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Business Innovations | Business Model Assignment

   

Added on  2020-02-24

4 Pages820 Words45 Views
Running head: BUSINESS INNOVATION1Essay Transcription: Innovation and Sustainable Business DevelopmentStudent Institutional AffiliationDate

BUSINESS INNOVATION2A business model enhances profit maximization by an organization in all operational departments. In a nutshell, a business model explains the approaches used by an organization when running its operations. Under this essay, the business model shows the graphical representation of the core business functions, financial structures, and the relationship between each activity to the other (Itami & Nishino, 2010). The business model has been usedto show how companies generate revenues and create towards enhancing profitability. The best marketing strategies are also displayed out by the corporate model in an aim to understand target market needs and demands. The business model is used in establishing the right relationship between a business and its clients as well as creating the best communication and distribution channels to meet customers demands. The value proposition, revenue streams, cost structures, and leading business partners are quickly shown with the use of business models (Zott, Amit, & Massa, 2011). Business model archetypes elaborate the different types of business models either partially or entirely, and this creates a practical approach to strengthening the importance of business model concepts in a company. Also, a business model shows the economic dimensions, innovation creation processes, and value creation approaches used by a corporation for optimality. In the essay, seven archetypes employed in the demonstration of business relation behavior are explained. Various prototypes such as e-commerce create a conducive environment for the creation of a valuable trade model. E-business relies on the business model of an activity system and cost revenues architecture that describes the direction upon which the company is taking(Itami & Nishino, 2010). Conceptualization of business models is made possible in a framework that is more empirical and suitable to all key stakeholders of

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