DANCEST 805 Lecture Notes - Lecture 28: Lean Startup, Open Innovation, Bargaining Power
Document Summary
Porter 5 forces (industry profitability: example: coca-cola, threat of new entrants, threat of substitutes, rivalry among existing firms, bargaining power of suppliers, bargaining power of buyers. Global industry: operate in all/most markets across the world, offer roughly equivalent products in every market. Opportunity recognition process: 3 ways to identify opportunities, observing trends, economic forces, social forces, technological advances, political action and regulatory changes, solving a problem, finding gaps in the market place, recognize opportunity, opportunity discovery, opportunity creation. Existing firms to protect their position against new entrants: provide amenities, adjust pricing. Design for extreme affordability business model: a design for extreme affordability is taking and solving resource problems of the developing world, changing the lives of the world"s poorest citizens, ex: stanford projects. Multicultural job: understand cultures, gestures, communication, and business professionalism. Open innovation: ex: google, employees seek innovative solutions, open sourcing unique to google. Approaches to starting a business: 2 approaches, planning.
