FTMBA 2020_I Workshop – Reinventing your Business Model for a Prosumer World

Enabled by digital technology and lowered barriers to entry, consumers have evolved from mostly passive market participants that could communicate mostly through their wallet to a much more active role in reviewing, rating and even co-designing new products and services.

This creates a range of challenges for existing business models as companies may find new competition from unexpected quarters and find existing unique value propositions eroding with new products and services competing at lower price points or better fitting the value curve of consumers’ needs.

Reinventing a business model fast enough to thrive in this challenging context is a major challenge and requires reflecting on the mental model of the consumer’s role and one’s own value proposition, as well as being aware of biases in managerial decision making. Decision makers may also suffer from “innovation blindness” and “toxic assumptions” as their existing mental models make it harder to recognize disruptive innovations that are challenging their business model.

Agenda

Day 1: Business Models, Innovation and Decision Challenges

1. Introduction to Business Model Innovation
   09:00 h - 10:30 h

Coffee Break - 30 minutes -

1. Understanding Innovation Blindness
   11:00 h - 12:30 h
   Lunch - 60 minutes –

1. Biases in Management Decision Making
   Guest session by Dr. Matthias Unfried, Senior Researcher & Program Manager Market Decision Labs, NIM
   13:30 h - 15:00 h
   Afternoon Break - 30 minutes –
   
   
2. Fallen Champions: The Cost of Decision Failures
   15:30 h – 17:00 h

Day 2: Market Decisions and Mental Models in a Prosumer World

1. Mental Models and Business Decisions: Identifying “Toxic Assumptions” of Business Models
   Guest session by Dr. Fabian Buder, Head of Future & Trends Research, NIM

09:00 h - 10:30 h
Coffee Break - 30 minutes -

11:00 h - 11:45 h

1. Markets are changing: Transaction Costs, Prosumers and the Prosumer Economy
   11:45 h - 12:30 h
   Lunch - 60 minutes –

1. Building a Prosumer Value Proposition and Business Model
   13:30 h - 15:00 h
   Afternoon Break - 30 minutes -
   
   
2. Can Decision Quality be Measured? Wrap-Up and Discussion
   15:30 h – 17:00 h

In this workshop format, participants will understand how business models and mental models can help or hinder innovation and how they decision making can be affected by decision biases, innovation blindness and toxic assumptions. The increasingly active consumers who themselves start producing reviews, content and even products and services are a strategic challenge to many existing business models. Participants will learn which methods and tools can be used to identify and deal with these challenges, by systematically challenging business assumptions.

After the workshop, participants should have a good understanding of the challenges involved in reinventing an existing business model for an increasingly prosumer-driven world, and will have a toolset at their disposal to understand and challenge their own and other people’s assumptions and mental models.