BU121 Lecture Notes - Lecture 3: Business Model Canvas, Car2Go, Ikea

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20 Feb 2016
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BU121 – Lecture #3: Building Your Business Model
Key Concepts from the Text (not for exam, but useful for New Venture)
Chapter 1 – Establishing an Effective Management Team
Chapter 2 – Writing an Effective Business Plan
owhy write a business plan?
omodel of business planning
ocomponents of a business plan (consider for final report)
key questions answers
characteristics of a well-prepared plan (NOT format)
executive summary
critical risks
harvest and exit
scheduling and milestones
seven deadly sins
ouseful for the project
making an effective business plan presentation
Building the Model: The Process
1. understand the context and the resulting implications for your business model
2. prototype your business model canvas – think and create visually
3. gain customer insights and build on them to improve your business model canvas
4. tell the story
a. no report to go with it, so the canvas should be able to stand on its own
1. Understand the Context
design space
key trends
otechnology trends
oregulatory trends
osocietal and cultural trends
osocial-economic trends
industry forces
osuppliers and other value chain actors
ostakeholders
ocompetitors (incumbents)
onew entrants (insurgents)
osubstitute products and services
market forces
omarket segments
oneeds and demand
omarket issues
oswitching costs
orevenue attractiveness
macroeconomic forces
oglobal market conditions
ocapital markets
focus on the “so what”
design drivers
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ocommodities and other resources
oeconomic infrastructure
2. Prototype Your Canvas
think and create
owords (not too many, keep it succinct and clear)
odrawings/images
odemonstrate relationships (use arrows to make connections)
3. Gain Customer Insights
talk to them
oshould drive your building blocks
oget to know them personally (not just ASL)
oask them questions that will give you honest answers (don’t set up the questions
to get the answers you want)
build on the insights
obrainstorm – ask “what if?” questions
oi.e. IKEA (un-pre-built furniture), Mercedes (Car2go service)
rules
oprepare
ostay focused
odefer judgement
othink and create visually
make necessary changes to your business model canvas
Value Proposition Design
the set of value proposition benefits that you design to attract customers must fit with the
set of customer segment characteristics that you assume, observe, and verify in the
market
Customer Profile
customer jobs: what customers are trying to get done in their work and in their lives,
expressed in their own words
o“the things your customers are trying to get done in their work or in their life… the
tasks they are trying to perform and complete, the problems they are trying to
solve, or the needs they are trying to satisfy”
oneed to take the customer’s perspective and consider a number of variables
otypes of jobs
functional jobs: when they try to perform or complete a specific task or
solve a specific problem
social jobs: when they want to look good or gain power or status (how
they want to be perceived by others)
personal/emotional jobs: when they seek a specific emotional state
osupporting jobs
performed in the context of purchasing and consuming value, and arise
from 3 different roles: buying, co-creating, or transferring value
ojob context
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