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Summary Modules & lectures
Modules & lectures Managing business strategically
[Meer zien]Voorbeeld 4 van de 38 pagina's
Voorbeeld 4 van de 38 pagina's
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Voorbeeld van de inhoud
InhoudsopgaveModule 1. Business Models: Value Creation and Value Capture (01.09.2021)...................................................2
Module 2. Managing Strategic Resources and Dynamic Capabilities (02.09.2021)..........................................10
Module 1. Skills (03.09.2021).............................................................................................................................13
Module 3. Digitalization and business strategy.................................................................................................14
Module 4. Business ecosystems.........................................................................................................................20
Module 2. Skills..................................................................................................................................................25
Module 5. Multisided platforms.........................................................................................................................29
Module 6. Competitive Dynamics......................................................................................................................32
Important quiz questions from all modules.......................................................................................................36
,Module 1. Business Models: Value Creation and Value Capture (01.09.2021)
At the end of the session, you should know be able to:
1. Describe the essence of strategic management.
2. Integrate different theoretical perspectives to evaluate the existing business model of
a real-world company with respect to its ability to create and capture value.
PART 1. What is Strategy?
Strategy = the central, integrated externally oriented concept of how we will achieve our
objectives.
The elements of Strategy
A strategy has 5 elements providing answers to five questions:
1. Arenas: where will we be active?
2. Vehicles: how will we get there?
3. Differentiators: how will we win in the marketplace?
4. Staging: what will be our speed and sequence of moves?
5. Economic logic: how will we obtain our returns? (this is the core of the framework)
Arenas: where will we be active?
It is important to be as specific as possible about the product categories, market
segments, geographic areas, and core technologies, as well as the value-adding stages
(e.g., product design, manufacturing, selling, servicing, distribution) the business intends to
take on.
Vehicles: how will we get there?
E.g., if you want to enter the china market, the question is how will we arrive in the china
market? Do we join through joint venture or merger etc.
Differentiators: how will we win in the marketplace?
In a competitive world in the marketplace, winning is the result of differentiators. They
require executives to make upfront, conscious choices about which weapons will be
assembled, honed, and deployed to beat competitors in the fight for customers, revenues,
and profits.
Blue ocean strategy
Staging: what will be our speed and sequence of moves?
Staging or the speed and sequence of major moves to take to heighten the likelihood of
success. E.g., will I first expand geographically and then expand my product line or will I
expand my product line first and then expand geographically.
Economic logic: how will we obtain our returns?
2
, At the heart of a business strategy must be a clear idea of how profits (above the firm’s
cost of capital) will be generated. The economic logics are not fleeting or transitory. They are
rooted in the firms’ fundamental and relatively enduring capabilities. E.g., Uber still struggles
with this element.
Sensitivity analysis do this after developing a strategy
1. Does your strategy fit Is there healthy profit potential where you’re headed?
with what’s going on Does your strategy align with the key success factors of
in the environment? your chosen environment?
2. Does your strategy With your particular mix of resources, does this strategy
exploit your key give you a good head start on competitors?
resources? Can you pursue this strategy more economically than
rivals?
3. Will your envisioned Will rivals have difficulty matching you?
differentiators be If not, does your strategy explicitly include a ceaseless
sustainable? regimen of innovation and opportunity creation?
4. Are the elements of Have you made choices of arenas, vehicles,
your strategy differentiators, staging and economic logic?
internally consistent? Do they all fit and mutually reinforce each other?
5. Do you have enough Do you have the money, managerial time and talent, and
resources to pursue other capabilities to do all you envision?
this strategy? Are you not spreading your resources too thinly, only to be
left with a collection of feeble positions?
6. Is your strategy Will your key constituencies allow you to pursue this
implementable? strategy?
Can your organization make it through the transition?
Are you and your management team able and willing to
lead the required change?
Optional 7th question, think about why did no way come up with this idea before me? Ask
yourself why other firms have not tried to implement the same ideas.
Main takeaways: What is strategy
- Strategy refers to the central integrated, externally oriented concept of how we will
achieve our objectives.
- A strategy has 5 elements, each strategy therefore needs to answer five questions
relating to arena, vehicles, differentiators, staging, and economic logic.
- Perform a sensitivity analysis.
3
, PART 2. The Economic Logic of Business: Value Creation and Value Capture.
Value creation in the resource-based view = used to explain why some firms have a
competitive advantage while other firms not have a competitive advantage.
A resource is valuable if “it exploits opportunities and/or neutralizes threats in a firm’s
environment” Barney 1991, page 105. Barney also suggest that resources are valuable
“when they enable a firm to conceive of or implement strategies that improve its
efficiency and effectiveness”.
Resources have value in relation to their ability to meet customers’ needs.
Value creation: how do customers assess value?
- Idea: consumers spend their income to maximize the (expected) satisfaction they get
from products.
o Total utility = refers to the satisfaction deriving from the possession of a
commodity.
o Marginal utility = refers to the satisfaction that people receive from
possessing one extra unit of a good or the satisfaction lost by giving up one
unit.
Value Creation: How to assess value?
- Use value = refers to the specific qualities of the product perceived by customers
in relation to their needs. For example, the acceleration and styling of the car, the
taste and texture of the apple etc. So, judgement about use value are subjective, they
pertain to the individual customer. Is also refers to as willingness to pay (WTP).
- Exchange value = refers to price. It is the monetary amount realized at a single
point in time when the exchange of the good takes place. Exchange value is only
realized for the firm if an exchange between buyer and seller takes place.
E.g., you are willing to pay €200 for a Xbox = your willingness to pay, even though the
Xbox costs only €150 = is the exchange value – this is the actual money transaction between
the buyer and seller.
- Customer surplus (“value for money”): WTP (willingness to pay) – Exchange Value.
Value capture in the Resource-based view, two elements:
1. Causal ambiguity:
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