BU121 Lecture Notes - Lecture 1: Peter Drucker, Cash Flow, Cost Driver
Document Summary
Peter drucker: the greatest management thinker of the last century understood that there is no business. Understanding the business model: business model is the activities or tasks that a business undertakes, the blueprint for running a business, the business model reflects the strategic decisions and trade-offs that entrepreneurs make to. Is an analytical device for evaluation and action earn a profit: a successful venture creates value by differentiating itself from competitors and by meeting an unserved need in the market. Value proposition: the benefit the customer derived from the product or service you are offering. January 11th 2017: the unique mix of product, price, service, relation and image that a company offers to a group of targeted clients. It is not until you do market research that you learn what customers value and become confident that they will buy your product: benefits are intangibles. Has control over branding, pricing, and relationship with customer.
