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Innovation and Business Development- Doc

   

Added on  2020-02-24

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Running head: INNOVATION AND BUSINESS DEVELOPMENTInnovation and Business DevelopmentName of the Student Name of the University Author note

1INNOVATION AND BUSINESS DEVELOPMENTIntroduction The traditional balance between the customers and the suppliers has changed withinthis global economy. There are considerable developments in the computing technologies andthe communication system which eventually established the trading regimes in theinternational scenario. With such developments, the consumers now have more buyingoptions and the supply business alternatives have more choices. Therefore the businesseshave turned into more client centric, as now it is easier for the customers to access theinformation regarding the low cost provision and necessary customer solutions (Boons &Lüdeke-Freund, 2013). These considerable developments need the businesses to evaluatetheir value propositions which is presented to the customers as the traditional supply chaindriven business has longer has any value. Therefore, the businesses also require developing awell designed business model because without the model, it will difficult for the businesses,especially for the IT companies, for creating the revenue streams from their business valuechain. This study will trigger the concepts and ideas related to business model developmentconsidering the famous IT Company of Australia, Technology One which has been impactedwith the rise of big data in the recent times. Concept of Business Model The business model is a way that is applied by the organization for making moreprofit and generating more profit from the operations stream of the organization. Therationale, which defines the actions of the organizations and helps the organization incapturing the necessary value, is defined by the concept of business model. The model is anessential part of the business strategies, especially within the cultural, economic and socialcontexts (Baden-Fuller & Haefliger, 2013). For both the practical and theoretical fields, thebusiness model is used for several formal and informal definitions in order to represent the

2INNOVATION AND BUSINESS DEVELOPMENTprimary aspects of the entire business procedures, target customer base, purpose of theorganization, infrastructure of the organization, organizational structures, customers and theother procedures related to the core operations of the organization. It can also be defined asthe abstract demonstration of the entire business procedure. The representation of thebusiness model can be of different kinds, it can be conceptual, textual or graphical. As statedby Boons et al. (2013), the value proposition, value architecture, value finance and valueproposition that articulated the primary dimensions of the business procedure, is called thebusiness model. Within the contemporary business world, the practices of the businessentirely depend of the technological representations of the business. Figure 1: Business ModelSource: Baden-Fuller & Haefliger, 2013

3INNOVATION AND BUSINESS DEVELOPMENTE-business ArchetypeAccording to Bocken et al. (2014) the most important purpose of creating a businessmodel is defining the core functions of the business in a compact and concise method. CarlJung had developed the E-business archetype within the notions of the business model. Thisadheres to the primary requirements of the business and therefore it generates the structuredbase for the business. This base is also related to identifying the spectrum of the possibletemplates. With the E-business archetypes, there are two different types of activities, primaryactivities and the secondary activities (Wirtz et al., 2016). The primary kind of activitiesinclude three different type of basic interests or activities, service, product, and tradewhereas, on the other hand, the secondary archetypes include four different types ofactivities, market place, ecosystem, brokerage and the subscription. In the primaryarchetypes, the product defines the one time buying of any product or artifact, the servicedefines the physical service along with the basic charge for providing the service, and thetrade signifies the correlation between the supplier and the customers for any commercialpurpose (Achtenhagen, Melin & Naldi, 2013). In the secondary archetypes, the market placeis the place where the trade between the buyer and seller can take place, the subscriptionindicates the semi-computerization and the productizing the manual service, the brokerageindicates giving the provision of the trade as a service, and the ecosystem is the place wherethe business is build.

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