Business Strategy & Business Model Innovation-Samples for Students

Questions: 1.What is Strategy. 2.Discuss about the Business Model Innovation. Answers: 1.Strategy The first selected organization is ANSEL. It is basically a consumer product manufacturing company. This organization has been a standout performer in the market as regards its quality of consumer service; market penetration etc. It was founded in 1929 and is headquartered in Melbourne. It is considered to be genuine consumer products supplier in the country but significantly it continued as the major competitor in the market (Walker dddand Madsen, 2016). This company mainly manufactures latex gloves, condoms, rubber gloves etc. The reason behind choosing this company is its excellent strategies to capture the market through proper idea creation, utilizing those ideas to develop a basic memorandum and its proper implementation. Due to this, it has been able to generate a revenue of US $1.590 billion by the year 2014 and because of its proper strategic implementation it has been able to earn a net income of US $ 2.60 billion as on 2014 and its still growing. This company has been able to properly nurture its basic strategies and is able to divert those within its target. It is not just about developing strategies but also its uniqueness has to be taken care off. They have enriched their policies and strategies towards right aspect. It may not have a bright appearance in the market until and unless it had implemented a strong strategy to survive (Peteraf et al., 2014). The basic pillars of this strategy need to be properly followed in order to be a successful organization within the market. The company needs to reform a proper ideation of capturing the market (Jayawardhana and Weerawardena, 2014). It is Primary goals is to attain a competitive market position. The first and foremost thing that was needed was to identify the basic values of customers, giving preferences to the customers likings in the market etc. Then it had to develop a suitable idea how it will be possible to reach the targeted goals. Accordingly, this led to a successfu l strategy to capture the entire scenario of the market. The main reason behind its success in the market is its proper business model innovation. The first and foremost thing is to have a proper knowledge of the market scenario (Menon and Yao, 2014).The market keeps on changing time to time. and as a result of that, it is definitely needed to generate new ideas to develop and that is what this company has shown to all other major competitors in the market. Strategies mainly include taking proper action plans, making a strong diagnosis of it and achieve goals established by the guiding policy. The company through properly following these tactics has been achieving its success rate at a higher rate. 2.Business Model Innovation The BMI model reveals the fact that ideas and values bust be compacted together. Moreover, in other words, it must be able to cement in itself a proper mixture of good ideas and progressive values and this is being done by Company ANZ. This is the fact that they are now regarded as the 4th largest bank by market capitalization. It is the matter of not just one day rather it is the synchronized efforts of all the factors that are responsible for its growth (Massa Tucci, 2013). Generation of ideas, implementation of ideas and proper innovation are responsible in a big model. With the help of research studies, the company initiated certain ideas to develop a target market. Figure: Business Model Innovation The idea was basically to develop it into a leading banking and financial services in the country. This organization further developed this model into a bigger success by determining the objectives of reaching the target audience. The objectives need to be properly identified and accordingly, it had to proceed further. Further, this organization broadens its scope of getting itself acquainted with the upcoming changes in the organization This organization has developed itself as one of the major banking and financial services in the country due to it's proper innovative and prospering ideas (Serrat, 2017). The perceived values of the customers and their impact on the market scenario have been effectively evaluated by this company and as a result of that its success tells the story. The company through properly realigning their resources and processes has been able to capture a major market share and is been able to generate a target growth for itself. Another very important aspect of this model is to identify the key resources that are necessary for success (Casadesus?Masanell and Zhu, 2013). The company through its continuous enrichment has been able to find out those areas where it needs to progress and is been able to take proper decisions where it is needed. There are certain industries which make firm decisions about their policies without analyzing the situation this often exposes them to risk. But this is not the case for this company. Through its proper management policies, it has been able to operate in a broad framework and is leading the way to its transformation. For these reasons, this organization has been able to offer various services such as retail banking, merchant banking. Etc .Through its diversification of activities, it has now been able to expand its business along with other countries such as Singapore, Malaysia etc.The key processes to deliver the services is also the utmost criteria in this model. The companies have developed its way t o excel its resources and are been able to find out the tactics needed for proper customer service (Martins, 2015). For this reason, they are being able to provide services like retail merchandise, commercial banking and all these factors ultimately pave to a bigger factor i.e. profit. The company has been able to capture a large market because of its profit making capacity which is inevitable to look at. References 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. Jayawardhana, K. and Weerawardena, J., 2014. Conceptualizing the Role of Market Learning in Social Innovation-Based Competitive Strategy. Martins, L.L., Rindova, V.P., and Greenbaum, B.E., 2015. Unlocking the hidden value of concepts: a cognitive approach to business model innovation. Strategic Entrepreneurship Journal,9(1), pp.99-117. Massa, L. and Tucci, C.L., 2013. Business model innovation.The Oxford handbook of innovation management,20, p.18. Menon, A.R. and Yao, D.A., 2014.Elevating Repositioning Costs: Strategy Dynamics and Competitive Interactions in Grand Strategy. Harvard Business School. Peteraf, M., Gamble, J. and Thompson Jr, A., 2014.Essentials of strategic management: The quest for competitive advantage. McGraw-Hill Education. Serrat, O., 2017. Business model innovation. InKnowledge Solutions(pp. 499-507). Springer Singapore. Walker, G., and Madsen, T.L., 2016. Modern competitive strategy. McGraw-Hill Education.