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- Herausgeber: Business Book Summaries
- Kategorie: Fachliteratur
- Sprache: Englisch
The must-read summary of Donald Mitchell and Carol Coles' book: "The Ultimate Competitive Advantage: Secrets of Continually Developing a More Profitable Business Model".
This complete summary of the ideas from Donald Mitchell and Carol Coles' book "The Ultimate Competitive Advantage" shows that the most successful companies are consistently experimenting to improve and reinvent their business models. This usually has the potential to generate far more substantial increases in revenues and profits than any amount of fine-tuning of an existing business model will ever produce. In their book, the authors present a four-step process that companies tend to use in practice. This summary provides readers with an effective method for improving a business model.
Added-value of this summary:
• Save time
• Understand key concepts
• Expand your business knowledge
To learn more, read "The Ultimate Competitive Advantage" and find out how you can increase your profits by reinventing your business model.
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Seitenzahl: 38
Veröffentlichungsjahr: 2014
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Book Presentation The Ultimate Competitive Advantage by Donald Mitchell and Carol Coles
Book Abstract
About the Author
Important Note About This Ebook
Summary of The Ultimate Competitive Advantage (Donald Mitchell and Carol Coles)
Step 1: Companies learn how to do one reinvention
Step 2: A more ambitious reinvention is tackled
Step 3: Reinvention becomes a recurring activity.
Step 4: New targets of opportunity are sought.
Book Presentation The Ultimate Competitive Advantage by Donald Mitchell and Carol Coles
Book Abstract
MAIN IDEA
What will generate more benefits for a company – regularly upgrading to a new business model or attempting to enhance the efficiency of the way the company currently operates?
The most successful companies are those that are consistently experimenting to improve and reinvent their business models. This usually has the potential to generate far more substantial increases in revenues and profits than any amount of fine tuning of an existing business model will ever produce. In practice, companies tend to go through a sequence of four steps:
“Business model obsolescence is the major unperceived opportunity for and threat to all businesses now. Right now, you are probably ignoring a competitive vulnerability that can literally put you out of business in the next few years. Existing business models in most companies change only every few decades, if ever. Continuation of this trend means that improved business models will replace technology as the most frequent and most powerful source of business disruptions. This shift will occur because most business model improvements can be designed and implemented faster than new generations of technology. Because of the huge rewards for business model innovation, major generations of new business models will probably emerge in each industry.”
– Donald Mitchell and Carol Coles
About the Author
DONALD MITCHELL is CEO and chairman of his own consulting firm, Mitchell and Company. A graduate of Harvard College, Harvard Law School and Harvard Business School, Mr. Mitchell specializes in business strategy. Prior to founding his own firm in 1977, Mr. Mitchell worked as director, strategic planning for Heublein Inc. and as a project manager for the Boston Consulting Group Inc.
CAROL COLES is also a cofounder of Mitchell and Company where she currently serves as COO and president. She has more than twenty-six years’ experience designing management processes for companies. Ms. Coles is frequently quoted in the business press about the future strategic direction of major corporations and the stock market. She is a graduate of New York University and Columbia University. This is the third book Donald Mitchell and Carol Coles have coauthored, the previous two being The 2,000 Percent Solution and The Irresistible Growth Enterprise.
Important Note About This Ebook
This is a summary and not a critique or a review of the book. It does not offer judgment or opinion on the content of the book. This summary may not be organized chapter-wise but is an overview of the main ideas, viewpoints and arguments from the book as a whole. This means that the organization of this summary is not a representation of the book.
Summary of The Ultimate Competitive Advantage (Donald Mitchell and Carol Coles)
Step 1: Companies learn how to do one reinvention
For most companies, the first reinvention of their business model is the most difficult because momentum for the status quo must be overcome. Once, however, the senior business leaders come to understand the importance of ongoing and continual business model innovation, they realize this is the only way a sustainable competitive advantage can be maintained.
Companies that are attempting to reinvent their business model for the first time generally follow at least one of three philosophical approaches:
Before talking about the reinvention of a business model, some basic definitions are required.
What is a business model?
A business model encapsulates why the business exists, how it aspires to generate benefits for its customers and owners, and how the company goes about its business. Most frequently, a business model will have seven key dimensions:
All seven dimensions will be closely linked in the business model. When changes are made in any one dimension, you would anticipate there will be flow-on effects in the other dimensions as a result. The business model for a company with a single product or service offering will be simple to visualize. On the other hand, for a large corporation which offers a range of products and services, each dimension of the business model will become more complex. It will also be more difficult to understand the links between the various dimensions.
