Innovation and Business Development

Running head: INNOVATION AND BUSINESS DEVELOPMENT
Innovation and Business Development
Name of Student
Name of University
Author Note

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INNOVATION AND BUSINESS DEVELOPMENT
Introduction
Innovation is necessary so that a company may succeed in the competing business
model. The effective use of a proper and suitable business model can help an organisation to
remain competitive and improve on its current position (Chesbrough, 2010). The current
essay focuses on the importance of innovation and the effective utilisation of the business
model canvas. For this reason, the essay focuses on Domino's Pizza and the manner in which
it has managed to remain the top brand of the pizza chain in Australia. Domino's Pizza was
set up in Queensland, Australia in the year 1983 and has managed to maintain its dominance
in the business market of Australia. It has over 1900 stores in the world and more than 1500
stores across the world (Dominos.com.au, 2018). The essay focuses on the manner in which
Domino’s Pizza can utilise the business model canvas and the highlights its effectiveness for
its success.
Evaluation of business model on the company
The concept of the business model is considered as an important tool by the
application of which an organisation can manage to develop itself. It helps in analysing the
main capabilities of an organisation. In the words of Tukker et al. (2017), the business model
can help in identifying the manner in which organisations can gain revenue. A company like
Domino’s Pizza can benefit with the application of such a model, as it needs to cope up with
the changes that take place in the competing business world. The competition that exists in
the market can be analysed and the manner in which Domino’s Pizza can operate its
functions in the market can be improved. As observed by Kogan et al. (2017) Domino’s Pizza
does not possess a fixed business model that can help in the improvement of the company.
In this regard, it can be said that every business organisation need to undertake a
disruptive business model that can help in the high involvement in the modern business
world. One of the innovations that have occurred in the business world is the improvement

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INNOVATION AND BUSINESS DEVELOPMENT
and introduction of technologies (Adams et al., 2016). Therefore, to gain profit from the
existing competition in the market, Domino's Pizza needs to adopt a disruptive business
model so that it can gain profit and meet the requirements of the customers.
Organisations in the modern world do not have a stable business model and because
of this most companies, big or small loose out against the competitors. To understand the
impact of business in the modern world, it is necessary that the internal and external
environment of the business market be considered. According to Anderson, Potočnik and
Zhou (2014), in the case of Domino’s Pizza the external environment are the customers of
Australia as based on the responses of the customers; the company can formulate a proper
business model.
It can be said that Domino’s Pizza can gain opportunities in the business with the
application of smart connected products. The sustainability of the business can be maintained
by properly analysing the factors that contribute to the effectiveness of the business models.
One of the advantages that Domino’s Pizza can have in the business market is the fact that it
can be flexible as well as have a streamlined operation in the business market (Johnson,
Christensen & Kagermann, 2008). At the same time, Domino’s Pizza can make use of a more
innovative method and apply smart connected products for the company.
At the same time, it needs to be kept in mind that Domino's Pizza needs to make
considerable research about the manner in which it can apply the business model canvas. The
research can help Domino’s Pizza to understand the threats that exist with the application of
the particular model. Porter and Heppelmann (2014) stated that one of the biggest threats that
Domino’s Pizza can encounter is the security. Every investment of the company that is made
needs to be analysed so that the threats can be mitigated easily. At the same time, maintaining
the loyalty of the employees can be challenge particular if there is less job security in the