Discuss About The Sustainable Business Development Innovation.
A business model is an essential tool for each and every organization which is conducting its operations. Likewise, Domino’s is a huge brand in the field of food and beverages and have a very strong business model for it (Papatheodorou & Efthymiou, 2018). Hence, its business model and its significance for the development of this entity are illustrated in this report.
A business model is a theory which is being made in order to run operations of a company properly in accordance with standards which a company plans to achieve. Likewise, Domino’s pizza Australia clearly has its own business model which is being appreciated all over the world with recognition to the business it is getting for itself from all over the globe. According to Papatheodorou, (2018) Domino’s has a very keen and important long-lasting business which is a result of its business strategy and models. The company provides very fast delivery of pizza it is selling in a market. In the words of Caroline, (2018) the company earns a huge amount of profit as it has operations worldwide. It makes an important growth in the company that it has a very strong business model which completely focuses on satisfying customers. Mets, (2018) stated that company is outgrowing the field of its operations and this is resulting in its business worldwide. This is a very good outcome of its operations which are happening very frequently on a regular basis. Apiakun, 2018 justifies this theory of model as a very important business stream which takes a business to edge of its operations which are conducted on a very large scale.
Changes are inevitable they keep on rising as the time passes because it is the need of today’s scenario. Technology is one such major example of causing threats and making opportunities for businesses (Caroline, Compte & Leite, 2018). Hence, directly or indirectly business of Domino’s has also been impacted by these fluctuations.
Smart-connected products are something which is available to people on everything for example- through website, online media etc. Hence, this change has made domino’s to get access to many people who were unable to connect with it. It has opened the doors of a channel which is very large and widened (Afuah, 2014). Also, there is a growth in business because of such up gradations. For example, now Domino’s not only through its stores sells to people it has several tie-ups with Zomato, Swiggy, Ubereats and its own website is really good and easy to do orders.
On the other hand, it also has caused a problem for the company because many new arrivals have entered the same market through advances (McGettigan, 2017). This in result has reduced the profit margin of the company which is itself a decrease in profit. Likewise, competitions have also risen because of advances for which Domino’s has to make strategies in order to deal with it.
The whole business model has been renewed according to these opportunities and threats so as to create a very good and sustainable business model for success and growth of a company in the market.
Osterwalder & Pigneur has formed a model for business which has various segments in regards to lead the business to the path of growth and success. Likewise, it is a way of creating efficient and more effectively reliable operations for a company which is operating on a very large scale (Adekunle, Lyew, Orsat & Raghavan, 2018). The findings are illustrated as follows:
Domino’s have various associations with various brands in order to market and circulate its product in a market.
As it is a service industry so activities are primarily related to serving customers with food and beverages it provides.
The resources are food items, groceries, finances, employees etc. which are being actualized and ascertained according to the need of the company (Sakinç, Jacobson, Hopkins, & Lazonick, 2017).
The services which Domino’s provides to its customer are always working as propositions which create a value to its product. It has innovation in terms of food by which it keeps on coming with one or other new products.
Customers are satisfied fully according to their needs and want which states that Dominos’ is satisfying its consumers. This in return is showering it with many more profits which are helping it to grow worldwide.
It has adopted several channels of communication as well as reaching its customers. Like it provides online deliveries, take away, tie-ups with food delivery websites etc. so that there is no complaints in regards to availability of the product to any customer.
It has targeted various segments of customers on the basis of their interest, taste, and preferences. According to which further food is prepared and made.
The cost structure is easy and lucrative benefits to customers are given on the basis of discounts so as to attract them more and more (Lasc, Lara-Betancourt & Petty, 2017). This way Domino’s is keeping its customers connected with it.
The company is earning on a very good scale in terms of profit as it is operating worldwide with the huge number of customers.
These are the factors which are contained by the theory of these authors which thoroughly focuses on the completion of operations on time as well as with the best alternative cost.
It is significantly important for a business to have a proper analysis of what it is trying to develop in order to have an edge over the market. In order to have a better and more confined understanding the terms Value propositions, resources, a system of processes and profit formula can be added to the business model (Gassmann, Frankenberger & Csik, 2014). While applying value propositions Domino’s has to take care of the fact that it is trying to add something new and trying to create and new innovation in its product line. There are a lot of add ups and subtractions has to be done while doing value proposition. This helps in having most of the customer satisfaction. Resources are added to the operations when there is something new coming on the list of company’s product. So, an actualization of finances, as well as the things which are required, has to be done properly. A system of processes is something upon which the company is currently working with an edge over the market. But eventually, with time, it has to be upgraded in order to sustain in the market for a long period of time (Sekaran & Bougie, 2016). Profit formula of Domino’s currently is very proportionate in order t the requirement of the company. The company is earning a very good amount of profit which helps it to grow at a very good pace.
In order to talk about the scope of the business, a company has to forecast the future. In other terms, planning is necessary for which business model is very significant. Likewise, in Dominos future business this model will play a very significant role for the company to grow and endeavor success for itself in long run. As the model concentrates on each and every aspect of the business and that will aid the entity to grow and develop as an industry. The future is not certain but an actualization of what might happen always helps in reducing the consequent effect of any kind of situation. Hence, a business model is such an activity up to the business operations which makes a company strong to have long-run sustainability in the field of food and beverages (Gollenia, 2016). The findings help in having the loopholes which may create problems in smooth operations of the business. By this way, a company which is operating on a very large scale will be able to find solutions to enhance its operations more and more so as to outgrow the section. Becoming a company of customer’s first choice is a dream of every organization for which it has to improve its various sections from time to time. Likewise, a business model is one such base of an entity upon which all the other factors conducts their efforts so as to reach an outcome of achieving goals which an association sets for itself. Dominos through these finding will improvise its operation more so as to reach the edge where it always wanted to be. This will help in reaching the best possible solutions for each and every hurdle whichever is faced by Dominos at any point in time.
In the above-demonstrated business essay focus has been focus has been given on the term innovation and the use of the same in developing sustainability for a business organization. Domino’s is a multination brand name on which the task is developed and has been segmented into various sections. The prime component of the essay is the business model adopted by the business entity and significance of the same for the firm has been described further.
The first section of the essay comprises of the business model theory that is concerned with the execution of the operations of a business organization as per the set code of conduct and standards. On the basis of the research executed by the authors, it has been concluded that Domino’s has been attaining various benefits by making use of the existing business models and strategies.
The second segment is all about the opportunities and threats that the business entity attains and focus has been given on technology. The concept of technology has been considered as the factor that has been influencing the business environment and is the prime reason for developing the opportunities and threats for Domino’s.
The next section is concerned about the business model of Osterwalder & Pigneur and the prime objective of this business model is leading the firm towards growth and growth. Moreover, the business model also enables the business firm in the execution of efficient and effective business operations.
Further, the essay comprises of the application of the business model. This segment is concerned about the significant components that can be included in the business model for having an edge over the market and competitors. The main elements that can be included in the model are the value proposition, resources, system of processes etc. Application of these components in the business model will enable the business entity in attaining the varied range of benefits on various grounds.
The next segment comprises of the significance of the business model in the execution of the operations within the business organization. The business model plays an integral role in various processes such as it is an empirical part of the planning process. The adoption of the business model will aid Domino’s in bringing the reduction of the consequent effects of any kind of risks and it is also considered as an activity that will be developing and advancing the business firm to a strong position so that it can survive for a long run in the concerned sector.
Conclusion
It has been concluded by the above report that each and every organization has to be anxious and obnoxious about the business model it is using. As the business model directly relates to the operations of the firm which leads to success factor of the organization.
References
Adekunle, A., Lyew, D., Orsat, V., & Raghavan, V. (2018). Helping Agribusinesses—Small Millets Value Chain—To Grow in India. Agriculture, 8(3), 44.
Afuah, A. (2014). Business model innovation: concepts, analysis, and cases. Routledge.
Apiakun, A., & Mets, T. (2018). Entrepreneurship development and internationalization in Belarus. Entrepreneurship in Central and Eastern Europe: Development through Internationalization, 64.
Caroline, L., Compte, M., & Leite, J. (2018). Case study authors: André Brunoni and Felipe Fregni. Critical Thinking in Clinical Research: Applied Theory and Practice Using Case Studies, 417.
Gassmann, O., Frankenberger, K., & Csik, M. (2014). The business model navigator: 55 models that will revolutionise your business. Pearson UK.
Gollenia, L. A. (2016). Business transformation management methodology. Routledge.
Lasc, A. I., Lara-Betancourt, P., & Petty, M. M. (2017). Displaying dreams: Model interiors in British department stores, 1890–1914. In Architectures of Display (pp. 49-64). Routledge.
McGettigan, L. (2017). Smart libraries make smart communities make smart cities. In Culture, Innovation and the Economy (pp. 75-80). Routledge.
Mets, T. (2018). Twenty-five years of transition. Entrepreneurship in Central and Eastern Europe: Development through Internationalization, 197.
Papatheodorou, A., & Efthymiou, M. (2018). Evolving airline and airport business models. In The Routledge Companion to Air Transport Management (pp. 150-164). Routledge.
Sakinç, M. E., Jacobson, K., Hopkins, M., & Lazonick, W. (2017). US Pharma’s business model: why it is broken, and how it can be fixed. In The Routledge Handbook of the Political Economy of Science (pp. 105-122). Routledge.
Sekaran, U., & Bougie, R. (2016). Research methods for business: A skill building approach. John Wiley & Sons.
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