What Is Strategy Business Model Innovation?
The main idea that can be inferred from the video is the in-depth thought of the word ‘strategy’. It cannot be taken as a straight line of idea, which can be channelized in a definite direction. The loopholes or the weakness of the organization can be bought in notice of the people in various ways. To gain a competitive advantage in the market, the organization needs to follow a definite set of ideas (Madsen and Walker 2015). The main concern of the management will be to implement the ideas successfully so that the organization will have a competitive advantage over the rivals in the industry. It is however not necessary to use a set of pre-determined ideas for all the matters that the organization may need to look in to and rather be open in changing the ideas when needed. The main objective of the organization needs to be the elimination of the competition so that they can maximize its profits in the market (Rothaermel 2015). The competitive factor of the organization needs to be in the right market, which should consist of differences in the values that are present in the market. The strategies of the company need to be precise and adaptable to sudden changes so that they can adapt to the changes that may take place in the marketplace.
Zara, a retail garment company can be used as one of the best example in the case of advanced strategy. The generation of cash is one of the superior strategies that is used by the company. However, in the present scenario it can be seen that Zara has managed to do the same with portfolio, taking care of the interests of the stakeholders and performance surveillance. The company prioritizes the 4Ps that help them in ensuring the best value in the current market where they are operating (Collett 2013). Keeping these in mind, the company recently is trying to incorporate the strategies that will help them in generating excess revenue and increase the asset side of the balance sheet. To look after the safety of the employees so that it ensures that they are not subjected to injury in the workplace with respect to the health hazards that prevail. The company tries in all way possible to look after the employees so that the productivity level increases. The important assets help in increasing the generation of revenue within the company (Rashidirad, Soltani and Syed 2013). This helps in increasing the portfolio of the company as it helps in creating a strong customer base and the operational excellence of the company keeps on improving continuously. The individual qualities of the employees are taken in to account while building up a team, which helps the company in achieving the goals and objectives of the company. One of the major advantages that the company has is that it the management can understand the challenges that the employees may face. The company is in an advanced state because of the strength that the employees have with the management body of the company.
The companies that have a global presence needs to have clear idea about when they should start to innovate certain products and service their their brand name. The innovative business model assists the companies by giving them path-breaking ideas about how to be creative in launching a new product in the market. In the recent business world, the primary concern for all the companies needs to be in how to satisfy the customers by applying suitable strategies on regular intervals (Massa and Tucci 2013). The innovative idea needs to be linked to the competitive advantage of the company so that the company can earn more profits. The innovation needs to be based on the ideas that would help in attracting the customers towards the products. There needs to be adequate resources within the company so that they can implement the technological advancements that they want to maximize their profits. However, it is to be noted that advancements in technology is not the primary factor that the company requires to earn excess profits. The capability to penetrate with an excellent idea also helps the companies to be advanced in the market (Schneider and Spieth 2013). Innovation helps in implementing the best and the right ideas that will help the company to meet its goals. The main concern of the organization should be to satisfy the customers by giving them the right products, which will help them effectively. This will help the company in gaining benefit in the market, which will directly result in revenue generation.
The innovative business model that Woolworths has applied is that it has gone in to a partnership with Coles so that it can deliver the products at a cheaper price by maintaining the quality at the same time. This approach by the company has helped in increasing the level of customer satisfaction. The products that the company delivers helped in making the customers believe that they deliver the best and cheap products and services (Weiss 2014). The infrastructure of the company is maintained in a better way, which directly results in better management of the inventory. The company in order to maintain good relations with the customer gives the option of delivering the goods to their doorsteps, which makes it easy for the customers. The company manages its inventory in an intelligent way, which directly helps in lowering the depreciation value of the goods and products (Spieth, Schneckenberg and Ricart 2015). These aspects have been already followed in the retailing industry. However, by getting intrigues from the rival companies like Tesco and others, the company changed its innovation model so that it will help them in fostering faith amongst the customers, which will result in creating a large customer base. The company has managed to collect the information from its rivals, which has helped them in successfully innovating ideas for maximizing the profits of the company. The positive rise in the profit for longer period of years has been possible due to the changes in the innovation of their business model.
Collett Miles, P., 2013. Competitive strategy: the link between service characteristics and customer satisfaction. International Journal of Quality and Service Sciences, 5(4), pp.395-414.
Madsen, T.L. and Walker, G., 2015. Modern competitive strategy. McGraw Hill.
Massa, L. and Tucci, C.L., 2013. Business model innovation. The Oxford Handbook of Innovafion Management, pp.420-441.
Rashidirad, M., Soltani, E. and Syed, J., 2013. Strategic alignment between competitive strategy and dynamic capability: Conceptual framework and hypothesis development. Strategic Change, 22(3?4), pp.213-224.
Rothaermel, F.T., 2015. Strategic management. New York, NY: McGraw-Hill.
Schneider, S. and Spieth, P., 2013. Business model innovation: Towards an integrated future research agenda. International Journal of Innovation Management, 17(01), p.1340001.
Spieth, P., Schneckenberg, D. and Ricart, J.E., 2014. Business model innovation–state of the art and future challenges for the field. R&D Management, 44(3), pp.237-247.
Weiss, J.W., 2014. Business ethics: A stakeholder and issues management approach. Berrett-Koehler Publishers.
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