) efficiency) A. Strong ties B. Weak ties
A
Compare the past to the present Strategy- macro economic market factors: A. Global market conditions B. Capital markets C. Commodities & other resources D. Economic infrastructure
A
Deviations from speculations in the closely defined processes of Hugh-volume or routine operations in manufacturing and services Categories or failures: A. Preventable failures in predictable operations B. Unavoidable failures in complex system C. Intelligent failures at the frontier
A
Key issues driving your market Strategy- market forces: A. Market issues B. Market segments C. Needs & demands D. Switching costs E. Revenues attractiveness
A
Manufacturer -> wholesaler -> retailer -> customer Business model canvas building blocks-channels: how many intermediaries do you need? A. Conventional model B. Alternative model C. Considerations
A
Market analysis, competitive analysis, key trends A. Strategy B. Evaluation
A
Resulting from one-time customer payments Revenues streams 2 diff types: A. Transaction B. Recurring
A
Short description of each team member How to write a great business plan-the 4 main pieces that should be included before the numbers: A. The people B. The opportunity C. The context D. Risk and reward
A
Vague on details On the folly of rewarding A while hoping for B- examples of "fouled up" systems: A. In politics B. In war C. In medicine D. In sports E. In business
A
"Creativity is something you practice, not something you're born with" A. "How to build your confidence" (TED video) B. Creativity analysis C. IDEO new product development process (shopping cart innovation video)
B
(Direct distribution) Manufacturer -> customer Business model canvas building blocks-channels: how many intermediaries do you need? A. Conventional model B. Alternative model C. Considerations
B
-exactly what product/service to develop -the details of exactly what hat the product should have or contain -reliable information about anything they have not experienced Business Model Canvas Building blocks-Customer segments A. What a customer CAN tell you B. What a customer CAN'T tell you
B
-heterogeneity -structural holes -creativity -opportunity flow Your network activity- 4 ties (greatly increased information (opportunity) efficiency) A. Strong ties B. Weak ties
B
-market issues -market segments -needs & demands -switching costs -revenue attractiveness A. Macro-economic market factors B. Market forces C. Competitive analysis (industry forces) D. Key trends
B
-overcome fears •fear of the messy unknown •fear of being judged •fear of the first step •fear of losing control A. "How to build your confidence" (TED video) B. Creativity analysis C. IDEO new product development process (shopping cart innovation video)
B
-regularly assessing a business model is an important management activity that allows an organization to evaluate the health of its market position and adapt accordingly -failure to do so could lead to a company's demise -big picture assessment -SWOT analysis A. Strategy B. Evaluation
B
-small process failures are inevitable -inherent uncertainty of work, a particular combination of needs, people, and problems may have never occurred before -ex: trusting patients in a hospital emergency room Categories or failures: A. Preventable failures in predictable operations B. Unavoidable failures in complex system C. Intelligent failures at the frontier
B
-unlike (primary competitive alternative) -our product (statement of primary differentiation) Business model canvas building blocks-value proposition: A. First sentence B. Second sentence
B
-what money is available -interest rates Strategy- macro economic market factors: A. Global market conditions B. Capital markets C. Commodities & other resources D. Economic infrastructure
B
Insurgents A. Competitors B. New entrants
B
Is the total market for the venture's product or service largeC rapidly growing, or both? Is the industry structurally attractive? How to write a great business plan-the 4 main pieces that should be included before the numbers: A. The people B. The opportunity C. The context D. Risk and reward
B
Major market segments Strategy- market forces: A. Market issues B. Market segments C. Needs & demands D. Switching costs E. Revenues attractiveness
B
Resulting from ongoing payments to either deliver a value proposition to customers or provide post-purchase customer support Revenues streams 2 diff types: A. Transaction B. Recurring
B
WWII vs. Vietnam On the folly of rewarding A while hoping for B- examples of "fouled up" systems: A. In politics B. In war C. In medicine D. In sports E. In business
B
"Fall in order to succeed sooner" A. "How to build your confidence" (TED video) B. Creativity analysis C. IDEO new product development process (shopping cart innovation video)
C
-Awareness of the new ventureMs context and how it helps/hinders the specific proposal -awareness of how the context will inevitably chance and how the changes might affect the business -what management will do in the event the context grows unfavorable How to write a great business plan-the 4 main pieces that should be included before the numbers: A. The people B. The opportunity C. The context D. Risk and reward
C
-competitors (incumbents) -new entrants (insurgents) -substitute products and services -suppliers and other value chain actors -stakeholders A. Macro-economic market factors B. Market forces C. Competitive analysis (industry forces) D. Key trends
C
-economic implications -product size/shape/weight -legal environment (restrictions/access) -expertise and relationships (decision makers) -customer expectations/habits Business model canvas building blocks-channels: how many intermediaries do you need? A. Conventional model B. Alternative model C. Considerations
C
-failures in this category can be considered "good" -they provide valuable new knowledge that can help an organization leap ahead of the competition and ensure its future growth -answers are not knowable in advance. Evans's this exact situation hasn't been encountered before -trial and error Categories or failures: A. Preventable failures in predictable operations B. Unavoidable failures in complex system C. Intelligent failures at the frontier
C
-what is process? How is it documented along the way? (Choose the project leader, define the problem along with the stats, split teams into groups, send teams out to talk to people who struggle with the problem, each team comes back to share what they learn, post-it notes, wild ideas, side sessions, narrow down ideas by voting for them, start prototyping, show prototypes to people struggling with the problem, take a piece of each idea and put it into the design) -how are the teams formatted? (No permanent assignments on the team, everyone appears to be equal, eclectic group, hire people that don't even listen to the boss) -customer response to prototypes (People commented about how to make it better) A. "How to build your confidence" (TED video) B. Creativity analysis C. IDEO new product development process (shopping cart innovation video)
C
Cost of materials Strategy- macro economic market factors: A. Global market conditions B. Capital markets C. Commodities & other resources D. Economic infrastructure
C
Market needs and how well they are served Strategy- market forces: A. Market issues B. Market segments C. Needs & demands D. Switching costs E. Revenues attractiveness
C
Type 1 error: pronounce suck when we'll (false positive) Type 2 error: Pronounce well when sick (false negative) On the folly of rewarding A while hoping for B- examples of "fouled up" systems: A. In politics B. In war C. In medicine D. In sports E. In business
C
-technology trends -regulatory trends -societal and cultural trends -socioeconomic trends A. Macro-economic market factors B. Market forces C. Competitive analysis (industry forces) D. Key trends
D
-what-if scenarios -state assumptions -road map for the business How to write a great business plan-the 4 main pieces that should be included before the numbers: A. The people B. The opportunity C. The context D. Risk and reward
D
Access to suppliers, infrastructure, enrollment trends Strategy- macro economic market factors: A. Global market conditions B. Capital markets C. Commodities & other resources D. Economic infrastructure
D
Elements related to customers switching business to competitors Strategy- market forces: A. Market issues B. Market segments C. Needs & demands D. Switching costs E. Revenues attractiveness
D
Team goals vs. individual awards On the folly of rewarding A while hoping for B- examples of "fouled up" systems: A. In politics B. In war C. In medicine D. In sports E. In business
D
Elements related to revenue attractiveness and pricing power Strategy- market forces: A. Market issues B. Market segments C. Needs & demands D. Switching costs E. Revenues attractiveness
E
Hoping for performance while rewarding attendance On the folly of rewarding A while hoping for B- examples of "fouled up" systems: A. In politics B. In war C. In medicine D. In sports E. In business
E
How to write a great business plan HW-sahlman wrote: "Since I put out my shingle as a virtual CEO, I have had the opportunity to look at hundreds of new businesses. I choose my jobs based on one thing - call it the _______ ______. If an entrepreneur and his plan make my heart pound. I sign on."
Thump factor
-3 different types: customer relationship business, product innovation business, infrastructure business -each has a different economic, competitive and cultural imperatives -the 3 types may coexist within a single corporation, but ideally they are unbundled into separate entities, in order to avoid conflicts or undesirable tradeoffs business model patterns: a. unbundled b. long tail c. multisided d. free e. open
a
-from within -activity itself is rewarding -done for inherent joy (gain skill, satisfaction) motivations: a. intrinsic b. extrinsic
a
between non-competitors key partnerships- types a. strategic alliance b. coopetition c. joint venture d. buyer-seller relationship
a
capital intensive; facilities, buildings, vehicles, machines, distribution networks key resources-types of resources: a. physical b. intellectual c. human d. financial e. social
a
designing, making, and delivering a product in substantial quantities and of superior quality key activities-types: a. production b. problem solving c. platform/network
a
direst (in-house sales force, website) or indirect (retail store) channels: a. owned channels b. partner channels
a
diversity in seniority, age, experience level, business unit represented, customer knowledge, professional expertise ideation process: a. 1-team composition b. 2-immersion c. 3-expanding d. 4-criteria selection e. 5-prototyping
a
exploit external ideas within the firm business model paterns-open: a. outside-in b. inside-out
a
finding and acquiring customers and building relationships business model patterns-unbundled 3 types of businesses: a. customer relationship business b. product innovation business c. infrastructure business
a
focus on minimizing costs wherever possible cost structure: a. cost driven b. value-driven c. breakeven
a
human interaction customer segments-categories: a. personal assistance b. dedicated personal assistance c. self-service d. automated service e. communities f. co-creation
a
is about creating value, for companies, customers, and society a. business model innovation b. design techniques c. business model canvas building blocks d. business model patterns
a
o FIRST, develop a description of the situation... this is SPECULATION without observation -what are the variations of the situation? -how many people experience these situations? -The different groups of people an enterprise aims to reach and serve -Group into segments with common needs, behaviors, or other attributes SPLIT OR NOT SPLIT? -Customer groups represent separate segments if • Their needs require and justify a distinct offer • They are reached through different distribution channels • They require different types of relationships • They have substantially different probabilities • They are willing to pay for different aspects of the offer a. customer segments b. value proposition c. channels d. customer relationships e. revenue streams f. key resources g. key activities h. key partnerships i. cost structure
a
one large group with similar needs and problems customer segments-different types of customer segments: a. mass market b. niche market c. segmented d. diversified e. multi-sided
a
optimize the allocation of resources and activities; reduce costs key partnerships-motivations: a. optimization and economy of scale b. reduction of risks and uncertainty c. acquisition of particular resources and activities
a
remains the same despite the volume of goods produced (salaries, rent, physical manufacturing facilities) cost structure-characteristics: a. fixed costs b. variable costs c. economies of scale d. economies of scope
a
selling ownership rights to a physical product types of revenue streams: a. asset sale b. usage fee c. subscription fee d. lending/renting/leasing e. licensing f. brokerage fee g. advertising fee
a
tertius: bridging tie -separte for your own good -coonect for others' good -goes along with 6 degrees -determines who that connection in your circle is and how well you network with people a. your network activity b. Alaska Gold Mine strategy activity c. categories of failure d. On The Folly of Rewarding A while hoping for B e. narrative structure
a
the way things are... -How the (stakeholder's) world is now -Current reality -Sows the seeds of dissatisfaction (what's wrong, what's missing) -Introduces the pains of the stakeholder (limitations to goals); if its the customer use the empathy map. narrative structure: Pitch-style: narrative format a. phase 1 b. phase 2 c. phase 3
a
willingness to come forward; willingness to listen learning from failure: a. detect early b. analyze thoroughly c. create a safe environment d. design and promote experiments
a
• According to the article, what's wrong with most business plans? -Plans have too many numbers and not enough "important information" -Sahlman says there are 4 main pieces of information that should be included in a business plan before the numbers; 1) The people 2) the opportunity 3) the context 4) the risk and reward -According to Sahlman, these 4 elements will have a greater impact on investors reading & HW: a. How to Write a Great Business Plan b. Six Degrees of Lois Weisberg c. Strategies for Learning From Failure
a
• Developing a deeper understanding of customers rather than just asking them what they want • Challenge in knowing which customers to heed and which to ignore • Sometimes tomorrow's growth segments wait at the periphery of today's cash cows • Avoid focusing exclusively on existing customer segments and set sights on new/unreached segments • Empathy and empathy maps • What does she see/hear/think and fee/say and do/pain/gain • Goal is to create a customer viewpoint for continuously questioning your business model assumptions design techniques: a. customer insights b. ideation c. visual thinking d. prototyping e. storytelling
a
history, market characteristics, competition, traditional segments customer segments-gathering data: a. secondary source b. primary source
a USE FIRST
internal and helpful SWOT analysis of business models: a. S b. W c. O d. T
a: strength
-A creative process for generating a large number of business model ideas and successfully isolating the best ones -2 phases: idea generation & synthesis -Epicenters of business model innovation -what if questions -ideation process -brainstorming rules (stay focused, enforce rules, think visually, prepare) design techniques: a. customer insights b. ideation c. visual thinking d. prototyping e. storytelling
b
-Selling less of more: focus on offering a large number of niche products, each of which sells relatively infrequently -Requires low inventory costs and strong platforms to make niche content readily available to interested buyers business model patterns: a. unbundled b. long tail c. multisided d. free e. open
b
-from outside -earn a reward -to please others (fear of punishment) motivations: a. intrinsic b. extrinsic
b
EX: lego, netflix, ebay business model patterns EX: a. unbundled b. long tail c. multisided d. free e. open
b
brands, proprietary knowledge, patents and copyrights, partnerships, customer databases key resources-types of resources: a. physical b. intellectual c. human d. financial e. social
b
change based on market conditions revenue streams- pricing mechanisms: a. fixed menu pricing b. dynamic pricing
b
coming up with new solutions to customer problems key activities-types: a. production b. problem solving c. platform/network
b
costs vary proportionally with the volume of goods produced (inventory, shipping, packaging, cost per unit) cost structure-characteristics: a. fixed costs b. variable costs c. economies of scale d. economies of scope
b
creates new value propositions that affect other business model building blocks ideation-epicenters of business model innovation: a. resource-driven b. offer-driven c. customer-driven d. finance-driven e. multiple epicenter
b
customer situations, behaviors (interviews, focus groups, observation) customer segments-gathering data: a. secondary source b. primary source
b
dedicating a customer representative to an individual client customer segments-categories: a. personal assistance b. dedicated personal assistance c. self-service d. automated service e. communities f. co-creation
b
develop new and attractive products and services business model patterns-unbundled 3 types of businesses: a. customer relationship business b. product innovation business c. infrastructure business
b
general research, studying customers, assessing existing business models ideation process: a. 1-team composition b. 2-immersion c. 3-expanding d. 4-criteria selection e. 5-prototyping
b
ideas are discussed, combined, and narrowed down to a small number of viable options ideation-2 main phases: a. idea generation b. synthesis
b
indirect (wholesale distribution, retail, partner-owned websites) channels: a. owned channels b. partner channels
b
individual decisions: interpreted "facts" differently, combinations of a goal, resource allocations, and life, your own values towards risk -uncertainty and ambiguity characterize strategic choices; decisions made with inadequate information -group decisions: implementation,/achieving the goal involves other people, level of trust a. your network activity b. Alaska Gold Mine strategy activity c. categories of failure d. On The Folly of Rewarding A while hoping for B e. narrative structure
b
o The bundle of products and services that create value for a specific customer segment o Solves a customer problem or need o A bundle of benefits that a company offers to customers o What is offered? • Newness • Performance • Customization • Getting the job done • Design • Brand/status • Price • Cost reduction a. customer segments b. value proposition c. channels d. customer relationships e. revenue streams f. key resources g. key activities h. key partnerships i. cost structure
b
reduction of the risks and etc key partnerships-motivations: a. optimization and economy of scale b. reduction of risks and uncertainty c. acquisition of particular resources and activities
b
root cause analysis learning from failure: a. detect early b. analyze thoroughly c. create a safe environment d. design and promote experiments
b
specialized, specific segments customer segments-different types of customer segments: a. mass market b. niche market c. segmented d. diversified e. multi-sided
b
strategic partnership between competitors key partnerships- types a. strategic alliance b. coopetition c. joint venture d. buyer-seller relationship
b
techniques of design that help you design better and more innovative business models; ability to imagine that which does not exist a. business model innovation b. design techniques c. business model canvas building blocks d. business model patterns
b
the more a service is used, the more the customer pays types of revenue streams: a. asset sale b. usage fee c. subscription fee d. lending/renting/leasing e. licensing f. brokerage fee g. advertising fee
b
value creation cost structure: a. cost driven b. value-driven c. breakeven
b
varies with innate skills, training, and the competitive environment opportunity must be: a. desirable b. feasible
b
we will... -Sets of actions/activities of your firm -What you're going to do -Introduces your company and product/service. Depending on your stakeholder, this could include pieces/parts of BB's 3-9 narrative structure: Pitch-style: narrative format a. phase 1 b. phase 2 c. phase 3
b
• 6 degrees of separation study originated from psychologist Stanley Milgram -Wanted to know how closely human beings are linked and interconnected -Experiment: used a chain letter. Sent 160 people at random in Omaha, Nebraska information on a stockbroker in Boston. Each person wrote their name on the roster and mail packet to someone they thought could get the information closest to the stockbroker. Results: Rosters got to stockbroker in 5 or 6 steps. We are all connected to more people than we tend to realize. reading & HW: a. How to Write a Great Business Plan b. Six Degrees of Lois Weisberg c. Strategies for Learning From Failure
b
internal and harmful SWOT analysis of business models: a. S b. W c. O d. T
b: weakness
-stay focused -enforce rules (deter judgement, one conversation at a time, quantity, be visual, encourage wild ideas) -think visually prepare
brainstorming rules
-Bring together 2+ distinct but interdependent groups of customers -Of value to one group of customers only if the other group of customers is also present -The platform creates value by facilitating interactions between the 2 different groups -Grows in value to the extent that it attracts more users (network effect) business model patterns: a. unbundled b. long tail c. multisided d. free e. open
c
-Preventable Failures in Predictable Situations -Unavoidable Failures in Complex Systems -Intelligent Failures at the Frontier a. your network activity b. Alaska Gold Mine strategy activity c. categories of failure d. On The Folly of Rewarding A while hoping for B e. narrative structure
c
EX: uber, airbnb business model patterns EX: a. unbundled b. long tail c. multisided d. free e. open
c
based on customer needs, facilitate access, pr increased convenience ideation-epicenters of business model innovation: a. resource-driven b. offer-driven c. customer-driven d. finance-driven e. multiple epicenter
c
build and manage platforms for high volume, repetitive tasks (Amazon distribution center) business model patterns-unbundled 3 types of businesses: a. customer relationship business b. product innovation business c. infrastructure business
c
customer segments, value proposition, channels, customer relationships, revenue streams, key resources, key activities, key partnerships, and cost structure a. business model innovation b. design techniques c. business model canvas building blocks d. business model patterns
c
extend capabilities by relying on other firms to furnish particular resources or perform certain activities; needs to acquire knowledge, licenses or access to customers key partnerships-motivations: a. optimization and economy of scale b. reduction of risks and uncertainty c. acquisition of particular resources and activities
c
how things will be... -How the (stakeholder's) world will be (better) after acting -Plea to a passion, interest -Resolves dissatisfaction -Conveys how the stakeholder's world is better; "gains" are feasible and "pains" are resolved narrative structure: Pitch-style: narrative format a. phase 1 b. phase 2 c. phase 3
c
incentives learning from failure: a. detect early b. analyze thoroughly c. create a safe environment d. design and promote experiments
c
innovation and sales orientation key resources-types of resources: a. physical b. intellectual c. human d. financial e. social
c
networks, matchmaking platforms, software, brands key activities-types: a. production b. problem solving c. platform/network
c
no relationship with customer customer segments-categories: a. personal assistance b. dedicated personal assistance c. self-service d. automated service e. communities f. co-creation
c
o How a company communicates with and reaches its customer segments to deliver a value proposition o Channel functions • Raise awareness among customers about company's products • Help customers evaluate company's value proposition • Allow customers to purchase specific products/services • Deliver a value proposition to customers • Provide post-purchase customer support a. customer segments b. value proposition c. channels d. customer relationships e. revenue streams f. key resources g. key activities h. key partnerships i. cost structure
c
selling continuous access to a service types of revenue streams: a. asset sale b. usage fee c. subscription fee d. lending/renting/leasing e. licensing f. brokerage fee g. advertising fee
c
similar but varying needs and problems customer segments-different types of customer segments: a. mass market b. niche market c. segmented d. diversified e. multi-sided
c
the range of possible solutions; quantity ideation process: a. 1-team composition b. 2-immersion c. 3-expanding d. 4-criteria selection e. 5-prototyping
c
to develop new businesses key partnerships- types a. strategic alliance b. coopetition c. joint venture d. buyer-seller relationship
c
• Pictures, sketches, diagrams, post-its to construct and discuss meaning (understanding, enhancing dialogue, exploring ideas, improving communication) • Business model is a complex system • Turn tacit assumptions into explicit information • Give life and co-creation • Shift discourse from abstract to concrete • Discuss options and elaborate best cases • Tell a visual story design techniques: a. customer insights b. ideation c. visual thinking d. prototyping
c
external and helpful SWOT analysis of business models: a. S b. W c. O d. T
c: opportunity
-At least one substantial customer segment is able to continuously benefit from a free-of-charge offer -Different patterns make the free offer possible -Non-paying customers are financed by another part of the business model or by another customer segment business model patterns: a. unbundled b. long tail c. multisided d. free e. open
d
define criteria for reducing the number of ideas ideation process: a. 1-team composition b. 2-immersion c. 3-expanding d. 4-criteria selection e. 5-prototyping
d
different needs and problems customer segments-different types of customer segments: a. mass market b. niche market c. segmented d. diversified e. multi-sided
d
driven by new revenue streams, pricing mechanisms, or reduced cost structure that affect other business model building blocks ideation-epicenters of business model innovation: a. resource-driven b. offer-driven c. customer-driven d. finance-driven e. multiple epicenter
d
grant exclusive right to use an asset for a fixed time period for a fee types of revenue streams: a. asset sale b. usage fee c. subscription fee d. lending/renting/leasing e. licensing f. brokerage fee g. advertising fee
d
low cost, forward-looking probes learning from failure: a. detect early b. analyze thoroughly c. create a safe environment d. design and promote experiments
d
o Describes the types of relationships a company establishes with specific customer segments o Driven by customer acquisition, customer retention, and boosting sales (upselling) o Categories o Social identities • We all have multiple identities • Social identities guide behavior at any moment • Customers tap into new or existing identities to shape behavior o Goal: data-driven empathy (companies interact as credible relationship partners) a. customer segments b. value proposition c. channels d. customer relationships e. revenue streams f. key resources g. key activities h. key partnerships i. cost structure
d
self-service with automation customer segments-categories: a. personal assistance b. dedicated personal assistance c. self-service d. automated service e. communities f. co-creation
d
to assure reliable supplies key partnerships- types a. strategic alliance b. coopetition c. joint venture d. buyer-seller relationship
d
unbundled, long tail, multisided, free, and open a. business model innovation b. design techniques c. business model canvas building blocks d. business model patterns
d
• Developing new, innovative business models • Makes abstract concepts tangible and facilitates exploration of new ideas • Thinking tool that helps explore different directions in which the business model could go • Businesses that fail to take the time to develop and prototype new, groundbreaking business model ideas risk being sidelined or overtaken • Market research is a single input in the long process of prototyping • New business models emerge from deep and relentless inquiry -new products -design attitude design techniques: a. customer insights b. ideation c. visual thinking d. prototyping
d
external and harmful SWOT analysis of business models: a. S b. W c. O d. T
d: threats
willingness to explore crude ideas, rapidly discard them take the time to examine multiple possibilities before choosing to refine, and accept uncertainty
design attitude
Can be used by companies to create and capture value by systematically collaborating with outside partners -outside-in or inside-out business model patterns: a. unbundled b. long tail c. multisided d. free e. open
e
driven by multiple epicenters ideation-epicenters of business model innovation: a. resource-driven b. offer-driven c. customer-driven d. finance-driven e. multiple epicenter
e
like online customer segments-categories: a. personal assistance b. dedicated personal assistance c. self-service d. automated service e. communities f. co-creation
e
permission to use protected IP for a fee types of revenue streams: a. asset sale b. usage fee c. subscription fee d. lending/renting/leasing e. licensing f. brokerage fee g. advertising fee
e
reduce to 3 potential business model innovations ideation process: a. 1-team composition b. 2-immersion c. 3-expanding d. 4-criteria selection e. 5-prototyping
e
stakeholder, 3 phases, clarity, persuasion a. your network activity b. Alaska Gold Mine strategy activity c. categories of failure d. On The Folly of Rewarding A while hoping for B e. narrative structure
e
two or more interdependent customer segment customer segments-different types of customer segments: a. mass market b. niche market c. segmented d. diversified e. multi-sided
e
types: asset sale, usage fee, subscription fee, lending/renting/leasing, licensing, brokerage fee, and advertising fee pricing mechanisms: fixed menu and dynamic a. customer segments b. value proposition c. channels d. customer relationships e. revenue streams f. key resources g. key activities h. key partnerships i. cost structure
e
intermediation services performed on behalf of 2+ parties types of revenue streams: a. asset sale b. usage fee c. subscription fee d. lending/renting/leasing e. licensing f. brokerage fee g. advertising fee
f
invite customers to write reviews and assist with design of products customer segments-categories: a. personal assistance b. dedicated personal assistance c. self-service d. automated service e. communities f. co-creation
f
o Most important assets required to make a business model work o Allows an enterprise to create and offer a value proposition, reach markets, maintain relationships with customer segments, and earn revenue a. customer segments b. value proposition c. channels d. customer relationships e. revenue streams f. key resources g. key activities h. key partnerships i. cost structure
f
fee for advertise types of revenue streams: a. asset sale b. usage fee c. subscription fee d. lending/renting/leasing e. licensing f. brokerage fee g. advertising fee
g
the most important things a company must do makes its business model work -production -problem solving platform/network a. customer segments b. value proposition c. channels d. customer relationships e. revenue streams f. key resources g. key activities h. key partnerships i. cost structure
g
network of supplies and partners that make the business model work -motivations(optimization and economy of scale, reduction of risks and uncertainty, acquisition of particular resources and activities -4types(strategic alliance, coopetition, joint ventures, buyer-supplier relationship) a. customer segments b. value proposition c. channels d. customer relationships e. revenue streams f. key resources g. key activities h. key partnerships i. cost structure
h
o All costs incurred to operate a business model o Creating and delivering value, maintaining customer relationships, and generating revenue all incur costs a. customer segments b. value proposition c. channels d. customer relationships e. revenue streams f. key resources g. key activities h. key partnerships i. cost structure
i
an "opening" or "gap" or "something inbetween" -must be desirable (varies with current position ad future expectations) and feasible (varies with innate skills, training, and the competitive environment)
opportunity
