Question 1

part A:

A business model is defined as a plan for the successful operation of a business, identifying sources of revenue, the target customer base, products, and details of financing. Explain the process of developing Business Model Canvas for commercilisation of new product in global business market.

Part B:

Strategy is crucial for value creation, long term success and survival of company. Nevertheless, there is no common agreement on what a corporate strategy is and how to establish a successful strategy. The main perspectives to strategy formation are the distinctive characteristics regarding to the strategy creation process, rationale and focus of the strategy. From current industrial management practices, explain the interrelationship between company business strategy and innovation strategy for achieving sustainable market of company product.