Innovative Business Model of BOBA

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BOBA employs an innovative business model, which a significant role in the success it acquires in the market. The fact that BOBA is the collection of small businesses that form a network by coming together makes it come up with various innovative services as well as the products that are targeted to the small business that its customers (Dyer, Godfrey, Jensen & Bryce, 2016). Besides, the company employs the strategy of networking in which the small businesses tend to network in various areas through BOBA’s facilitation. It is notable that small businesses have specific common problems; hence, BOBA innovates its business model around solving these problems (Chandrasekhar & Schaan,2014). The organization creates a network wherein the small businesses form some alliance to address the challenges that are faced as a team and acquire a competitive edge in the market.

The company in question offers particular services to the members with the sole objective of enabling them to succeed (De Jong & Winig, 2016). The services that help the small firms in the reduction of operational costs is one of the main focuses of BOBA business strategy. The small firms face high costs of operation as their primary challenge, which negatively impacts their profitability. BOBA negotiates for better terms for the members by the use of the synergy concept like the low fuel prices, competitive for the firms' supplies, and other significant issues that relate directly to the costs of operations (Edmonson & Harvey, 2016). Further, great benefits come with the networking business strategy to the customers, which enables many businesses to be part of BOBA because of the realization of huge benefits tied to the manner in which they save costs (Lakhani, Hutter, Pokrywa & Fuller, 2015).

On the other hand, the innovative networking strategy has borne the organization's success in helping the small business that is part of it to take care of their issues that are related to risk management. Besides, it renders advice to the businesses on matters to do with insurance, thereby, helping them to identify possible risks that might impact their operations; hence, enabling them to come up with the best risk management approaches (Mark & Mitchell, 2014). BOBA’s success mainly depends on its ability to identify the customer needs as well as the employment of innovative ways to satisfy the clients, acquiring the clients’ loyalty to the brand as well as addressing the customer’s needs appropriately.

Geographical Location

            According to “Coca-Cola and Pepsi: The Shifting Landscape of the Carbonated Soft Drink Industry”, its geographic location determines the type of strategy to be employed in business to win more customers in an environment that is competitive. For instance, in case a business' operations take place in an area where there is less development of infrastructure, innovative ways have to be brought up to help in the transportation of the products to the final consumers in the most cost-effective way. Additionally, a business strategy should be created in line with the geographical location's cultural values and the ways of life threat and the surrounding communities. For example, in case the community whereat the business is located values charity, then the firm has to develop a strategy on how to offer sponsorship for some events of charity like payment of school fees to the less fortunate to help in its marketing efforts.

Global Change Agent

 Acording to “Internal Analysis: Strengths, Weaknesses, and Competitive Advantage”, there is an excellent essence in researching on the global implementation of the innovative strategies as well as the various ideas from the literature that exists as an agent of global change. Firstly, the research provides a significant opportunity to acquire some understanding of the multiple challenges that faced the previous organizations in the process of implementing their innovative ideas (Styles & Goddard, 2014). For instance, research literature provides information on some of the challenges that Nike has faced over the years in the course of implementing its innovative strategies, and as a change agent, this information can be vital in preparing for implementation of creative ideas. Second, the information obtained from research can help in understanding some of the ways that one can be able to address some of the challenges faced when implementing business strategies. An example is the Uber's information of how it overcame the problems of its innovative strategies' implementation, which can provide an understanding of how the strategy implementation challenges can be addressed (Moon, 2015).

References

Dyer, J. H., Godfrey, P., Jensen, R., & Bryce, D. (2016). Strategic management: concepts and tools for creating a real-world strategy. Hoboken, NJ: John Wiley & Son.

Chapter 3: “Internal Analysis: Strengths, Weaknesses, and Competitive Advantage”(46-65).

Case 02: “Coca-Cola and Pepsi: The Shifting Landscape of the Carbonated Soft Drink Industry” (pp. C-12-C-21).

Chandrasekhar, R. & Schaan, J. (2014). Electrolux AB: Managing Innovation (Case No. W14500). London, Ontario: Richard Ivey School of Business Foundation. Retrieved from https://cb.hbsp.harvard.edu/cbmp/pl/71270448/5d7c637606315b34df839fa550b47a2f.

De Jong, J. & Winig, L. (2016). Innovating by the book: The introduction of innovation teams in Memphis and New Orleans (Case No. 2056.0). Boston, MA: Harvard Business School Publishing. Retrieved from https://cb.hbsp.harvard.edu/cbmp/pl/71270434/71270442/d431f3a4a0375a715f759a17ffca6

Edmonson, A. C. & Harvey, J. F. (2016). Open innovation at Fujitsu (A) (Case No. 9-616-034). Boston, MA: Harvard School Publishing. Retrieved from https://cb.hbsp.harvard.edu/cbmp/pl/71270434/71270444/f080db357a72aff8d1b493dcc9c98d8c

Lakhani, K. R., Hutter, K., Pokrywa, S. H. & Fuller, J. (2015) Open innovation at Siemens (Case No. 9-613-100). Boston, MA: Harvard Business School Publishing. Retrieved from https://cb.cbhp.harvard.edu/cbmp/pl71270434/71270436/02026056df8138cd7c3ab7f6f3e8e3e5

Mark, K., & Mitchell, J. R. (2014). General Mills Canada: Building a culture of innovation (A) (Case No. 9B14Mo15). London, Ontario: Richard Ivey School of Business Foundation. Retrieved from https://cb.hbsp.harvard.edu/cbmp/pl/71270434/71270450/96880c300313a9f70f57d0a18bd7c652

Moon, Y. (2015) Uber: Changing the way the world moves (Case No. 9-316-101). Boston, MA: Harvard Business School Publishing.

Styles, C., & Goddard, J. (2014) Spinning the wheel of strategic innovation. Business Strategy Review.

January 19, 2024
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Business

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Corporations Marketing

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Company Marketing Strategy

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