Discuss about the Innovation and Business Development for Pizza Chain.
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.
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 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, Poto?nik 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 company. In the words of Porter and Heppelmann (2015), the security of job and organisations is one of the major factors that can be considered by the employees. Domino’s Pizza also needs to analyse its inventories as it is an important factor for the development of the company.
The managers of Domino’s Pizza need to analyse these techniques and ensure that a backup is maintained that can help the company mitigate any type of risk that may hinder its progress (Joyce & Paquin, 2016). In this regard, Domino’s Pizza can apply a proper and detailed business model canvas. The business model canvas provides a detailed understanding of the type of strategies and operations that are conducted by an organisation. In the case of Domino’s Pizza, the company can apply the business model canvas proposed by Osterwalder and Pigneur (2010). The company can try to develop a proper business model that can help it to maintain its status in the competitive business of Australia.
The analysis has shown that the business model of Domino’s Pizza can be related to the value proposition factor. The evaluation of the value proposition factors can help Domino’s Pizza, to get more growth in the business market of both Australia and abroad. At the same time, the company also takes the satisfaction of the customers into consideration. Bain and Kleinknecht (2016) have observed that Domino’s Pizza have a rich revenue streamline and therefore maintains the proper stability of matters related to the finances of the company.
One of the important factors that Domino’s Pizza need to consider is the responses of the customers about the type of products that it is manufacturing. The responses of the customers can be collected by using a survey method and feedbacks can be in the form of products that are both new and existing. Kleinknecht (2016) stated that Domino’s Pizza has seen growth with the application of smart connected products. The fact that the company have innovated new products and new systems of providing customer satisfaction have been well received in the markets of Australia. Despite this Zott, Amit and Massa (2011) have warned that Domino’s Pizza needs to keep in mind the demands of the target market.
One of the advantages that Domino’s Pizza can receive is from the talented pool of employees that it recruits. This can provide the company with an edge over the rivals and help it to maintain competitiveness in the market. Among the marketing mix elements, Domino’s maintains the placing of the stores at convenient locations. According to Lusch and Nambisan (2015), innovation in services of a company can help it to reach out to customers. In the case of Domino’s Pizza, the services provided by the company are an opportunity to interact with the customers and identify the requirements. The online and home services provided by the company provide Domino’s Pizza with an additional advantage of being competitive in the age of technology. The GPS system for locating the customers can help Domino’s Pizza to gather information about the customers and their preferences.
The aim of Domino’s Pizza is to satisfy the customers and maintain the profitability of the company (Dominos.com.au, 2018). The business model of Domino’s Pizza can help the company to attain its goals. Thus, the business model adopted by Domino’s Pizza needs to be aligned with the company in a manner that it provides Domino’s Pizza with an advantage of maintaining stability in the market. As observed by de Jong and van Dijk (2015) maintaining a business process can help Domino’s Pizza to identify a stable approach that can be useful in analysing the profitability of the company.
Van Oort (2017) is of the opinion that gaining profit is important for the survival of a business, particularly of a private sector. In the case of Domino’s Pizza, it is the first pizza chain restaurant to have received a public status in Australia. Hence, the responsibilities of the company grow beyond profit making. Sustainability and corporate social responsibility of Domino’s Pizza can also help it to gain profit by maintaining its goals of satisfying customers. Vargo, Wieland and Akaka (2015) stated that Domino’s Pizza could maintain a revenue model that can help the company to sell more products to the customers and provide a convenient target market.
Conclusion
After the analysis, it can be concluded that business model is essential for influencing the operations and system processes. Organisations need to ensure that the revenue factor of the business model can help it to estimate the type of work progress that is carried on in the organisation. In the case of Domino’s Pizza, maintaining the loyalty of the company is important and it is necessary that the company attain its goals. Therefore, for existing in the business market of Australia, Domino’s Pizza can adopt the business model canvas and disruptive innovation so that total changes in business can help the company.
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