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Summary reading notes week 1-9 detailed
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detailed notes from business 111
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BUSINESS 111 READING NOTES:Table of Contents Week Seven: Five Insights into the vows and
behaviours of the US Dairy Consumer
Week One: ‘Google spent years studying great Week Seven: What is Tik Tok for business and
teams. These 5 qualities contributed the most to its should you use it in your marketing
success’
Week One: ‘Bruce Tuckman's Model on Team Week Eight: Chapter Four, Product Design
Development’ and ‘Teams by Van Syckle’ Week Eight: What really makes customers buy a
Week One: ‘Emma’s Eco Experiences’ product
Week Eight: Alternative proteins: The race for
Week Two: ‘ Business Model Generation: A market share is on
Handbook a visionaries, game changers, and Week Eight:Law impacting on business: IP and
challengers’ protecting secrets
Week Two: ‘What is a Business Model?: The
different types of business models explained’ Week Nine: Operations Management: processes and
Week Two: ‘Innovation and Entrepreneurship’ supply chains:
Week nine operations management
Week Three: ‘Entrepreneurship in theory and Week nine operations management for business
practice: paradoxes in play’ excellence
Week Three: ‘Social Entrepreneurship’ Week nine: commercial contracts
Week Three: ‘Innovation and Entrepreneurship’
Week Four: ‘What is social responsibility’
Week Four: ‘Fiji Water Spin the Bottle’
Week Four: ‘Fiji Water, water everywhere: Global
brands and democratic and social injustice’
Week Four: The pyramid of corporate social
responsibility: toward the moral management of
organizational stakeholders
Week Four: ‘Why sustainability is now the key
driver of innovation
Week Five: ‘Management: The Essentials’
Week Five: ‘Chapter 2 in Marketing’
Week Five: ‘Crafting and executing strategy: The
quest for competitive advantage: Concepts and
Cases’
Week Six:Working with the Treaty of Waitangi
Week Six: What can we learn from Maori Business
Values
Week Six: INFOGOV Treaty of Waitangi Extract
Week Seven: Marketing Chapter Six
Week Seven: what you need to know about
segmentation
Week Seven: Why your customers social identities
matter
,BUSINESS 111 READING NOTES:
● Norming is an agreement of each team member
and what their strengths are and how they
function together to achieve the goals, starting
to be some output (NORMS)
● Performing the team starts working together
and work toward desired outcomes, resolutions
are resolved in a positive manner, the leader is
seen as a resource
● Adjourning, the team has set out to achieve the
goals and can be disbanded.
Week One: ‘Bruce Tuckman's Model on Team
Week One: ‘Google spent years studying great Development’ and ‘Teams by Van Syckle’
teams. These 5 qualities contributed the most to its
success’ ● Changes to the team, resources or technology,
budgets or financing and even changes in
● Must find Balance between results and culture personnel can upset the model
to be successful ● Fighting about the right thing. Positive and
● Executives care more about results compared to productive conflict
individual team members who cared about ● Delegating tasks to the right people according
culture and its link to effectiveness. to their skill set, as leaders we are supposed to
● What matters was how the team worked empower and motivate
together rather than who was on the team ● Groupthink is a tendency for a team to want to
● 5 factor that mattered most was: make members conform in an effort to minimize conflict.
feel psychological safety, promote Leaders must promote independent thinking
dependability, provide structure and clarity, while drawing out individual opinions.
create meaning, communicate impact ● Continuous learning is something leaders can
adapt by allowing the free flow of information
Week One: ‘Bruce Tuckman's Model on Team by discussing goals and clarifying the vision.
Development’ and ‘Teams by Van Syckle’ ● Feedback is identifying acceptable behaviour
and keeping it professional by providing
● Without solid leadership the team can be immediate feedback.
inefficient
● Any time a collection of people come together ● Week One: ‘Emma’s Eco Experiences’
and form a relationship to achieve certain goals
this is a team ● A vision that travellers and tourists have good
● An assembly of people who have a relationship options available to experience what
but no purpose or goal is a group Queenstown has to offer and being able to do
● Teams come together to and start performing, this responsibly and sustainably
● Provides with forming, storming, norming and ● Future of the tourism industry is a socially
performing conscious and environmentally friendly one
● Forming team members come together and ● Business capital came from her own savings
learn the goals objective and the product and family members as silent partners
outcome, find the strengths and contribution ● Has an environmentally friendly backpacker
levels (GOALS) hostel where it is people powered or
● Storming, finding the pecking order, electric/hybrid technology
maximising strengths, no proper function as a ● Is sustainable by solar power, tank water,
team (ROLES AND STRATEGIES) greenhouse, orchard, free range chicken, goat.
,BUSINESS 111 READING NOTES:
● Has the option for guests to work there for free
accommodation cutting out wages. ● Different types of Customer Segments
● Expanding accommodation business, would ● MASS MARKET: Broadly similar needs and
need to find more workers problems, found in the consumer electronics
● Invested 15 electric/hybrid cars, may need to sector
expand cars in order to keep up with demand ● NICHE MARKET: Tailored to meet
● Laissez faire style, with an open door policy requirements, supplier-buyer relationships,
● To promote diversity Emma hosts a cultural ● SEGMENTED: Serving various markets at the
food event every month, food is then same time, similar but still vary in needs.
distructured to shelterers around town Week Two: ‘ Business Model Generation: A
Week Two: ‘ Business Model Generation: A Handbook a visionaries, game changers, and
Handbook a visionaries, game changers, and challengers’
challengers’
● DIVERSIFIED: Two unrelated Customer
● 9 Building Blocks Segments with different needs and problems.
● Customer Segments: the different groups of ● MULTI-SIDED MARKETS: Interdependent
people an enterprise aims to reach and serve segments, both sides required to make it work,
● Value Proposition:the different groups of free newspaper, large reader base
people an enterprise aims to reach and serve
● Channels: describes how a company Value Propositions:
communicated with the customer segment to ● The different groups of people an enterprise
deliver the value aims to reach and serve
● Customer Relationships: are established and ● Shapes consumer choice by creating value
maintained with the customer segments ● Values may be quantitative (e.g. price, speed of
● Revenue Streams: represents the cash service) or qualitative (e.g. design, customer
businesses generates from each customer experience)
segment ● May be innovative and represent a new offer, or
● Key Resources: assets required to make a similar to existing products but with added
business model work features and attributes
● Key Activities: important things a company ● NEWNESS: set of needs consumer did think
must do to make its model work. of because there was no product (technology)
● Key Partnerships: network of suppliers and ● PERFORMANCE: improving product = value
partners that make the business work (Technology : making improved models =
● Cost Structure: all the costs to operate a faster laptops = more disk storage)
business model ● CUSTOMIZATION: Tailor made products to
individual consumers
Customer Segments: ● GETTING THE JOB DONE: Helping
● The different groups of people an enterprise customer, rolls royce helps manufacture the
aims to reach and serve airline jet engines, they get paid
● Satisfy customer = grouping into segments with ● DESIGN: Difficult element to measure,
common needs or behaviours fashion and technology this is important
● Designed around specific customer needs ● BRAND/STATUS: Displaying the specific
● Groups represent separate segments if: brand, (Rolex - wealth)
Their needs require a specific offer ● PRICE: Similar value at lower price, free trials
Reached through different channels for organisations to promote consumer
Different type of relationships attraction.
Different profitabilities ● COST REDUCTION: reducing costs helps
Willing to pay for different aspects of the offer relieve buyers from expenses
, BUSINESS 111 READING NOTES:
● RISK REDUCTION: when purchasing intimate relationship, develops over a long
products or services, i..e guarantee (one year) period
● ACCESSIBILITY: innovation and technology ● SELF- SERVICE: no direct relationship,
providing goods to a place that doesn't have customer helps themselves
them ● AUTOMATED SERVICES: more
● CONVENIENCE/ USABILITY: easier to use sophisticated self service, recognizes individual
and create value, itunes offered consumers one customers and can stimulate a personal
app to search, buy, download and listen to relationship
music.
Week Two: ‘ Business Model Generation: A Week Two: ‘ Business Model Generation: A
Handbook a visionaries, game changers, and Handbook a visionaries, game changers, and
challengers’ challengers’
Channels: ● COMMUNITIES: online communities to
● Describes how a company communicated with exchange knowledge, help companies know
the customer segment to deliver the value their customers
● Important in customer experience and serve ● CO-CREATION: writing reviews to create
several functions ideas about value
● Raising awareness about the product
● Helping consumers evaluate the value Revenue Streams:
● Consumers can purchase specific products ● Represents the cash businesses generates from
● Delivering value each customer segment
● Providing post purchase support ● What value is each segment willing to pay =
● Can reach through own, or partner channels different pricing mechanisms
● Own: direct website, sales, retail stores ● E.g. fixed list prices, bargaining, auctioning,
(higher margins but can be costly) market dependent, volume dependent or yield
● Partner: indirect, wholesale distribution, retail management.
or partner owned websites (lower margins but ● Involves two revenue streams
can allow for expansion) ● 1. Transaction resulting in one time
● AWARENESS: about product awareness customer payments
● EVALUATION: about value evaluation ● 2. Recurring payments resulting from
● PURCHASE: allowing specific purchases ongoing payments
● DELIVERY: how to get value to consumers ● ASSET SALE: selling ownership rights to a
● AFTER SALES: providing post purchase physical product
customer support ● USAGE FEE: use of a particular service, more
its used more is charged i.e. hotel rooms charge
Customer relationship: based of number of nights
● Are established and maintained with the ● SUBSCRIPTION FEES: selling access to a
customer segments service
● Personal to automated, can be driven by ● LENDING/RENTING/LEASING:
acquisition, retention, and upselling. temporarily granting someone the right to use
● Influences the overall consumer experience an assets for a fee
● PERSONAL ASSISTANCE: based on human ● LICENSING: giving customer permission to
interaction, getting help during sale or after use protected intellectual property in exchange
point of sale, call centre, or email for fees
● DEDICATED PERSONAL ASSISTANCE: ● BROKERAGE FEES: services on behalf of
One representative to individual clinton, two or more parties, i.e commission
● ADVERTISING: product or service
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