Business Model Needs and Wants

Question: Discuss about the Report for Business Model for Needs and Wants. Answer: Business Model This transcript helps to understand the Business Model as a concept that helps the company to reach the market with their products and services that requires from the changing scenario of the environment, the times and the competitive nature of the business and the market to innovate with disruption. This means that the existing business model to be changed with adoption of new technologies or the reframing and making certain changes to the business model with newer offering that suit the business needs and helps to satisfy the customer needs and wants. The Theory of Business Model This business model theory in this transcript provides the methods and the ways that the companies follow in renovating the business model through the disruption of the existing business model. This business model theory that with introduction of new methods and the technologies to reach the needs of the business and the market that help approach the customers by re inventing them with their business model. This with the strategies, the tactics and the methods with usage of the digital technology or new offers that disrupts the old business model creating new business model that is critical to the success of the company. Recent business model disruption The model regarding the recent disruption here in this transcript provides the example of the Fairfax that the company used in the recruitment industry that has transformed the industry with the innovation using the new technologies that helped to disrupt the old traditional business model with the usage of internet technology that helped them to reach the market. Their software helped the recruiters to reach the suitable candidates required for the job and the job seekers to get the jobs suitable for them without the need to go through the hassles of reaching the recruiters for the jobs they were seeking. This digital technology helped recruiters and job candidates to approach each other through digital platform provided by Fairfax that was the business model they invented with the disruption of the old traditional model. Business Models Comparison The need for the companies to develop new business models that are the traditional and the existing business models with that of the new business models with the use of digital technology or with offerings that helps to develop the new business model is crucial to the success of the company. However, this business model disruption always does not provide for companies a success as this needs to design based on the customer needs and satisfaction that for the company is critical for the success. Business Models for Future This transcript helps to under the requirements of the business models that require with change in the environment, the times and the markets demand the changes with disruption of the business models that is logical for the companies to undertake for the sustenance of their business. This gives a fact that future business models needs to account for the disruptions that are critical to the needs of the business.