Discuss about the Innovation and Sustainable Business Development for Target Market.
Organizations need to compete favorably enhancing the growth of its businesses through attainment of a new market segment, change in the product as well as new operation plans through the launching of the business model. The business model thus entails a plan of the business describing the operations of the business in order to realize the set goals. The models show how the business creates, delivers and captures values (Bock, Opsahl, & George, 2010). Important aspects such as the purpose of the business, the target market, company process, structure of the organization, its culture and overall operational business. Customers are able to understand the meaning of the business and therefore they are able to cooperate accordingly with the view of benefiting themselves as well as the business. Business disruption entails innovative approaches that target at creating new market and value networks such that the existing ones are disregarded. The newly created values ensure that new markets are reached overtaking the existing ones. For every business to succeed there is the need for such organization to design models that ensure that the organization adjusts accordingly to achieve independence, product optimization and combat threats encountered (Baden-Fuller& Morgan, 2010). The paper gives an analysis of the threats in designing new models, the opportunities, findings, the conclusion as well as a video summing up these ideas.
The utilization of these products offers varieties of opportunities that enhance the new operation of the business. With the products, the business ensures higher product utilization. The organization has been forced to lay down new structures and models of operations that favor the selling of the products (Gebauer & Kowalkowski, 2012).
Additionally, the new products ensure that the company is exposed to the new competitive markets and threats. Different industries are therefore created. With these new products, the company is able to shift rivalry creating new avenues to enhance differentiation and value-added services. The firm has been able to offer services to specific sections of the market. In addition, the customization of the individual products for the clients has been attained. The company is able to enhance product differentiation as well as the realization of the price leading to the growth of the business (Chesbrough, 2010).
The company further has been able to experience an expansion in the segment of the buyers, therefore, the competition in such circumstances is driven off. The organization develops closer relationships with the customers. Also, the organization becomes independent and well disintegrated through the high profits that are captured by the company. The optimization of the performance of the product by the firm is realized due to the fact that the company is able to control the operation of the product (Zott & Amit, 2010).
When it comes to the threats, the company experiences various challenges immediately it produces such products. They range from the threats of the new entrance to the threats of the substitutes (Kowalkowski, Kindström & Brehmer, 2011). In regarding the new entrance threats, the company faces new challenges such as the difficulty in designing of the products that appear to be a complex task having high costs fixed for the process. Additionally, the technology in the organization is embedded and new infrastructures for the information technology system are needed as well. The threats of the substitutes, on the other hand, ensure that the effective operation of the organization in barricaded due to the increased capability that subsumes the conventional goods (Kaplan, 2012).
In the analysis, the organization needs to regard the core values of the business, for example, the Commonwealth bank’s business models consider attaining various core values such as excellence, integrity, collaboration, accountability and effective service delivery Zolnowski et al., 2013). The organization using this approach will ensure that the management proposes to the customers the value created for them when they engage with the company. The economic value of the revenue model is captured that aligns the operation of the business (McGrath, 2010).
Profit realization is the key drive for creating and implanting this business model. They are usually created in order to save the business from collapsing. Since the business is performing poorly with low and even making negative profit margin, the application of the profits formula model is vital. The business needs to sale highly whether the competitors offer the same products or not. There is the need for the organization to sell its product using various options that the competitors aren’t aware of. The organizations such as the Gusto, Zenefits, Tinder, and Evernote have been able to break their psychological burden of big-ticket items (Palo & Tähtinen, 2011).
Many business organizations are designing new operations strategies to ensure that organizations operate effectively despite the threats in the environment. These approaches have got common properties for instance innovation of the entity in relation to the environment and the change brought about by the aspect of improved sustainability (Smith, Binns, & Tushman, 2010). Companies are using the business models with the view of integrating sustainability into the business. There is the need for the organization to engage in intensive research in order to avoid failure in developing effective business models, therefore, increased chances of success (Kowalkowski, Kindström & Witell, 2011). Furthermore, there is a positive statically significance of financial performance and sustainability performance. The organization adopts new operational approaches with the view of enhancing growth and expansion of the organization. In the creation of the model, creativity and innovation are crucial elements regarded so as to launch strategies that make the organization be outstanding (Zähringer et.al. 2011). Additionally, models for the organizations are underpinned by threats as well as the element of the economic value of the organization. Due to these factors, firms have been able to draw significance approaches that ensure that they move forward by embracing service-oriented operations focusing mainly on the clients of the services and the shared value. The business model considers the aspect of impacting the society positively in their strategies. Organizations need to understand the business model designed for their operations in order to embrace these strategies with the seriousness they deserve for the success to be attained at the end (Zolnowski et.al, 2013).
It is clear that through various innovative and sustainable approaches in the business, organizations are able to launch approaches that will boost revenue earnings thus realization of profits. In the overall business plan construction, the approaches are designed appropriately with the view of eliminating the risks and threats in order to realize the set goals. Through the models designed the organization is fully aware of the type of products and services offered that suits the market available if not, it adjusts accordingly in order to enhance selling. Additionally, various elements are set properly then implemented in the system in order to ensure that the organization operates despite the conditions. The well-implemented model will ensure that the organization has a diverse market segment in the future with new infrastructures that are advanced for the information and technology, profits optimization and challenges well combated by the organization.
In my video, the key aspects to be considered are the finances of the business, product and the marketing strategies of the product. In the video, the business will be able to encounter various challenges in the process of making as well as implementation. After the model would have been implemented fully, the video will outlay the new opportunities for the organization and the benefits associated with this. Living characters will be created to fully demonstrate these ideas to enhance believability. In this regard, character “a” represents the overall organization’s model, showing the ups and downs in the overall organizational plan of making and running it. From the plan, character “b” will be introduced to show the threats and drawbacks of the organization, showing how the organization looks at the phase. The symbolic signs to demonstrate risks and threats faced by the organization will be employed. Another character that represents the opportunities of the organization as it implements the new plan will be launched, character “c”. The character will be represented by colorful symbols, therefore, depicting excellence in the business operation. The initial image of the business before the new model was developed will also be represented by character “x”. The image utilized in this scenario will be an emaciated one to demonstrate the current state of the organization which is in its worse state. Then, later on, another character that shows the succeeding business after implementing the new business plan will be shown through another character that will be looking presentable with all the resources, character “y”, a colorful image will be utilized considering this aspect.
References
Baden-Fuller, C. & Morgan, S. (2010). Business models as models. Long Range Planning, New York, online 43: 156-171.
Bock, A., Opsahl, T. & George, G. (2010). Business model innovations and strategic flexibility: A study of the effects of informal and formal organization, London, the Imperial College.
Chesbrough, H, (2010). Business model innovation: Opportunities and barriers, Long Range Planning, New York, Web 43: 354-363.
Gebauer, H., & Kowalkowski, C., (2012), Customer-focused and service-focused orientation in organizational structures, Journal of Business & Industrial Marketing, 27(7), 527–537.
Kaplan, S. (2012). The Business Model Innovation Factory: How to Stay Relevant When The World is Changing. Hoboken, NJ: Wiley.
Kowalkowski, C., Kindström, D., & Brehmer, P. (2011). Managing industrial service offerings in global business markets. Journal of Business & Industrial Marketing, 26(3), 181–192.
Kowalkowski, C., Kindström, D., & Witell, L. (2011), Internalization or externalization?
Examining organizational arrangements for industrial services. Managing Service Quality, 21(4), 373–391.
McGrath, R.G. 2010. Business models: A discovery driven approach. Long Range Planning, New York, Web. 43: 247-261.
Palo, T., & Tähtinen, J. (2011). A network perspective on business models for emerging technology-based services. Journal of Business & Industrial Marketing, 26(5), 377–388.
Smith, W.K., Binns, A., & Tushman, M.L. 2010. Complex business models: Managing strategic paradoxes simultaneously. Long Range Planning, New York, Web. 43: 448-461
Zähringer, D., Niederberger, J., Blind, K., & Schletz, A. (2011). Revenue creation: business models for product-related services in international markets – the case of Zwick GmbH & Co. KG. The Service Industries Journal, 31(4), 629–641.
Zolnowski, A., Semmann, M., Amrou, S., & Böhmann, T. (2013). Identifying opportunities for service productivity improvement using a business model lens. The Service Industries Journal, 33(3-4), 409–425.
Zott, C., & Amit, R. 2010. Designing your future business model: An activity system perspective, Long Range Planning, New York, and Web 43: 216-226.
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