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Lecture 2

ADM 3313 Lecture Notes - Lecture 2: Linkedin, Minimum Viable Product, Value Chain


Department
Administration
Course Code
ADM 3313
Professor
Stephen Daze
Lecture
2

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Lecture 2
Business Models
BUSINESS MODELS
!A sketch/summary of what the business will do and how it will
make money.
o!Who are you selling this to
o!What are your key costs
o!What are the key things you’ll be doing
o!Your expenses, etc.
!Includes strategic components of the business idea and how it
operates.
!Often established based on trial and error.
Business Plans
!Assume full knowledge of the market, solution and customers
!Don’t require a lot of external interaction
!Are a useful implementation tool, focusing much on operationalizing
strategies
!Usually written too soon; often not written at all
!Wrong if you do them too early.
Business Models
!Assume evolution: discovery and iteration
!Force “getting out of the building” to talk with clients
!Forms foundation for success or failure
!Allows you in quick fashion to sketch out how you want your
business

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Value Proposition
!Value proposition isn’t the thing that your proposition your product
does but it’s the solution, the problem / pain you’re solving.
!Why is it that someone buys your product
!Its really about solving the need
!It’s the need that you’re actually solving
!Satisfying the customer
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MULTIPLE CUSTOMER SEGMENTS
!Might have multiple segments of users
!Might have users and payers
!Might have 5 or 6 different customers
o!Medical devices have doctors, hospitals, patient, insurance
company, FDA, etc.
!For every customer segment you need:
o!Value proposition
o!Revenue model
o!And may have unique channels, cust relationships, etc.
!We might need to market them differently, reach them differently.
Connection between value proposition and customer segments.
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