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Innovative And Sustainable Business Development

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Question:

Discuss about the Innovative And Sustainable Business Development.
 
 

Answer:

Introduction

A business model can be defined as a clear way through which one can picture how a company operates. Most companies in the contemporary world strive to have as many customers as possible. A business model, therefore, acts as a means of translating the business operation proposition into potential profitability. The business model of a company shows the methods through which the company will use to create revenue and also shows factors that will enable profitability of the business a company wants to venture into. One of the importances of a good business model is that it encourages the perspective investors of a firm or a business venture hence creating a higher profitability probability.

Knowledge about business models

Business models can be conceptualized as activity based systems varying with the kind or nature of the business and the product being produced by the business. For instance, Hiroyuki Itami and Kazumi Nishino in one of their research report in the Long Range Planning ‘Killing two birds with one stone. They conceptualize a business model as a system of works that firm designs to help it come up with more profits whereby they elaborate a business model by backing it up with delivery systems and learning systems to create high-profit maximization and to elaborate their arguments they use Toyota Company as an example. Toyota's business system is a very exceptional one. Apart from producing cars Toyota also produces parts and sells them. It also maintains a good relationship with its suppliers to ensure soft running and positive profit runs.

Theories and what people believe about business models

Christoph Zott and Raphael Amit in their scholarly work ‘business model design: an activity system perspective’ do acknowledge that the more significant and overall objective of a business model is to exploit its potential opportunities and create surplus profits and to create customer fulfillment. With this, they argue out that an activity system in a business model may span boundaries of a company and make it create more surplus profits. (Zoh and Amit, 2010)

Conceptualization of business models

For one to conceptualize a business model as an activity based system, there are some processes that occur in between. When one wants to conceptualize a business model the one has to address the business concept of the business model and the concept of the model. This should be done with a customer oriented approach since the main problem that is being addressed by the business model is the creation and capturing of customer value and satisfaction (Journal of business models, 2013). Mostly conceptualization of business models comes from previous experiences of the creators of the business model or the managers of the business. During conceptualization, the resources for actualization o the model should be highlighted since the resources are the ones that will determine the successful application of the model and co-creation of value (Neonen and Storback, 2009).

The importance of business models

The main reason why businesses need to have business models as discussed above is the creation and capturing of customer valuation of a given business. With a business model, a company can integrate the various ways through which it will reach its target consumer base. This helps solve a lot of the static and dynamic problems in business since if well executed then the business will be able to execute its customer base and thus creating surplus profits. The profits in business are used to mitigate risks which are probable to occur in the business. 

Advantages that come along with business models

The company through high profits it creates can pay up for the risk management of the risks it faces. This helps prevent the dynamic problems that may occur to business. A business model also increase customer satisfaction and by so doing the company can cement its consumer base, and with this, the company can ensure its day to day survival in the competition world. The business systems of a company will determine its future invisible assets and help the company modify its capabilities and also make it be able and ready to meet new challenges. (Itami and Nishino, 2010)

Some business models concerning the type of business in the procession can also be used to understand how the different firms are venturing into the same business partner. For instance, Mitsuru Kodama came up with a knowledge integration model which is a distinctive model which identifies specifically with the Japanese firms. The knowledge integration model integrates knowledge from both the inside and outside of the firms which are in partnership. With this, the organizations or firms in a partnership will have a good run together operating a business since they are in possession of knowledge of how each of them operates from both the inside and the outside. These kinds of business models create coherence, collaboration, coordination, harmony and unity among the different stakeholders of a business or different firms in a partnership. Such kinds of models together with co-evaluation models also create co-existence and the spirit of togetherness among interested parties and thus increasing prosperity. (Kodama, 2009)

 

Relationship between innovations and business models

For a business model to be a winning one, be effective and be efficient it needs to be innovative and not to stagnate itself with the traditional ways of operation. With the increasingly high speed of innovations and inventions in the contemporary world most, managers when determining a needed business model put a lot of emphasis on the use of current forms of technology. Even the process of business model creation itself has undergone a lot of innovations till today. Most of the business models currently are adapting and conforming to the new web related practices especially within the marketing sector. For instance, nowadays, businesses use Orbits in brokerage instead of the old methods that were being used, ITunes in bundling and thus doing away with the traditional middlemen, Elance.com for reverse auctioning and much more. (Harvard business review, 2015) By the use of this and conformity to the new forms of innovations, most people have been able to understand innovation through their participation in creation and execution of business models.

Itami and Neshanic in their research report they define the business model and even back it up with extensively elaborated examples. They emphasize that however good the intentions of a business to attract more customers is it will never work out unless well-designed structures are put in place. To elaborate their argument further, they use Google as one of their examples. One of the characteristics of the Google profit maximization model is that none of its users pay them as a provider of the services it offers but instead Google capitalizes on their presence in its search space by selling its site space out to the advertisers who turn out to be its customers.

Example of how business models can be helpful to organizations

Another one of the aspects of the Google profit model is that the company has heavily invested in huge in-house server systems and bespoke in-house servers systems to cut on the cost of providing the huge range of services it provides thus attracting more customers and intern making more and even surplus profits (Peter, 2015). Many users are easily attracted to Google because its systems function at a very high speed and because its space can handle huge and great volumes of information.

With the huge user base, Google is boasting of customers are attracted to it because of its use they can disseminate their information to a wider area and too many people with lots of ease and also within a short period. Google has also come up with a way through which it creates its system software and by so doing it can get information on how to improve its software and its servers so as to continue creating consumer satisfaction (Erwin, 2013).

Killing two birds at a time a research authored by Hiroyuki Itami and Kazumi Nishino is the one that helped me to successfully and efficiently understand better the concept of the business model as an activity based system because it was briefer and had a lot of good and easily understood examples (Mark, 2017). For instance, they use LCD TV, Toyota, and Google as their examples companies that I easily identify with. I use Google in my day to day life, and the sight of it even made the research and the article more interesting to follow up and read. Toyota, on the other hand, is a car brand that is very widely and well known throughout the world and which I know very well, therefore, I had the urge to get to understand what the article was talking about on it. LCD TVs are all over, and the article gave a good and extensive insight on the company and thus made me to understand even better. In addition, they give an extensive explanation and insight of each of their examples in an easily understood manner.

Conclusion

To conclude my essay, the above work is a progressive prospect that can be used as a quality assertion to footer business models. Using my research many footer models can use it to benchmark themselves for quality assurance since it provides various substantial grounds of creating and developing a good business model though more extensive research should be done to add quality so as to create best outcomes.

 

Bibliography

Christoph, Z, & Raphael, A. (2010). Long Range Planning. Business Model Design: An Activity System Perspective, 43, 216-226.

Citeseerx. (2011). Citeseerx. Retrieved April 11, 2017, from Citeseerx: citeserx.ist.psu.edu/edu/viewdoc/download?do=10.1.1.712.1108&rep1&type=pdf.

Cleverism. (2015). Cleverism. Retrieved April 11, 2017, from Cleverism: https://www.cleverism.com/business-model-canvas-complete-guide/

Entreprenuer. (2007). Entrepreneurship and Technology. Retrieved April 11, 2017, from Entreprenuer.com: www.wnterprenuer.com/article/176530

Erwin, F. (2013). Conceptualization Business Models: Definition Frameworks and Classifications. Journey of Business Models, Vol 1. page 85-105.

Hiroyuki, I; Kazumi, N. (2010). Killing Two Birds with One Stone. Long Range Planning, 43, 346-369.

Lephana. (2009). umanagement. Retrieved April 11, 2017, from umanagement: www2.leuphana.de/umanagement/csm/…/business_models_for_sustainability.pdf.

Mark, S. (2017). Chron. Retrieved April 11, 2017, from Chron: smallbusiness.chron.com/concept-business-model-3866html

Mitsuru, K. (2009). Boundaries, Innovations, and Knowledge Integration in the Japanese Firms. Long Range Planning, 42. 463-494.

Peter, S. (2015). Dummies.com. Retrieved April 11, 2017, from Dummies: www.dummies.com/business...business/business/business-plan-defining-your-businessmodel

Review, H. B. (2015). Business Review. Retrieved April 11, 2017, from hbr.org: https://hbr.org/2015/01/what-ia-a-business-model

Suvi, N., & Kaj, S. (2009). Business Model Design: Conceptualizing Networked Value Co-Creation. Forum on Services, page 1-7.

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