Business Model Innovation
25 important questions on Business Model Innovation
Why have we started thinking in terms of 'business models'?
What reasons have been given for the change towards 'business model' thinking?
- More information
- More alternatives
- More variety in their needs
And we have evolved towards the information economy
What is a business model according to Teece?
Making assumptions about:
- Customers
- The behaviour of revenues and costs
- The changing nature of user needs
- Likely competitor responses
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What does a business model articulate according to Sorescu?
What is a business model according to Amit et al.?
- satisfy the perceived needs of the market
- with the specification of which partners conduct which activities
- how these activities are linked to each other
Why did interest in business models spike?
What is the Customer Value Proposition?
What specifications must the CVP include?
- Target Customer
- Job to be Done
- Offering (what is being offered)
What are some important questions to consider when setting up your Customer Value Proposition?
What are the existing ways that the customer is satisfying this need with current offerings?
What are the sub-dimensions of the profit formula?
- Revenue model
- Cost Structure
- Margin Model
- Resource Velocity
What entails the cost structure?
The cost structure is predominantly driven by the cost of the key resources required by the business model
What entails the margin model?
What entails the resource velocity?
What are the two important elements that one must think about when writing down key resources in their business model?
Why did common economic studies not implement business model theories in their curriculum?
What does the 'fridge resource' example teach us about the business model theory of Johnson et al.?
You open the fridge, see what it has to offer, and then come to an idea what to cook
How could one enable the development of a disruptive innovation?
What is a key characteristic of successful companies with regards to their key processes?
What are the main differences between value creation and value appropriation?
Value appropriation is more in line with the revenue model; the pricing strategy that enables revenue generation
How have 'modern' companies changed the way value creation and value appropriation work together?
What is an example of this "changed way of interaction between value creation and appropriation"?
What are some examples of interdependecies of all business model components?
- Delivering value requires rethinking of resources
- Capturing value requires design of appropriate processess
- Existing resources or potential resources may inspire new value propositions
How can you 'rethink' resources to deliver value?
Why is business model innovation difficult?
- Lack of clear definitions and fundamental understanding of concept
- Existing companies are often unaware of specifics of their business models
- Difficulty of diagnosing when the business model innovation is urgent
Why do companies find it difficult to diagnose when business model innovation is urgent?
- Existing business models and revenue streams dictate their priorities
- Novel opportunities can be inconsitent with their existing business models (can even canabalise their current way of working)
- Firms have to build a capability to understand it, decompose it, and renew it
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