Difference between revisions of "Business Modeling Quarter"

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[[Business Modeling Quarter]] (hereinafter, the ''Quarter'') is the first of four lectures of [[Operations Quadrivium]] (hereinafter, the ''Quadrivium''):
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[[Business Modeling Quarter]] (hereinafter, the ''Quarter'') is a lecture introducing the learners to [[product design]] primarily through key topics related to [[business modeling]]. The ''Quarter'' is the third of four lectures of [[Business Quadrivium]], which is the second of seven modules of '''[[Septem Artes Administrativi]]''' (hereinafter, the ''Course''). The ''Course'' is designed to introduce the learners to general concepts in [[business administration]], [[management]], and [[organizational behavior]].
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*The ''Quarter'' is designed to introduce its learners to [[enterprise discovery]], or, in other words, to concepts related to obtaining data needed to administer the [[enterprise effort]]; and
 
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*The ''Quadrivium'' examines concepts of administering various types of enterprises known as [[enterprise administration]] as a whole.
 
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The ''Quadrivium'' is the first of seven modules of [[Septem Artes Administrativi]], which is a course designed to introduce its learners to general concepts in [[business administration]], [[management]], and [[organizational behavior]].
 
  
  
 
==Outline==
 
==Outline==
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''The predecessor lecture is [[Feasibility Study Quarter]].''
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''[[Business Analysis Quarter]] is the predecessor lecture. In the [[enterprise envisioning]] series, the previous lecture is [[Enterprise Architecture Quarter]].''
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===Recitals===
 
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:[[Strategy design]] is the [[enterprise effort]] undertaken in order to design the [[strategy]] out of the [[concept]]s analyzed during [[strategy analysis]]. The ''design'' can be divided in four batches:
 
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#To discover most feasible concepts analyzed during [[strategy analysis]];
 
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#To analyze which of most feasible concepts and how can be arranged in a new [[strategy]];
 
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#To approve the new [[strategy]] or, at least, its layout and key points;
 
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#To formulate the approved strategy for their further implementation or, in other words, as the [[input]] for [[strategy implementation]].
 
  
 
===Concepts===
 
===Concepts===
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#'''[[Commerce transaction]]'''.  
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#'''[[Product engineering]]'''. The application of scientific principles to designing and/or modifying the [[market exchangeable]].  
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#*[[Business-to-consumer]].  
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#*[[Market exchangeable]]. (1) A solution or component of a solution that is the primary result of a [[project]] or [[operations]]; (2) An article or substance that is produced or refined for sale. Tangible goods such as produce or hardware, intangible items such as [[data]], [[idea]]s, or [[software]], such complex things as places and [[enterprise]]s, as well as [[service]]s, labor, personal time, [[event]]s and other experiences are examples of [[market exchangeable]]s.
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#*[[Business-to-business]]. This describes a business that is targeting another business with its product or services. B2B technology is also sometimes referred to as enterprise technology. This is different from B2C which stands for business to consumer, and involves selling products or services directly to individual customers.
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#*[[Product scope]]. All the features and functions that characterize a [[market exchangeable]].
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#*[[Business-to-government]].
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#*[[Service]]. Any [[market exchangeable]] in a form of work carried out or on behalf of others.
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#*[[Business-to-employee]].  
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#'''[[Product vision statement]]'''. A brief statement or paragraph that describes the why, what, and who of the desired software product from a business point of view.
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#'''[[Enterprise]]'''. (a) An endeavor undertaken in order to create something or develop somebody, or (b) an undertaking that includes several endeavors and may or may not represent an entire [[business]] or [[organization]]. The ''enterprise'' assumes some level of [[enterprise effort]].
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#*[[Product vision statement]]. a high-level description of a product which includes who it is for, why it is necessary and what differentiates it from similar products.
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#*[[Business]]. Either an individual's regular occupation, profession, or trade, or the practice of making one's profit by engaging in commerce.
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#*[[Feature]]. A cohesive bundle of externally visible functionality that should align with business goals and objectives. Each feature is a logically related grouping of functional requirements or non-functional requirements described in broad strokes.
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#*[[Departmentalization]]. The basis by which jobs in an [[enterprise]] are grouped together.
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#*[[Defect]]. A deficiency in a product or service that reduces its quality or varies from a desired attribute, state, or functionality. See also requirements defect.
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#'''[[Segmentation]]'''.
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#[[File:Product-lifecycle.png|400px|thumb|right|[[Product lifecycle]]]]'''[[Product lifecycle]]'''. The cycle through which [[market exchangeable]]s tend to go through from their introduction to withdrawal or eventual demise.
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#'''[[Competitive strategy]]'''. A formulated [[strategy]] for how a [[strategic business unit]] is going to compete. This formulation usually states which one of four types of [[competitive strategy|competitive strategi]]es the [[strategic business unit]] is going to pursue, what it considers as its [[competitive advantage]] or [[competitive advantage|advantage]]s, defines its [[business model]], and may or may not include (a) what products, (c) resulted from what production, (d) at what price, (e) using what presentation and promotion, (f) on what [[market]] or [[market]]s with regard to the region or regions and/or segment or segments of customers, (g) with what front-end office personnel, (h) with what level of [[enterprise]]'s support this enterprise is going to offer, as well as (i) what financial results and/or competitors' actions would trigger what changes in those decisions. Rarely, a mature [[enterprise]] formulates just one [[competitive strategy]]; usually, there are several [[Competitive strategy|competitive strategi]]es in the [[enterprise portfolio]] since different [[strategic business unit]]s are supposed to have their own [[Competitive strategy|competitive strategi]]es.
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#*[[Lifecycle]]. Important phases in the development of a system from initial concept through design, testing, use, maintenance, to retirement.
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#*[[Cost leadership strategy]].  
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#'''[[Marketing]]'''.  
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#*#[[Mass production]]. The production of items in large batches.
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#*[[Marketing channel]].  
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#*#[[Mass customization]]. Providing customers with a product when, where, and how they want it.
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#*[[Conversion]].  
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#*#[[Exporting]]. Making products domestically and selling them abroad.
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#*[[Distribution channel]].  
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#*#[[Importing]]. Acquiring products made abroad and selling them domestically.
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#'''[[Market engineering]]'''. The application of scientific principles to segmenting and/or development of the [[market]].
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#*[[Differentiation strategy]].  
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#*[[Segmentation]]. Division into separate parts or sections. In [[enterprise administration]], division of the broad market into separate [[market segment]]s in order to identify [[high yield market]]s.
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#*#[[First mover]]. An enterprise that's first to bring a product innovation to the market or to use a new process innovation.
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#*[[Market segment]]. A group of potential customers who share one or more common characteristics. Marketing professionals identify such a group in order to identify [[high yield market]]s and, if these markets will be chosen as [[target market|target one]]s, craft [[business strategy|business strategi]]es for each of those ''groups''.
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#*#[[Innovation]]. Taking [[change idea]]s and turning them into new products, product features, production methods, pricing strategies, and ways of [[enterprise administration]].
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#*[[High yield market]]. Any [[market segment]] that is likely to be the profitable or that have high growth potential.
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#*#[[Sustaining innovation]]. Small and incremental changes in established products rather than dramatic breakthroughs.
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#*[[Target market]]. Any [[high yield market]] that the [[enterprise]] selects for its [[operations]] and for which a separate [[business strategy]] is developed.
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#*#[[Disruptive innovation]]. [[Innovation]]s in products, services, or processes that radically change an industry's rules of the game.
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#*[[Niche market]]. Any [[target market]] to which the [[enterprise]] tailors its specific [[market exchangeable]].
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#*[[Focus strategy|Focus strategi]]es.  
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#*[[Market share]]. The portion of a [[market]] controlled by a particular [[business]].
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#*[[Competitive advantage]]. What sets an enterprise apart; its distinctive edge.
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#'''[[Segmentation base]]'''. A customer characteristic used to define [[market segment]]s.
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#'''[[Value chain]]'''. The entire series of organizational work activities that add value to each step from raw materials to finished product.
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#*[[Demographic segment]]. A group of potential customers who share some [[biographical characteristic]]s such as age, gender, income, education, socioeconomic status, family size, or marital situation.
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#*[[Value]]. The performance characteristics, features, and attributes, and any other aspects of goods and services for which customers are willing to give up resources.
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#*[[Geographic segment]]. A group of potential customers who share their physical location or region such as continent, country, state, town or city, suburb, area, postcode, etc.
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#*[[Value]]. The benefit enjoyed by the stakeholders of the system when the system is in operation.
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#*[[Social segment]]. A group of potential customers who share lifestyle, behavior, and/or social affiliation characteristics.
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#*[[Service profit chain]]. The service sequence from employees to customers to profit.
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#*[[Historical segment]]. A group of existing and/or former customers of the [[enterprise]] with similar buying behavior.
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#*[[Technology]]. The way in which an [[organization]] transfers its [[input]]s into [[output]]s.
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#*[[Situational segment]]. A group of potential customers whose behavior change based on context and situation such as seasonal promotions.
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#*[[Cloud computing]]. Refers to storing and accessing data on the Internet rather than a computer's hard drive or a company's network.
 
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#*[[Internet of things]]. Allows everyday "things" to generate and store and share data across the Internet.
 
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#*[[Sharing economy]]. Business arrangements that are based on people sharing something they own or providing a service for a fee.
 
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#'''[[Business development model]]'''.
 
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#*[[Product development model]].  
 
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#*[[Customer development model]]. “The ‘traditional’ way to approaching business is the Product Development Model. It starts with a product idea followed by months of building to deliver it to the public.” (Source: Find The Tech Guy) However the Customer Development Model begins by talking to prospective customers and developing something they are interested in purchasing/using. These concepts are promoted strongly by Steve Blank and Eric Ries who encourage startups to get early and frequent customer feedback before developing their products too far (in the wrong direction). The four steps to the model (Source: Find The Tech Guy): 1. Customer Discovery 2. Customer Validation 3. Customer Creation 4. Company Building
 
 
#'''[[Business strategy]]'''. A [[strategy]] that determines the behavior of the [[enterprise]] on a particular segment of its [[market]].
 
#'''[[Business strategy]]'''. A [[strategy]] that determines the behavior of the [[enterprise]] on a particular segment of its [[market]].
 
#*[[Growth strategy]]. A [[business strategy]] that's used when the enterprise wants to expand the number of markets served or products offered, either through its current business(es) or through new business(es).
 
#*[[Growth strategy]]. A [[business strategy]] that's used when the enterprise wants to expand the number of markets served or products offered, either through its current business(es) or through new business(es).
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#*[[Cost-minimization strategy]].  A [[business strategy]] that emphasizes tight cost controls, avoidance of unnecessary innovation or marketing expenses, and price cutting.
 
#*[[Cost-minimization strategy]].  A [[business strategy]] that emphasizes tight cost controls, avoidance of unnecessary innovation or marketing expenses, and price cutting.
 
#*[[Imitation strategy]]. A [[business strategy]] that seeks to move into new products or new markets only after their viability has already been proven usually by competitors.
 
#*[[Imitation strategy]]. A [[business strategy]] that seeks to move into new products or new markets only after their viability has already been proven usually by competitors.
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#*[[Exit strategy]]. A [[business strategy]] that seeks to withdraw an [[enterprise]] out of a particular [[business]] at the lowest cost and biggest gain.
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#*[[Startup pivot]]. The act of a startup quickly changing direction with its business strategy. For example, an enterprise server startup pivoting to become an enterprise cloud company.
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#*[[Harvesting]]. Exiting a venture when an entrepreneur hopes to capitalize financially on the investment in the future.
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#'''[[Sales]]'''. (1) Selling; (2) [[Enterprise effort]]s that contribute to selling; (3) The amount of [[market exchangeable]]s sold in a given period of time. The seller or the provider of the [[market exchangeable]]s completes a sale in response to an acquisition, appropriation, requisition, or a direct interaction with the buyer at the point of sale.
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#'''[[Optimization]]'''. The process of choosing the best alternative that will satisfy the needs of the stakeholders under the constraints given (e.g. cost, schedule and available technology).
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#*[[E-commerce]]. The process by which goods and services are bought and sold via the internet utilizing web sites that are virtual stores. Examples include businesses from banking to baked goods and everything on between.
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#'''[[Exit strategy]]'''. This is how startup founders get rich. It's the method by which an investor and/or entrepreneur intends to "exit" their investment in a company. Commons options are an IPO or buyout from another company. Entrepreneurs and VCs often develop an "exit strategy" while the company is still growing.
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#*[[License selling]]. A way of granting multiple people access to the same shared software application. An ERP buyer pays a one-time fee for each named or concurrent user to use the software.
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#*[[Buyout]]. A common [[exit strategy]]. The purchase of a company's shares that gives the purchaser controlling interest in the company.
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#*[[Value-added reseller]] (VAR). A reseller that adds value to an existing software product through the addition of features or services, then resells it to end users.
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#*[[Point of sale]] (POS). The time and place that a sales transaction took place. In [[ERP software]], this is normally the ability to handle retail or counter sales.
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#'''[[Market transaction]]'''. (1) A sale or procurement, lease, assignment, award by chance, any other acquisition or transfer of a [[market exchangeable]]; (2) Transmitting of funds over an electronic network or physically.
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#*[[Business-to-consumer]] (B2C). (1) A [[market transaction]] of sale in which a [[business]] sells its [[market exchangeable]]s directly to individual customers and end consumers; (2) A situation in which a [[business]] targets individual customers with its [[market exchangeable]]s.
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#*[[Business-to-business]] (B2B). (2) A [[market transaction]] of sale in which the vendor and consumer are both businesses, not end consumers; (2) A situation in which a [[business]] targets other [[business]]es with its [[market exchangeable]]s.
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#*[[Business-to-government]] (B2G). (1) A [[market transaction]] of sale in which a [[business]] sells its [[market exchangeable]]s to the government; (2) A situation in which a [[business]] targets the government with its [[market exchangeable]]s.
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#*[[Business-to-employee]] (B2E). (1) A [[market transaction]] of sale in which a [[business]] sells its [[market exchangeable]]s directly to its employees; (2) A situation in which a [[business]] targets employees with its [[market exchangeable]]s.
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#'''[[Business administration]]'''. [[Administration]] of a [[business]].
 +
#*[[Administration]]. People, process, or period of being in charge of somebody or something.
  
 
===Roles===
 
===Roles===
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#'''[[Customer]]'''. Any [[stakeholder]] who is a direct beneficiary of usage of a particular [[market exchangeable]]. Ideally, the ''product'' is designed for its [[customer]]s. Usually, [[customer]]s pay for the ''product'' as well. All ''product'' [[customer]]s are product [[consumer]]s.
 +
#*[[External customer]]. A [[customer]], such as a [[supplier]] or [[client]], beyond the boundaries of the [[enterprise]].
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#*[[Internal customer]]. A [[customer]], such as a [[top officer]], [[manager]], [[subordinate]], [[team member]] or [[coworker]], and/or other department representative, within the boundaries of the [[enterprise]].
 +
#'''[[Marketing professional]]'''. A practitioner involved in discovery, analysis, design, and development of (a) [[market]]s, (b) [[market exchangeable]]s, and (c) connection of the potential customers to the developed products.
 +
#'''[[Product owner]]'''. A person who holds the vision for the product and is responsible for maintaining, prioritizing and updating the [[product backlog]]. In [[Agile methodology]], the [[product owner]] has final [[authority]] representing the customer's interest in backlog prioritization and requirements questions. This person must be available to the team at any time, but especially during the [[Sprint planning meeting]] and the [[Sprint review meeting]]. Challenges of being a product owner: (1) Resisting the temptation to "manage" the team. The team may not self-organize in the way you would expect it to. This is especially challenging if some team members request your intervention with issues the team should sort out for itself. (2) Resisting the temptation to add more important work after a Sprint is already in progress. (3) Being willing to make hard choices during the [[sprint planning meeting]]. (4) Balancing the interests of competing stakeholders.
  
 
===Methods===
 
===Methods===
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#*[[Lean]]. Also referred to as: lean manufacturing, lean enterprise, lean production. “The core idea is to maximize customer value while minimizing waste. Simply, lean means creating more value for customers with fewer resources.” (Source: Lean Enterprise Institute) The definitions and usage of ‘lean’ vary depending on context and application. The origin of the word in business can be linked back to the 90’s. “Lean manufacturing is a management philosophy derived mostly from the Toyota Production System (TPS)”. (Source: Wikipedia) The key focus is around the reduction of waste whiling focusing on delivering value to the customer.
 
#*[[Lean]]. Also referred to as: lean manufacturing, lean enterprise, lean production. “The core idea is to maximize customer value while minimizing waste. Simply, lean means creating more value for customers with fewer resources.” (Source: Lean Enterprise Institute) The definitions and usage of ‘lean’ vary depending on context and application. The origin of the word in business can be linked back to the 90’s. “Lean manufacturing is a management philosophy derived mostly from the Toyota Production System (TPS)”. (Source: Wikipedia) The key focus is around the reduction of waste whiling focusing on delivering value to the customer.
 
#*[[Bootstrap startup]]. “Bootstrapping involves launching a business on a low budget. Practically this means that you’ll outsource (most likely offshore) your design and development, you‚’ll rent your servers, you won‚’t have an office and you’ll have no salary. Prior to launch, the only expensive professional services which you’ll buy will be your legal advice and accountancy services. Everything else, you’ll have to pick up yourself and learn as you go along.” (Source: RWW) An Example of 3 Stages of a Bootstrap (Source: Ash Maurya): 1. Ideation (Demo) 2. Valley of Death (Sell) 3. Growth (Build) Note that a bootstrap and lean startup have differences and bootstrapping does not mean spending any money. “Bootstrapping and Lean Startups are quite complementary. Both cover techniques for building low-burn startups by eliminating waste through the maximization of existing resources first before expending effort on the acquisition of new or external resources. While bootstrapping provides a strategic roadmap for achieving sustainability through customer funding (i.e. charging customers), lean startups provide a more tactical approach to achieving those goals through validated learning.” (Source: Ash Maurya)
 
#*[[Bootstrap startup]]. “Bootstrapping involves launching a business on a low budget. Practically this means that you’ll outsource (most likely offshore) your design and development, you‚’ll rent your servers, you won‚’t have an office and you’ll have no salary. Prior to launch, the only expensive professional services which you’ll buy will be your legal advice and accountancy services. Everything else, you’ll have to pick up yourself and learn as you go along.” (Source: RWW) An Example of 3 Stages of a Bootstrap (Source: Ash Maurya): 1. Ideation (Demo) 2. Valley of Death (Sell) 3. Growth (Build) Note that a bootstrap and lean startup have differences and bootstrapping does not mean spending any money. “Bootstrapping and Lean Startups are quite complementary. Both cover techniques for building low-burn startups by eliminating waste through the maximization of existing resources first before expending effort on the acquisition of new or external resources. While bootstrapping provides a strategic roadmap for achieving sustainability through customer funding (i.e. charging customers), lean startups provide a more tactical approach to achieving those goals through validated learning.” (Source: Ash Maurya)
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#'''[[Action design]]'''. A change process based on systematic collection of data and then selection of a change action based on what the analyzed data indicate.
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#'''[[Make-or-buy decision]]'''. The act of choosing between manufacturing a product in-house or purchasing it from an external supplier.
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#'''[[AIDA technique]]'''.
 
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#'''[[User feedback loop]]'''. Ideas are put in front of users, who provide their feedback, which is used to refine the design, and then the process repeats.
 
  
 
===Instruments===
 
===Instruments===
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#'''[[Business Model Canvas]]'''. “The Business Model Canvas is a strategic management template for developing new or documenting existing business models. It is a visual chart with elements describing a firm’s value proposition, infrastructure, customers, and finances. It assists firms in aligning their activities by illustrating potential trade-offs.” (Source: Wikipedia) A business model is a dynamic document that describes how your company creates, delivers and captures value. The 9 Business Model Canvas Building Blocks (Source: Business Model Generation): 1. Customer Segments 2. Value Propositions 3. Channels 4. Customer Relationships 5. Revenue Streams 6. Key Resources 7. Key Activities 8. Key Partnerships 9. Cost Structure
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#[[File:Business-model-canvas.png|400px|thumb|right|[[Business Model Canvas]]]]'''[[Business Model Canvas]]'''. “The Business Model Canvas is a strategic management template for developing new or documenting existing business models. It is a visual chart with elements describing a firm’s value proposition, infrastructure, customers, and finances. It assists firms in aligning their activities by illustrating potential trade-offs.” (Source: Wikipedia) A business model is a dynamic document that describes how your company creates, delivers and captures value. The 9 Business Model Canvas Building Blocks (Source: Business Model Generation): (1) [[customer segment]]s, (2) [[value proposition]]s, (3) [[channel]]s, (4) [[customer relationships]], (5) [[key resource]]s, (6) [[key activity|key activiti]]es, (7) [[key partnership]]s, and two summary blocks, (8) [[revenue stream]]s and (9) [[cost structure]].
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#'''[[Orientation mix]]'''.  
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#[[File:Product.png|400px|thumb|right|[[Marketable]]]]'''[[Marketable]]'''. A [[model]] representing distinguishable components of any [[market exchangeable]], which must include a [[deliverable]], [[product delivery]], and [[product charge]]. Any [[marketable]] is a combination of components of a [[market exchangeable]] that a [[business]] controls in order to influence consumers to purchase this [[market exchangeable]]. Any [[marketable]] includes a (1) [[deliverable]], which can be divided in an [[unpackaged deliverable]] and [[packaging]], (2) [[product delivery]], which may incorporate [[delivery personnel]], and (3) [[product charge]], which can be divided in a [[price]], [[financing]], and acceptable [[payment method]]s.
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#*[[Product orientation]].  
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#*[[Product delivery]]. The action of delivering [[market exchangeable]]s either ordered or for sale. [[Delivery personnel]] may be important for this ''delivery''.
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#*[[Production orientation]].
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#*[[Product charge]]. A payment asked for a [[market exchangeable]]. Not only its [[price]], but also [[financing]] and acceptable [[payment method]]s may be important for this ''charge''.
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#*[[Sales orientation]].
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#*[[Product presentation]]. The proffering or giving of a [[market exchangeable]] to its potential consumers, particularly, through product manuals, official website, and [[public relations]].
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#*[[Customer orientation]].
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#*[[Branding]].  The marketing practice of creating a name, symbol, or design that identifies and differentiates a [[market exchangeable]] from other [[market exchangeable]]s.
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#*[[Society orientation]].  
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#'''[[Purchase funnel]]'''.
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#'''[[Marketing mix]]'''.  
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#'''[[Sales funnel]]'''.
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#*[[Core product]].  
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#*[[Targeting resource]].
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#*[[Price]].  
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#*[[Conversion resource]].
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#*[[Delivery]].  
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#*[[Point-of-sale resource]].  
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#*[[Presentation]].  
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#'''[[Sales driver]]'''.  
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#*[[Promotion]].  
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#*[[Personal selling]] (or [[face-to-face selling]]). Selling in which the salesperson personally makes a sale or tries to make a sale of a [[market exchangeable]].  
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#*[[Personnel]].  
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#*[[Sales promotion]]. The techniques to urge a potential customer to buy the [[market exchangeable]]. Most of techniques such as [[money off coupon]]s, [[competition]]s, [[discount voucher]]s, [[free gift]]s, and/or [[point of sale item]]s are designed to be used as a short-term tactic to boost sales. However, some techniques such as [[loyalty card]]s are suitable as a method of building long-term customer loyalty.
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#*[[Packaging]].
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#*[[Advertising]]. The activity or profession of design, production, and commercial placement of [[advertisement]]s.
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#*[[Branding]].
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#*[[Product publicity]]. The activity or profession of design and production of [[event]]s in order to provoke the notice or attention by the media.
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#*[[Financing]].  
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#*[[Channel partnership]]. Formal or informal partnership of at least two [[legal entity|legal entiti]]es, one of which uses another one's channels in order to design, produce, or sell its [[market exchangeable]]s usually in exchange for some portion of the [[sales]]. This ''partnership'' usually incorporates a co-branding relationship.
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#'''[[Promotional mix]]'''.  
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#*[[Word-of-mouth marketing]].  
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#*[[Personal sales]].  
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#'''[[Event marketing]]''' ([[event-based marketing]]).  
−
#*[[Sales promotion]].  
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#*[[Sneak peek]].  
−
#*[[Public relations]].  
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#*[[Open house]].
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#*[[Advertising]].
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#'''[[Incubator]]'''. An organization that helps develop early stage companies, usually in exchange for equity in the company. Companies in incubators get help for things like building their management teams, strategizing their growth, etc.
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#*[[Channel partnership]].
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#*[[Ground floor]]. A reference to the beginning of a venture, or the earliest point of a startup. Generally considered an advantage to invest at this level.
 +
#'''[[Business orientation model]]'''. A model that represents concentrations of a [[business]] on one or more components of its [[market exchangeable]]s, [[process]]es, [[sales]], and/or [[market]]s and [[customer]]s.
 +
#*[[Product development model]]. Concentration of a [[business]] on one of more components of its [[market exchangeable]]s. In this ''model'', development starts with a product idea followed by months of building to deliver this idea to the [[target market]]s.
 +
#*[[Process orientation]]. Concentration of a [[business]] on one of more components of its [[process]]es.
 +
#*[[Sales orientation]]. Concentration of a [[business]] on one of more components of its [[sales]].
 +
#*[[Society orientation]]. Concentration of a [[business]] on one of more components of [[enterprise environment]]s which this ''business'' serves with its [[market exchangeable]]s.
 +
#'''[[Customer development model]]'''. Concentration of a [[business]] on one of more components of its [[target market]]s and/or specifically [[customer]]s. In this ''model'', development begins by talking to prospective customers and developing something they are interested in purchasing or using. [[Steve Blank]] and [[Eric Ries]] encourage [[startup business|startup]]s to get early and frequent customer feedback before developing their products too far (in the wrong direction). The four steps to the model are [[customer discovery]], [[customer validation]], [[customer creation]], and [[business building]].
  
 
===Results===
 
===Results===
 
#'''[[Business model]]'''. The core part of the [[strategic plan]] that suggests how an [[enterprise]] is going to make money in its [[business]]. The [[business model]] usually answers two key questions: how the enterprise is going to earn and how it is going to spend in a particular [[business]] or a group of them. Its [[competitive strategy]] may answer the question about its earning. Its [[business strategy]] may answer the question about its spending. Because an [[enterprise]] can be involved in several businesses, it can have several [[business model]]s.
 
#'''[[Business model]]'''. The core part of the [[strategic plan]] that suggests how an [[enterprise]] is going to make money in its [[business]]. The [[business model]] usually answers two key questions: how the enterprise is going to earn and how it is going to spend in a particular [[business]] or a group of them. Its [[competitive strategy]] may answer the question about its earning. Its [[business strategy]] may answer the question about its spending. Because an [[enterprise]] can be involved in several businesses, it can have several [[business model]]s.
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#*[[Model]]. An abstraction of reality, a simplified representation of some real-world phenomenon.
+
#*[[Model]]. An abstraction of reality, a simplified representation of either some real-world phenomenon or a new [[concept]] developed to convey information to a specific audience to support analysis, communication and understanding.
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#*#[[Model]](s). A representation and simplification of reality developed to convey information to a specific audience to support analysis, communication and understanding.
 
 
#*[[Business domain model]]. A conceptual view of all or part of an enterprise focusing on products, deliverables and events that are important to the mission of the organization. The domain model is useful to validate the solution scope with the business and technical stakeholders. See also model.
 
#*[[Business domain model]]. A conceptual view of all or part of an enterprise focusing on products, deliverables and events that are important to the mission of the organization. The domain model is useful to validate the solution scope with the business and technical stakeholders. See also model.
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#'''[[Business architecture]]'''. A subset of the [[enterprise architecture]] that defines a business' current and future state, including its strategy, its goals and objectives, the internal environment through a process or functional view, the external environment in which the business operates, and the stakeholders affected by the business' activities.
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#'''[[Product scope]]'''. The features and functions that characterize a product, service or result.
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#*[[Scope]]. (1) The extent of the area and/or subject matter that somebody or something deals with or to whom or which it is relevant; (2) The opportunity or possibility to do or deal with something. In [[project management]], two different [[scope]]s, (a) [[product scope]] and (b) [[project scope]], are widely used.
 +
#*[[Scope model]]. A model that defines the boundaries of a business domain or solution.
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#*[[Scope statement]]. The scope statement provides a documented basis for making future project decisions and for confirming or developing common understanding of project scope among the stakeholders. As the project progresses, the scope statement may need to be revised or refined to reflect approved changes to the scope of the project.
 +
#'''[[Business architecture]]'''. A subset of the [[enterprise architecture]] that defines a business' current and future state, including its strategy, its goals and objectives, the [[internal environment]] through a process or functional view, the [[external environment]] in which the [[business]] operates, and the [[stakeholder]]s affected by the business' activities.
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#*[[Business portfolio]]. The collection of [[market exchangeable]]s provided by one [[strategic business unit]]. Many businesses will engage in business portfolio analysis as part of their strategic planning efforts by categorizing the products they offer by relative competitive position and rate of sales growth.
  
 
===Practices===
 
===Practices===
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*[[Capital]]. Monetary assets currently available for use. Entrepreneurs raise capital to start a company and continue raising capital to grow the company.
 
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*[[Client]] (or [[Customer]]). The person or group of people who are the direct beneficiary of a particular product or service. Idealy, these are the people for whom the product is designed.
 
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*[[Concierge minimum viable product]] (CMVP). A manual service simulating the same exact steps people would go through with a final product.
 
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*[[Deliverable]]. A tangible outcome produced by a project. Internal deliverables are created by a project and are used by the company itself. External deliverables are created for clients, stakeholders, or customers. A single project can create many sets of deliverables.
 
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*[[Deployment]]. Introduction of a new activity, procedure, or program to an organization.
 
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*[[Disruption]]. Also known as disruptive innovation. An innovation or technology is disruptive when it "disrupts" an existing market by doing things such as: challenging the prices in the market, displacing an old technology, or changing the market audience. “An innovation that helps create a new market and value network, and eventually goes on to disrupt an existing market and value network (over a few years or decades), displacing an earlier technology. The term is used in business and technology literature to describe innovations that improve a product or service in ways that the market does not expect, typically first by designing for a different set of consumers in the new market and later by lowering prices in the existing market.” (Source: Wikipedia) The term ‘disruptive technologies’ was coined by Clayton M. Christensen and articulated in his book The Innovator’s Dilemma. The term ‘disruption’ is now often used by startups to describe any product or idea that may change existing markets or products (planned or unplanned). However to be used correctly it should link to Christensen’s original theory. The confusion is best explained here. An example is the disruption Wikipedia caused to the Encyclopedia market.
 
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*[[Dogfooding]]. A company showing confidence in their own product by using it themselves. Derived from the expression “eating your own dog food.”
 
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*[[Due diligence]]. An analysis an investor makes of all the facts and figures of a potential investment. Can include an investigation of financial records and a measure of potential ROI.
 
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*[[Elevator pitch]]. “An elevator pitch is a concise, carefully planned, and well-practiced description about your company that your mother should be able to understand in the time it would take to ride up an elevator.” (Source: Business Know How) Being able to pitch your idea is crucial for entrepreneurs and valuable in any formal or informal networking situation. It allows you to quickly describe your concept to anyone in a short period of time, including potential partners or investors.
 
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*[[Enterprise]]. The term enterprise typically refers to a company or business (i.e. an enterprise tech startup is a company that is building technology for businesses).
 
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*[[Equity]]. “In finance, equity is ownership in any asset after all debts associated with that asset are paid off.” (Source: Investopedia) Equity = Assets minus Liabilities. In terms of startup, it is commonly used to describe a business giving up a percentage of ownership in exchange for cash. An equity investor is then entitled to share in any future profits and/or sale of business assets (after debts are paid off).
 
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*[[Functional requirement]]. Particular behavior or metric to judge the operation of a system.
 
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*[[Ground floor]]. A reference to the beginning of a venture, or the earliest point of a startup. Generally considered an advantage to invest at this level.
 
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*[[Incubator]]. An organization that helps develop early stage companies, usually in exchange for equity in the company. Companies in incubators get help for things like building their management teams, strategizing their growth, etc.
 
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*[[IPO]]. Initial public offering. The first time shares of stock in a company are offered on a securities exchange or to the general public. At this point, a private company turns into a public company (and is no longer a startup).
 
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*[[Iteration]]. Each phase of agile development is referred to as an iteration.  Iterations are short time frames granted to deliver sets of features. Each iteration generally contains activities such as analysis, design, development, and testing.
 
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*[[Lead investor]]. A venture capital firm or individual investor that organizes a specific round of funding for a company. The lead investor usually invests the most capital in that round. Also known as "leading the round."
 
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*[[Liquidation]]. The process of dissolving a company by selling off all of its assets (making them liquid).
 
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*[[Milestone]]. A scheduled event to mark the completion of a major element of a product. Milestones are flags to signify that some amount of work has been completed.
 
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*[[Minimum viable product]] (MVP). A low-cost prototype that measures if an idea attracts interest. (see 6 Steps to Building an MVP to learn more)
 
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*[[MVP]]. Minimum Viable Product. A minimum viable product (MVP) is the "version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort" (similar to a pilot experiment)
 
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*[[Non-disclosure agreement]] (NDA). Non-disclosure agreement. An agreement between two parties to protect sensitive or confidential information, such as trade secrets, from being shared with outside parties.
 
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*[[Piecemeal minimum viable product (PMVP)]]. A functioning model of a product that takes advantage of existing tools and services in order to emulate the user experience process.
 
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*[[Pivot]]. The act of a startup quickly changing direction with its business strategy. For example, an enterprise server startup pivoting to become an enterprise cloud company.
 
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*[[Portfolio company]]. A company that a specific Venture Capital firm has invested in is considered a "portfolio company" of that firm.
 
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*[[Preferred stock]]. A stock that carries a fixed dividend that is to be paid out before dividends carried by common stock.
 
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*[[Production environment]]. A term describing the setting where a product is put into use by customers on a regular basis.
 
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*[[Proof of concept]]. A demonstration of the feasibility of a concept or idea that a startup is based on. Many VCs require proof of concept if you wish to pitch to them.
 
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*[[Quality assurance]] (QA). The process of determining whether or not a product meets required specifications and customer expectations.
 
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*[[Release]]. A functional product sent to customers.
 
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*[[Requirement]]. Descriptions of the qualities, traits, abilities and specifications that a product ought to possess.
 
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*[[Roadmap]]. A strategic plan to create a product or complete a project. A roadmap describes the individual steps required to meet a set of goals or objectives. (see Startup Land: A Roadmap for Entrepreneurs for more info)
 
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*[[ROI]]. This is the much-talked-about "return on investment." It's the money an investor gets back as a percentage of the money he or she has invested in a venture. For example, if a VC invests $2 million for a 20 percent share in a company and that company is bought out for $40 million, the VC's return is $8 million.
 
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*[[Round]]. Startups raise capital from VC firms in individual rounds, depending on the stage of the company. The first round is usually a Seed round followed by Series A, B, and C rounds if necessary. In rare cases rounds can go as far as Series F, as was the case with Box.net.
 
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*[[SaaS]]. Software as a service. A software product that is hosted remotely, usually over the internet (a.k.a. "in the cloud").
 
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*[[Sandbox]]. An environment or location where experimentation is acceptable, without consequences for failure.
 
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*[[Scrum]]. An iterative product development method, often introduced to manage software development projects. In scrum-based projects, the team is self-directed with no specified project manager and a high level of communication is maintained between team members. (see 5 Hacks for Non-Technical Founders)
 
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*[[Sector]]. The market that a startup companies product or service fits into. Examples include: consumer technology, cleantech, biotech, and enterprise technology. Venture Capitalists tend to have experience investing in specific related sectors and thus tend not to invest outside of their area of expertise.
 
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*[[Seed]]. The seed round is the first official round of financing for a startup. At this point a company is usually raising funds for proof of concept and/or to build out a prototype and is referred to as a "seed stage" company.
 
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*[[Series]]. Refers to the specific round of financing a company is raising. For example, company X is raising their Series A round.
 
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*[[Specification]]. The exact customer needs that must be satisfied by a product in order for that product to be considered a success.
 
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*[[Sprint]]. A set time period during which milestones must be reached and work must be completed and ready for review.
 
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*[[Stage]]. The stage of development a startup company is in. There is no explicit rule for what defines each stage of a company, but startups tend to be categorized as seed stage, early stage, mid-stage, and late stage. Most VCs firms only invest in companies in one or two stages. Some firms, however, manage multiple funds geared toward different stage companies.
 
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*[[Startup]]. A startup company is a company in the early stages of operations. Startups are usually seeking to solve a problem of fill a need, but there is no hard-and-fast rule for what makes a startup. A company is considered a startup until they stop referring to themselves as a startup.
 
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*[[Story point]]. A measurement used by scrum teams to determine how much effort is required to achieve a goal.
 
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*[[Technical requirement]]. A set of technical properties that a product must fulfill.
 
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*[[Term sheet]]. A non-binding agreement that outlines the major aspects of an investment to be made in a company. A term sheet sets the groundwork for building out detailed legal documents.
 
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*[[User experience]]. The overall experience of an individual using a given product, often discussed in terms of the easiness or difficulties with this experience.
 
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*[[Valuation]]. The process by which a company's worth or value is determined. An analyst will look at capital structure, management team, and revenue or potential revenue, among other things.
 
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*[[Venture capital]] (VC). Money provided by venture capital firms to small, high-risk, startup companies with major growth potential.
 
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*[[Venture capitalist]]. An individual investor, working for a venture capital firm, that chooses to invest in specific companies. Venture capitalists typically have a focused market or sector that they know well and invest in.
 
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*[[Version control]]. The task of organizing a system or product containing many versions.
 
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*[[Vesting]]. When an employee of a company gains rights to stock options and contributions provided by the employer. The rights typically gain value (vest) over time until they reach their full value after a pre-determined amount of time. For example, if an employee was offered 200 stock unites over 10 years, 20 units would vest each year. This gives employees an incentive to perform well and stay with the company for a longer period of time.
 
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*[[Waterfall methodology]]. A product life cycle strategy including Analysis, Design, Development, Testing, and Deployment phases.
 
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*[[Wireframe]]. A representation of the virtual framework of a website. Wireframes allow people to easily arrange elements to optimize ease of use.
 
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*[[Wizard of Oz minimum viable product (WoOMVP)]]. A version of a product that looks functional, but it actually operated by a human behind the scenes, granting the appearance of automation.
 
  
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''The successor lecture is [[Chief Execution Quarter]].''
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''[[Project Management Quarter]] is the successor lecture. In the [[enterprise envisioning]] series, the next lecture is [[Effort Engineering Quarter]].''
  
 
==Materials==
 
==Materials==
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==See also==
 
==See also==
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[[Category:Septem Artes Administrativi]][[Category:Lecture notes]]

Latest revision as of 17:16, 6 May 2023

Business Modeling Quarter (hereinafter, the Quarter) is a lecture introducing the learners to product design primarily through key topics related to business modeling. The Quarter is the third of four lectures of Business Quadrivium, which is the second of seven modules of Septem Artes Administrativi (hereinafter, the Course). The Course is designed to introduce the learners to general concepts in business administration, management, and organizational behavior.


Outline

Business Analysis Quarter is the predecessor lecture. In the enterprise envisioning series, the previous lecture is Enterprise Architecture Quarter.

Concepts

  1. Product engineering. The application of scientific principles to designing and/or modifying the market exchangeable.
  2. Product vision statement. A brief statement or paragraph that describes the why, what, and who of the desired software product from a business point of view.
    • Product vision statement. a high-level description of a product which includes who it is for, why it is necessary and what differentiates it from similar products.
    • Feature. A cohesive bundle of externally visible functionality that should align with business goals and objectives. Each feature is a logically related grouping of functional requirements or non-functional requirements described in broad strokes.
    • Defect. A deficiency in a product or service that reduces its quality or varies from a desired attribute, state, or functionality. See also requirements defect.
  3. Product lifecycle
    Product lifecycle. The cycle through which market exchangeables tend to go through from their introduction to withdrawal or eventual demise.
    • Lifecycle. Important phases in the development of a system from initial concept through design, testing, use, maintenance, to retirement.
  4. Marketing.
  5. Market engineering. The application of scientific principles to segmenting and/or development of the market.
  6. Segmentation base. A customer characteristic used to define market segments.
    • Demographic segment. A group of potential customers who share some biographical characteristics such as age, gender, income, education, socioeconomic status, family size, or marital situation.
    • Geographic segment. A group of potential customers who share their physical location or region such as continent, country, state, town or city, suburb, area, postcode, etc.
    • Social segment. A group of potential customers who share lifestyle, behavior, and/or social affiliation characteristics.
    • Historical segment. A group of existing and/or former customers of the enterprise with similar buying behavior.
    • Situational segment. A group of potential customers whose behavior change based on context and situation such as seasonal promotions.
  7. Business strategy. A strategy that determines the behavior of the enterprise on a particular segment of its market.
  8. Sales. (1) Selling; (2) Enterprise efforts that contribute to selling; (3) The amount of market exchangeables sold in a given period of time. The seller or the provider of the market exchangeables completes a sale in response to an acquisition, appropriation, requisition, or a direct interaction with the buyer at the point of sale.
    • E-commerce. The process by which goods and services are bought and sold via the internet utilizing web sites that are virtual stores. Examples include businesses from banking to baked goods and everything on between.
    • License selling. A way of granting multiple people access to the same shared software application. An ERP buyer pays a one-time fee for each named or concurrent user to use the software.
    • Value-added reseller (VAR). A reseller that adds value to an existing software product through the addition of features or services, then resells it to end users.
    • Point of sale (POS). The time and place that a sales transaction took place. In ERP software, this is normally the ability to handle retail or counter sales.
  9. Market transaction. (1) A sale or procurement, lease, assignment, award by chance, any other acquisition or transfer of a market exchangeable; (2) Transmitting of funds over an electronic network or physically.
  10. Business administration. Administration of a business.
    • Administration. People, process, or period of being in charge of somebody or something.

Roles

  1. Customer. Any stakeholder who is a direct beneficiary of usage of a particular market exchangeable. Ideally, the product is designed for its customers. Usually, customers pay for the product as well. All product customers are product consumers.
  2. Marketing professional. A practitioner involved in discovery, analysis, design, and development of (a) markets, (b) market exchangeables, and (c) connection of the potential customers to the developed products.
  3. Product owner. A person who holds the vision for the product and is responsible for maintaining, prioritizing and updating the product backlog. In Agile methodology, the product owner has final authority representing the customer's interest in backlog prioritization and requirements questions. This person must be available to the team at any time, but especially during the Sprint planning meeting and the Sprint review meeting. Challenges of being a product owner: (1) Resisting the temptation to "manage" the team. The team may not self-organize in the way you would expect it to. This is especially challenging if some team members request your intervention with issues the team should sort out for itself. (2) Resisting the temptation to add more important work after a Sprint is already in progress. (3) Being willing to make hard choices during the sprint planning meeting. (4) Balancing the interests of competing stakeholders.

Methods

  1. Lean startup. “Lean startup is a term coined and trade marked by Eric Ries. His method advocates the creation of rapid prototypes designed to test market assumptions, and uses customer feedback to evolve them much faster than via more traditional product development practices, such as the Waterfall model. It is not uncommon to see Lean Startups release new code to production multiple times a day, often using a practice known as Continuous Deployment.” (Source: Wikipedia) You should note the slight differences between lean and bootstrapping. “Bootstrapping provides a strategic roadmap for achieving sustainability through customer funding (i.e. charging customers), lean startups provide a more tactical approach to achieving those goals through validated learning.” (Source: Ash Maurya) An Example of 3 Stages of a Lean Startup (Source: Ash Maury): 1. Customer Discover (Problem/Solution Fit) 2. Customer Validation (Product/Market Fit) 3. Customer Creation (Scale) Note that a bootstrap and lean startup have differences and bootstrapping does not mean spending any money.
    • Lean. Also referred to as: lean manufacturing, lean enterprise, lean production. “The core idea is to maximize customer value while minimizing waste. Simply, lean means creating more value for customers with fewer resources.” (Source: Lean Enterprise Institute) The definitions and usage of ‘lean’ vary depending on context and application. The origin of the word in business can be linked back to the 90’s. “Lean manufacturing is a management philosophy derived mostly from the Toyota Production System (TPS)”. (Source: Wikipedia) The key focus is around the reduction of waste whiling focusing on delivering value to the customer.
    • Bootstrap startup. “Bootstrapping involves launching a business on a low budget. Practically this means that you’ll outsource (most likely offshore) your design and development, you‚’ll rent your servers, you won‚’t have an office and you’ll have no salary. Prior to launch, the only expensive professional services which you’ll buy will be your legal advice and accountancy services. Everything else, you’ll have to pick up yourself and learn as you go along.” (Source: RWW) An Example of 3 Stages of a Bootstrap (Source: Ash Maurya): 1. Ideation (Demo) 2. Valley of Death (Sell) 3. Growth (Build) Note that a bootstrap and lean startup have differences and bootstrapping does not mean spending any money. “Bootstrapping and Lean Startups are quite complementary. Both cover techniques for building low-burn startups by eliminating waste through the maximization of existing resources first before expending effort on the acquisition of new or external resources. While bootstrapping provides a strategic roadmap for achieving sustainability through customer funding (i.e. charging customers), lean startups provide a more tactical approach to achieving those goals through validated learning.” (Source: Ash Maurya)
  2. Make-or-buy decision. The act of choosing between manufacturing a product in-house or purchasing it from an external supplier.

Instruments

  1. Business Model Canvas
    Business Model Canvas. “The Business Model Canvas is a strategic management template for developing new or documenting existing business models. It is a visual chart with elements describing a firm’s value proposition, infrastructure, customers, and finances. It assists firms in aligning their activities by illustrating potential trade-offs.” (Source: Wikipedia) A business model is a dynamic document that describes how your company creates, delivers and captures value. The 9 Business Model Canvas Building Blocks (Source: Business Model Generation): (1) customer segments, (2) value propositions, (3) channels, (4) customer relationships, (5) key resources, (6) key activities, (7) key partnerships, and two summary blocks, (8) revenue streams and (9) cost structure.
  2. Marketable
    Marketable. A model representing distinguishable components of any market exchangeable, which must include a deliverable, product delivery, and product charge. Any marketable is a combination of components of a market exchangeable that a business controls in order to influence consumers to purchase this market exchangeable. Any marketable includes a (1) deliverable, which can be divided in an unpackaged deliverable and packaging, (2) product delivery, which may incorporate delivery personnel, and (3) product charge, which can be divided in a price, financing, and acceptable payment methods.
  3. Purchase funnel.
  4. Sales funnel.
  5. Sales driver.
  6. Event marketing (event-based marketing).
  7. Incubator. An organization that helps develop early stage companies, usually in exchange for equity in the company. Companies in incubators get help for things like building their management teams, strategizing their growth, etc.
    • Ground floor. A reference to the beginning of a venture, or the earliest point of a startup. Generally considered an advantage to invest at this level.
  8. Business orientation model. A model that represents concentrations of a business on one or more components of its market exchangeables, processes, sales, and/or markets and customers.
  9. Customer development model. Concentration of a business on one of more components of its target markets and/or specifically customers. In this model, development begins by talking to prospective customers and developing something they are interested in purchasing or using. Steve Blank and Eric Ries encourage startups to get early and frequent customer feedback before developing their products too far (in the wrong direction). The four steps to the model are customer discovery, customer validation, customer creation, and business building.

Results

  1. Business model. The core part of the strategic plan that suggests how an enterprise is going to make money in its business. The business model usually answers two key questions: how the enterprise is going to earn and how it is going to spend in a particular business or a group of them. Its competitive strategy may answer the question about its earning. Its business strategy may answer the question about its spending. Because an enterprise can be involved in several businesses, it can have several business models.
    • Model. An abstraction of reality, a simplified representation of either some real-world phenomenon or a new concept developed to convey information to a specific audience to support analysis, communication and understanding.
    • Business domain model. A conceptual view of all or part of an enterprise focusing on products, deliverables and events that are important to the mission of the organization. The domain model is useful to validate the solution scope with the business and technical stakeholders. See also model.
  2. Product scope. The features and functions that characterize a product, service or result.
    • Scope. (1) The extent of the area and/or subject matter that somebody or something deals with or to whom or which it is relevant; (2) The opportunity or possibility to do or deal with something. In project management, two different scopes, (a) product scope and (b) project scope, are widely used.
    • Scope model. A model that defines the boundaries of a business domain or solution.
    • Scope statement. The scope statement provides a documented basis for making future project decisions and for confirming or developing common understanding of project scope among the stakeholders. As the project progresses, the scope statement may need to be revised or refined to reflect approved changes to the scope of the project.
  3. Business architecture. A subset of the enterprise architecture that defines a business' current and future state, including its strategy, its goals and objectives, the internal environment through a process or functional view, the external environment in which the business operates, and the stakeholders affected by the business' activities.

Practices

Project Management Quarter is the successor lecture. In the enterprise envisioning series, the next lecture is Effort Engineering Quarter.

Materials

Recorded audio

Recorded video

Live sessions

Texts and graphics

See also

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