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Business Models and Technological Innovation

   

Added on  2020-03-01

10 Pages1950 Words59 Views
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Development of innovation and sustainable business 1Innovation and sustainable business development
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Development of innovation and sustainable business 2 A business model consist specific combination of distribution, supply chain, product, pricing, payment and sales. It is the model which is far more important for the success of the business. It is comprised with two major components that are cost and price. Gross profit is a major point of profitability because the major focus of its only on cost instead of expenses. It does not have concern about the efficiency of business because it focuses on to only business. Business model is very important for the business because it helps to grow the business in a progressive way. A clear business model is important to the growth of any business and it has been considered as the foundation of the innovative technology. New technology cannot come inan existence without a business model. A successful business model is able to enhance the commercial return through cost investment and drive innovation. Business model has the capacity to attract many customers towards the business because with the help of business model, it is proved that the guidance of large scales is not required for the business. A business model consist 9 building blocks which describes all necessary requirements in the favor of business. it defines the strategy of the business without having complexity such as over burdened, high workflow, hierarchy rules, strict rules and regulation. The nine building block of business model is described below:
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Development of innovation and sustainable business 3Figure 1: Business modelE-business architect is the element of business model. It is the concept in which number of approaches was developed. It has a practical approach which makes able business to think widely. The archetypical business model describes the value proposition, value creation, innovation, customers, organizational architecture and economic dimension to elaborate a complete understanding of making customers in a systematic way with customer value (Baden-Fuller & Morgan, 2010).
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