This section describes the concept, definition and structure of Business Models. Further, the general principles of Business Model Innovation are described.
A business model is a company’s plan for how it will generate revenues and make a profit. It explains what products or services the business plans to manufacture and market, and how it plans to do so, including what expenses it will incur. A business model encompasses the addressed value potential, the customer interaction as well as the value creation model. The primary objective of a business model is to address a business opportunity in such a way that value is created both for the company and the customers it serves.
Business Model Innovation
Business Model Innovation is the development of new, unique concepts supporting an organisation’s financial viability, including its mission and the process for bringing those concepts to fruition. The primary goal of Business Model Innovation is to realize new revenue sources by improving product value and how products are delivered to customers. High-speed Internet has made Business Model Innovation necessary, as technology has changed how companies operate and deliver value.
This digital disruption has shortened business model lifecycles and made innovation key to financial success. Businesses have gone global and the global marketplace has further driven the need for Business Model Innovation, as companies have to address global challenges.
Title – A Project On Telecom Operator’s Business Model Innovation In A 5g World
Author – Sriganesh K Rao and Ramjee Prasad
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