CORPORATE ENTREPRENEURSHIP AND BUSINESS MODEL INNOVATION

MGT731_06_Market-driven_scu.pptx

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Market-driven corporate entrepreneurship and business model innovation MGT731 Corporate Entrepreneurship and Business Model Innovation Course Coordinator: Dr Robert Ogulin Course Facilitator: Prof Uwe Schulz PhD

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3 The changing role of the customer and the basics of customer-centric business models

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The New Rules of Customer Experience (CX) Business model value extends and includes the consumer Business model activity is more transparent and visible Business model activities are connected with a wide range of stakeholders 4 https://www.pwc.com.au/consulting/assets/changing-the-game-report.pdf accessed 20/10/2019

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Content Channels to reach to the right customer segment Service Innovation Co-creation of Value 5

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Customer-Centric Strategies Trends: Achieve Customer Intimacy Through Distinct Customer Segments and Channels What are their business needs, and how they see you & your competition’s offerings answering those needs Where could you improve your “product/service/image” in order to win their business? What kinds of purchasing processes are appropriate How they plan to do business with their vendors in the future Do they prefer e-business and e-commerce for their current or future purchasing activity Do they like your pricing, bundling, service and support? 6

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Customer-Centric Strategies Trends: Delivering the Right Value Proposition Understand the value of your product/service to the customer Correlate their behavior to “needs-based” segments defined by sales volume Understand how a customer segment buys Price, Innovation, or Convenience What differentiates you from your competitors? What are they selling and to whom? Outline financial and non-financial benefits There are clear-cut savings and those that can be realized if this is implemented 7

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Customer-Centric Strategies Trends: Integrate with Sales and Marketing Channel strategy must to be dynamic, flexible, easy to modify & refine Develop channel recommendations with sales (S&OP) Determine who to partner with & with how many Develop distinct revenue streams, e.g. promotion/pricing Create realistic performance metrics, including cost, revenue & profit projections 8

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TRADITIONAL role of Channel Intermediaries 9 Wholesaler or Retailer With Intermediaries P1 P2 P3 P4 C1 C2 C3 Milk P1 Bread P2 ShampooP3 Soap P4 C1 C2 C3 With out Intermediaries Reducing Transaction Costs

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What is the emerging Role of Channel Intermediaries? Access to and relationship with customers, e.g. established list of stockists . Access and relationship to expert resources and platforms, e.g. product demonstration, after-sales service. Intermediaries that hold inventory provide inventory buffers for the supply chain network. Hedge against demand fluctuations for the manufacturers. Financing partners, e.g. payment terms. 10

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Customer-Centric Strategies Trends: Build Relationship Customer focus and appropriate responses drive innovation of go-to market strategies highlight distinct channel benefits through integrated approaches, create significant growth (and help to stay out of the “no-profit zone”) 11

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Example: Dell Direct Dell opened a new channel, targeted the “expert market” sold thru 1-800 number. Direct marketing cut out the channel fat piggybacked upon IBM open architecture Revenue streams: fostered a new age of price competition. Priced 20 to 30% below IBM, and did this consistently Distinctly different capabilities compared to established companies e.g. H-P and IBM investment in R&D, advertising and sales force support, sold through multi-tiered distribution channel partners. depended upon dealer service and support 12

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Key Learning: Integrated Channel and Pricing Strategy Channel decisions must always go hand-in-hand with segmentation, pricing and other elements of the marketing mix. Dell’s direct was possible because it was an integrated strategy Right customer segment identification Direct marketing, no cost for distribution or salesforce No advertising Thus, a lower price could be delivered to the price sensitive target consumer. 13

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Service Innovation 14

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Value Migration Towards Consumer In today’s economy, businesses need to continuously reinvent themselves in order to adapt to increasingly complex and dynamic market realities. (Coates 2009). Standardisation makes it hard for companies to differentiate themselves from competitors (avoid ‘non profit zone’). Today, markets are more fragmented; consumers have unprecedented access to information and networks. 15

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or in 2 words: ‘intangibles matter’ Or in 3 lines Source: Schulz, U., 2014, “Innovation Management – Strategies for Success and Sustainability”, Distinguished Colloquium, Nanyang Technical University, Nanyang Technopreneurship Center , Singapore 2014

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Let’s Remained us why Services are Important to us 17 Source: http ://documents.worldbank.org/curated/ en /454041468780615049/pdf/2489402nd0edition0Beyond0economic0growth.pdf

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Service Businesses Enjoy Higher Margins and Improved Cash Generation Source: https://www.bain.com/contentassets/130bd4f3cf94483f936eaf6e786ad84e/bainbrief_wachstumsmotor_service_2010.pdf

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The Notion of Servitization Source: Schulz, U., 2014, “Innovation Management – Strategies for Success and Sustainability”, Distinguished Colloquium, Nanyang Technical University, Nanyang Technopreneurship Center , Singapore 2014

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Let’s review some cases from Switzerland Draw your attention on the product-service-mix

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Case: Bossard Source: http://www.bossard.com/en/ style.visibility

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Case: Bossard Why would a customer turn to Bossard ? Source: http://www.bossard.com/en/

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This is not new thinking

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{5C22544A-7EE6-4342-B048-85BDC9FD1C3A} Analysis of 24 companies in German speaking Europe The authors would like to acknowledge the 24 businesses that took part in the study, the support from the Roland Berger with undertaking the survey and the financial support from Lucerne University of Applied Sciences and Arts. Dr Shaun West Lecturer for Industrial Service Innovation Lucerne University of Applied Sciences and Arts Sven Siepen Partner Roland Berger, Zurich Dr Philipp Schmitt Senior Consultant Roland Berger, Zurich

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24 Companies of Engineered Products

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{5C22544A-7EE6-4342-B048-85BDC9FD1C3A} Rationale: To identify the organizational intensity and the service specificity of the businesses The Degree of Service Cultures were Estimated from the Publicly Available Data and From Interviews Mathieu

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Business Performance Based on Organisational Intensity ( Mathieu ) Provided Interesting Results There was significant scatter with the ‘Strategic’ business Separation seen between the ‘Tactical’ and the ‘Cultural’

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What Contributed t o t he Scatter with the ‘Strategic’ Businesses? Service paradox issues ( Gebauer , 2005) Different stages of service development Different customer markets; business type/business models; and, business cycles Interviews provided some evidence that the better performers approached service as a process and had a range of strategic tools and KPIs (strategic & operational) Analysis Gebauer : https://www.researchgate.net/publication/223703223_Overcoming_the_Service_Paradox_in_Manufacturing_Companies

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Service Dominant Logic (SDL) Is concerned with value-in-use (not value in owning). The roles of producers and consumers are not distinct. Value is always co-created between producers and consumers. Thus, value is co-created through the combined efforts of firms, customers, employees, government agencies, stakeholders and other entities related to any given exchange ( network ), but is always determined by the beneficiary (e.g. customer, and not the supplier). 29

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Co-Creation of Value 30

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Co-Creation of Value Occurs whenever consumers interact with companies or products and thereby have an active role in the shaping of their experience and ultimately value perception. Co-creation between firms and customers, as well as production and consumption, is about tapping successfully into the collective intelligence of consumers. Co-creation as an active, creative and social process entails: Connections: interactions between people, such as companies and customers, not interactions between consumers and products only. Collaboration, rather than just involvement. Co-creativity, not simply co-construction or co-production. 31

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The Impact of Co-Creation on the Customer From Passive buyers Listening Consumers as buyers Researching need. Reliance on experts. To Active agents Dialogue Consumers as resources Understanding experiences Consumer knowledge 32

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Example: Film Industry 33

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The Basic Transformation in Value Creation 34 C.K. Prahalad , Venkat Ramaswamy , Co-creation experiences: The next practice in value creation, Journal of Interactive Marketing, Volume 18, Issue 3, 2004, Pages 5-14

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Co-Creation 35 Source: MOHANBIR SAWHNEY, GIANMARIO VERONA, AND EMANUELA PRANDELLI (2005)COLLABORATING TO CREATE: THE INTERNET AS A PLATFORM FORCUSTOMER ENGAGEMENT IN PRODUCT INNOVATIONJOURNAL OF INTERACTIVE MARKETING VOLUME 19 / NUMBER 4 / AUTUMN 2005 Key differences between Customer collaboration in Physical and virtual Environments

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What Co-Creation is NOT Ramaswamy (2005) list what co-creation is NOT about, including: Customer focus. Customer is king, or customer is always right. Delivering good customer service or pampering the customer with lavish customer service. Mass customisation of offering that suits the industry’s supply chain. Transfer of activities from the firm to the customer as in self service. Customer as product manager. Product variety. Segment of one. Voice of the customer. Meticulous market research. Staging experiences. Total quality management of products/services. Knowledge management. Co-developing new products and services. 36 C.K. Prahalad , Venkat Ramaswamy , Co-creation experiences: The next practice in value creation, Journal of Interactive Marketing, Volume 18, Issue 3, 2004, Pages 5-14

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Roles for Making Customer-Centric Business Models Happen 37 https://www.pwc.com.au/consulting/assets/changing-the-game-report.pdf accessed 20/10/2019

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Example: Co-Creation at Ducati 38 MOHANBIR SAWHNEY, GIANMARIO VERONA, AND EMANUELA PRANDELLI (2005) COLLABORATING TO CREATE: THE INTERNET AS A PLATFORM FOR CUSTOMER ENGAGEMENT IN PRODUCT INNOVATIONJOURNAL OF INTERACTIVE MARKETING VOLUME 19 / NUMBER 4 / AUTUMN 2005

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Example: Co-Creation at Eli Lilly 39 MOHANBIR SAWHNEY, GIANMARIO VERONA, AND EMANUELA PRANDELLI (2005) COLLABORATING TO CREATE: THE INTERNET AS A PLATFORM FOR CUSTOMER ENGAGEMENT IN PRODUCT INNOVATIONJOURNAL OF INTERACTIVE MARKETING VOLUME 19 / NUMBER 4 / AUTUMN 2005

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What are customer-centric business model innovations? 40

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Customer-Aligned Business Model Innovation Starts with the Customer and Develops a ‘Response’ and Related Capabilities from There External market dynamics, forces, and trends The firm’s strategic response to the market conditions Internal capabilities to execute this desired alignment Formulation of Corporate Strategy Execution of Corporate Strategy Leadership styles and models Information Systems Strategic Response Capabilities Shapes culture & drives strategy Capabilities to implement strategy Drive strategy Leadership The Market/ Customer Gattorna , J. (2009). Dynamic Supply Chain Alignment : A New Business Model for Peak Performance in Enterprise Supply Chains Across All Geographies. Farnham, Surrey, GBR, Ashgate Publishing Group.

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Same as Business Models The Customer & Consumers are Increasingly Empowered to Drive Market-and Customer-driven Business Models. 42 Source: https://www.accenture.com/t20150523t062515__w__/it-it/_acnmedia/accenture/conversion-assets/microsites/documents4/accenture-the-customer-centric-insurer-in-the-digital-era.pdf accessed 23/10/2019

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Example 43 Source: https://www.accenture.com/t20150523t062515__w__/it-it/_acnmedia/accenture/conversion-assets/microsites/documents4/accenture-the-customer-centric-insurer-in-the-digital-era.pdf accessed 23/10/2019

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Example (Cont’d): What Customers Increasingly Demand of Insurance Companies Drive Business Model Innovation. Be at least as digital as they are. Recognize them, always and across all channels (and not as mere policy numbers). Listen to them and remember what they say (to take it into account in any subsequent interactions or relationships, as appropriate). Be there to support and help them when they need it, 24/7. Engage with them with the frequency of interaction they consider appropriate, through the channels they prefer, and in ways which are tuned to their personality and the specific situation. Make the interactions easy, consistent, convenient and enjoyable across all channels. Empower them and let them be in control, and be able to satisfy their needs when, where, and how they like. Offer them relevant products and services with transparent and convenient pricing structures. Develop customized solutions which reflect their inputs and requirements, preferences, circumstances and previous interactions, at prices and conditions which are right for them. Recognize and reward their loyalty. 44 Source: https://www.accenture.com/t20150523t062515__w__/it-it/_acnmedia/accenture/conversion-assets/microsites/documents4/accenture-the-customer-centric-insurer-in-the-digital-era.pdf accessed 23/10/2019

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Therefore, the Traditional View of Value Creation is no Longer Sufficient. 45 C.K. Prahalad , Venkat Ramaswamy , Co-creation experiences: The next practice in value creation, Journal of Interactive Marketing, Volume 18, Issue 3, 2004, Pages 5-14

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Insurance Companies Today 46 Source: https://www.accenture.com/t20150523t062515__w__/it-it/_acnmedia/accenture/conversion-assets/microsites/documents4/accenture-the-customer-centric-insurer-in-the-digital-era.pdf accessed 23/10/2019

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The Location/Focus (Sometime also Called the “Center of Gravity” *) of Value Creation is Shifting. 47 * See for example: Christopher, M. and Holweg , M. (2017), "Supply chain 2.0 revisited: a framework for managing volatility-induced risk in the supply chain", International Journal of Physical Distribution & Logistics Management , Vol. 47 No. 1, pp. 2-17.

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New Business Model Creation and Entrepreneurship must Engage the Customer Consumer as we Move from Physical to Virtual Environments. 48 Mohanbir Sawhney, Gianmario Verona, Emanuela Prandelli , Collaborating to create: The Internet as a platform for customer engagement in product innovation, Journal of Interactive Marketing, Volume 19, Issue 4, 2005, Pages 4-17 Key differences between Customer collaboration in Physical and virtual Environments

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Possible New Customer-Driven Strategies and Capabilities for Insurance 49 Source: https://www.accenture.com/t20150523t062515__w__/it-it/_acnmedia/accenture/conversion-assets/microsites/documents4/accenture-the-customer-centric-insurer-in-the-digital-era.pdf accessed 23/10/2019

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Customer-Centric Business Model Innovation 50 Source: https://www.accenture.com/t20150523t062515__w__/it-it/_acnmedia/accenture/conversion-assets/microsites/documents4/accenture-the-customer-centric-insurer-in-the-digital-era.pdf accessed 23/10/2019 Insurers can deploy their existing superior analytics skills (actuarial science) to the larger pools of available data, exploiting computing power and artificial intelligence to refine their strategies and drive business results.

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Possible Customer-Centric Business Models in: Insurance Achieved by Segmenting and Aligning 51 Source: https://www.accenture.com/t20150523t062515__w__/it-it/_acnmedia/accenture/conversion-assets/microsites/documents4/accenture-the-customer-centric-insurer-in-the-digital-era.pdf accessed 23/10/2019

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Discuss Discuss the market and customer-driven characteristics of Uber, EBay , Spotify, Amazon, Stayz , Woolworths, Apple. What kind of need did these innovators identify? How did they go about it to disrupt/challenge existing business models? (refer to the framework of Disruptive Innovation here) What specific capabilities did they develop? (refer to the BMC here) 52

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Summary Service value is now more important than product value Co-creation of value is important for service system design. Approaches should consider Service-Dominant-Logic (SDL). ICT enabler for how organisations can co-create value with users. Users are seeking personalised experiences that are derived from relationships rather than products/services. Users are seeking organisations that allow them to create experience where they can be actively involved and are personally meaningful to them. Users are more interconnected and intelligent. 53

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Large-scale quantitative studies suggest that there is a U-shaped relationship between servitization and performance, so that a positive impact emerges only if a company provides extensive services (Fang et al., 2008;Suarez et al., 2013). The so-called servitization paradox ( Gebauer et al., 2005 ( Gebauer et al., , 2012 suggests that firm performance decreases because of the difficulties linked to implementing servitization : lack of suitable skills for managing services, an inappropriate culture, and lack of organizational design and information technology ( Gebauer et al., 2008;Neu and Brown, 2008;Oliva and Kallenberg , 2003). Services generally require flexibility and heterogeneity, whereas traditional manufacturing organizations tend to focus on normalization and productivity (Bowen et al., 1989;Visnjic and Van Looy , 2012) 28

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Market- and/or customer driven business models start with identifying and resolving a customer problem/opportunity and align all else towards this goal. 41

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The role of technology drives, or at least enables, many of these innovations. In a way, large parts of the technology execution have moved into the hand of the end-consumer/customer. E.g. order processing via mobile phones and monitoring in real time the status of the order. 42

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As we move from physical/bricks-and-mortar environments to increasingly virtual/digital ones, the dominant logic that prevailed is changing as well (product centric/push to virtual/pull) 45

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Presentation Template - Teaching Lecture - Wide Microsoft Office User Robert Ogulin 39 2017-01-06T03:46:45Z 2019-12-02T03:44:22Z

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1532 2730 Microsoft Office PowerPoint Widescreen 308 53 8 1 3 false Fonts Used 8 Theme 1 Slide Titles 53 Arial Aril Calibri Calibri Light Noteworthy Light Open Sans Times New Roman Wingdings Office Theme Market-driven corporate entrepreneurship and business model innovation PowerPoint Presentation PowerPoint Presentation The New Rules of Customer Experience (CX) Content Customer-Centric Strategies Trends: Achieve Customer Intimacy Through Distinct Customer Segments and Channels Customer-Centric Strategies Trends: Delivering the Right Value Proposition Customer-Centric Strategies Trends: Integrate with Sales and Marketing TRADITIONAL role of Channel Intermediaries What is the emerging Role of Channel Intermediaries? Customer-Centric Strategies Trends: Build Relationship Example: Dell Direct Key Learning: Integrated Channel and Pricing Strategy Service Innovation Value Migration Towards Consumer Or in 3 lines Let’s Remained us why Services are Important to us Service Businesses Enjoy Higher Margins and Improved Cash Generation The Notion of Servitization Let’s review some cases from Switzerland Draw your attention on the product-service-mix Case: Bossard Case: Bossard This is not new thinking Analysis of 24 companies in German speaking Europe 24 Companies of Engineered Products The Degree of Service Cultures were Estimated from the Publicly Available Data and From Interviews Business Performance Based on Organisational Intensity (Mathieu) Provided Interesting Results What Contributed to the Scatter with the ‘Strategic’ Businesses? Service Dominant Logic (SDL) Co-Creation of Value Co-Creation of Value The Impact of Co-Creation on the Customer Example: Film Industry The Basic Transformation in Value Creation Co-Creation What Co-Creation is NOT Roles for Making Customer-Centric Business Models Happen Example: Co-Creation at Ducati Example: Co-Creation at Eli Lilly What are customer-centric business model innovations? Customer-Aligned Business Model Innovation Starts with the Customer and Develops a ‘Response’ and Related Capabilities from There Same as Business Models The Customer & Consumers are Increasingly Empowered to Drive Market-and Customer-driven Business Models. Example Example (Cont’d): What Customers Increasingly Demand of Insurance Companies Drive Business Model Innovation. Therefore, the Traditional View of Value Creation is no Longer Sufficient. Insurance Companies Today The Location/Focus (Sometime also Called the “Center of Gravity” *) of Value Creation is Shifting. New Business Model Creation and Entrepreneurship must Engage the Customer Consumer as we Move from Physical to Virtual Environments. Possible New Customer-Driven Strategies and Capabilities for Insurance Customer-Centric Business Model Innovation Possible Customer-Centric Business Models in: Insurance Achieved by Segmenting and Aligning Discuss Summary false false false 16.0000

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