Marketing And Management For New Ventures
Marketing And Management For New Ventures ENTR 20100
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This 4 page Class Notes was uploaded by Boris Mosciski on Saturday September 19, 2015. The Class Notes belongs to ENTR 20100 at Purdue University taught by Strother Brann in Fall. Since its upload, it has received 53 views. For similar materials see /class/208020/entr-20100-purdue-university in Entrepreneurship at Purdue University.
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Date Created: 09/19/15
Entrepreneurship 201 Chapter 1 Notes Business Model De nition 7 describes the rationale of how an organization creates delivers and captures value 1 Customer Segments De nition defines the different groups of people or organizations an enterprise aims to reach and serve A Mass Markets 7 don t distinguish between market segments 7 focus on one large WOODS group of broadly same needs and problems Niche 7 cater to speci c specialized requirement a niche Segmented distinguish between slightly different needs and problems Diversified two unrelated customer segments Multi sided Platforms serve two or more interdependent customer segments Questions Answered For whom are we creating the most value And who are our most important customers 2 Value Propositions De nition Describes the bundle of products and services that create value for a specific customer A H mpmmu ow W Newness satisfy an entirely new set of needs that customers perceive because no previous offering Performance 7improving a product or service Customization 7 tailoring product and services to a specific need of individual customers or customer segments Getting it Done Design product may stand out because of superior design Brand Status 7value in simple act of using and displaying specific brand Moffering a similar product value at a lower price Cost Reduction7helping customers reduce cost Risk Reduction7reduce risk customers incur when purchasing Accessibility 7Making products and service available to those who previously lacked it Convenience Usability making thing easier to use or convenient What value do we deliver to the customer Which one of our customer s problems are we helping Which customers needs are we satis ving What bundles of products and services are we o ering to each customer segment 3 Channels Definition describes how a company communicates with and reaches its Customer Segment to deliver a Value Proposition ammcowgt Own 7direct sales force Web Sales Partner Indirect Own stores partner stores wholesaler 1 Awareness Evaluation Purchase Delivev After Sales Entrepreneurship 201 Chapter 1 Notes Through which channels do our customer segments want to be reached How are we reaching them now How are our channels integrated Which one works best Which one is cost e icient How we integrating them with customer routines 4 Customer Relationships De nition describes the types of relationships a company establishes with a speci c customer segment A Personal Assistance customer can interact with a sales representative to get help during sales process Dedicated Personal Assistance a sales representative is dedicated to a speci c individual client Self Service no direct relationship provides all means for customer to help themselves Automated Services customer selfservice with automated processes Communities user communities to become more involved with customer prospect and to facilitate connection between community members F CoCreation 7 cocreate value with customers What type of relationship does each of our customers segments expect us to establish and maintain with them Which ones have we established How costly are they How are the integrated with the rest of our business iRevenue Streams Definition represents the cash a company generates from each Customer Segment cost must be subtracted from revenues to create earnings A Asset Sale selling ownership rights to a physical product Usage Fee 7more service is used the more the customer pays Subscription fee 7 selling continuous access to a service LendingRentingLeasing 7temporality granting someone exclusive rights to use a particular assets for a xed period oftime Licensing 7 giving customers permission to use protected intellectual material in exchange for licensing fees F Brokerage Fee derives from intermediation services performed on behalf of two or more parties G Advertising 7fees for advertising a particular product For what value are our customers really willing to pay How are they currently paying How would they prefer to pay How much does each revenue stream cost overall 6 Key Resources Definition describes the most important assets required to make a business model work Physicalphysical assets such as manufacturing facilities buildings machines systems point of sales systems and distribution 0 03 FUD U003 m channels B Intellectual brands proprietary knowledge patents and copyrights etc C Human D Financial 7 nancial resources or guarantees What key resources does our value proposition requireOur distribution channelsCustomer relationshipsRevenue Streams Entrepreneurship 201 Chapter 1 Notes 7 Key Activities De nition describes the most important things a company must do to make a business model work A Production relate to designing making and delivering product B Problem Solving coming up with new solutions to individual customer problems C Platform Network are dominated by platform or networking related key activities What key activities do our value propositions require Our distribution channelsCustomer RelationshipsRevenue Streams 8 Key Partnerships Definition network of suppliers and partners that make the business model work A Optimization and economies of scale most basic form of partnership or buyer supplier relationship designed to optimize the allocation of resources and activities B Reduction of risk and uncertain can help reduce risk of a competitive environment C A 39 quot39 of particular resources and activities other rms provide resources Who are our key partners Who are our key suppliers Which resources are we acquiring from partners Which KeyActivities do partners perform 9 Cost Structure Definition describes all costs incurred to operate a business model A Cost Driven focus on minimizing costs B Value Driven focus on value creation C Fixed costs costs remain the same despite the volume of goods or services produced Variable Costs vary proportionally with volume of goods produced Economies of Scale cost advantages a business enjoys as its outputs expands Economies of Scopecost advantages a business enjoys due to a larger scope of operations What our most important costs inherent in our business model Which key resources are most expensive Which key activities are most expensive rump Elk59 Chapter 2 Patterns Unbundling Business Models that there are three fundamentally different types of business Customer Relationship Product Innovation and Infrastructure each have a different type of economic cultural and competitive imperatives The three types may coeXist within a single corporation but ideally are unbundled into separate entities to avoid con icts or undesirable trad offs Product Customer Infrastructure Innovation Relationship Management nt Economics Early Market entry High Cost of customer High xed costs make enables charging acquisition makes it large volumes essential Premium prices and imperative to gain large to achieve low unit costs acquiring large market wallet share economies of scale are share speed is key key Culture Battle for talent low Battle for Scope rapid Battle for Scale rapid barriers to entry many consohdation s few big consohdation s few big small players thrive players dominate players dominate Competition Employee Centered Highly service oriented Cost focused stresses coddling the creative customer comes rst standardization stars mentahty profitability and ef ciency The Long Tail Multisided Platforms Free as a Business Model Open Business Models
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