Business model and technological innovation - Myassignmenthelp.Com

Question: Discuss about the Business model and technological innovation. Answer: Introduction Strategic formulation is an integral part of the business for maintaining long term sustainability and generating profits. In majority of the cases, strategy is confused as tactics, goals, and objectives. The current business world is much competitive due to which the organizations strive to implement the best suited decisions to sustain the long-term positioning. However, it has been observed that some of the organizations can implement the strategic decision in a successful way whereas some fail to meet the criteria. The study would discuss the strategic success and failure of the institutions in the Higher Education Industry. The theoretical concept of the strategic views would ensure the significance and importance of the strategic implementation within the organization. The study would provide the insightful knowledge about the conceptual analysis of strategy and the elements associated with the strategic formulation by any organization. The suitable examples would also be analy zed. Discussion The conceptual definition of strategy is perceived in different ways. The business competitors make the necessary assumptions to implement the suitable strategy that would be helpful in accomplishing the business goals (Schaltegger, Ldeke-Freund and Hansen 2012). The scholars have presented their perceived values to define and apply strategic decisions. However, as per the general view, strategy is considered as the sequential plan through which a firm can reach to the business goals and earn profits for a longer time. Currently, the Higher Education (HE) industry has been experiencing the enormous competition. It is thus necessary to select the suitable strategy to sustain the position in this competitive market. In order to implement any strategic decision, it is essential to focus on four key aspects. First, the HE organizations need to identify the competitive arenas or the market within which the business operates (Markides 2013). Second, it is necessary to identify the unique v alue that the institutions can provide to the students in compare to the competitors. It is important to analyze the major benefits that the students would receive from the institute. Third is to identify the potential capabilities and the availabilities of the resources to deliver the values to the students (Johnston and Bate 2013). It is essential for the company to utilize the exceptional human capital and the technology unrivaled network connection for developing the unique approaches for the service users. Fourth is to recognize the method of sustaining the ability of providing the unique values to the clients. For instance, Griffith University in Australia has been experiencing growth from last few years. The university has undertaken the strategic decision to develop the comprehensive educational programs to attract the interests of the students from different countries. On the contrary, the California State University (CSU) experienced the strategic failure due to the lack o f resources for accessing the excellence. The strategic failure would thus become one of the major obstacles in gaining profits for upcoming future. Conclusion The above analysis focuses on the basic approaches to be considered while formulating any strategy for a business. The current business world is much competitive due to which the organizations strive to implement the best suited decisions to sustain the long-term positioning. Especially, the Higher Education industry has been experiencing the major growth and competition simultaneously. Therefore, it is essential for the institute to formulate the strategy by identifying the key needs and key market. Strategy is considered as the sequential plan through which a firm can reach to the business goals and earn profits for a longer time. The development of the right strategy with the sequential steps may lead the organization towards enormous success whereas the inadequate resources may lead to the recognizable failure. Hence, it is important to identify the opportunity and implement the strategic decisions accordingly. Introduction The organizations often face enormous challenges due to the dynamic competitive scenario. Sometimes, it becomes difficult to maintain the reputation and image. Business innovation is a wider concept that creates the necessity of business model. The organizations use the innovative policies and strategies for sustaining the competitive position in this challenging business market (Trimi and Berbegal-Mirabent 2012). It is commented that business model innovation focuses on the brand new technique of generating revenues by creating the values for the product or the services (Casadesus?Masanell and Zhu 2013). People are more likely to avail the product or service if they can get any benefits out of it. The advancement in the technological field, many of the organizations are becoming much dependent on the digital media platform. It is one of the most fruitful way to connect people from different geographical boundaries. The study would focus on such business model innovation purposes in the Higher Education Industry. Discussion The development of the advanced technologies has brought drastic changes to the b business world. It has been observed that each of the organization plan their functionalities in a systematic and sequential way (Boons and Ldeke-Freund 2013). Business model is the structured form of this innovative thought process that determines the sequential pace of organizational functionalities. For example, in current educational industry, the universities are using the digital technologies at the classroom to improve the educational process. It is notable that the colleges and the universities have been experiencing daunting challenges for establishing the long-established business models. The higher education demands for more capital amount. It is observed that the sources of funding have eroded (Baden-Fuller and Haefliger 2013). During the financial crisis, the endowment suffered major losses and the aid of government was also much down. Many of the parents faced challenges to afford the fees of their higher education. Even worsening the situations, many of the parents questioned on the value of the education. The poor prospects for the employment failed to aid the interests of the people due to which the parents became insecure about the future of their children. In order to gather such financial stability, the higher educational institutes started making experiments with the different business models that may bring changes to their profitability parameter (Amit and Zott 2012). These changes created the considerable impact on the Higher Education industry in a drastic way. Especially, many of the universities in North America placed the greater significance on the research of the suitable faculty than the other aspects. Appointing new faculties was also one of the most significant parts of the business model innovation in the higher education industry. Conclusion Business model innovation is mainly focused on improving the overall quality of the business. It generally takes the change imperative to a complete new level. In the educational field, the major concentration of the business model innovation is to offer the better educational services to the students. Many of the universities have undertaken the advanced approaches in the classroom technologies for the betterment of the next level education. However, the decreasing level of the employment opportunity is the major obstacles in making profits. The parents are concerned about the value of education in return of the higher investments. The lack of the employment opportunity is thus considered as the major threat to the higher education industry. Therefore, the re-structure of the business model would be much beneficial in developing the better educational system and create the better future for the students. References Amit, R. and Zott, C., 2012. Creating value through business model innovation.MIT Sloan Management Review,53(3), p.41. Baden-Fuller, C. and Haefliger, S., 2013. Business models and technological innovation.Long range planning,46(6), pp.419-426. Boons, F. and Ldeke-Freund, F., 2013. Business models for sustainable innovation: state-of-the-art and steps towards a research agenda.Journal of Cleaner Production,45, pp.9-19. Casadesus?Masanell, R. and Zhu, F., 2013. Business model innovation and competitive imitation: The case of sponsor?based business models.Strategic management journal,34(4), pp.464-482. Johnston, R.E. and Bate, J.D., 2013.The power of strategy innovation: a new way of linking creativity and strategic planning to discover great business opportunities. AMACOM Div American Mgmt Assn. Markides, C.C., 2013. Business model innovation: What can the ambidexterity literature teach us?.The Academy of Management Perspectives,27(4), pp.313-323. Schaltegger, S., Ldeke-Freund, F. and Hansen, E.G., 2012. Business cases for sustainability: the role of business model innovation for corporate sustainability.International Journal of Innovation and Sustainable Development,6(2), pp.95-119. Trimi, S. and Berbegal-Mirabent, J., 2012. Business model innovation in entrepreneurship.International Entrepreneurship and Management Journal,8(4), pp.449-465.