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Assessment - Individual essay and video: Business models
Topic - VOLVO GROUP SWEDEN
This assessment must be completed by students individually. The assessment is designed for students to develop understanding of the importance and appreciation of the close links between business strategy, business innovation and business models. The business model concept is central to this understanding. It has evolved from a term that refers to ‘the logic of the firm or the way of doing business' to a set of conceptual analytical and creative tools that can be used to help imagine, conceptualise, deliver and capture business value. The assessment is about assessing business models using different perspectives. The assessment involves writing a 1500 word essay and explaining the essay's main arguments via a creative video. The creative video should be of roughly three minutes duration.
Please note that academic misconduct and late submission penalties will apply to this assessment as per the university policies.
This section describes the assessment tasks. There are two components, a business essay and a creative video. You are required to write an essay and then explain the assay's main arguments in a short creative video.
Business models are less durable than they used to be as technological advances in areas such as artificial intelligence, computing power, communication networks and battery technologies offers both threats and opportunities for existing businesses and their business models.
"Let's face it: business models are less durable than they used to be. The basic rules of the game for creating and capturing economic value were once fixed in place for years, even decades, as companies tried to execute the same business models better than their competitors did. But now, business models are subject to rapid displacement, disruption, and, in extreme cases, outright destruction" (de Jong & van Dijk, 2015).
Specifically, your essay is required to:
1. Clearly and succinctly define the terms ‘business model' and ‘disruption' based on a short literature review.
2. Analyse the opportunities and threats caused by the advances in smart-connected-products (Porter &Heppelmann, 2014, 2015) to the existing business model for one (1) of the following businesses:
a. Cochlear, Australia. Cochlear implant manufacture and service.
b. Commonwealth Bank, Australia. Banking and insurance.
c. Domino's Pizza, Australia. Fast food restaurant.
d. LEGO, Denmark. Toy manufacturer.
e. Procter& Gamble, United States. Manufacture of disposable nappies and many other products.
f. Volvo Group, Sweden. (MY TOPIC) Manufacture and service of trucks and construction equipment.
g. Strava, United States. Social fitness application.
h. A business impacted by the advances of smart-connected-products, that you are or have been employed at and therefore knows well. It is important that no confidential business information is included in the essay.
i. If you suggest an organisation other than the ones above, you will need approval from the assigned lecturer.
3. Use the business model framework by Osterwalder and Pigneur (2010) to illustrate your initial findings.
4. Expand your analysis to address only two (2) of the following business model perspectives:business models as value proposition, business models as a set of capabilities and resources, business models as a system of processes, business models as a profit formula (Chesbrough 2010; Johnson, Christensen, &Kagermann, 2008).
5. Conclude by briefly discussing the significance of your findings to the business and its business model and the future of the business.
The creative video must focus on your essay's findings. The objective of this video is to develop your presentation skills and ability to explain difficult theoretical concepts to laypeople. To successfully complete this part of the assessment, you are required to produce a short video that summarises the key arguments of your essay. However, your video should not just be a verbatim repeat of your essay. It should be a creative and unique descriptive explanation of the essay findings and supporting arguments. Make sure your explanations are concise and easy to understand by people with little business training. Students are rewarded for using the video medium effectively and creatively.
Volvo Group is the manufacturing company of trucks, construction equipment, buses and so on. The business model is the process by which the organization plans their product as well as service selling procedure within the market. In this paper, the business model of the organization is being analyzed to view the opportunities as well as the threats that are faced by the organization in the market. The paper also discusses the business model framework of the company and eventually analyze the two perspectives of the business model within the market. The paper clearly depicts the working function of the organization within the market and their effective way to maintain the position within the market. The business model of Volvo Group provides the view that they are suitable for the market.