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Reinventing Your Business ModelDec 2008, Harvard Business Review,[object Object],authors:,[object Object],Mark Johnson,[object Object],Clayton Christensen,[object Object],Henning Kagermann,[object Object]
Why did the iPod succeed?,[object Object],1998 – Diamond Rio Launch,[object Object],2001 – Apple iPod Launch,[object Object],Photo 2: www.flickr.com/photos/peemmfivekay/2285194342,[object Object],PHOTO 1. http://www.flickr.com/photos/nrkbeta/2279686789/,[object Object]
Not the product, but theBusiness Model,[object Object],$$$,[object Object],$,[object Object],Photo 4:http://www.flickr.com/photos/shuttercat7/3116959633/,[object Object],Photo 3: http://www.flickr.com/photos/kylemay/2078976171/,[object Object]
Not the product, but theBusiness Model,[object Object],$$$,[object Object],$,[object Object],http://www.apple.com/itunes/,[object Object],http://store.apple.com/us/browse/home/shop_ipod/family/ipod_classic,[object Object]
“The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.”-Peter Drucker,[object Object]
Customer Value Proposition {CVP},[object Object],Business Model’s #1 element,[object Object],Help consumers get a solution for their fundamental problem,[object Object],Niche is key ,[object Object],Why do consumers need you?,[object Object]
CVP can be created due to-Nonconsumers-,[object Object],Scooters and Motorcycles,[object Object],Traffic, small side streets,[object Object],Can’t afford the premium cars,[object Object],Video 1,[object Object],Video 2,[object Object],SOLUTION: create a small car that’s supremely affordable,[object Object],Video 3,[object Object]
CVP and Business Model Brainstorming,[object Object],WalMart,[object Object],BMW,[object Object],Image: http://arkjournal.com/uploaded_images/Always-Low-Prices-799991.jpeg,[object Object],http://www.cartype.com/pics/124/small/bmw_logo_1.jpg,[object Object]
CVP Creation,[object Object],What’s your favorite (successful) brand?,[object Object],What do you think its CVP would be?,[object Object]
New Business Model,[object Object],Where’s an area of non-consumption in our society today?,[object Object],or,[object Object],What problem do you have as a consumer that a company (existing or not) could help you solve?,[object Object]
Thank You!,[object Object],By Melissa Bird-Vogel,[object Object],Twitter: @missybirdbird,[object Object],Email: mbbv@u.washington.edu,[object Object],Credits Next Slide,[object Object]
Sources,[object Object],Creative Commons Attributions:,[object Object],1. <div xmlns:cc="http://creativecommons.org/ns#" about="http://www.flickr.com/photos/nrkbeta/2279686789/"><a rel="cc:attributionURL" href="http://www.flickr.com/photos/nrkbeta/">http://www.flickr.com/photos/nrkbeta/</a> / <a rel="license" href="http://creativecommons.org/licenses/by-sa/2.0/">CC BY-SA 2.0</a></div>,[object Object],<div xmlns:cc="http://creativecommons.org/ns#" about="http://www.flickr.com/photos/peemmfivekay/2285194342/"><a rel="cc:attributionURL" href="http://www.flickr.com/photos/peemmfivekay/">http://www.flickr.com/photos/peemmfivekay/</a> / <a rel="license" href="http://creativecommons.org/licenses/by-nc-nd/2.0/">CC BY-NC-ND 2.0</a></div>,[object Object],<div xmlns:cc="http://creativecommons.org/ns#" about="http://www.flickr.com/photos/kylemay/2078976171/"><a rel="cc:attributionURL" href="http://www.flickr.com/photos/kylemay/">http://www.flickr.com/photos/kylemay/</a> / <a rel="license" href="http://creativecommons.org/licenses/by/2.0/">CC BY 2.0</a></div>,[object Object],	Other photos have URL source attribution, Apple Products from Apple website.,[object Object],Article Reference:,[object Object],	Johnson, M., Christensen, C., Kagermann, H. (December 2008). Reinventing Your Business Model. Harvard Business Review.,[object Object]

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Reinventing Your Business Model

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Editor's Notes

  1. The article mis-quoted the iPod launch-> It’s actually 2001 not 2003The iPod is a portable media player designed and marketed by Apple and launched on October 23, 2001->http://en->wikipedia->org/wiki/IpodThe iTunes Store, formerly iTunes Music Store is a software-based online digital media store operated by Apple Inc-> Opening as the iTunes Music Store on April 28, 2003, with over 200,000 items to purchase
  2. Gillette offers the razors fairly cheaply then charges a lot for the replacement blades, locking consumers into a cycle of continuous purchases on high-margin products->
  3. Apple did the Gilette razor-and-blades model in reverse:Apple essentially gave away the “blades” (low-margin iTunes music) to lock in purchase of the “razor” (the high-margin iPod)-> “Stories of business model innovation from well-established companies like Apple, however, are rare” –article quote, pg 52->The Rio MP3 player, introduced by Diamond in 1998, was the real new market disruptive innovation compared to Apple's iPod-> But what Apple did differently is that they serviced nonconsumers of digital downloads-> The real disruptive innovation was iTunes - creating an easy, relatively cheap way to consume music-> Users did not even have to purchase an entire CD; songs were available as true singles for the first time-> The consumption of digital music downloading created a need for MP3 players - and the iPod took off->
  4. CVP: A description of the value that a product, service or process will provide a customer-> Should be defined abstractly to assure one understands who all the competitors are-> Thus, rather than saying one provides customers with books, one should consider saying that one provides education or entertainment->A clear statement of who the target market for a particular product is, of what key benefits the product will deliver, and of the price that will be charged-> A value proposition is a clear, concise series of factual statements on tangible results from your products or services->The unique added value an organization offers customers through their operations-> 
The logical link between action and payoff that knowledge management must create to be effective; e->g->, customer intimacy, product-to-market excellence, and operational excellence [Carla O'Dell & C->Jackson Grayson]->The primary and essential benefit of a product or service-> For a company, it is the reason for being-> 

All of the definitions reiterate the importance of the customer/client-> Take away all the individualization and personal interpretation and the value proposition is a clearly defined statement that identifies value: value that your client wants, value that you can deliver->
The client is key to the entire process – the client drives the ‘value proposition’
There are as many ‘value propositions’ as there are clients-> Each client is unique and has different needs-> There is no one blanket value proposition-> In order for a value proposition to be effective it has to be customized to each client’s specific needs->
  5. Business Model – comprised of 4 main elements – the other 3 elements necessary of course, but we’re focusing on CVP – 1-> CVP 2-> Profit Formula (made up of Revenue model; cost structure; margin model; resource velocity)3-> Key Resources (people, technologies, products, facilities, equipment, channels, and BRAND) – required to deliver the value proposition to the customer4-> Key Processes (training; development; manufacturing; budgeting; planning; sales; service; rules/metrics/norms)
  6. The other remarkable example of leveraging nonconsumers to create an effective product offering (and business model) was that of Tata in Mumbai-> The people who could not afford cars were locked out of the marketplace due to wealth constraints-> They instead consumed scooters – sometimes an entire family atop a motor-scooter built for two max-> By creating a relatively affordable car (only ~$2500 USD), a new group of consumers were also created->
  7. WalMart – Customers want LOW prices, we provide them with that->BMW – Customers want a car that provides with the ultimate driving experience – willing to pay top-dollar for it