Johnson et al. (2008)
Reinventing Your Business Model (2008)
o Lack of definition: very little formal study
o Few companies understand their existing business model well enough - To develop new business models, companies need a 3-step road map:
Business Model: A Definition
- Business model: consists of four interlocking elements that, taken together, create and deliver value (most important is the first)
1) Customer value proposition (CVP) Value for customers
o Opportunities for creating CVP most potent when alternative products and service hae
not yet been designed with real job in mind and you can design an offering that gets the
job done perfectly
providing value for the customer. Consists of
o Focus on key elements that create value for customer and company and the way those elements interact
4) Key processes and rules, metrics, norms that make the delivery of the customer value proposition repeatable and scalable. Also includes recurrent tasks as training, development, manufacturing, budgeting, planning, sales, and service
è Power lies in complex interdependencies of the parts
How Great Models Are Built
- Creating CVP
o Most important attribute: precision (in doing lots of things they do nothing really well) o 4 most common barriers keeping people from getting jobs done: insufficient wealth,
access, skill, or Time
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When a New Business Model Is Needed
- established companies should not undertake business-model innovation lightly
5 strategic circumstances that often require business model change:
creating value or thriving
Old model will work: When you can fulfill the new customer value proposition:
Secret sauce: Patience
opportunity to unfold) but impatient for profit (as an early validation that the model works). A profitable business is the best early indication of a viable model
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