Scene Setter
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
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
Half Empty or Half Full ?
Identifying.
Passive. No action.
CHALLENGES
Defensive. Negative.
Lacking Confidence.
Why not
OPPORTUNITIES?
CHANGING
WORLD
Cliché. Defensive
When hasn’t it been a
Changing World ?
© alangnewman @ yahoo.com
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
Business is Business
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
Attracting and retaining talent
Better customer engagement; more reliable revenue
Better distribution
Better data / information / knowledge management
Brand building; brand leveraging
Increased differentiation
Product Innovation – Mkt Growth; Mkt Share Growth
Process Innovation – improved efficiency and/or agility
Regulatory compliance
Responding to aggressive ‘5 Forces’ competition
Responding to market disruption
Smarter stakeholder engagement
© alangnewman @ yahoo.com
Time & Money
1696
31m
16
£14.3bn
© alangnewman @ yahoo.com
Time & Money
1957
Born
1987

1998
Died
$ 14 bn
© alangnewman @ yahoo.com
What Business Are We In?
© alangnewman @ yahoo.com
What Business Are We In?
© alangnewman @ yahoo.com
What Business Are We In?
© alangnewman @ yahoo.com
What Business Are We In?
© alangnewman @ yahoo.com
What Business Are We In?
© alangnewman @ yahoo.com
What Business Are We In?
Hollywood studios
thought they were in
the movie business.
© alangnewman @ yahoo.com
Complementors? Competitors?
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To What Extent Is Digital Different?
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To What Extent Is Digital Different?
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To What Extent Is Digital Different?
© alangnewman @ yahoo.com
Between 2007 and 2014
2007
2009
2007
2010
2009
2009
2009
2010
2010
2010
2010
2012
2012
2012
2014
2014
© alangnewman @ yahoo.com
Business is Business
1. 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
Scene Setter
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 
© alangnewman @ yahoo.com
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 not
that 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 make
any changes.
My initial answer
needs a tweak.
My initial answer
needs serious
revision.
I now feel
very unsettled.
© alangnewman @ yahoo.com
“ In our factories we make lipsticks. In our shops we sell dreams. “
Charles Revlon
THANK YOU
alangnewman @ yahoo.com
16 January 2015