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BMG743 Innovation and Entrepreneurship Assessment Answer

BMG743 Importance of Understanding a company’s Business Model

 

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Assessment Details:-

  • Course Code: Bmg743
  • Course Title: Innovation And Entrepreneurship
  • Referencing Styles: Harvard
  • Words: 2750
  • University: University of Liverpool
  • Country: Gb

 

Assessment Task:-

 

Your assignment must include the following sections:

  • What is the remit of the project? Give a brief overview of who the case study organisation is.
  • What is their current innovation strategy? (Provide an analysis of the current landscape your chosen organisation currently operates within. Draw upon facts/statistics that help understand the sector they operate within, who are the competitors (what are the features, benefits compared to your chosen organisation), the opportunities and threats in the environment that may lead to their need to innovate?
  • What sector trends are there which may identify the opportunity to implement your chosen organisation in certain sectors? Are there any social/consumer behaviour trends relevant to the business?

Please note that this section is not a full strategic analysis; therefore, a full PESTEL is not required, but you should identify threats and opportunities within the external environment. Discuss what a business model is. What is the importance of understanding a company’s business model?

Discuss what business model innovation is and how a company can innovate their business model (use appropriate theory). Provide a detailed description of the organisations business model using the business model canvas. You should develop a business model canvas but also discuss this in more detail underneath. Identify which parts of their business model are strong and which areas could be improved. This should then link to your recommendations section provide practical recommendations of changes the organisation could make to their business model. These recommendations should be based on your research/analysis conducted on the business landscape, taking into account your analysis of the strengths and weaknesses of their current business model and the organisation’s internal capabilities.

Recommendations must also clearly consider the context, i.e. it is an SME and the limitations they may have on budget/personnel, which may impact recommendations’ viability. An identity which parts of their business model should change, i.e. value propositions, key customers etc. Present overall conclusions are drawing together the key insights that can be made in theory and practice. If relevant, this should include supporting material that is directly linked to the main report. : All parts of the report should include academic references as appropriate (Harvard Style). i.e. both in-text and a list of references.

 

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