Business Model Innovation Delivering Products †Free samples

Question: How To Business Model Innovation Delivering Products? Answer: Introducation: There is misconception about the meaning of the word strategy as individuals tend to confuse them with goals and objectives. However, strategies are means to achieving these goals and objectives. In the current world of business where globalization influences the daily operations of organizations, a good strategy is directive, informative, and analytical. A good strategy is like a work plan that is meant to guide an organization towards attaining victory by maintaining a competitive position in the highly globalized market (Kryscynski 2015). A certain organization cannot adapt a strategy used by another organization because development of a strategy is guided by the business ideas, which are different for different companies mainly because different companies have different market niches. Also, a company can only develop a strategy that is in alignment with the resources at its disposal to ensure sustainability of the strategy. Strategies should continuously undergo evolution as indi cated by the case of McDonalds below to meet the changing preferences and demands of customers (Trefis Team 2016). One company that needs could benefit from a good strategy is the McDonalds considering the current emphasis on healthy nutritious foods. As individuals are becoming more cautious of their health, there is need for the McDonalds, which is a reputable international company to know how to maintain its position in reference to the varied nutritional needs of customers. Questions have especially risen about the nutritional fact labels, and even though McDonalds is utilize available resources to maintain its position in customer service, it needs to diversify its competition as demand for fast unhealthy foods might dwindle over time (Gingiss 2014). Therefore, the company should venture into new fields to enhance competition and maintain a unique position in the restaurant industry but including healthy options of food to its menu of fast foods. In addition, it can extend this new product by making home deliveries in view of the fact that the life nowadays is characterized by a beehive of a ctivities, and people are busy striving to make their lives convenient. Business Model Innovation A company should always seek to improve its way of delivering products and services; otherwise, it is bound to fail like has been the case with popular and renowned companies, such as Nokia or Commodore Computers (Gassmann 2013). A company that is progressively seeking to enhance the quality of its products increases customer values and develops a strong brand image for itself. Model innovation is dynamic and it includes various strategies revolving around who, how, value, and what. A company is only able to remain competitive if it can revolutionize its business by learning from what others are doing. A business should always be on the lookout for opportunities through which it can initiate a new business model and undergo the various subsequent processes of ideation, integration, and implementation. As customers strive to get the latest product in the market, a company that does not devise new business model innovation plans time and again loses its value and even though it might h ave good strategies, a poor business model does not give it a competitive edge over its rival companies. Usually, a new business model does not require additional capital; rather, using the very same resources, a company can widen its customer base (Girotra and Netessine 2014). One company that could benefit from business model innovation is Samsung. Despite the fact that it has done well in the past years due to its diverse products; other than phones, Samsung develops tablets, computers and related accessories, and this makes enhances its business model. However, an improved model innovation could enhance their phones, which have a limitation due to the rapidly draining battery to the extent that iPhone tends to override Samsungs phone products (Gurman and Boksenbaum-Granier, 2016). If Samsung can work to resolve the high power drain issue that is characteristics of their phones, they would improve their current position, and their phones would gain more value. In the face of ongoing competition, Nokia failed to revolutionize its business model; hence, as other phone companies created more customer value for their products, Nokia did nothing to stay aloof of the ongoing competition. In the wake of the current level of technology, Nokia can develop a produ ct with the various technologies from the different companies that give each its competitive advantage and integrate a new feature, for example 5G network; thereby, surpassing other products. Trade Opportunities Professor Pankaj Ghemawat uses the CAGE framework to indicate the relations between countries that tend to govern trade. The CAGE framework denotes the cultural, administrative/political, geographic, and economic factors can either deter or reinforce trade relations (Pankaj Ghemawat 2015). This framework can be used to explain the various global trade bodies that are developed with the aim of promoting trade between the countries involved in the formation of these bodies. Often, countries sharing a common language, engaged in agreed upon trade regulations and arrangements, sharing a common border, and having almost the same GDP per capita are more likely to engage in trade relations that other countries that do not share cultural, political, economic, or geographic relationship. One main example is between Africa and Russia. NAFTA comprised of trade agreements between Canada, Mexico, and the United States is enabled by the fact that Canada and Mexico both share a land border with the United States. All the three countries are regarded as profitable countries; hence, they have similar economic benefits that they can use to propel their trade relations without either one country feeling as if it is at a disadvantage (Ghemawat 2007). The concept of operation on the same level is very important because it prevents conflict and exploitation of one country by the other. NAFTA entails countries around America whose cultural orientation is relatively the same, that is, it is characterized by diversity and use of English as a common language to facilitate interaction. Even though the World Trade organization tends to bring different countries across different cultures together, countries have a common understanding in reference to the CAGE framework are more likely to explore and indulge in trade opportunities wi th one another (Schonfeld 2016) References Trefis Team. (2016) How McDonalds is effectively executing its turnaround strategy? Forbes [online]. available from https://www.forbes.com/sites/greatspeculations/2016/05/03/how- mcdonalds-is-effectively-executing-its-turnaround-strategy/#3c3d55cb4c69. Gassmann, O. (2013) Business Model Innovation. [online] available from https://www.youtube.com/watch?v=B4ZSGQW0UMI [30 April 2017]. Ghemawat, P. (2007) Redefining Global Strategy: Crossing Borders in a World where Differences still Matter. Boston, MA: Harvard Business School Publishing. Girotra, K., and Netessine, S. (2014) Four Paths to Business Model Innovation. Harvard Business Review [online]. available from https://hbr.org/2014/07/four-paths-to-business- model-innovation. Gurman, M., and Boksenbaum-Granier, A. (2016). Exploding Samsung Phones show Perils of Building Better Battery. Bloomberg Technology [online]. available from https://www.bloomberg.com/news/articles/2016-09-14/users-pushed-for-battery-life-got- exploding-smartphones-instead. Kryscynski, D. (2015) What is strategy? [online] available from https://www.youtube.com/watch?v=TD7WSLeQtVw [29 April 2017]. Pankaj Ghemawat: CAGE Framework for International Trade-Global Matters (2015) [online] available from https://www.youtube.com/watch?v=7FpUJaG7uMk [29 April 2017]. Schonfeld, B. (2016) Why the U.S. needs the World Trade Organization. The Washington Post [online]. available from https://www.washingtonpost.com/news/monkey- cage/wp/2016/09/20/would-the-u-s-be-better-off-without-the-wto-not-when-the-wto- guides-98-percent-of-global-trade/.