In this course, students will explore the possibilities of many different business models and envision how they can create sustainable value.
Some of the most significant innovation in the last decade has come from combining new product and service offerings with significantly different business models. A bad business model will cripple an emerging company yet a good one can topple large established enterprises.
The course begins with a deeper exploration of the definition of a business model, a discussion of different types and a template for design. We will then explore the key elements of a business model including the value proposition, value delivery, revenue models and financing. Finally, we will consider non-conventional business models like social businesses and their role in creating value.
Students will experience distinct business models and link customer experience to business model design. Activities will provide experience in creating multiple types of business models.
Upon completion of this course, students will:
- Understand the concept and terminology of a business model and its components
- Learn to appreciate the interrelationship of business model elements and their impact on the customer experience
- Be able to identify opportunities for business model innovation in an industry
- Be able to understand how a business model fits within the value web of industry participants
- Understand what makes a superior business model
- Be able to communicate a business model effectively to win supporters