Business Model Innovation Becomes the New Strategic Focus

Business strategy is all about defining markets, determining the firm’s competitive positioning within the defined market, and optimizing the firm to compete most effectively from that positioning. This involves identification and accumulation of appropriate core competencies, as well as anticipation (and perhaps cultivation) of industry evolution. However, the pace of economic and competitive change in the 21st century is such that the traditional approaches to strategic analysis that consultants and firms adopted in the ‘60s, ‘70s and ‘80s, no longer serve organizations well. As a result, firms have turned increasingly to borrowing and refining strategies based on a portfolio of business models proven in other industries or by other firms. We’ll examine this relatively new way of thinking about strategy, and how firms large and small are using it to achieve competitive advantage.

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