Strategy and Business Model Innovation Process

Question: Discuss about the Strategy and Business Model Innovation Process. Answer: Introduction: The concept of strategy is quite old and originated from the conduct of the generals in wars in the olden days. Despite being so old in origin, the underling objectives and intention is often undefined and hence leads to confusion. The aim of strategy is primarily to answer the major business questions. Firstly, it is essential that the available resources and value proposition must be taken into consideration for defining competition sphere. Secondly, the unique value proposition intended to be delivered to the targeted customer needs to be identified. Thirdly, the various available resources and capabilities that would allow the value proposition to be delivered also need inclusion. Fourthly, strategy also would encompass the way forward in which competitive advantage could be sustained. Further, in wake of the decreasing product life cycles, it is required that innovation and adaptation must be incorporated as an incremental element in strategy (Kryscynski. 2015). The addition of this new element has also found support from renowned management guru Micheal Porter who is of the opinion that innovation and adapting to the rapidly changing business environment is essential for ensuring the sustainability of competitive advantage. It is noteworthy that timing is also a key element which contributed to the success of a carefully crafted sound strategy (Porter, 1996). An organisation which has encapsulated all the above mentioned principles into corporate strategy in a successful manner is Amazon. Amazon relies on offering the best deals and bargains and that too from the convenience of the customer (Baer, 2014). In order to innovate and provide a better consumer experience, the online platform is constantly updated with improvements being made to enhance the overall user friendliness. Besides, the company also ensures that the products available are of certified quality on a sustained basis. To complement the whole buying experience lies an efficient backend logistics system to enable time bound delivery to customers in a hassle free manner. As a result, the young generations are particularly attracted towards Amazon as it offers value to them by offering quality goods at competitive prices that too at their convenient time and location. Also, the fact that the company made early inroads in the process and has been financially successful implies that it can ward off any competition by leveraging the deep financial pockets. Considering the shortened product cycles, the company also frequently entertains new product launches and exclusive tie-ups with vendors so as to ensure a wide product range. Also, the company keeps on taking rich initiatives to continually expand the market of online shoppers (Higginbotham, 2015). References Baer, D. (2014). 5 Brilliant Strategies Jeff Bezos Used To Build The Amazon Empire, Business Insider, [Online] Available at https://www.businessinsider.in/5-Brilliant-Strategies-Jeff-Bezos-Used-To-Build-The-Amazon-Empire/articleshow/32214097.cms (Accessed December 16, 2016) Higginbotham, S. (2015), Amazons Internet-of-things strategy takes shape, Fortune Website, [Online] Available at https://fortune.com/2015/03/31/amazons-internet-of-things-strategy-takes-shape/ (Accessed December 16, 2016) Kryscynski. D (2015), What is Strategy?, YouTube, [Online] Available at https://www.youtube.com/watch?v=TD7WSLeQtVw (Accessed December 16, 2016) Porter, M. (1996), What is Strategy, Harvard Business Review, [Online] Available at https://hbr.org/1996/11/what-is-strategy (Accessed December 16, 2016)