What are the four epicentres of business model innovation?
The four epicentres are resource-driven, offer-driven, customer-driven, and finance-driven. Resource-driven refers to based on what you currently have. If you don’t have it, then you can’t make use of it. Customer-drive refers to giving the customers what they want. This is right because customers are the bread and butter of any business. If you don’t satisfy them, then your business won’t go anywhere. Offer-driven refers to creating new proposals that would affect what your competitors are doing. It would be best to examine what they are doing and analyzing whether it is right or wrong to go in the same direction. Of course, it would be better to go in a different direction or you may find yourself on the wrong end of a lawsuit. Finally, finance-driven is concentrating on the prices.
Why is business model innovation important?
It focuses on the company delivering what they are good at so they could please their current customers. If that happens, it won’t be hard for them to get new ones. The important part of the innovation is implementing things that are hard to copy. The last thing you would want is a bunch of copycats who are trying to be as successful as you. The model is there for you to be at the top of the ladder and nobody can even come close to you.
What are examples of business models?
There are many types of traditional business models including retailer, franchise, manufacturer, and distributor. These are businesses you can get into if you have the right amount of money for it. It would be best to know what is happening in the entire process before getting yourself into it. You can even get a team of experts to analyze each business model so you can decide which one you will get into. Besides, it would not make sense to get into a business you are not really good at. However, if you feel like you can study it then it means you can adjust to anything like a versatile singer singing different genres, claimed quality management System. Another use of a business model is presenting it to potential investors who could be interested in investing in your business. You would want to show them how the entire thing goes. There is no doubt a lot of research will go into making the business model. It is going to be worth it though when you get a lot of business investors to believe in your business model.
How does business model innovation impact the market?
The business model needs to be changed constantly in order to cater to the ever-changing demand of the target market. It is no secret demands will always change as time passes by. When that happens, you will research on how you can make unique concepts that will satisfy your target market. Surely, it won’t be easy to make things that will please them but when you do, your sales will certainly go up.