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MRKTNG 4650 - Chapter 3: Business Models and Strategies
Terms in this set (20)
describes the firm's goals, strategies, processes, technology, and structure
creates value for customers
Functions of Business Models
Articulate Value Proposition
Identify Target Market Segment
Define Structure of Value Chain
Define Cost Structure and Profit Potential
Explain Position in Value Network
Set Forth Competitive Strategy
the unique value that a product or service provides to its customers and how it is better than and different from those of competitors
Pipe business model
-value is created upstream
-customers are acquired
-products are designed to meet specifications
-value is given by consumption
can be smart (value chains) or can be dumb (move products/data, add no value)
Platform business model
-value is co-created on the spot
-users can become customers
-products emerge through interaction
-value is appreciated by interaction
Ex: google android
distributed autonomous organization (DAO)
a distributed virtual organization with no identified leader or physical presence.
One ultimate goal = smart contracts
Mobile to Mobile
Ex: Samsung Hub
an internet-enabled business model in which businesses offer incentives to partner websites
Ex: 1-800 Flowers
focuses on informing visitors and empowering them with aggregated information about products from different suppliers
inviting broad communities of people - customers, employees, independent scientists and researchers, and even the public at large - into the new product innovation process
True or False?
The pipe model describes most major manufacturers of consumer goods.
The ______________ is a description of the customer value delivered to a specific, target market.
True or False?
Mobile apps are not considered a new business model.
A business that is built on the "pipe model":
Creates value before distribution to the customer
Which of the following is the central component of all definitions of a business model set out in the chapter?
How the company will make enough money to sustain itself
The Business Model Canvas has been largely replaced by...
The Value Proposition Canvas
True or False?
The value proposition canvas is most helpful for comparing the value of your product to those of your competition.
A value proposition must include:
Your product's benefits, how the products serve particular customer needs, and how your product or business is differentiated from competitors.
The advertising-supported model works when there is...
limited space for ads and a large central market
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