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Page 1: Scene Setter © alangnewman @ yahoo.com 1.We know we know 2.We know we don’t know 3.We don’t know we know 4.We don’t know we don’t know

Scene Setter

© alangnewman @ yahoo.com

1. We know we know

2. We know we don’t know

3. We don’t know we know

4. We don’t know we don’t know

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What Business Are We In ?

© alangnewman @ yahoo.com

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What Business Are We In ?1. We’re in the customer-satisfaction business

2. We’re in the financial rescue business

3. We’re in the financial services business

4. We’re in the business of helping people manage lifestyle risk

5. We’re in the insurance business

6. We’re in the business of making money

7. We’re in the protection business

8. We’re in the business of regulated financial services

9. We’re in the business of selling protection products

© alangnewman @ yahoo.com

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Half Empty or Half Full ?

© alangnewman @ yahoo.com

Identifying. Passive. No action.

CHALLENGES Defensive. Negative.Lacking Confidence.

Why notOPPORTUNITIES?

CHANGINGWORLD

Cliché. Defensive

When hasn’t it been aChanging World ?

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Good News Bad News

The GOOD NEWS is that

we don’t have to worry about STRATEGY anymore.

The Regulator’s doing that for us.

The BAD NEWS is that

we don’t have to worry about STRATEGY anymore.

The Regulator’s doing that for us.

© alangnewman @ yahoo.com

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Business is Business1. Attracting and retaining talent2. Better customer engagement; more reliable revenue3. Better distribution4. Better data / information / knowledge management5. Brand building; brand leveraging6. Increased differentiation7. Product Innovation – Mkt Growth; Mkt Share Growth8. Process Innovation – improved efficiency and/or agility9. Regulatory compliance10. Responding to aggressive ‘5 Forces’ competition11. Responding to market disruption12. Smarter stakeholder engagement

© alangnewman @ yahoo.com

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Time & Money

£14.3bn

1696 31m 16

© alangnewman @ yahoo.com

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Time & Money

$ 14 bn

1957Born

1998Died

1987

© alangnewman @ yahoo.com

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What Business Are We In?

© alangnewman @ yahoo.com

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What Business Are We In?

© alangnewman @ yahoo.com

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What Business Are We In?

© alangnewman @ yahoo.com

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What Business Are We In?

© alangnewman @ yahoo.com

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What Business Are We In?

© alangnewman @ yahoo.com

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What Business Are We In?

© alangnewman @ yahoo.com

Hollywood studios

thought they were in

the movie business.

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Complementors? Competitors?

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To What Extent Is Digital Different?

© alangnewman @ yahoo.com

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To What Extent Is Digital Different?

© alangnewman @ yahoo.com

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To What Extent Is Digital Different?

© alangnewman @ yahoo.com

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Between 2007 and 2014

2007 2007 2009 2009 2009

2012 2012 2012 2014

2010 2010

2010

2010 20102009

2014

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Business is Business1. A business is not defined by the products it sells but by the

benefits customers pay for.

2. Directors of a business aren’t the only people who define what business they are in – changes in consumer behaviour, competitors, new entrants, substitution, and innovation all have a say.

3. If we are not clear about what business we are in we will miss opportunities, misunderstand competitive threats and use resources in ways that do not create value.

© alangnewman @ yahoo.com

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Scene Setter

© alangnewman @ yahoo.com

1. We know we know

2. We know we don’t know

3. We don’t know we know

4. We don’t know we don’t know

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What Business Are We In ?

A waste of time.“What Business Are We In” is business school nonsense

The presentation was interesting up to

a point but notthat important.

A fair question. We’ve a reasonable understanding but need to refine it.

A good question. Timely because

we’ve probably lost sight of the answer.

My initial answer was good.

No need to makeany changes.

My initial answer needs a tweak.

My initial answer needs serious

revision.I now feel

very unsettled.

© alangnewman @ yahoo.com

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“ In our factories we make lipsticks. In our shops we sell dreams. “

Charles Revlon

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alangnewman @ yahoo.com16 January 2015

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