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Innovation And Sustainable Business Development - Research paper

   

Added on  2020-03-02

8 Pages2305 Words85 Views
Business DevelopmentVisual Arts
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Running Head: Innovation And Sustainable Business DevelopmentINNOVATION AND SUSTAINABLE BUSINESSDEVELOPMENT
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2Innovation And Sustainable Business DevelopmentWith the rapid global changes in recent decades, it has become increasingly crucial forbusiness corporations to ensure value generations and profit-making activitiessimultaneously. The colossal growth of information technology has unleashed the power ofpublic media, which, in turn, has raised questions over the value chain of businesscorporations, small and large alike. As a result, a wide range of organisations are revampingtheir value-chain mechanism, apparel industry being one of them. Growing concern oversourcing of raw material and supply chain relations have compelled major players of thisindustry to reconsider their existing business models and adapt to new ones that cansuccessfully exhibit both the elements of innovation and sustainable business practice. LeviStrauss & Co. is one such company that has adapted to a new type of business model forenhancing their value chain management and also to implement sustainability in theirbusiness. The thesis statement of this paper is adopting an e-business archetype can help a business tosuccessfully incorporate sustainability and innovative elements into business. The validity of this statement will be ascertained after a critical analysis on business modeland its associated niches. Now, in order to delve into the debate over appropriate businessmodel that should be practiced by Levi Strauss & Co. it is imperative to define the term‘business model’. In the opinion of DaSilva & Trkman (2014), business model can bereferred to as a conceptual tool containing a set of elements required for successfullyoperating a business, recognising the revenue sources and forecast the finance detailsaccordingly. In other words, business model is the way through which an organisationgenerates revenue and earns profit from organisational operations. Naturally, a typicalbusiness model consists of several sub-sections, such as, ecosystem, offer, customer andfinance (Zott & Amit, 2013).
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3Innovation And Sustainable Business DevelopmentFigure 1: Basic elements of Business Model and their inter-relationships(Source: Bocken et al. 2013, p.12)Now, in case of Levi Strauss, incorporating a sustainable business model would offer severalbenefits such as providing value to stakeholders, the society and the environment. In thisway, selecting a sustainable business model can help the organisation to earn profit withadded value (Bocken et al. 2013). Levis Strauss & Co. operates through a franchise model inAustralia (Levis.com.au, 2016). They manufacture and distribute their products both throughonline and brick-and-mortar stores. In order to address the concerns over supply chain andvalue generation processes, the company need to incorporate sustainability into their businessmodel. Following this lead, the business archetypes can be discussed here. As stated by Bocken et al.(2014), the concept of archetype is borrowed from Carl Jung’s concept of personalityarchetypes, which described the core personalities derived from the society to build a uniquepersonality. Similarly, business archetype also refers to the fundamental ideas that areembodied in a business. Euchner & Ganguly (2014) has identified three primary types ofbusiness archetypes, namely product, service and trade. In addition, there are also four othersecondary archetypes that accounts for the success for a business, such as, brokerage,marketplace, subscription and ecosystem.From this point of view, an e-business archetype entails both the elements of primary as wellas secondary archetypes. In this case, all three primary archetypes are included, while thesecondary archetype used in e-business is marketplace. Through an effective combination ofthese archetypes Levi Strauss & Co. operates their business in Australia. Similarly, Zott &Amit (2013) has mentioned that activity system can be defined as a series of activities
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