Business Model - MIT ID Innovation

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Ways To Innovate Your Business Model MITID
Innovation
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Any company wishes to do profitable business,
laying out a business model is a core strategy to
achieve this goal. However, suppose a business
fails to revamp and update its business model
with the changing trends in the industry or the
world in general. In that case, you can be
assured that the company will not sustain itself
in the highly competitive market for long.
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What is a Business Model?
The business model of a company refers to the
companys detailed plan that drives its members
and associates to work to attain maximum profit.
A business model consists of all the products and
services that the business wants to sell, its
targeted customer base, and the company expenses.
Any investor will look at these numbers before
investing in the growth of the company.
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Why is it Essential to Have a Well-Curated
Business Model
The two essential levers of a company's business
models are pricing and costs. A company can raise
the price of its product or services, and it can
find raw materials/ inventory at reduced costs
due to bulk buying to increase the company's
gross profit. Analysts believe that an excellent
gross profit suggests a sound business plan.
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So even if the company expenses get out of
control, the management team could be at fault,
and the problems are correctable to an extent. As
this suggests, many analysts believe that
companies that run on innovative business
model can run themselves independently.
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Why Should You Innovate Your Business Model
Isolated innovations mean nothing to business
insiders. Companies need to create
innovative business models to attract investors
as well as B2B clients. Lets take a look at the
example of a company called Haloid Corporation.
In the 1950s, this corporation created an
innovative engineering tech product that they
thought would change the world but soon realized.
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After much deliberation, the companys president
thought that if people did not want to buy the
product, they might want to lease it. This was a
million-dollar idea and is now what is called the
successful story of Xerox. It is one of the most
popular products around the world. Hence, a
change of business models quite literally pulled
a company out from the verge of bankruptcy.
An business model innovation can change the fate
of your company.
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Ways To Innovate Your Business Model

• Let us look at some of how you can innovate your
  business model 
• Map out your business models according to these
  paradigms
• Who is your customer?
• What is your proposed service/ product?
• How will you produce the product/ goods offered?

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• Why do you consider it to be a cost-effective
  model?
• Free yourself from the constraints of your
  company, be free and up to date with trends.
• Take risks and use new innovative methods and
  technologies and adapt them into your business
  model.
• Integrate and implement the new business model.

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How Courses at MIT ID Innovation Help Create
Futuristic Business Model
MIT ID Innovation offers courses that allow its
students to curate a knowledge base and diverse
experiences that challenge the very paradigm of
business evolution. The courses offered focus on
innovation, technology, and trendsetting. We
create leaders for tomorrow who will create more
advanced and successful business models
shortly. 
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Conclusion
MIT ID Innovation Programme curates knowledge and
experiences that challenge the very paradigm of
evolution. And that's why we have set out to
define the future of industries, communities,
cities and ecosystems. MIT ID Innovation offers
the best Courses in Innovation and Design
Thinking.
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Wed love to hear
from you.

• MIT INSTITUTE OF DESIGNRajbaug,, Loni-Kalbhor,
  Pune-412201

• 91-7038982225 / 91 9834092369

• innovation_at_mitid.edu.in