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A business model describes how an organization creates, delivers, and captures value, in economic, social, cultural or other contexts. The process of business model construction and modification is also called business model innovation and forms a part of business strategy.
Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services. ISO TC 279 in the standard ISO 56000:2020 defines innovation as "a new or changed entity realizing or redistributing value". Others have different definitions; a common element in the definitions is a focus on newness, improvement, and spread of ideas or technologies.
In the field of management, strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders, based on consideration of resources and an assessment of the internal and external environments in which the organization operates. Strategic management provides overall direction to an enterprise and involves specifying the organization's objectives, developing policies and plans to achieve those objectives, and then allocating resources to implement the plans. Academics and practicing managers have developed numerous models and frameworks to assist in strategic decision-making in the context of complex environments and competitive dynamics. Strategic management is not static in nature; the models can include a feedback loop to monitor execution and to inform the next round of planning.
The Wharton School of the University of Pennsylvania is the business school of the University of Pennsylvania, a private Ivy League research university in Philadelphia, Pennsylvania. Generally considered to be one of the most prestigious business schools in the world, the Wharton School is the world's oldest collegiate business school, having been established in 1881 through a donation from Joseph Wharton.
Porter's Five Forces Framework is a method of analysing the operating environment of a competition of a business. It draws from industrial organization (IO) economics to derive five forces that determine the competitive intensity and, therefore, the attractiveness of an industry in terms of its profitability. An "unattractive" industry is one in which the effect of these five forces reduces overall profitability. The most unattractive industry would be one approaching "pure competition", in which available profits for all firms are driven to normal profit levels. The five-forces perspective is associated with its originator, Michael E. Porter of Harvard University. This framework was first published in Harvard Business Review in 1979.
INSEAD, a contraction of "Institut Européen d'Administration des Affaires" is a non-profit business school that maintains campuses in Europe, Asia (Singapore), the Middle East, and North America. As a graduate-only business school, INSEAD offers a full-time Master of Business Administration, an executive MBA (EMBA), a Master of Finance, a PhD in management, a Master in Management, Business Foundations Post-Graduate degrees, and a variety of executive education programs.
A value chain is a set of activities that a firm operating in a specific industry performs in order to deliver a valuable product to the end customer. The concept comes through business management and was first described by Michael Porter in his 1985 best-seller, Competitive Advantage: Creating and Sustaining Superior Performance.
The idea of the value chain is based on the process view of organizations, the idea of seeing a manufacturing organization as a system, made up of subsystems each with inputs, transformation processes and outputs. Inputs, transformation processes, and outputs involve the acquisition and consumption of resources – money, labour, materials, equipment, buildings, land, administration and management. How value chain activities are carried out determines costs and affects profits.
Michael Eugene Porter is an American academic known for his theories on economics, business strategy, and social causes. He is the Bishop William Lawrence University Professor at Harvard Business School, and he was one of the founders of the consulting firm The Monitor Group and FSG, a social impact consultancy. He is credited for creating Porter's five forces analysis, which is instrumental in business strategy development today.
Blue Ocean Strategy is a book published in 2004 written by W. Chan Kim and Renée Mauborgne, professors at INSEAD, and the name of the marketing theory detailed on the book.
A market analysis studies the attractiveness and the dynamics of a special market within a special industry. It is part of the industry analysis and thus in turn of the global environmental analysis. Through all of these analyses, the strengths, weaknesses, opportunities and threats (SWOT) of a company can be identified. Finally, with the help of a SWOT analysis, adequate business strategies of a company will be defined. The market analysis is also known as a documented investigation of a market that is used to inform a firm's planning activities, particularly around decisions of inventory, purchase, work force expansion/contraction, facility expansion, purchases of capital equipment, promotional activities, and many other aspects of a company.
The European School of Management and Technology, also known as ESMT Berlin, is a private non-profit business school based in Berlin, Germany. The business school was founded in 2002 by 25 global companies and institutions including McKinsey & Company, Inc., KPMG, The Boston Consulting Group, Siemens and T-Mobile. ESMT offers a full-time MBA, an executive MBA, a part-time MBA, a global online MBA, a master in management, a master in global management, a master in innovation and entrepreneurship, a master in analytics and artificial intelligence program, as well as open enrollment and customized executive education programs.
The following outline is provided as an overview of and topical guide to marketing:
Within international business, the diamond model, also known as Porter's Diamond or the Porter Diamond Theory of National Advantage, describes a nation's competitive advantage in the international market. In this model, four attributes are taken into consideration: factor conditions, demand conditions, related and supporting industries, and firm strategy, structure, and rivalry. According to Michael Porter, the model's creator, "These determinants create the national environment in which companies are born and learn how to compete."
Hypercompetition, a term first coined in business strategy by Richard D’Aveni, describes a dynamic competitive world in which no action or advantage can be sustained for long. Hypercompetition is a key feature of the new global digital economy. Not only is there more competition, there is also tougher and smarter competition. It is a state in which the rate of change in the competitive rules of the game are in such flux that only the most adaptive, fleet, and nimble organizations will survive. Hypercompetitive markets are also characterized by a “quick-strike mentality” to disrupt, neutralize, or moot the competitive advantage of market leaders and important rivals.
Jean-Claude Larréché is a French organizational theorist, and the Alfred H. Heineken Chaired Professor of marketing at INSEAD, a post he has held since 1993. He is known for his pioneering work in the use of computer simulations in marketing training, his work at INSEAD on marketing excellence and customer focus, and his book The Momentum Effect.
The Global Innovation Index is an annual ranking of countries by their capacity for, and success in, innovation. It was started in 2007 by INSEAD and World Business, a British magazine. Until 2021 it was published by the World Intellectual Property Organization, in partnership with Cornell University, INSEAD, and other organisations and institutions, and based on both subjective and objective data derived from several sources, including the International Telecommunication Union, the World Bank and the World Economic Forum.
Serguei Netessine is a scientist and educator. He is Senior Vice Dean for Innovation and Global Initiatives and Dhirubhai Ambani Professor of Entrepreneurship and Innovation at the Wharton School of Business, University of Pennsylvania. Previously, he was Professor of Global Technology and Innovation at INSEAD and the Research Director of INSEAD-Wharton alliance. He is best known for his work in Business Model Innovation, Operational Excellence and Supply Chain Management.
Yves Doz is a French academic. He is a professor of strategic management at INSEAD, where he holds the Solvay Chaired Professorship of Technological Innovation, and is a Fellow of CEDEP. His research interests focus on innovation, the strategy and organization of multinational corporations, strategic alliances, and on how business organizations can develop the capability to adapt quickly to changes in competitive environments. More recently, he has been working with a number of national governments on strategic adaptability and agility. He is the author of numerous books and articles, which include the first comprehensive book on strategic alliances, co-authored with Gary Hamel, and the Multinational Mission, co-authored with CK Prahalad.
Lars-Hendrik Röller is a German economist who served as the Director General for Economic and Financial Policy at the German Chancellery from 2011 to 2022, a position that made him Chancellor Angela Merkel's chief economic advisor. He previously was the president of the European School of Management and Technology (ESMT) in Berlin. In 2002, he was awarded the Gossen Prize in recognition for his contributions to empirical industrial economics.
Hubert Gatignon is a professor of marketing at INSEAD. According to Google Scholar, Gatignon has an i10-index of 57.
References
- Competition Analysis, ESMT, http://www.esmt.org/eng/consulting/esmt-competition-analysis/
- Robert E. Gunther, Hubert Gatignon, John R. Kimberly, The INSEAD-Wharton Alliance on Globalizing: Strategies for Building Successful Global Businesses, ISBN 0-521-83571-2