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Printable Handouts
Navigable Slide Index
- Introduction
- The business model agenda
- Business models as models
- Customer search systems
- Who is the customer?
- Project-based customer engagement
- Scale-based customer engagement
- Core choices for value delivery - chains
- Monetise and complementors
- Business models define competition (1)
- Business models define competition (2)
- Innovate of the business model
- Innovate within the existing model
- Hybridisation (1)
- Hybridisation: patch
- Hybridisation: co-monetise
- Hybridisation: join-up
- Hybridisation (2)
- Business models and cognition
- Management agenda
- Key references
- Classical antecedents and acknowledgements
This material is restricted to subscribers.
Topics Covered
- The business model agenda
- Customer search systems – Project vs. scale based customer engagement
- The three core choices for value delivery
- Monetize and complementors Business models define competition
- Innovation of the business model
- Hybridization of business models
- Business models and cognition
- Management agenda
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Talk Citation
Baden-Fuller, C. (2020, September 30). What are business models? [Video file]. In The Business & Management Collection, Henry Stewart Talks. Retrieved August 31, 2024, from https://doi.org/10.69645/JZTH6160.Export Citation (RIS)
Publication History
Transcript
Please wait while the transcript is being prepared...
0:00
My name is Charles Baden-Fuller.
I'm a Centenary Professor of Strategy at Cass Business School, City University London.
Today I want to talk to you about what are business models
and how this concept can be useful for managers and for society.
0:18
The agenda for today,
is to talk about business models under three different headings.
First of all, what is a business model?
It's a mechanism which combines customer sensing,
value creation, and value capture.
It contains theory about how things work.
The business model also defines the rules of the game of competition.
And innovation in business models
is an important driver of industry change.
These statements are quite novel and challenging,
because many people see competition between firms as
occurring through products, through firms and through technologies.
But I'm suggesting that the business model is the way that that competition takes place.
Thirdly, we'll talk a bit about how managers can use the concept of a business model.
Could it help them make sense of the world and as
a mechanism to guide their organisations.
1:10
So what is a business model?
It's tractable concept that helps us tell us about the economics of our business,
and it has three important dimensions.
The first, is how do we identify who is our customer?
What I call the customer sensing dimension.
Secondly, how do we actually create value for
those customers through the delivery of the product or service to those customers,
what I call the value delivery mechanism.
Lastly, how do we monetise these benefits?
Something typically called value capture.
These three concepts;
identifying customers, creating value for the customer,
and monetising that value, extends a traditional strategy emphasis on just value delivery,
as extolled by my colleagues Rafi Amit and Chris Zott,
in their work on business models,
to include the dimension of monetisation,
or value capture as emphasised by David Teece and
also customer sensing as emphasised by my colleagues George Day,
Rita McGrath and Ian MacMillan.