07级-EC-04
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Part 4
Business Models
邢文凤
博士
Questions answered in this chapter
What is a business model? Do firms compete on value propositions or value clusters? How does a firm develop an online offering? What is a successful, unique resource system? What are the financial models available to firms?
8
(3) Choice of Unique and Differentiating Capabilities
The third component is the compelling rationale for why this firm and its partners can deliver the value cluster significantly better than competitors can.
multiple target segments
combination of customer benefits
unique capabilities
(1) Choice of Segments (2) Choice of Focal Customer Benefits (3) Choice of Unique and Differentiating Capabilities
The focus is on factors inside the firm, or with partners that lead to the superior delivery of targeted benefit(s). Key issue is whether the unique capabilities can be linked directly to the core benefit(s) that form the value proposition. We broadly define capabilities to include: Tangible assets Intangible assets Capabilities of the organization (e.g., supply-chain management)
Key decision variables of market attractiveness include:
Market size and growth rates Unmet or underserved needs Weak or nonexistent competitors
The firm's ability to compete in a particular segment can be assessed by examining how well their business strengths match the customer benefits sought in a segment. Degree of fit (or conflict) with existing channels is another important factor that strongly enters into the online segment-choice decision. (P136)
3
1: Components of a Business Model
Value Cluster Value Cluster
Marketspace Offering Marketspace Offering
The first three componeity story.
12
Map the Offering
Involves mapping products and services onto the Customer Decision Process. The idea is that the website should walk the consumer through the entire purchase-decision cycle and should encourage the consumer to continually revisit the cycle. An Egg Diagram is used for the mapping exercise and involves two steps:
6
(1) Choice of Segments
The first decision in the construction of a value cluster is the selection of target segments. Most frameworks reduce the analysis to two basic dimensions:
11
Scope of Offering
The scope refers to the number of categories of products and services that are offered on the site. There is a continuum of scope that exists from a firm focusing on one product category as compared to a firm focusing on a large number of categories. There are two specific types of scope:
Category-specific dominance refers to companies that focus exclusively on one product category, such as flowers, candy, or gifts. Cross-category dominance. In the online world, there is an extension of product offerings from a single category to additional product categories in an attempt to achieve cross-category dominance.
9
2. How Does a Firm Develop an Online Offering?
Online Offering Identify scope of offering Identify customer decision process Map offering to customer decision process
single product category several product categories
problem recognition information search evaluation of alternatives purchase decision satisfaction Loyalty Disposal
The rationale for why the firm can deliver the benefit package in a significantly better way than its competitors
5
Value-cluster approach
Value Cluster
focal customer benefit
unique capabilities
A value proposition can be considered a basic or baseline case. However, a recent alternative view argues that because of the customization capabilities available to online businesses, they can address multiple customer segments and offer a variety of benefits. The value proposition is no longer singular but is a value cluster.
7
(2) Choice of Focal Customer Benefits
The second step is to specify the key benefits that will be delivered to the target segment.
Single-benefit approach : Conventional offline marketing and business strategy textbooks often recommend that firms must focus on one or two critical benefits. The question for online businesses is whether they focus on one, two, or multiple benefits. Multiple-benefit approach : A strong argument could be made that the Internet will lead to much more differentiation as compared with the traditional bricksand-mortar business world.
a value proposition or a value cluster for targeted customers a marketspace offering – which could be a product, service, information, or all three a unique, defendable resource system a financial model
purchase-decision cycle egg diagram
10
Keep in mind that at this stage, we are not designing the content and “look-and-feel” of the website (this will be the focus of Part 5, Customer Interface). Rather, we are providing a broad description of the actual product or service that will be provided online.
2
Business Models
Regardless of the goals of the enterprise, the business must first specify its business model. The New Economy business model requires four choices on the part of senior management that include the specification of:
Resource System Resource System
Financial Model Financial Model
4
1. Do Firms Compete on Value Propositions or Value Clusters?
Value Proposition
target segment
Business Models
邢文凤
博士
Questions answered in this chapter
What is a business model? Do firms compete on value propositions or value clusters? How does a firm develop an online offering? What is a successful, unique resource system? What are the financial models available to firms?
8
(3) Choice of Unique and Differentiating Capabilities
The third component is the compelling rationale for why this firm and its partners can deliver the value cluster significantly better than competitors can.
multiple target segments
combination of customer benefits
unique capabilities
(1) Choice of Segments (2) Choice of Focal Customer Benefits (3) Choice of Unique and Differentiating Capabilities
The focus is on factors inside the firm, or with partners that lead to the superior delivery of targeted benefit(s). Key issue is whether the unique capabilities can be linked directly to the core benefit(s) that form the value proposition. We broadly define capabilities to include: Tangible assets Intangible assets Capabilities of the organization (e.g., supply-chain management)
Key decision variables of market attractiveness include:
Market size and growth rates Unmet or underserved needs Weak or nonexistent competitors
The firm's ability to compete in a particular segment can be assessed by examining how well their business strengths match the customer benefits sought in a segment. Degree of fit (or conflict) with existing channels is another important factor that strongly enters into the online segment-choice decision. (P136)
3
1: Components of a Business Model
Value Cluster Value Cluster
Marketspace Offering Marketspace Offering
The first three componeity story.
12
Map the Offering
Involves mapping products and services onto the Customer Decision Process. The idea is that the website should walk the consumer through the entire purchase-decision cycle and should encourage the consumer to continually revisit the cycle. An Egg Diagram is used for the mapping exercise and involves two steps:
6
(1) Choice of Segments
The first decision in the construction of a value cluster is the selection of target segments. Most frameworks reduce the analysis to two basic dimensions:
11
Scope of Offering
The scope refers to the number of categories of products and services that are offered on the site. There is a continuum of scope that exists from a firm focusing on one product category as compared to a firm focusing on a large number of categories. There are two specific types of scope:
Category-specific dominance refers to companies that focus exclusively on one product category, such as flowers, candy, or gifts. Cross-category dominance. In the online world, there is an extension of product offerings from a single category to additional product categories in an attempt to achieve cross-category dominance.
9
2. How Does a Firm Develop an Online Offering?
Online Offering Identify scope of offering Identify customer decision process Map offering to customer decision process
single product category several product categories
problem recognition information search evaluation of alternatives purchase decision satisfaction Loyalty Disposal
The rationale for why the firm can deliver the benefit package in a significantly better way than its competitors
5
Value-cluster approach
Value Cluster
focal customer benefit
unique capabilities
A value proposition can be considered a basic or baseline case. However, a recent alternative view argues that because of the customization capabilities available to online businesses, they can address multiple customer segments and offer a variety of benefits. The value proposition is no longer singular but is a value cluster.
7
(2) Choice of Focal Customer Benefits
The second step is to specify the key benefits that will be delivered to the target segment.
Single-benefit approach : Conventional offline marketing and business strategy textbooks often recommend that firms must focus on one or two critical benefits. The question for online businesses is whether they focus on one, two, or multiple benefits. Multiple-benefit approach : A strong argument could be made that the Internet will lead to much more differentiation as compared with the traditional bricksand-mortar business world.
a value proposition or a value cluster for targeted customers a marketspace offering – which could be a product, service, information, or all three a unique, defendable resource system a financial model
purchase-decision cycle egg diagram
10
Keep in mind that at this stage, we are not designing the content and “look-and-feel” of the website (this will be the focus of Part 5, Customer Interface). Rather, we are providing a broad description of the actual product or service that will be provided online.
2
Business Models
Regardless of the goals of the enterprise, the business must first specify its business model. The New Economy business model requires four choices on the part of senior management that include the specification of:
Resource System Resource System
Financial Model Financial Model
4
1. Do Firms Compete on Value Propositions or Value Clusters?
Value Proposition
target segment