Strategy and Business Model Innovation-Free-Samples for Students

Question: Discuss about the Strategy and Business model Innovation. Answer: Introduction The report is based on the E-learning activity of the week-3 and week-4; there is a brief description of the theories shown in the video. The description of theories is linked with the example of the higher education industry. Moreover, the topic discussed in the report is Strategy and Business model innovation. Strategy Each and every company form a strategy to achieve the long-term objective of the company. The achievement of the goals is essential for each and every company (Grant, R.M., 2016); this concept is clearly shown in the week-3 activity video. Similarly, in the higher education industry, there is a formation of the business strategy which helps the institution to make the place in the market. For instance; The Royal Australasian College of Medical Administrators (RACMA), this college provide the education to the students who are looking for the higher education degree in the medical management. The strategy followed by the college is to provide the professional education, leadership, advice, and expertise in the medical management. The college came into the existence in the year 1967, located in Australia (RACMA, 2013). The company competes with the other college that provides the courses related to the medical management in Australia but still the RACMA is one of the oldest colleges which is offering its services to the students. There are different colleges who offer the courses related to the medical and the company maintains the unique value by offering quality services to the students. Along with this, the college provides these services to promote the safe and effective healthcare services to the students (RACMA, 2012). There is set of standard for the medical practitioner training in the leadership and management related to the medical and health. The role of the professional medical manager is unique than the other medical specialties. The reason being it involves a focus on leadership, on management and on specialist clinical governance. This value is hardly provided by any other college or institute and this is the reason it is becoming the competitive advantage for the college. This is th e unique value that is provided by the college, this is the fact that in the current complex environment the roles and expectations of medical managers are becoming important (RACMA, 2014). RACMA is the key player in the field of the medical in Australia and New Zealands health care system. The college is following the strategy to expand the business across the borders. provides is the way through which the college can provide more and more accessibility which makes the brand known in the market. This unique value leads to the success of the college, to achieve the success the college need resources and capabilities (RACMA, 2012). The resources and the capabilities of the RACMA consist of the brand value, which is increasing because the college is having good market value and awareness. The campus of the college shows the tangible resources and the human resources are indicated with the faculty or tutor of the college. The college management believes in hiring those tutors who are experienced, professional, and people who have the practical knowledge about the medical field. The Human resources need to be managed by the college because the students get attracted towards the quality of the services provided by the college to their students (RACMA, 2012). The value needs to be sustained by the college as this unique value is the only way through which the college will be able to make the profit or revenue. Apart from it, the unique value provided by the college is the only way through which the college can form the relationship or connection with the people who are involved in a field of Health. RACMA should add on new and innovative services with the use of technology so that the student can avail the services. The use of technology is becoming necessary for each and every college in this competitive world and this is the high time for the RACMA to make use of the services. These advanced services help the students to proceed with their bright future as the learning and understanding help the students in the near future. Business model innovation The business model innovation is defined as the growth of unique, new and innovative concept that provides a support to an organization. The e-learning video shows that there are many countries that make use of the innovation in the business model (Gobble, 2014). The innovative idea helps the company to generate the value proposition for the customers which helps the company in creating the competitive advantage; another innovative way adopted by the company helps the company in reducing the cost which also generates competitive advantage. The innovative business model is nowadays also followed by the Higher education. For instance; Australian National University, this university came into the existence in the year 1946. The university is located in Canberra, Australia (ANU, 2017). The university has to bring innovation in their business model for that the company follows the 4I's process which is Initiation, Ideation, Integration, and Implementation. ANU took the initiation towards bringing the innovation in their business model. Ideation, to bring the innovation in the business model there is a need for the Idea. ANU got the idea to offer the entrepreneurship and creative courses to their students that help to become the entrepreneur in the near future. To perform the activity smoothly the ANU integrated the business activities, together the idea can provide the positive outcomes. After the process, it is the time of the implementation of the final plan. The teams of the university were awarded for the recognition of the innovative nosiness ideas (ANU, 2017). The company target all the students who are looking for the academic courses, youth who are looking to get involved in the business venture and needs to study entrepreneurship. The target audience of the university also include the parents of the students who are concerned for the education of their children. The university offers numerous courses to the students related to the academic and along with that the university provides the masters of the entrepreneurship and innovation. These courses help the students to explore different types of the innovation which include architectural, incremental, and other new concepts (ANU, 2017). Apart from in the new business venture, the entrepreneur has to involve in the activity of planning, organizing, managing, executing innovative ventures and controlling and the student learns and understands all these skills and capabilities from this university. The university believes in delivering high quality of the services and guidance to the students so that they can accomplish their future goals. This is the reason university provide the sessions, lectures, notes and practical demonstration of the learning so that the students can understand the theoretical concepts. These values attract the students towards the university, this is also a fact that the university is the oldest university because of this the value of the degree of the university is more important. The success of the innovation needs the resources that can be goodwill of university, faculty of the university, infrastructure of the campus and many other things. The university believes in hiring those tutors who are experienced and can offer the professional learning to the candidates (ANU, 2017). The value proportion or the services provided to the candidates helps the university to get attracted towards the university which leads to the revenue and profit of the university. The university also provide the distance learning facilities to many of the students which help in generating revenue for the university. On the other hand, the university expand this amount on technology advancement to provide extra facilities to the candidates. The success of the University is very clear and visible as the university is on 1st position in Australia and whole of Oceania. Along with that, the university holds 20th position in the world by 2018 QA World university rankings. Australia National University is 30 years older from now so its high time that the company should provide affiliation facilities in many other countries particular for the entrepreneurship and innovation courses so that more and more students can get the advantage (ANU, 2017). Conclusion The strategy and business model innovation play a vital role in the competitive world, each and every company form the strategy and business model with the help of innovation and technology to face the competition. The report throws light on the strategy followed by the institution or college and innovation created in the business model of the Australia National University. References ANU, 2017, Entrepreneurship and Innovation, viewed on 12th December 2017, https://programsandcourses.anu.edu.au/course/mgmt3027 ANU, 2017, Master of Entrepreneurship and Innovation, viewed on 12th December 2017, https://programsandcourses.anu.edu.au/program/MEINV ATMC, 2017, About, viewed on 12th December 2017, https://www.atmc.edu.au/about/about-atmc Gobble, M.M., 2014. Business model innovation.Research-Technology Management,57(6), pp.58-61. Grant, R.M., 2016.Contemporary Strategy Analysis Text Only. John Wiley Sons. RACMA, 2012, "The First 30 Years", viewed on 12th December 2017, https://www.racma.edu.au/index.php?option=com_contentview=articleid=377Itemid=85 RACMA, 2012, Critical Success Factors, viewed on 12th December 2017, https://www.racma.edu.au/index.php?option=com_contentview=articleid=419Itemid=205 RACMA, 2012, Strategic Plan, viewed on 12th December 2017, https://www.racma.edu.au/index.php?option=com_contentview=articleid=378Itemid=86 RACMA, 2013, College Profile and Objectives, viewed on 12th December 2017, https://www.racma.edu.au/index.php?option=com_contentview=articleid=498Itemid=202 RACMA, 2014, Roles and Objectives, viewed on 12th December 2017, https://www.racma.edu.au/index.php?option=com_contentview=articleid=418Itemid=204