Masterclass 1 Flashcards
VUCA
Volatility
Uncertainty
Complexity
Ambiguity
21st Century Skills 4 C’s
Communication: sharing thoughts, questions, ideas, and solution
Collaboration : working together to reach a goal. Putting talent, expertise and small groups to work
Critical thinking : Looking at problems in a new way, linking learning across subjects and disciplines
Creativity : Trying new approaches to get things done equals innovation & invention
What is a business model?
It describes the rationale of how an organization creates, delivers and captures value
Three areas of the BMC
Deliver, Create, Capture
The Services Shift: Product to Service
Services shift, from products to services: service such as installation, maintenance become part of
the core value proposition
- Value is created not in the product but in the job to be done- the problem you solve for customers
The JTBD Theory
JTBD Theory is a framework for better understanding customer behaviour; conventional marketing
focuses on market demographics or product attributes.
o Theory goes beyond superficial categories to exposes the dimension that explain why
customers make the choices they do. People don’t simply buy products or services, they
pull them into their lives to make progress; this is called the “job” they are trying to get
done, understanding this opens a world of innovation possibilities
Service shift patterns
- Consumables, focuses on regular delivery of consumable product that is used on a
frequent basis - Services subscription: key to this pattern is constant supply and reliability of core services
- Information based business models often utilise paid subscription packages that provide a
premium experience or access - Rent/ lease: access to the product can be flexibly used; company manages the pool of
products - Managed services: focuses on the JTBD; performance is guaranteed, revenue streams
might be fixed or on a shared base
High Level Strategic Choices related to Service Shifts
- Adopt a services mindset
- Focus on the job to be done
- Finance your assets
- Engage
- Partner with providers
- Renew
The Stakeholder Shift
- Boost emerging economies, provides access to affordable and quality products and services to
provide a good income opportunity and access to markets - Serves the ones in real need, addresses unmet need for people that are not served by the market
- Services subscription: key to this pattern is constant supply and reliability of core service
- Robin hood (one for one) is about embedding paying forward at the heart of the business model. One
customer segment funds the model, to provide for another segment in need - Force to do good pattern is about activating people for a common cause. The value proposition
motivates people to join the mission - From stakeholder to stakeholder, focuses on regular delivery of consumable product that is used on
a frequent basis - Value created is created not with shareholders only but in moving beyond profit: Profit with a
purpose - Seeks to ensure value is crated for all stakeholders- customers, employees, partners, society and
investors simultaneously. Shift is from short term profits for shareholders to long term VALUE for
stakeholders
High Level Strategic Choices related to the Stakeholder Shift
- Create value for all
- Invest in others
- Engage everyone
- Tell stories
- Measure impact
- Learn continuously
The Digital Shift
- From physical to digital (and vice versa); value is created in accessibility and filters; fragmented
online/ offline to always on - Digital business models are not necessarily about digital technology, but rather, a business model
designed to enhance interaction and increase engagement with customers, making it easier to
create value that is also easily consumed - Designed to provide a smooth and seamless experience whether online or offline
- Optimised for frequent interactions, not a single transaction
The Digital Shift Patterns
- Digital first, where a company uses digital technologies to offer an entirely new customer
experience; technologies are used to engage customers, enable business goals and drive
growth - Digital proposition: about offering a fully digital value proposition, i.e a product service
and/or customer experience; can co-exist next to a physical product/ service - Digital connection focuses on using digital technologies to enhance, streamline or
innovate the way to connect to customers; think customer service, personalisation - Bolted on, when digital elements are added to a physical business; difference to above is
that they are not connected to the core business or interactions with customers
High Level Strategic Choices related to the Digital Shift
- Define business goals
- Explore technology options
- Test small
- Make it personal
- Think beyond
- Stay human
The Platform Shift
- From pipeline to platform, value is created in the interaction, not in the transaction; aims to connect
people who need something with people who have something, for the benefit of both parties - Company must be dedicated to delivering unique value proposition for both the demand and supply
side of the equation
Platform Shifts Patterns
- Efficient product trading, these marketplaces typically trade physical products among B2B
or B2C; platform is used for superior efficiency or price - Sharing the passion, these niche marketplaces facilitate the exchange of physical product
with a strong community aspect; seller often pays a commission/ enters into a
subscription agreement; creating and curating is key, e.g Vinted - On-demand offline services, match service firms with consumers; exchanged services are
delivered through offline channels; buyers use for free, sellers pay commission, e.g Grab - These marketplaces involve peer to peer exchange of services in the physical world;
review system generates the trust; revenue is generated on both sides, e.g LinkedIn - Offers digital services/ products, buyers get efficient access, seller ( freelancers) create
additional income, selling services at fixed prices; e.g Fiverr - Ecosystems of platforms: this marked has evolved beyond connecting the original
demand and supply sides; through facilitating connections, new customer needs are
discovered, spinning our new platforms, utilising the original infrastructure, e.g Grab
