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1313 Business Creation - Coggle Diagram
1313 Business Creation
Theme 1 - New Customer Behavior
Competing on Customer Journeys
4 Key Stages of customer journey
Awareness
Consideration
Purchase
Post-Purchase
4 key principles for competing on customer journeys
Think holistically
Embrace data and analytics
Be customer centric
Be agile
Evaluation is no longer a part
Main findings
Traditional approaches on marketing, focusing on individual touchpoints, are no longer effective in digital age.
Instead should focus on customer journey
These four capabilities to shape and manage customer journeys:
Automation
Contextual Interaction
Journey Innovation
Perzonalization
How to SHIFT Consumer Behaviours to be More Sustainable
SHIFT
Social Influence
Habit Formation
Individual Self
Feeling and Cognition
Tangibility
5 Broad Challenges to Encourage Sustainable behaviour
Lack of awareness
Short Termism
Cost
Convenience
Social Norms
Tribal Marketing
Main Findings
Society has shifted from northern "Individual" to latin "tribal"
Tribes
More affective and influential on behaviour than marketing institutions or other formal cultural authorities
Shared experience
Sense of belonging, identity and purpose
How does marketing get affected
Tap into by creating products and services that appeal to shared interests of tribe members
Provide platforms to connect and share experiences
Effective way to build relationships with and reach consumers
Theme 2 - Understanding Customer Value
Customer Value Creation: A Framework for Understanding and Measurement
Main Findings
4 Types of Customer Value Creation
Functional/Instrumental
Experimental/Hedonic
Symbolic/Expressive
Cost/Sacrifice Value
Customer Value Propositions in Business Markets
Main findings
Three types of value elements
Points of Parity
Points of difference
Points of contention
An effective CVP consists of a resonating focus that combines points of parity with points of difference,
All benefits
Favorable points of difference
Resonating focus
Suppliers must substantiate their CVPs through data collection and value word equation
Suppliers need to document the cost savings and incremental profits delivered to customers, enhancing the credibility of their CVPs
Implementing the SDGs in International Business
Multinational corporations plays a big role through integrating SDGs
Main findings
Negative externalities from multinational operations can impact local communities and the environment
Positive externalities can enhace reputation and relationship with local stakeholders
SDG-washing is a concern
Systems approach is crucial for achieving SDGs
Theme 3 - Value delivery and capture
Three ways to sell value in B2B-Markets
Main finding
3 ways to VBS
Product centric
Customer Process Centric
Performance Centric
How to choose one
Each VBS requires different capabilities, adaptations and challenges
Identify strength, value creation opportunities, internal adaptations, segment and prioritize customers
Offerings as Digitalized Interactive Platforms
Purpose
New conceptualization of offering as a DIP
Definition
DIP
Digitalized interactive platform, offering consisting of related artifacts, persons, processes, and interfaces that afford multiple interactive system-environmentsr for value creates
Focal and supporting DIPS
Ineractional creation of value
Broader view of value creation that goes beyond exchange or use of resources and processes, and focuses on value with DIP offerings
APPI components
Artifacts
Persons
Processes
Interfaces
Main finding
Shift from value as offering to moans for interactional value creation
New forms of mediated experiences, personalized outcomes, and networked relations
Require new interactional capabilities
Servitization in the automotive industry
Setting
BMW service portfolio and evolution over time
Main finding
BMW evolved from product centric to customer centric
Opportunities and challenges
Enhancing customer relationship
Leverage technology and data
Managing org. change
Dealing with competition
Need for ambidextrous organization that can balance the core product business and new service business, and collaborate with KIBS providers to create value
Definition
KIBS
Knowledge intensive business service
Theme 4 - Drivers on Business Rejuvination
Marketing Under Uncertainty
Purpose
How expert entrepreneurs use different logic than managers to make marketing decisions under uncertainty
Main findings
Expert entrepreneurs use effectuation
Managers use predictive techniques based on market research, competitive analysis, and expected returns
Effectuation is useful logic and it has connections with recent developments in marketing theory such as service logic and cocreation of value
Effectuation
Inverts principles of predictive rationality and enables nonpredictive control of future
Effectuation involves using available means, setting affordable loss, form partnerships, and leverage surprises to cocreate new markets and products with stakeholders
Managerial Implications
Uncertainty requires different approach than marketing under predictable
USe effectuation to identify customers, competitors and partners by using own means and networks
Use effectuation to price offers
Use effectuation to develop focused channel strategy around partnerships to serve narrow customer group
Use effectuation to embrace and leverage surprises such as innovation and differentiation
Unlocking the Hidden Value of Concepts
Purpose
Propose theory about innovating business models proactively through cognitive processes of analogical reasoning and conceptual combination
Main findings
Business models can be innovated in the absence of exogenous change by using generative cognition processes that reorganize existing schemas
Analogical reasoning and conceptual combination are two strategic tools
These require executive attention, controlled information processing, and systematic steps to select, compare, integrate, and modify concepts.
Definitions
Analogical reasoning
Applying the relational structure of a source concept to a target business model schema
Conceptual Combination
Integrating attributes from a modifieer concept into a target business model schema
What Drives Business Model Adaptation
Purpose
How do firms afapt business model in response to external threats and opportunities, and how strategic orientation influences this process
Main findings
Firms more likely to adapt under perceiveed threat than opportunity
Market development orientation facilitates adaptationm domain defence orientation hinders it
Measure business model adaptation in 4 dimensions
Value proposition
Target Market
Value Capture
Value Delivery
Prospect theory predict firms more likely to adapt under threat than opportunity, threat-rigid theory predicts opposite
Strategic orientation reflects firms habitual actions and routines that influence propensity to adapt its business model
2 types of strategic orientation
Market Development
Domain Defence
Definitions
Business model adaptation
Business Model Innovation
Theme 5 - Market ecosystems and shaping of markets
Capabilities for market-shaping: triggering and facilitating increased value creation
Main findings
Identifies and categorize the capabilities needed for market shaping
Eight triggering Capabilities
Re-designing network
Modifying own supply network
Modify customer side features
Modify provision
Reconfiguring exchange
Developing products
Adjust price of pricing
Modify matching methods
Reforming institutions
Incluencing representations
Influencing norms
Four Facilitating Capabilities
Discovering value potential
Exploring
Experimenting
Mobilizing resources
Expressing
Engaging
Definitions
Triggering
Generate intra stakeholder resource linkages by influencing characteristics of markets
Facilitating
Enable market shaping by discovering the value potential of new resource linkages and augmenting impact of triggering capabilities by mobilizing relevant resources
Right Tech, Wrong Time
Purpose
Factors that influence timing of technological change
Main findings
Adoption depends not only on own characteristics, but also on supporting ecosystems
Ecosystem consists of
Complementary elements such as techm services, standards, regulations
Framework for analyzing ecosystems dynamics, resulting in four possible outcomes
Creative destruction
Robust resilience
Robust coexistence
Illusion of resilience
Toward a Theory of Ecosystems
Purpose
Theory of business ecosystems
Main findings
Different types of complementarities affect value creation and capture dynamics of ecosystems
Require modularity to enable interdependence and autonomy
Shaped by the nature, directionality, and intensity of complementarities
Different value creation and capture dynamics depending of type of complementary and role of the hub
Definition
Ecosystems
Groups of interdependent organizations enabled by modularity and bound by nonredeployable investments
Complementarity
Relation between products, assets, or activities that make each other more valuable or productive when used together
Different types
Unique complementarity
Supermodular complementarity
Theme 6 - Business Development in the Global context
Business Models in Global Competition
Purpose
Discuss concept of GBM for MNEs and how they are influenced by changing global environment
Proposes framework for GBM consisting of
Value proposition
Value creation and delivery
Value captire and Allocation
Decoupling in International Business
Main findings
Decoupling has major implications for IB and MNE strategies and management
Driven by political, economic and technological factors that probably will intensify
Not uniform across industries
Opens up research, such as how to endogenize geopolitics and technologi, predict location choices and industry dynamics, how to understand organizational responses and performance implications, and how to explore alternative scenarios and counter movements towards coupling
Network Resource Combinations in the International Venturing of Small Biotech Firms
Main findings
7 Types of network resources and two types of international ventures
Ventures
New Market Ventures
New Product ventures
Network resources
Network resource combinations vary depending on nature of venture and that network resource combination capabilities are crucial for success
Network resource combination capabilities
The ability to effectively
interact
with network partners
The ability to
identify
complementarities between network resources in the overall network
The ability to proactively
coordinate
network resources to a specific end