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Transcript

Materials Needed

Computer with internet access

Data analysis tool

Web browsers for research

Text editor

(Excel, Google Sheets, or a BI tool like Tableau)

(Word, Google Docs)

Preparation Task (15 minutes)

Research Task (30 minutes)

Analysis Task (45 minutes)

Create Task (30 minutes)

As a reminder, below are the steps we're going to take in order to complete the simulation. There will be timers on each step, but this is simply there for guidance and there is no pressure to finish before or after the time is up!

If you're ready, click the 'Next' button below to get going!

Document and Present (20 minutes)

Reflection Task (20 minutes)

Expected Outcome

Simulation

Simulation

Preparation Task (15 minutes)

Research Task (30 minutes)

Analysis Task (45 minutes)

Create Task (30 minutes)

Document and Present (20 minutes)

Reflection Task (20 minutes)

Click the step to begin

Simulation

Expected outcome

By the end of the activity, you will have an understanding of business model innovation, and you would have developed an innovative business model for Starbucks based on the challenges and opportunities in its current industry landscape. You would have honed analytical and presentation skills. The exercise also instils an innovative mindset which is key to becoming an effective Business Strategist.

Expected Outcome

Well done for working through the simulation, complete this module to see the experts model answers.

Consider Starbucks, the successful coffeehouse chain. Start by trying to understand the existing business model. The Business Model Canvas is an excellent place to start:

Preparation task (15 minutes):

  • key partnerships
  • key activities
  • value propositions
  • customer relationships
  • channels and customer segments
  • cost structure
  • revenue streams

Analysis task (45 minutes):

Analyse how these industry trends, challenges, and opportunities might affect Starbucks’ current business model. Understand which elements of the business model need innovation. Note down possible new business models or innovations in existing models employed by other companies in the same industry.

Reflection task (20 minutes):

Reflect on the process of business model innovation. Consider the following questions:

  • What was most challenging in this task and why?
  • What did you find most interesting?
  • Can you think of any other company that might also benefit from a similar approach?
  • How would you apply this skill in broader business strategy planning?

Document & present (20 minutes):

Present your innovative business model in a clear and engaging manner. Create a brief PPT presentation summarising your findings and outlining how your proposed model would benefit the chosen company. Use clear visuals and ensure all nine elements of the Business Model Canvas (outlined in the preparation task) are explained in layman's terms and how they contribute to the overall innovative business model.

Create task (30 minutes):

  • Based on your analysis, create an innovative business model for Starbucks
  • Use the Business Model Canvas to organise your ideas
  • Make sure to innovate different elements of the business model to help Starbucks stay competitive amidst the current industry trends and challenges

Research task (30 minutes):

Conduct research on the current strengths, trends, challenges, and opportunities in the same industry as Starbucks. Look for:

  • information on technological advancements
  • changes in customer preferences and buying habits
  • new market entrants
  • changes in legislation
  • existing or potential barriers
  • operations and supply chain
  • marketing strategies and channels