Business Model Innovation and Strategy
Added on 2020-02-24
11 Pages2684 Words136 Views
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Running head: BUSINESS STRATEGYStrategic Business ModelName of the Student:Name of the University:Author’s Note:
2BUSINESS STRATEGYAbstractThis current study highlights on the importance of strategic business model in thebusiness industry. However, the strategic business model is developed in order to maximize theproductivity of an organization. However, it the strategy should be customer oriented otherwiseit cannot bring success for an organization. Poor strategy affects the performance of anorganization. Hence, the strategy should be established logically that will maximize the salesrevenue generation of an organization. On the other hand, to compete in a new or existing marketmodern strategy should be adopted by the organization. However, it is essential for anyorganization to formulate the business strategy before implementing the strategy. Anorganization develops its strategic framework to meet the business goal. However, differentbarriers like time constraint, lack of skill and resources resist the business industry to implementtheir strategy. Moreover, BCG matrix, Porter five forces model, Porter diamond model, andmarketing are the essential models that are rapidly used in the business industry. In order to getan effective performance in the competitive environment strategic implementation is necessaryfor an organization as it maximizes their strength in the international market. Implementation ofthe strategic business model helps an organization identify their target market and to fulfill thedemand of their target market through the industry analysis.
3BUSINESS STRATEGYTable of ContentsIntroduction......................................................................................................................................4Concept of strategic business model................................................................................................5Types of Strategic business model..................................................................................................5Factors influencing implementation of the business strategy..........................................................6Significance of the Strategic business model in business industry..................................................7Challenges occur during the implementation of the strategic business model in an Organization.8References......................................................................................................................................10
4BUSINESS STRATEGYIntroductionStrategic business model refers the framework that is developed by the organization tomeet the requirements of their business operation. However, the strategic business model iscrucial for the organization to establish a strategic outline to achieve the desired goal.Formulation of the strategy is a vital part of the strategic business model to maximize the profitof an organization (Angeloska-Dichovska & Mirchevska, 2017). Identification of the valueproposition is the important step of the strategic business model. However, by using the strategicbusiness model an organization will be able to detect their target market and to achievecompetitive strength. Therefore, to reduce the cost of production is another purpose of theadoption of the strategic business model in an organization. One of the major issues of using the strategic business model is the properimplementation of such model. However, the organization often faces the issues regarding highcost, lack of skill and time constraint while implementing the strategic business model (Lawton,2017). This current literature review aims to underpin the significance and challenges regardingthe use of a strategic business model in the business industry. However, such literature reviewreveals various aspects of the use of a strategic business model in the context of manyorganizations to improve their market position and to maximize their sales revenue generation.Moreover, critical analysis of the each factor of the strategic business model will be addressed inthis literature review section. Apart from this such study highlights on the importance of theapplication of the strategic business model in every business.
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