Management Professor's Book Focuses on Successful Business Models
Dr. Francine Newth, an associate professor of management in the Providence College School of Business, has written a book that provides opportunities for students and professionals to better understand business models and how they are integral in creating a successful business.
Business Models and Strategic Management: A New Integration (Business Expert Press, 2012) focuses on seven key strategy areas that break down traditional strategy teachings into dynamic modules
Below, Newth talks about why she wrote the book, why she thinks it’s unique, and why a book with a real-world focus was needed.
Why did you choose to write about this topic?
I wrote this book to provide business managers and students the tools to better manage their companies. Successful companies manage with their business models in mind, yet there is very little guidance on how to use a business model to make strategic, operational, and financial decisions.
I found that the term “business model” is often confused with the word “strategy.” There is a significant lack of discussion of business models in the strategy field. In years of teaching the undergraduate and graduate capstone seminars in strategy and consulting, I did not find a satisfactory book that treated the business model as a critical element of strategic management. This book brings clarity to the concept and provides guidance for the manager on how to develop a business model-centric organization.
Describe the book. What makes it unique?
This book is unique because it explains and demonstrates how the business model is the keystone of all company decisions. The seven modules I write about serve to distinguish the difference between a business model and a strategy. The book is dynamic, interactive, and action-oriented and is applicable to students, managers, and executives. Each module has “Enter the Boardroom” real-life scenarios from a variety of companies, such as Netflix, Google, and Amazon. They present a simple, yet powerful and straight-forward, approach on how to focus on a business model and show how successful companies apply appropriate components of financial management, strategic direction, competitive advantage, strategy, and innovation to their business model.
Why is this book important in today’s business climate?
Successful companies recognize that their business model is fluid and critical to remain competitive. This book provides an easily-understood template to be applied on a regular basis to review and adjust a company’s business model. Modules present one topic at a time as a mini-book within a book. While the modules stand on their own, the reader can connect the dots without using all the modules. This format allows one to understand and respond to the incredible rapid change in business, time pressures, and the need to focus, for all managers and executives. Each module presents a single aspect of strategically managing a company and relates that aspect to a company’s business model.
How does this book tie in to what you teach?
I teach strategy to graduate and undergraduate students and often find that business models are not clear and precise and companies are struggling with strategies when they should have been adjusting their business model to meet market shifts and current needs. With more than 25 years of research, consulting, and teaching in strategic management, I found that a book with a real-world approach to the study and practice of strategic management was needed.
What do you want readers to take from the book?
Readers should understand the critical importance of a company’s business model. When a business model is right, strategies that are applied to it flow well and generate revenue streams. I want readers to be excited about understanding their business model because they will be able to achieve results beyond their expectations. I expect the readers to be empowered and take action.