BUSINESS MODEL AND ITS IMPLEMENTATION
Keywords:Business Model, Strategy, Strategy Implementation, Performance Measurement
This literature review aims at studying business model and its implementation. Even though business model has been used for many years ago, until recent years its meaning is still unclear. Definitions of business model are varied from perspectives and industries. The definition, concept and elements of business model are clarified in order to guide the design and implementation of business model. Business model is about resources management to create and capture value to the customer. In addition, the composition of business model are 1) key processes 2) key resource customer 3) value proposition and 4) profit formula. In this review, the concept of strategy implementation is used to guide the implementation of business model because business model and strategy have some concepts similarity, for examples are the purpose for creating competitive advantage and making company profit. Furthermore, research found that causes of unsuccessful implementation are failure of 1) leadership 2) communication 3) responsibility 4) management and 5) performance measurement. This review contributes to businesses and managers to study their business models and implement them successfully.
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