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Questions:

1.Define the concept of a Business Model.
 
2.Explain what is involved when referring to the notion of an E-Business archetype
 
3.Explain what is meant by the term Business context and the notion that change in Business is inevitable.
 
4.Discuss about the Rise of Big Data.
 
5.Explain how the Organisation's Business Model has been impacted by change and what this means for managers when making decisions about the Organisation's Business Model.
 
 

Answers:

Introduction

This is report, which depicts the importance of business model and how it can be used in the different aspects of the organization. The market trends and technology is changing at a n rapid and the organization will have to keep using innovation so that they can maintain their sustainability and competitive advantage. The use of innovation in the business model has been adopted by most of the major multinational companies all over the world so that they cope up with the changes in the business environment. The use of big data is one of the major changes that have been accommodated by the companies.

1.Business model and concepts

The business model can be defined as the clear and summarized way of portraying the operations of a business. The business model should be as such that it could be described in limited number of words. The objective of all the companies is to provide value to their customers and the strength of the value proposition will determine the market acquisition of the organization. Business model consist of the various methods, which will be used for the generation of revenue in the organization (Schwarz, Terrenghi & Legner, 2017). The model will highlight the revenue generation opportunities and the various methods that have to be applied in order to meet the desired target. The key factors of the various operational processes will be included in the business model. The business model is one of the most important factors for a start up company as it helps to maintain the sustainability. The company with good innovative business model will be able to increase the life expectancy. The business model will determine the feasibility of the business and help in identifying the contingencies in the business (Zott & Amit, 2013). The business model of an organization will have to be evolved on a continuous basis as it helps in the creation of new sources of generation of revenue.

 

2.E-business archetypes

Archetype can be defined as the fundamental personalities and roles that are derived to create unique personalities. The archetypes can be divided into primary archetype and secondary archetype where product archetype, service archetype and trade archetype are included in the primary archetype (Bocken et al., 2014). The secondary archetype consists of brokerage archetype, marketplace archetype, subscription archetype and ecosystem archetype (Carayannis, Sindakis & Walter, 2015). The Trade archetypes consist of the Ecommerce business where the model connects the potential buyers with the various products they are searching. This means they act as a mediator between the buyers and the sellers and derive the profit from the arbitrage. These archetypes make profit from the spread between the cost of acquisition and the selling price. The main key to this business is sourcing and capital requirement for organizations following this business model will be moderate.

Business model as an activity system

Figure 1

(Source: Barquet et al., 2013)

The main objective of a business model is to take advantage of the business opportunity by adding value to the product they are selling. This is the value proposition for a company who is trying to fulfil the needs of the consumers in the market. The engagement of the physical, human and the capital resources so that the organization can accomplish a specific purpose can be defined as activity (Bocken et al., 2014). These chains of specific objectives will help an organization to reach towards all the goals and objectives of an organization. The business model consists of all the key activities in an organization and they are all interlinked. The various activities within an organization are designed in such a way that one activity is dependent on the other activities. There are lot of activities, which are performed at an internal level, and there are few activities that are performed by the external parties.  The activities of the various processes are linked and all the organizational goals and objectives can be achieved by performing all the activities to a specified output. The business model for each industry will be different and there has to be uniqueness among the business models in various organizations (Barquet et al., 2013).  The business model will have to be developed according the needs and the activities of the organization.

Business model as cost revenue structure

Figure 2

(Source: Hashem et al., 2015)

The final aspect of a business model is the analysis of the cost structure and the revenue streams of the organization. Cost structure includes the important costs that are associated with the product and the service. Revenue streams will identify the sources of revenue generation for the company and the suitable methods that can be used. It will also determine the value the consumers are willing to pay for the product (Hashem et al., 2015). There are two important factors associated with it one is the cost acquisition and the other the lifetime value of the consumers. When the cost of acquisition is more than the lifetime value of the consumers, then the project and the product are not feasible and consumer market is not ready for the product. The two costs that are associated within an organization are the fixed and the variable cost. The fixed cost remains the same whereas the variable cost of an organization will decrease with the passage of time. The companies that are able to maintain their sustainability in the market will be able to maintain a balance with their cost and revenue generation (Joyce & Paquin, 2016).

 

3.Business context and change

Business context is the special terms that are used in the industry, which can be identified and understood by everyone in the market. Globalization has made rapid changes in the execution of the businesses in all over the world. The use of technology and innovation has become a necessity where all the companies will have to make use of innovative ideas to constantly evolve and change the business model (Kastalli & Van Looy, 2013). The use of innovation in the business model is the only thing that will provide the organization with competitive advantage in the market. The companies are using continuous integration, which helps them to keep improving their business model so that they can increase their competitive advantage in the market.

 

4.Rise of big data

Big data has gained its popularity in the last where a lot of major companies used to analyze the needs of the consumers and the recent market trends. The use of information to understand and identify the market trends has revolutionaries the market. The use of big data is not limited to one and has been widely used in all the aspects of the organization (Cukier & Mayer-Schoenberger, 2013). There is large amount of data that is available in the market and the companies are using it to interpret a lot of factors. The use of big data has become one of the integral parts of the organization all over the world. Woolworths is an example of companies who are one of the first to use big data to identify the popular products among the consumers. This has helped them to retain a majority of their consumers by providing them with offers in these popular products available in the market.

 

5.Impact of change on organizational business model

The market has been changing at a rapid rate and it has affected the business model as the companies are trying to incorporate those changes. The companies are trying to make improvements in the business model so that they gain competitive advantage in the market. The technology is advancing and the inventions of new technologies are making the old technologies redundant (Casadesus?Masanell & Zhu, 2013). Thus, the companies have to be up to date if they want to hold on their competitive advantage and this is the very reason that the competition in the market has become more intense than before. Technology has changed the market needs of the consumers and it keeps on changing in a brisk way so the companies constantly monitor their business model so that they can incorporate those changes to make improvements in their business models (Harmon, 2014).

Conclusion

Thus, the conclusions that can be drawn from the above report that business model is the integral part of an organization. The development of a good business model will ensure sustainability of an organization and that is why the companies are continuously integrating the processes so that they can make improvements in the business model. The market trends and the technology are changing very frequently and it has a huge impact on the business model of the companies. The companies are trying to use big data and apply it to all aspects of organization to make sure that they can accommodate the changes.

 

Reference

Barquet, A. P. B., de Oliveira, M. G., Amigo, C. R., Cunha, V. P., & Rozenfeld, H. (2013). Employing the business model concept to support the adoption of product–service systems (PSS). Industrial Marketing Management, 42(5), 693-704.

Bocken, N. M. P., Short, S. W., Rana, P., & Evans, S. (2014). A literature and practice review to develop sustainable business model archetypes. Journal of cleaner production, 65, 42-56.

Bocken, N. M. P., Short, S. W., Rana, P., & Evans, S. (2014). A literature and practice review to develop sustainable business model archetypes. Journal of cleaner production, 65, 42-56.

Carayannis, E. G., Sindakis, S., & Walter, C. (2015). Business model innovation as lever of organizational sustainability. The Journal of Technology Transfer, 40(1), 85-104.

Casadesus?Masanell, R., & Zhu, F. (2013). Business model innovation and competitive imitation: The case of sponsor?based business models. Strategic management journal, 34(4), 464-482.

Cukier, K., & Mayer-Schoenberger, V. (2013). The rise of big data: How it's changing the way we think about the world. Foreign Aff., 92, 28.

Harmon, P. (2014). Business process change. Morgan Kaufmann.

Hashem, I. A. T., Yaqoob, I., Anuar, N. B., Mokhtar, S., Gani, A., & Khan, S. U. (2015). The rise of “big data” on cloud computing: Review and open research issues. Information Systems, 47, 98-115.

Joyce, A., & Paquin, R. L. (2016). The triple layered business model canvas: A tool to design more sustainable business models. Journal of Cleaner Production, 135, 1474-1486.

Kastalli, I. V., & Van Looy, B. (2013). Servitization: Disentangling the impact of service business model innovation on manufacturing firm performance. Journal of Operations Management, 31(4), 169-180.

Schwarz, J., Terrenghi, N., & Legner, C. (2017). Towards comparable business model concepts: resource description framework (RDF) schemas for semantic business model representations. In Designing the Digital Transformation: DESRIST 2017 Research in Progress Proceedings of the 12th International Conference on Design Science Research in Information Systems and Technology. Karlsruhe, Germany. 30 May-1 Jun.. Karlsruher Institut für Technologie (KIT).

Zott, C., & Amit, R. (2013). The business model: A theoretically anchored robust construct for strategic analysis. Strategic Organization, 11(4), 403-411.

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