Core Business Strategies Class Module
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Questions and Answers

What is the focus of the class during Week 4?

  • Market segmentation and end user profile
  • Project distribution and creativity challenge
  • Full life cycle use and product specialization
  • Intellectual Property and Regulation (correct)

    • Which activity is scheduled for Week 2?

  • Projects distribution
  • Market pull/Technology push exercise
  • SWOT analysis
  • Ideas presentation (correct)

    • What is the primary focus of Week 5's theoretical class?

  • Product specialization
  • Discussion of project ideas
  • SWOT and Porter analysis
  • Market segmentation and end user profiles (correct)

    • During which week is the M1 project idea due?

    <p>Week 4 (A)</p> Signup and view all the answers

    What type of exercise is mentioned for Week 5?

    <p>Market analysis exercise (A)</p> Signup and view all the answers

    What is a topic covered in Week 6's theoretical class?

    <p>Product specialization (C)</p> Signup and view all the answers

    Which week focuses on the life cycle use of the market?

    <p>Week 6 (A)</p> Signup and view all the answers

    What is the primary task presented in Week 1?

    <p>Introduction to the class (D)</p> Signup and view all the answers

    What defines the core business in a competitive environment?

    <p>The effectiveness of delivering customer value (A)</p> Signup and view all the answers

    Why is the core business important for a company?

    <p>It provides protection against competitors duplicating their success (C)</p> Signup and view all the answers

    Which of the following statements best represents the essence of core business differentiation?

    <p>Having a technology or product that is hard to replicate (D)</p> Signup and view all the answers

    Which pizza chain emphasized speed as its core business strategy in the past?

    <p>Domino’s Pizza (A)</p> Signup and view all the answers

    What could be considered a potential element of a company's core business?

    <p>The company's ability to innovate (A)</p> Signup and view all the answers

    How does a strong core business benefit customer acquisition?

    <p>By providing a unique value proposition that attracts customers (B)</p> Signup and view all the answers

    Which of the following is NOT a characteristic of a core business?

    <p>It is easily replicated by competitors (D)</p> Signup and view all the answers

    What should a company evaluate to sustain its core business?

    <p>The aspects that differentiate its offerings from those of competitors (D)</p> Signup and view all the answers

    What is the primary focus during the tutorial on November 5th?

    <p>Financial analysis and customer acquisition (D)</p> Signup and view all the answers

    Which component is not part of the discussion on M2 in the preparation for November?

    <p>Pitch preparation (C)</p> Signup and view all the answers

    During the discussion on November 12th, what will be analyzed further?

    <p>Financial analysis (D)</p> Signup and view all the answers

    Which week is dedicated to discussing entrepreneurship cases?

    <p>Week of November 26th (A)</p> Signup and view all the answers

    What is a primary goal in the preparation for the M4 exam scheduled for December 10th?

    <p>Conducting financial analysis (D)</p> Signup and view all the answers

    In which week will there be a tutorial discussing the voice of the customer?

    <p>Week of December 3rd (B)</p> Signup and view all the answers

    What is one of the major components of the preparation for M2?

    <p>Analyzing competition (A)</p> Signup and view all the answers

    Which of these activities does not occur in the last week of the year?

    <p>Reviewing entrepreneurship cases (C)</p> Signup and view all the answers

    What is the focus of the theoretical class during Week 3?

    <p>Innovation and entrepreneurship (D)</p> Signup and view all the answers

    What exercise is mentioned for Week 5?

    <p>SWOT analysis (C)</p> Signup and view all the answers

    Which topic is covered in the theoretical class during Week 4?

    <p>Intellectual Property and Regulation (A)</p> Signup and view all the answers

    What is scheduled to occur during Week 1 of the program?

    <p>Introduction to the class (C)</p> Signup and view all the answers

    During which week is the preparation for M2 discussed?

    <p>Week 5 (B)</p> Signup and view all the answers

    What is a key subject of the practical class related to Week 6?

    <p>Product specialization (B)</p> Signup and view all the answers

    Which concept is emphasized in Week 5's class activities?

    <p>Market segmentation methods (C)</p> Signup and view all the answers

    What will be the focus of the class during Week 2?

    <p>Ideas presentation (B)</p> Signup and view all the answers

    What is the focus of financial analysis in Week 11?

    <p>Mapping the sales process to acquire customers (B)</p> Signup and view all the answers

    What aspect of business models is covered in Week 10?

    <p>Intellectual property considerations (D)</p> Signup and view all the answers

    During which week are the entrepreneurship cases discussed?

    <p>Week 12 (B)</p> Signup and view all the answers

    Which week focuses on preparing for the M3 discussion on the voice of the customer?

    <p>Week 12 (A)</p> Signup and view all the answers

    What is the main activity scheduled for January 6th?

    <p>Conducting financial analysis (B)</p> Signup and view all the answers

    What type of feedback is scheduled during the November 5th tutorial?

    <p>Discussion and feedback on M2 (B)</p> Signup and view all the answers

    Which component is not part of the preparation activities for M4?

    <p>Identifying competition (B)</p> Signup and view all the answers

    What is the focus of the final exam scheduled for December 10th?

    <p>Financial analysis (C)</p> Signup and view all the answers

    What is a key characteristic of a company's core business?

    <p>It provides a competitive advantage. (C)</p> Signup and view all the answers

    Why is understanding the core business essential for a company?

    <p>To maintain market viability against duplicators. (B)</p> Signup and view all the answers

    How does the core business influence customer acquisition?

    <p>It creates a unique selling proposition. (C)</p> Signup and view all the answers

    Which statement best describes the risk associated with a poorly defined core business?

    <p>It allows competitors to easily enter the market. (B)</p> Signup and view all the answers

    In the context of pizza chains, what aspect was emphasized as a core business for Domino's Pizza?

    <p>Speed. (D)</p> Signup and view all the answers

    How is the competitive position of a company related to its core business?

    <p>It reflects the effectiveness of its unique offerings. (C)</p> Signup and view all the answers

    What type of protection does a strong core business provide a company?

    <p>Defense against imitation of its offerings. (A)</p> Signup and view all the answers

    Which action is not a characteristic of a company with a well-defined core business?

    <p>Investing heavily in marketing diverse products. (D)</p> Signup and view all the answers

    Flashcards

    Bioengineering Innovation

    Developing new ideas and solutions in biological engineering.

    Business Idea Presentation

    Sharing business concepts in week 2.

    Innovation & Entrepreneurship

    New ideas for business in Bioengineering.

    Intellectual Property

    Protecting and managing a business's creations to gain competitive advantage.

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    Market Segmentation

    Dividing a broad market into smaller, more specific groups of customers.

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    Target Market

    A targeted specific customer group for a business.

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    Market Analysis

    Studying and understanding the market for a product or service.

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    SWOT Analysis

    Identifying a company's strengths, weaknesses, opportunities, and threats

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    Competition Identification

    Characterizing and identifying the key competitors in a specific market, essential for a well-founded business strategy.

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    Business Models

    Describing the structure for generating revenue and acquiring customers with the product/service.

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    Financial Analysis

    Evaluating the viability of a business by mapping sales processes to acquire customers and then evaluating the assumptions and viability.

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    Minimum Viable Product (MVP)

    The basic version of a product with core functionalities.

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    Intellectual Property (IP)

    Legal rights protecting inventions (e.g., patents) or creations (e.g., copyrights).

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    Business Model & Customer Voice

    Combining the business structure with evaluating actual customer feedback (insights).

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    Entrepreneurship Cases

    Studying successful business examples to understand and develop practical business strategies.

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    Core Business

    The single most important aspect of a company's operations that delivers the most value to customers, making it hard for competitors to replicate.

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    Core Business Example

    In the Pizza industry, each company has a different core business. Pizza Hut focuses on the restaurant experience. Domino's Pizza on speed. Papa John's Pizza focuses on taste

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    Competitive Advantage

    The aspects of a business that allows it to outperform competitors.

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    Value Proposition

    The benefit that customers receive from a product or service, that helps distinguish it from competitors.

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    Competitive Analysis

    A process of evaluating and analyzing the strengths and weaknesses of your competitors.

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    Acquiring Paying Customers

    Strategies involved in attracting potential customers and encouraging them to purchase your product or service.

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    Beachhead Market

    A small, specific segment of a larger market to start. A company focuses on a niche market to gain experience and momentum before pursuing larger ones.

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    Market Value Proposition

    The unique benefit a product or service offers to customers, making it stand out from competitors.

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    Voice of the Customer

    Gathering and understanding customer feedback to inform product development, business strategy, and decision-making.

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    What is a core business?

    A core business is a company's unique offering that provides significant value to customers, making it difficult for competitors to imitate.

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    Why is a core business important?

    A strong core business helps companies establish a competitive advantage, protect their market position, and attract customers.

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    How to identify your core business

    Consider your unique strengths, competitive advantages, and what makes your business better than others.

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    Core business in action

    A delivery app company's core business might be ultra-fast delivery, while a design firm's core business could be creative problem-solving.

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    What happens without a core business?

    Without a defined core business, companies risk losing their identity, struggling to differentiate themselves, and facing difficulty attracting and retaining customers.

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    Core Business vs. Value Proposition

    While a core business focuses on the unique offering, a value proposition outlines the benefits that offering provides to customers.

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    Creativity Challenge

    An exercise where students are tasked with developing novel ideas related to bioengineering. It helps foster creative thinking and problem-solving skills.

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    Project Idea

    The initial concept or proposal for a bioengineering project, presented and discussed within the class.

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    Porter Analysis

    A framework to analyze the competitive landscape of an industry by examining five forces: competitive rivalry, threat of new entrants, threat of substitute products, bargaining power of buyers, and bargaining power of suppliers.

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    Market Pull/Technology Push

    Two approaches to developing products: 'Market Pull' focuses on customer needs while 'Technology Push' emphasizes leveraging existing technology to develop new solutions.

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    End User Profile

    A detailed description of the ideal customer for a product or service, including their demographics, needs, and behavior.

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    Study Notes

    Innovation and Business Creation in Bioengineering

    • This presentation focuses on innovation and business creation within the field of bioengineering.
    • It covers topics like innovation, entrepreneurship, intellectual property, market analysis, business models, and financial analysis.
    • The program's schedule outlines lectures and practical sessions, including projects, discussions, and presentations.
    • The presentation includes a specific focus on how to create businesses within bioengineering.

    Market Analysis for New Ventures

    • Several key aspects of market analysis for new ventures are addressed:
      • Identifying the total addressable market (TAM).
      • Understanding market segmentation; detailed market profiling (e.g., geographic, demographic, psychographic, behavioral).
      • Analyzing market competition.
      • Creating a good market profile.
      • Identifying the beachhead market.
      • Understanding the potential for follow-on markets.

    Core Business Strategy

    • Defining and outlining the core strategy:
      • Finding the core business that differentiates a bioengineering startup.
      • How to identify your core business elements.
      • Examples of core businesses in the food industry (restaurant experience, speed, taste).
      • Examples of core businesses in different contexts (e.g., network effect, customer service, lowest cost, user experience).

    Defining "Core Business"

    • Core business elements are crucial to success and competitiveness.
    • Core differentiates the business from the competition and should not be easily copied.
    • The core business is what makes your product/service very difficult for the competition to duplicate easily.
      • This is critical for competitive advantage.

    Examples of Defining Cores

    • Network Effect: The value of the network (e.g., eBay, Facebook, Google Advertisers, LinkedIn) is exponentially related to the number of users.
    • Customer Service: Establishing exceptional customer service and processes to retain customers efficiently.
    • Lowest Cost: Developing skills and relationships to be the most cost-effective in the market,
      • Often used as an entry strategy for certain businesses..
    • User Experience (UX): Developing and improving user experience.
    • Important Elements of a strong Core: Unique, Important, and Grow.

    Competitive Positioning

    • This is where your core is translated into something that creates value for the customer.
    • Competitive positioning charts help determine how you stand out against competitors.
    • Customer's priority for making a choice has to be considered.

    Value Proposition

    • Value proposition is about how your product satisfies the customer's needs and solves their problems.

    • A clear statement that explains how your product solves customers' problems or improves their situation (relevancy).

    • It delivers specific benefits (quantified value).

    • It tells the ideal customer why they should buy from you, emphasizing your unique differentiation from competition.

    • Quantifying a value proposition gives concrete terms to the benefits.

    Core Business Model

    • Discusses the importance of a core business model:
    • This model ties into the product, technology, and/or service offered.
    • It helps deliver benefits to the customer, translating into value and better competitive positioning. Important considerations for a sustainable business model within bioengineering include cost of customer acquisition and appropriate pricing strategies. Cost analysis and potential competitive analysis.

    Decision-Making Unit (DMU)

    • A DMU comprises all individuals within an organization who are involved in the purchasing decision.
    • Different roles within the DMU influence the purchase decision making (e.g., champion, economic buyer, influencers, veto power, other influencers like unions or collective bargaining groups, the end-user).
    • The process to acquire a paying customer includes gaining insight into the various stages and actors in the decision process.

    Customer Acquisition Process

    • The process of acquiring paying customers is a crucial framework for understanding the length and complexity.
    • Helps determine critical bottlenecks, and business strategies, pricing, sales channels, and Cost of Customer Acquisition (COCA).
    • Cost of Customer Acquisition (COCA) = MCC + W + S + PS + O, where MCC (Marketing Campaign Costs), W (Wages), S (Sales Software Costs), PS (Professional Services), and O (Other Expenses).
    • Includes consideration of specific steps in the acquisition process (e.g., awareness, need, options, acquisition, use and value, pay, additional purchases).

    Follow-on Markets

    • Estimating the annual revenue from follow-on markets after establishing a beachhead market.
    • Focusing on the strategic implementation of core elements of the business to expand to different markets.
    • Implementing market segmentation, identifying, estimating the TAM size of potential markets, and ranking them in order of priority (first, second and third).

    Full Life Cycle Use Case

    • Defines the process each person in the DMU takes to arrive at a purchase decision (e.g., need, finding-out, analyzing, acquiring, installing, use & value, determining value, paying, buying more, telling others). There is a need to identify the process specific to each party involved with the Decision Making Unit (DMU).

    How to Develop and Determine the Value Proposition

    • Several steps to develop a product or service are presented to focus on customer problems, activate customers to buy and how to get paid. This includes understanding the customer's needs, conducting thorough market research.

    Additional Notes - Template for Idea Development

    • Includes templates and worksheets designed for idea generation and selection. Templates contain sections for competitive analysis, SWOT analysis, performance map analysis, and growth trends.
    • Worksheets are organized in a logical manner to identify a business idea and the target market. Specific worksheets are provided in the presented text, such as a worksheet for follow-on markets, another worksheet for defining your idea from the start of the analysis. There is also the template provided for the idea generation and selection based off of the market analysis.

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    Description

    This quiz focuses on the key concepts discussed during a class module centered on core business strategies. Questions include weekly focuses, essential tasks, and strategic elements crucial for competitive differentiation. Test your knowledge on the lifecycle of business concepts and their importance in customer acquisition.

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