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BTI > lecture 4 > Flashcards

lecture 4 Flashcards

1
Q

What is a business model?

A

How an organization creates value and how it profits from this value

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2
Q

Amongst what is the business model a relation?

A
  • the innovation
  • the market
  • the organization
  • the cost and revenue
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3
Q

What are the key factors every business model should have at least one of to be a sucessfull business?

A
  • personalization
  • closed loop
  • asset sharing
  • usage based pricing
  • collaborative ecosystem
  • agile and adaptive organization
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4
Q

What is personalization? (key factors for business models)

A

tailoring a product or service to an individuals’ needs

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5
Q

What is closed loop? (key factors for business models)

A

it’s important to be environmentally aware, a company is responsible for every part of the product loop (vb. nespresso recylcing its own cups)

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6
Q

What is asset sharing? (key factors for business models)

A

sharing or getting rid of assets by outsourcing them (vb. Uber doesn’t own taxis but outsource their assets and still earn money)

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7
Q

What is usage based pricing? (key factors for business models)

A

people pay for what they use

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8
Q

What is collaborative ecosystem? (key factors for business models)

A

one ecosystem with lots of services on it (vb. App store)

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9
Q

What is agile and adaptive arganization? (key factors for business models)

A

organizations become more informal because they decentralize, outsource and form coalitions with other organizations

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10
Q

What is the business model canvas? (BMC)

A

a learning and practical tool of thinking about innovations an how to make them a success

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11
Q

What 4 part does the BMC consist of?

A
  • value proposition (innovation)
  • market
  • cost and revenue
  • organization
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12
Q

What is the value proposition about? (BMC)

A

innovation in terms of the value it delivers for the customer

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13
Q

According to the value proposition, on what 4 levels must the innovation match the organizations’ stragery?

A
  • societal level
  • industry level
  • market level
  • firm level
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14
Q

what is the societal level about?

A

must fit within the wider societal developments like economics and socially (a tool is the PESTEL analysis)

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15
Q

What is the industry level about?

A

the wider industry a innovation takes place, everything that migth be good or a rist (a tool is the Five Forces Analysis)

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16
Q

What is the market level about?

A

the sprecific area/ industry where the innovation takes place to determine the attractiveness, early adopters, laggards ect. (tools are S-curves, diffusion of innovation)

17
Q

What is the firm level about?

A

linking the value proposition to the rest of the organization. how it fits within the organization (firm)

18
Q

What 3 parts can we devide the market part of BMC into

A
  • customer segment
  • customer relations
  • channels
19
Q

What is the customer segment about

A

defining the customers is terms of
- demographics
- psychosocial
- gratification/needs/motivation
- skill level and expertise
- willingness to pay
thinking about how the user is connected to the innovation

20
Q

what 4 markets van the organization be aiming for?

A
  • niche > specific, small group op people
  • mass > potentially everyone can adopt
  • segmented/ diversified > one or several submarket?
  • one- sided / more- sided > one or more types of customers?
21
Q

What are customer relations about

A

how to acquire and retain customers (lecture 8 more)

22
Q

what are market channels about?

A

channels that relate to marketing, sales and after sales
- awareness
- evaluation
- purchase
- delivery
- after sales

23
Q

What are costs involved in the innovation?

A
  • based on the building blocks of the canvas
  • inital costs before vs. after launch
  • fixed vs. variable costs
  • cost vs. value driven innovations
24
Q

What is a revenue stream and what does it involve?

A

everything you wil derive from the innovation:
- assessment of the willingness to pay to deterime price
- setting up and choosing a revenue model
- one-time vs. reacurring revenue
- setting a growth model

25
Q

How can an organization have continuing revenue streams and remaing profitable?

A
  • increasing a customer base
  • additional sales > upgrades, subscriptions
  • reducing costs
  • keeping eye on competition
26
Q

What customer related revenue models do we know?

A
  • direct sales
  • usage fees
  • subscirption fees
  • leasing
  • licensing
  • virtual goods
  • freemium
  • the middleman
  • on-demand
  • the marketplace
27
Q

what are usage fees?

A

people pay per dag for a hotel or per KM on a GO scooter

28
Q

what are subsciption fees?

A

paying on regular intervals ( phone subscription)

29
Q

what is leasing?

A

a subscription fee but offers more (leasing a car > the company takes care of everything)

30
Q

what is licensing?

A

selling things you own to other companies (franchising)

31
Q

what are vistual goods?

A

vb. skins or coins in games

32
Q

what is freemium?

A

something is free but after a while you have to pay (Google drive > free untill a certain amount of documents)

33
Q

What is the middleman?

A

companies that sit in the middle of the market but own nothing, low-risk because they are responsible for few things (thuisbezorgd, booking.com)

34
Q

what is on-demand

A

previding a service when the customer wants it

35
Q

what are some non-customer related revenue models

A
  • advertising
  • banners on websites
  • investment- based
  • grants
  • affiliate marketing
36
Q

what are the key resources required for an innovation?

A
  • raw materials
  • machines
  • financial capital
  • people
  • knowledge
  • IT
37
Q

why is it important for organisations to have relationships with resources outside the company?

A
  • to derive efficiency gains
  • to reduce risks
  • to aquire not in-house resources

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