Practical understanding of how businesses create value and sustainable strategic differentiation.
In this course, students will develop a practical understanding of how business models work to create value for customers and sustainable strategic differentiation for a business. Through the semester, project teams will create new business model concepts representing interrelated entities in an ecosystem and in our final class, pitch them to a panel of venture experts. Through our project, we will explore the relationship of key elements of a business model including the value proposition, value creation, value delivery, and value capture. Foundational to our work through the class will be an understanding of how to identify and leverage orthodoxies - the tacit and unquestioned assumptions that can drive or limit the definition of a business.
Students will understand how to design distinct business models that drive customer experience and competitive differentiation.
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
Format & Grading
Students will have a final group assignment to evaluate and then eventually present a business model for a new product/service to an external panel of judges. Grading will be based on class participation 20%, in-class assignments 30%, design project 50%
No prerequisites. This course is open to all Institute of Design students.