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IMPLEMENTATION OF BUSINESS MODEL Name

   

Added on  2021-04-17

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Running head: ANALYSIS OF IMPLEMENTATION OF BUSINESS MODELANALYSIS OF IMPLEMENTATION OF BUSINESS MODEL Name of the Student Name of the University Author Note
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ANALYSIS OF IMPLEMENTATION OF BUSINESS MODEL1Table of ContentsIntroduction....................................................................................................................2Analysis of the two approaches......................................................................................3Traditional approach of Strategic Management.........................................................3Limitations of the traditional approach of Strategic management.................................3Differences between the two approaches...................................................................4Approaches taken by Business Model to address the limitations of Traditionalapproach.....................................................................................................................................5Changes to be made in Strategic approach................................................................7Conclusion......................................................................................................................9References....................................................................................................................10
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ANALYSIS OF IMPLEMENTATION OF BUSINESS MODEL2IntroductionBusiness models are mainly used for the purpose of describing the rationale behindthe ways by which the organization can create, deliver and further capture the value. Theprocess related to the construction of business model is a major part of the business strategyof an organization. The business model is practised in many organizations in the recent timesfor the representation of the various core aspects which include, target customers, businessprocess, strategies, offerings and infrastructure. The detection of problems that are beingfaced by the customers of an organization is a major challenge that is faced manyorganizations in various industries. The core of business model is the description of the waysby which the organization can gain revenues and make money (Amit, Raphael and Zott2015). This is an explanation of the process of delivering value within an appropriate cost.The business models of organizations can be divided into three parts, which are the rawmaterials required for the purpose of manufacturing products, the distribution and marketingrelated operations and the pricing strategies for the customers. Business model can be definedas the exploration of the expenses and costs related to production and the amount that ischarged for the service and the products (Aversa et al. 2015). Business models have gained huge popularity among the modern businessorganizations as compared to the strategic plans that were used in the previous times. Thebusiness models can help the management in analysing the various aspects related to theorganization. The number of organizations which apply business models have increased inthe modern business environment. The traditional strategic plans that were formulated bybusiness organizations have lost their popularity up to a large extent (Bolton, Ronan andMatthew Hannon 2016).
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ANALYSIS OF IMPLEMENTATION OF BUSINESS MODEL3Strategic management is related to the formulation of objectives or long-term planswhich help the companies in leveraging their resources, achieving competitive advantage andincreasing the opportunities for the growth of the company. The process of strategicmanagement is complex in nature, time consuming and quite difficult to implement as well.Analysis of the two approachesTraditional approach of Strategic ManagementThe advantages of the strategic management process are related to the responsibilitiesrelated to the company that can be divided among the various employees. The discharge ofresponsibility to the concerned employee is the major part of strategic management process.Strategic management can also provide a method which can enable the senior management toplan about the future of the company. The decision-making related functions of theorganization are also dependent on the strategic plans. Strategy helps in providing a visiontowards the future and in confirming the purpose of the organization (Chang 2016). Limitations of the traditional approach of Strategic managementThe strategic management process helps taking a perspective of the organization andtesting the interrelationship between the various organizational components. The traditionalstrategic management process has many disadvantages which has led to the increase inpopularity of the business models of modern organizations. The strategic management relatedprocess is complex in nature and it involves assessments of the critical components of thebusiness. These components include, the external and the internal environment of thecompany, the short-term and the long-term objectives, the structure of the company and thestrategic control (DaSilva, Carlos and Trkman 2014). The components are related to each other, and the change in one of the componentscan affect the others. The external factors related to poor economy can affect the internal
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