Business industries focus on the different strategies to strengthen the competitive edge. At the simple form, achievement of the business model does not demand the development of the new technologies or the creation of the brand new market. However, it depends on the delivery of the existing product with the help of the existing technologies in the existing market (Casadesus?Masanell & Zhu, 2013). The development and restructure of the business model fulfils such criteria and strengthens the competitive edge of these companies. The study will thus explore the ideas derived from the e-learning activities. The application of the business model innovation in the real life scenario of IKEA will also be discussed in this study. The company has recognised the possibilities of expanding the business in global market due to the strengthened brand identity and customer base. The strategies undertaken by the company for developing the business model will also be disclosed in this study.
The ideas obtained from the e-learning activities depict that the companies like Kodak or Nokia has lost their edge of competitive ground in spite of undertaking the R&D process as well as the sufficient knowledge about the market. The major reason behind such failure is they all abandoned the process of rethinking the business model in a successive way (Martins, Rindova & Greenbaum, 2015). Majority of the companies overlook the future opportunities since they are much involved in managing the daily businesses. The key ideas derived from this e-learning activity are as follows:
Therefore, it has been noted that the business model innovation does not only depend on the technological innovations, it even focuses on the rethinking of the business process. The different thinking and the bigger picture are the major requirement of developing a business model for achieving the competitive edge of the business.
The development and restructure of the business model fulfils such criteria and strengthens the competitive edge of these companies. IKEA offers the innovative and stylish furniture to the people from different income level at lower price. The company has recognised the possibilities of expanding the business in global market due to the strengthened brand identity and customer base (Kindström & Kowalkowski, 2014). Therefore, the company started focusing on restructuring the business model in an innovative way. The company has noticed that during the expansion of the market in Russia, the real estate value of the near location increased in a significant way. Therefore, the company decided to explore two major business models. The first business model is to sell the furniture through stores and the second one is to derive profitable appreciation in the real estate business. The company has paid attention towards following factors:
The company keeps the focus on the demands of the customers. In order to meet the needs, the company decided to keep the product quality high and price low. It is even noticed that the stylish and trendy furniture offered by the company is much demanding for the customers. Hence, it is noticed that the business model innovation of IKEA is much effective for achieving the competitive edge.
Baden-Fuller, C., & Haefliger, S. (2013). Business models and technological innovation. Long range planning, 46(6), 419-426.
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.
DaSilva, C. M., & Trkman, P. (2014). Business model: What it is and what it is not. Long range planning, 47(6), 379-389.
Kindström, D., & Kowalkowski, C. (2014). Service innovation in product-centric firms: A multidimensional business model perspective. Journal of Business & Industrial Marketing, 29(2), 96-111.
Maglio, P. P., & Spohrer, J. (2013). A service science perspective on business model innovation. Industrial Marketing Management, 42(5), 665-670.
Martins, L. L., Rindova, V. P., & Greenbaum, B. E. (2015). Unlocking the hidden value of concepts: a cognitive approach to business model innovation. Strategic Entrepreneurship Journal, 9(1), 99-117.
Souto, J. E. (2015). Business model innovation and business concept innovation as the context of incremental innovation and radical innovation. Tourism Management, 51, 142-155.
Spieth, P., Schneckenberg, D., & Ricart, J. E. (2014). Business model innovation–state of the art and future challenges for the field. R&D Management, 44(3), 237-247.
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