This is an assignment which must be completed by students individually. Students must write an essay. The essay should be a minimum of 2,000 words and no longer than 2,500 words. The Essay The objective of this essay is to develop your understanding of the business model as a concept and how a theoretical understanding of business models can be used to explain the exploitation of innovations by organisations in real-life. To successfully complete this part of the assessment, you are required to write an essay based on the following: There are many conceptualisations of a business model in the academic management literature. Why do you think there are so many? In answering this question, make sure you describe and compare three business model conceptualisations from the extant literature. Of the three conceptualisations, identify your preferred conceptualisation and explain why you prefer it. To ground your argument, apply your preferred conceptualisation to an example from real-life, that is, describe the exploitation of an innovation introduced in the last five years by a business using your preferred business model approach. You should include at least 5 references and no more than 20 references. Assessment Criteria: See the more detailed rubric for more information. Australia Harvard Referencing. No Plagiarism. Lastname 1 Firstname Lastname Instructor's Name Course Number 6 April 2015 Innovation on Business Development The term \"business model\" is associated to the strategic plan for the successful development of a business, with respect to the target customers, revenue generating pricing mechanisms and cash-flow analysis. There are many conceptualizations of a business model since the backbone or functionality of a single business model may either not work for multiple organizations or more so for multiple industries. The business model for a product based industry is dependent more on increasing growth and generating revenue through advertisements while for a service based industry, it is dependent on the segmentation of customers and pricing of the various service offerings based on the segmentation. The prevalence of different business models also applies to the type of customers that organizations are looking to attract (Chesbrough, Henry). The different types of business models in prevalence are localized Low-Cost business model, One-off experience business model, Beyond Advertising Business model, Markets Are Conversations business models, Low-Budget innovation business model, Community Funded business model, Sustainability focused business model, Twisted Freemium business model, Unlimited Niches business model and In-Crowd customers business model. All these business models are based on how organizations would like to be seen to their customers Lastname 2 and also on the profitability factor for the way they have set up their culture and business. In addition to these factors, over the last decade the market dynamics has changed drastically with the evolution of technology and every business model re-written with the advancement of technology (Chesbrough, H). This has led to disruptive innovation business models in the field of media, education, cable and telecommunication and travel. The online revolution has changed the way businesses operate and new business models are being created to satisfy the millennial generation (Bhattacharya, Jayanta). In order to compare, let us look at the business models namely one-off experience business models; disruptive media model and disruptive travel models. (In answering this question, make sure you describe and compare three business model conceptualizations from the extant literature) Of the three conceptualizations, identify your preferred conceptualization and explain why you prefer it. To ground your argument, apply your preferred conceptualization to an example from real-life, that is, describe the exploitation of an innovation introduced in the last five years by a business using your preferred business model approach. Lastname 3 Works Cited Chesbrough, Henry. Business Model Innovation: Opportunities and Barriers. Long Range Planning, 2010 MLA In-Text Citation: (Chesbrough, Henry) Chesbrough, H. Open Business Models: How to Thrive in the New Innovation Landscape. MA: Harvard Business School Press, Cambridge, 2006. MLA In-Text Citation: (Chesbrough, H) Slaughter, Sandra. A Profile of the Software Industry: Emergence, Ascendance, Risks, and Rewards. Minnesota: Business Expert Press, 2014. MLA In-Text Citation: (Slaughter, Sandra) Bhattacharya, Jayanta. Disruptive Innovation: Strategies for Enterprise Growth. Viva Books, 2005. MLA In-Text Citation: (Bhattacharya, Jayanta) Christensen, Clayton. Disrupting Class: How Disruptive Innovation Will Change the Way the World Learns. McGraw-Hill Professional, 2005. MLA In-Text Citation: (Christensen, Clayton) Gassman, Oliver; Frankenberger, Karolin and Csik, Michaela. The Business Model Navigator: 55 Models That Will Revolutionise Your Business. FT Publishing International, 2014. MLA In-Text Citation: (Gassman, Oliver; Frankenberger, Karolin and Csik, Michaela) Alyson Shontell, \"The 2.5 Year Old Startup That's Killing Cabs is Already Profitable In Most Cities\