ENT527 University of Phoenix Business Success Strategies Discussion PLEASE SEE ATTACHMENT
ENT/527: Opportunity Assessment And Innovation
Wk 2 Team – Exploring Business Success Strategies Web Exercise [due Mon]
Wk 2 Team – Exploring Business Success Strategies Web Exercise [due Mon]
Assignment Content
Resource : Exploring Business Success Strategies Web Exercise Grading GuideResources: Pull the financial statements of 3 companies in the industry that you are interested in entering. Try to find companies that are pursuing different strategies.
Discuss what lessons you can learn for your own venture. ENT/527: Opportunity Assessment And Innovation
Wk 2 Team – Exploring Business Success
Strategies Web Exercise [due Mon]
Wk 2 Team – Exploring Business Success
Strategies Web Exercise [due Mon]
Assignment Content
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Resource : Exploring Business Success Strategies Web Exercise Grading Guide
Resources: Pull the financial statements of 3 companies in the industry that you are interested in
entering. Try to find companies that are pursuing different strategies.
Examine their business models and see if you can identify the drivers that they are influencing to
achieve their strategy.
Explain what you learned about their revenue model, cost model, product mix, distribution channels,
partners, target customers, and value proposition.
Evaluate business success strategies in a minimum of 1,400 words in which you discuss the following
questions:
Discuss what lessons you can learn for your own venture. 350 words
Explain what useful new elements you can incorporate into your business model.
Discuss how these elements tie to your strategy.
Cite a minimum of 1 peer reviewed reference from the University of Phoenix Library and 1 website
reference.
Format assignment consistent with APA guidelines.
ENT/527: Opportunity Assessment And Innovation
Name: Huisi Liang
The Metropolitan Opera
While the opera industry, once at the forefront of the performing arts, has been undergoing
challenging times, the Metropolitan Opera is in the most favorable position due to its embrace of
digital innovation and willingness to disrupt its own business model.
The Met, which puts on approximately 27 productions and 200 performances per season,
traditionally distributes its content through live performances at its New York City opera house.
The organization relies on box office revenues and donations to fund its sizeable operating
budget of $300M+. Limited by its physical location, seating capacity of 3,800, and high average
ticket prices of $156, the Met has adopted digital distribution channels to attract new
consumers and make opera more accessible to the masses.
In 2006, the Met took an unprecedented risk in launching its “Live in HD” program, a series of
six opera simulcasts transmitted in HD to 100 movie theaters across North America. Critics
claimed the program would compromise the live opera experience and cannibalize existing ticket
sales. This new platform and new business model can drive the switching costs from traditional
performing arts phenomenon to a new generation in order to fit in the new customer’s behavior.
Since then, the program has grown tremendously in scale. Last season, 10 operas were
transmitted to over 2,000 theaters in 66 countries; over 3M people watched these simulcasts,
grossing box office revenues of $60M. Critical to the program’s success has been the Met’s
ability to strike revenue-sharing partnerships with theater operators. The Met has also used the
platform to launch new productions on a broad scale.
Since 2006, the organization has been working to grow its digital platform. In 2008, the Met
launched an online streaming service, “Met Opera on Demand”, which allows subscribers to
access past “Live in HD” performances and radio broadcasts. The Met is also reaching younger
audiences by offering its extensive digital catalog of performances to music schools and
university libraries via subscriptions. Through its digital initiatives, the Met has captured value in
a variety of ways. First, the opera house has meaningfully expanded the breadth and depth of its
customer base. Opera aficionados living outside of NYC can embrace live performances in their
hometowns, while a lower price point enables the Met to sell digital content to a greater number
of customer segments. The Met has also increasingly shifted to a windowing strategy, as
performances are made available on-demand and on iTunes after the initial live performance,
leading to higher overall content monetization. Finally, the “Live in HD” series and on-demand
programs have stimulated greater interest for opera amongst the general public and improved the
Met’s brand recognition. In turn, the Met has grown its overall pie, and donations have risen by
over 75% between 2006 2013 to $158M.
The Met’s challenges are certainly not over. Rising operating costs, a lack of new opera stars,
and a recent labor dispute have contributed to another budget deficit in 2014. However, while
several other opera houses, including New York City Opera, have closed their doors in recent
years, I have confidence in the Met’s ability to leverage its digital platform to deliver content that
is relevant in our dynamic society.
Mayo Clinic
According to the Mayo Clinic’s financial statement of December 31, 2017, compares to the
statement of 2016, Mayo Clinic gained a significant increase in its total revenue, gains, and other
support. In addition, it can be also shown particularly in grants, contracts, investment return
allocated to activities; contributions to activities; premium revenue; and its net asset release from
restrictions and so on. However, I also learned from Mayo Clinic’s expenses model that they
keep slightly increase the set model in salaries and benefits; supplies and services; facilities; and
also the financial investment.
Mayo Clinic and its Arizona, Florida, Iowa, Minnesota, and Wisconsin affiliates (the Clinic)
provide comprehensive medical care and education in clinical medicine and medical sciences
and conduct extensive programs in medical research. The Clinic also provides hospital and
outpatient services, and at each major location, the clinical practices are closely integrated with
advanced education and research programs.
For the distribution channels and partners with the development of Mayo Clinic, it can be
distinguished to main core clinic services and international cooperations. The current structure of
health care delivery has been sustained for decades because it has rested on its own set of
mutually reinforcing elements: organization by specialty with independent private-practice
physicians; measurement of “quality” defined as process compliance; cost accounting driven not
by costs but by charges; fee-for-service payments by specialty with rampant cross-subsidies;
delivery systems with duplicative service lines and little integration; fragmentation of patient
populations such that most providers do not have critical masses of patients with a given medical
condition; siloed IT systems around medical specialties; and others. This interlocking structure
explains why the current system has been so resistant to change, why incremental steps have had
little impact (see the sidebar “No Magic Bullets”), and why simultaneous progress on multiple
components of the strategic agenda is so beneficial.
WebbMD
According to the financial statement of WebbMD in 2016, they have Advertising and
Sponsorship, Sales and Marketing, they also have an online platform and related services, so that
they offer people Health Assessments and WebMD Personal Health Record; Data Interchange;
WebMD Device and App Connection Center; Mobile Apps, etc.
WebMD Personal Health Record provides a secure repository for self-reported and
professionally sourced health data. The Personal Health Record helps participants gather, store,
manage and share this data, which can potentially reduce medication conflicts, duplication of
health services and overspending. However, their Android and iOS-compatible native apps offer
participants seamless access to our mobile-optimized site solutions. Wellness at Your Side ™ is
integrated with the mobile site and enables participants to set lifestyle goals, track progress, earn
rewards, and get personalized wellness recommendations. Daily Victory ™ is designed to
support participants in tracking incremental lifestyle changes ‘one day at a time.’ Weigh Today
™ helps participants from the healthy habit of weighing themselves daily
References
Ernst & Young LLP. Mayo Clinic Financial Statement. December 31, 2017.
KMPG LLP. Metropolitan Opera Financial Statement. December 31, 2017.
Porter, Michael E. Lee, Thomas H. The Strategy That Will Fix Health Care. October 2013.
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