M-Power Journal 2021-22 FINAL DRAFT

M.O.P. VAISHNAV COLLEGE FOR WOMEN (AUTONOMOUS) CHENNAI – 600034 (College Affiliated to University of Madras & Re-accredited at "A++" Grade by NAAC) DEPARTMENT OF MANAGEMENT STUDIES B.B.A. (SHIFT - I) 2021 - 2022 T H E G A M E C H A N G E R Building Business through Innovation

Department of Management Studies B.B.A. (SHIFT – I) M-POWER “THE GAME CHANGER – Building Business through Innovation” M.O.P. Vaishnav College for Women (Autonomous) Chennai -34

EDITORIAL COMMITTEE EDITOR-IN-CHIEF Dr Lalitha Balakrishnan, Principal M.O.P. Vaishnav College for Women (Autonomous) FACULTY ADVISORS Dr Archna Prasad, Head of the Department Ms. Sangeetha Manoj, Assistant Professor & Faculty In-Charge Department of Management Studies B.B.A. (Shift-I) STUDENT COMMITTEE EDITOR Madhumitha Mani, III B.B.A. (Shift I) JOINT EDITOR Dharshini B, II B.B.A. (Shift I) SUB EDITOR Simran Amit Gandhi, I B.B.A. (Shift I) Aditi Reddy K, III B.B.A. (Shift I) COVER & BACK PAGE DESIGN Dwiti Paras Mehta, II B.B.A. (Shift I)

FROM THE EDITORIAL DESK “The only way to discover the limits of the possible is to go beyond them into the impossible.” -Arthur C. Clarke In 1995, Amazon launched as the “Earth’s biggest bookstore.” After 22 years, it has evolved into a leading cloud computing company that produces consumer electronics and offers the world’s most competitive delivery services. The trillion-dollar company has achieved this level of success by constantly adapting its business to meet new obstacles and explore new possibilities. Amazon looks at itself from a customer-defined perspective, enabling it to scale rather than relying on a single customer category or revenue stream. As a result, the company’s leadership has been able to adapt and evolve its business model according to the need of the situation through continuous innovation. Amazon’s success illustrates that innovation can be made a part of a company’s very DNA. The theme for this year’s edition of M-power is “The Game Changer – Building Business through Innovation”. In the pages to come, you will find articles about disruptive innovations through business models, strategies to gain competitive business advantage, making innovation sustainable, product, process and lean innovation, digital transformation of business models, and interviews of business persons who have successfully taken upon the task of innovating their business. In today's world, innovation is more crucial than ever. Technology has been one of the most critical drivers of innovation in business. Furthermore, as the global competition among firms has increased, so has the demand for innovation to set one company apart from another. In addition, a global pandemic has transformed the way firms operate, with many battling to sustain or gain a competitive advantage. Companies must adopt a new business model that enables them to generate growth opportunities by capturing value swiftly and profitably if they are to remain competitive in a complex environment. Building business through innovation is fundamentally concerned with rethinking a business around innovation and addressing the customer needs today and in the future. In the words of Ted Levitt, “Just as energy is the basis of life itself, and ideas the source of innovation, so is innovation the vital spark of all human change, improvement, and progress.” Customer satisfaction is at the heart of a successful business. Businesses must create, deliver and capture new values in addition its value proposition. Innovation is the key to everything the future can be! Madhumitha Mani, Editor

TABLE OF CONTENTS S.No. Article and Author Page No. 1. Survival of the Fittest: Disruptive Business Models Kaashni Arora, III B.B.A. 01 2. Building Competitive Advantages: Brick by Brick Nandini Sairam, I B.B.A. 06 3. Nurturing Innovation: Business Model Innovation Vs. Technological Innovation Laxsana K.S., II B.B.A. 12 4. Sustainability in the Age of Dynamism Gayathri D and Gopika R, II B.B.A. 18 5. Innovation – The Leaner the better? Aditi Reddy K, III B.B.A. 22 6. Business – From Anything to Everything Jaysree S.S. and Vinti Mardia, I B.B.A. 26 7. Breakthrough Buzzword – Know the Business World Neha M and Neha S Kumari, III B.B.A. 32 8. Book Review: ‘The Innovator’s Dilemma’ Kaashni Arora and Deeksha Gulati, III B.B.A. 38 9. Concocting an Incomparable and Inimitable Business Advantage Apeksha D, III B.B.A. 42 10. Product or Process Innovation – Which to choose? Esha N Shah, III B.B.A. and Yamuna Dhevi R, I B.B.A. 47 11. Pivoting a Business After a Crisis: A Guide Simran Amit Gandhi, I B.B.A. 51 12. Alignment of Life Purpose with Business – An Interview Chethana P and Athiya Afreen, III B.B.A. 56 13. The Power of Competitive Edge Rajvi J Shah, I B.B.A. 60 14. The Future is Here: mHealth Shakthi Vasanth, Dikshita Mutha N and Harshita Bothra S, III B.B.A. 63 15. Innovate your Way to Success Meenakshi R and Shakti R, III B.B.A. 68 16. Interview Report: A fashion entrepreneur who turned 1500 to 155000 and more Sruthi R and Nandhini Kumar, III B.B.A. 71

1 | M-Power - SURVIVAL OF THE FITTEST: DISTRUPTIVE BUSINESS MODELS -Kaashni Arora (III B.B.A.) Abstract: Business Model and disruptive innovation is a term used quite often in recent times. Many establishments have constantly changed their business models, bringing innovation to drive their competition away. This cut-throat competition has become essential for companies to update their business models regularly. This article talks about business models, its importance, the relevant business models in the current business scenario and explores the role of disruptive innovations in business models. Keywords: Business Model Innovation, Disruptive Innovation, Establishments. The word 'choice' generally means choosing between two or more possibilities. In the 19th century, companies shut down their operations to cut their losses. When asked why? They said, 'We didn't have a choice!' Back then, there were very few choices and an ongoing World War II. Today, every human being can choose from an abundance of options. More than the choices, the resources, knowledge of the past, and technology play a major role in the prosperity of companies today. According to a Business Today (India) report, India has 48 million small businesses. The youth and the society are far more inclined towards entrepreneurship than back in the day. While the risks are bound to arise in entrepreneurship, the people choose to be their own boss and make valuable and eco-friendly products. To have such products, one needs to have a business model. What Does a Business Model Mean? A Business Model is a strategy that a company plans to earn profit. To put it simply, it includes the analyzing of the target audience to whom the products or services would be offered and accounts for any expense that may incur later in the future. Figure 1: Business Model and its Components (Source: www.tmsoutsource.com)

2 |M-Power Should Only Newly Established Companies Have a Business Model? A Business Model is essential for newly established companies, but it doesn't stop there. The existing companies must change their business models from time to time to stay relevant and adapt to the changing environment. Understanding Business Models While understanding Business models, think of these eight questions: 1. What value does it create? 2. Who does it serve? 3. What sets it apart? 4. On what resources does it depend? 5. It's meaningful relationships. 6. The channels through which it delivers value 7. How does it generate revenue? 8. What are the significant costs involved? Is having a Business Model enough to be the king player in the market? A company may prosper with business models, but has to innovate these business models to rule the market. Business Model Innovation is a concept quite different from business models. It's not only about changing what it sells but about re-evaluating a company's entire business model. Every company should focus on the two E's when concerned with Business Model Innovation. The two Es are: A. Exploit- Exploitation of the current business model should be done in every way possible. B. Explore- While companies exploit, they should also explore their other options to adapt to changes. Why is it necessary to have a Business Model? In this competitive world, it's easy for newly established organisations to sell the same product or service with a few alterations here and there. Still, it's not easy for them to copy a Business Model as it may not create the same value. One must not forget that Business models create value for the customers, keeping them happy, and in turn, the company earns revenue. Innovating a commercial enterprise model entails running with what the company possesses. It's approximately efficiency, agility, rapid- learning, and restructuring. Embracing the proper alternative at the appropriate time isn't simply crucial for growth; it's essential for survival. In this regard, a fantastic cautionary story is Blockbusters, a VHS retail chain of greater than 9000 shops that couldn't alternate its commercial enterprise version rapidly enough to contain DVD. This was, however, something that the creators of Netflix capitalised on. And by the point Blockbuster stuck up, Netflix had already moved to online

3 |M-Power streaming whilst Blockbuster closed stores in 2014 – all 9000 of them. A marketplace giant with a significant presence and a giant customer pool, misplaced to obscurity- simply because they couldn't redesign their enterprise rapidly enough. Which Business Models Are Relevant Today? 1. Franchising Model Best for the company's expansion, franchising lets the franchisor license its resources and logo name—intellectual assets and rights for a franchise to promote its services and products in exchange for a royalty. Mc Donald's follows this model. 2. Subscription Model This model lets the client get offerings by paying a set amount each month or year. In this case, the organisation has to offer sufficient cost to its clients to visit the site time and again. It lets organisations section the marketplace and provides a range of gadgets in its content material beneath different plans and costs called tiered offerings—for example, Netflix. 3. Hidden Revenue Model An excellent example of this model is Google. What Google does is that it doesn't ask its users to pay for any of its services. They earn income through offers made by companies for the use of keywords. 4. User-Generated & Content Model In this model, the consumers can give in their content such as blogs, videos, photos for free. User-generated content material is compiled and offered to agencies looking to take advantage of consumers' thoughts and content material to sell their brands—for example, YouTube. 5. Cash Machine Model To put it simply, through this model, companies focus on using cash to make products or services and quickly generate money. This model is more applicable to inventory types of enterprises— for example, Amazon. Another model which should not be forgotten is the Disruptive Business Model. Disruptive commercial enterprise models are disruptive innovations that bring a brand-new concept or technology to a present marketplace. Disruptive marketplace entrants generally seize unmet needs within the current market. This can both be Low-End or High-End repressed needs in which both the extra fee-sensitive buyers and the premium buyers receive. The above few models are just a few examples of models that companies frequently adopt. Business model is a broad concept, and companies should have some unique attributes in their Business Model.

4 |M-Power Understanding Disruptive Innovation Disruptive innovation isn't enhancing or improving merchandise for the identical target market; instead, it includesthe technologyused to lead themto clean, to apply, and to deliver to the larger, nontargeted market. An instance of disruptive innovation is the advent of virtual track downloads, which have, with the aid of using far replaced compact discs (C.D.s). Figure 2: The Disruptive Innovation Model (Source: www.researchgate.net) Airbnb is an example of Disruptive innovation. It disrupted the hospitality industry by combining generation and innovation within the commercial enterprise model. It all began whilst the founders determined to permit individuals to come to a convention to live at their residence. The wide variety of customers and rental listings increased, eventually reaching the mainstream. It focused on highfee clients with premium-stage offerings, including Luxe and Airbnb Plus concepts. It permits vacationers to live in an area in which the locals live. The platform allows transactions among vacationers and owners. It enables user-generated content material on personal homes, rooms, and vacation spot locations. Compared to conventional motels, Airbnb has an aggressive gain of low value and lodging options. It offers vacationers a reasonable opportunity to pick out from traditional motels and particular diverse listings. Travellers can pick out from numerous options, including villas, boats, and tents, whilst the live revel in conventional motels stays nearly the same.

5 |M-Power In conclusion, innovation continues to change how people work, play and live, and the pace of change is only accelerating. The term disruptive innovation, coined by Harvard Business School professor Clayton Christensen, the service takes root initially in simple applications at the bottom of a market,so moving the market implemented, possibly moving the established competitors. Think of the digitalcamera that was developed and sold best as a simple point and shoot for consumers. However, it is now making inroads into the camera market for professionals. Business Models and Disruptive Innovations played a vital role in changing consumers' lives and got rid of the old competitors who failed to think ahead and move forward. The present entrepreneurs should constantly change their business models and explore any new modifications they could include in their models; only then will the companies earn more profit. Bibliography: 1. https://tms-outsource.com/blog/posts/business-model-innovation/ 2. https://www.researchgate.net/figure/The-Disruptive-Innovation-Model-based-on-versionsfrom-4-5-7-15-2_fig1_335699363 3. https://www.inc.com/rohit-arora/why-india-is-the-land-of-rising-entrepreneurship.html

6 |M-Power BUILDING COMPETITIVE ADVANTAGES: BRICK BY BRICK -Nandini Sairam (I B.B.A.) Abstract: The purpose of this article is to provide an overview on the different types of strategies that help in gaining a competitive edge in the industry and the importance of having an innovative business model. It provides an in-depth explanation on the need to be competitive in an unstable, dynamic business environment, the two broad forms of competition, and how business models can help organizations excel. Keywords: Business Model, Competitive Advantage, Niche Market, Value Creation, Economies of Scale Airbnb is a well-known online marketplace that helps in making accommodation easy. It is one of the largest providers of tourist accommodations at a much cheaper rate than what most hotels charge. IKEA, the worldwide one-stop-shop for all home decors, is another well-known brand name. Several brands became instantlypopular in a shortspan oftime. How were they able to manage it? The answer to that is by creating innovative business models and constantly adapting those models to an everdynamic business environment. This poses another question as to what business models exactly are. Reiterating the same examples, Airbnb is mainly focused on creating and maintaining a strong network of hosts who would be willing to rent out their houses. They have created a local environment for travellers away from the tourist crowd. On the other hand, IKEA has concentrated on developing new markets and managing the supply and availability of goods at economical costs. Both these brands brought out their ideas and implemented a course of action suitable to the right people at the right time and place. So, a business model essentially comprises of distinctive strategies and notions of a business that help attain growth and market standing. Why Business Models? Planning is the first and foremost step in every aspect of a business. An efficient business model translates those plans to measurable and achievable targets. Any organization, be it nascent or well established, would require a business model to convert intangible ideas into tangible results (higher profits, greater market share, reputation, etc.). The success of a business doesn't merely depend on its internal management but also various external factors like government policy, the progress of technology, changes in tastes and preferences of consumers, entry of new competitors in the market, and much more. Having a flexible and leading-edge business model makes coping with the uncertain environment simple and, most importantly, secure. Since companies are also legally required to share their models with the public, a good business idea instills a sense of credibility among the prospective investors that the company might have stable financial prospects. An effective model also helps in the timely acquisition of resources since its clear as to what the business wants to produce. It creates a competitive edge by empowering companies to take the first-mover advantage. It is a basic need for all businesses to create value for their customers, which can be attained through a well-designed business model.

7 |M-Power According to the IBM, Institute for Business Value's biannual Global CEO study, since 2006, many senior executives across industries have regarded innovative business models as a major priority. Another follow-up research in 2009 confirms that 7 out of 10 organizations are actively engaging in business model innovation, and 98% are changing their models to some extent. The Need to be Competitive: Why is maintaining a competitive edge and looking out for competitors so crucial? Well, the straightforward reason is survival of the fittest. Businesses constantly keep track of the activities and performance of their competitors. Competition is the catalyst for change and new ideas. It enables the business to stand out, enhance their services and provide differentiated products unique from their competitors. This, in turn, builds USP and brand loyalty. It facilitates market planning and research, which forms the core of any business model. Research helps understand the target customers and bridge the gap between need and satisfaction. Creating Competitive Edge: The role of a business is to add to the value of the product so that the customers prefer it in relation to the competing products and decide to purchase it. This process is called value creation. Without that, any unique product or service will be seen as just another commodity in the eyes of the target audience. Creating value convinces people to pay more for one particular brand's product than its competitors selling the same product. It is the base for bringing about the differentiation of products. The famous business magnate Warren Buffett once said, "In business, I look for economic castles protected by unbreachable moats." One is immediately reminded of castles and palaces being strongly defended by moats from invaders. Likewise, an economic moat is a business's ability to Policies CHOICES Assets BUSINESS MODEL Governance Flexible CONSEQUENCES Rigid

8 |M-Power sustain a competitive advantage to preserve its long-term profits and market share from its competitors. There are two types of competitive advantages: Differential and Comparative. a. Differential Advantage: This happens when a firm's services or products are superior in quality to their rivals. It taps the existence of technology, trademarks, patents, and brand name in the market. Many companies like Coca-Cola set high prices like no other competitor to capture customers as many believe higher prices reflect higher brand quality. It has over 3300 diversified products. Since it already enjoys a widely established market, it continues to invest in brand and infrastructure programs. b. Comparative Advantage: Here, the main focus is the efficiency of procurement and production. It is the ability to produce goods at a lower opportunity cost than others in the same line of business. For example, Tamil Nadu (TN) is one of the states famous for rice production compared to Punjab. This is due to the humid and tropical weather conditions seen in Tamil Nadu. It can exploit the opportunity of climate and geographical location to beat other states and utilize its full potential. This becomes a competitive advantage for Tamil Nadu and leads to a lower cost of production due to the abundant supply of rice. Hence, Tamil Nadu can successfully reap the benefits of cost and achieve economies of scale. Unlike differential advantage, a point to be noted; the comparative advantage does not enhance the quality of product but only makes it available at cheaper costs. Business Model and Competitive Advantage: The maintenance of competitive edge is closely linked to a business model consisting of various strategies to achieve the present goals of an organization. IKEA's strategy was a low-cost model to attract the middle-income group in the US. It increased their volume of sales as well as the longterm profits. Similarly, Maruti Udyog became the leader in the small car market because it was the first to recognize the need for a small car in an environment of rising petroleum prices and a large Advantage Advantage Advantage

9 |M-Power middle-class population in India. They were able to adapt to the uncertain environment, laid out a suitable business model, and outshined their competitors. Undoubtedly, how firms create value through their models is undergoing a paradigm shift worldwide. Though a model might appear viable in isolation, it may not create the projected value when interacting with the actual market and competitors. An apt model takes into view the dynamic externalities of business that result in a virtuous cycle, ultimately weakening the rival's strategies. STRATEGIES FOR CREATING COMPETITIVE ADVANTAGE: Five major forces determine competition intensity. Figure 3: Porters Five Forces Analysis (Source: www.matthew.krupczak.org) Business Model Competitive Advantage

10 |M-Power Based on the above factors, there are three generic competitive business model strategies: cost leadership, differential, and focus strategies The Cost Leadership Strategy: This strategy basically means increasing profits by minimizing costs. Most firms involved in heavy production processes adopt this strategy to reach economies of scale. However, the price charged to customers will patently be higher than costs to cover minimum profits. The main aim is to reduce raw materials and labour costs, not selling price. Amazon creates maximum value for its customers at the lowest price possible so that they find it to be a reliable portal for shopping online. Advantages: The firms are better positioned to deal with price fluctuations in the market due to forces of demand and supply. Those competitors with high price strategies find it difficult to compete with low-cost leaders because if they lose, it would lead to heavy losses since their prices are already expensive. The Differentiation Strategy: This is where actual innovation and individuality stand out. The strategy involves coming up with ideas that make a firm's products appeal differently to the consumers than competitors. It involves vigorous market research, SWOT, and PEST analysis to precisely understand the customers and bring about a phenomenal change in marketing strategies. Advantages: This strategy is perfect for convincing the consumers that there can never be a close substitute for a product due to its differentiation. Better quality products always pave the way for higher profit margins and market share expansion. The Focus Strategy: This is based on the idea of niche markets. It is a particular subsection of a larger market categorized by its unique demands and preferences. The strategy involves understanding the specific dynamics of the selected niche and providing goods and services unique to the wants of those customers. But this cannot work independently but will require the culmination of either differentiation or cost leadership. A suitable example would be Pepsi when they introduced Pepsi Black especially to those looking for healthier beverages. Focus Differential Cost Leadership Competitive Strategies

11 |M-Power Advantages: Since this strategy is closely connected to the customer base, it tends to improve brand loyalty, brand recall, and the organization's long-term survival. A company can work with limited capital (due to limited geographical spread) and charge premium prices since the products are customized to satisfy the specific needs of the niche market. An organization following this strategy, to some extent, can accrue the benefits of a monopoly seller, which might otherwise be impossible with opportunist competitors at every nook and corner. In the future, business models will experience cutting-edge innovations with increasing demand for AI-driven technologies. To conclude, change is the only constant. As the saying goes, 'Change is inevitable, Growth is optional. It is up to each organization to be astute and realize the need of the hour to prosper.’ Bibliography: 1. https://www.investopedia.com/terms/c/competitive_advantage.asp#:~:text=Competitive%2 0advantage%20refers%20to%20factors,compared%20to%20its%20market%20rivals. 2. https://localiq.com/blog/why-is-it-important-companies-have-competitors/ 3. https://www.elearnmarkets.com/blog/what-are-businessmodels/#:~:text=Business%20model%20is%20important%20because,cash%20generation %20and%20future%20expansion. 4. https://corporatefinanceinstitute.com/resources/knowledge/strategy/competitive-advantage/ 5. https://hbr.org/2011/01/how-to-design-a-winning-businessmodel#:~:text=Good%20business%20models%20create%20virtuous,turn%20competitors' %20strengths%20into%20weaknesses.

12 |M-Power NURTURING INNOVATION: BUSINESS MODEL INNOVATION VS. TECHNOLOGICAL INNOVATION -Laxsana K.S. (II B.B.A.) Abstract: Business models are fundamentally related to technical progress; despite this, the business model construct can be separated from technology. This article gives an insight into the distinction between Business Model Innovation and Technological Innovation and the dependence between the two. In the end, this article touches upon the lessons learnt from successful Business Model Innovations. Keywords: Technological Innovation, Performance-grounded Constricting Approach, Business Operations. Business model innovation is generally more potent than technological innovation; it is more disruptive and difficult to duplicate. Technological Innovation: Technological innovation is when an organisation aims to include technical aspects to take the firstmover advantage. In other words, technology is looked at as an effective method or invention around which one decides to function and make strategies to remain competitive. Usually, the wording "technological innovation" is preferred. Technological innovation reduces physical work and enhancesspecialisation. It is also highly efficient if it is used in the right way. Technological innovation positively affects the business working on structuring its framework. Nowadays, technology is available with almost all firms; hence introducing a unique technology should be the ultimate target.Thus primarily, a combination of technology is used together. Technology innovation is no more a luxury but a prerequisite for a business. It boosts productivity and provides customers with new and improved goods and services, all of which elevate their overall standard of living. Is Business Model Innovation and Technological Innovation mutually exclusive? Technological advancements can help new business models; the most prominent historical example is how the introduction of steam power aided the mass manufacturing business model. However, business model innovation can happen even if no new technology is developed. The world witnessed how the Japanese pioneered the 'just in time' production technique in the 1980s. Business models and technologies, in fact, frequently interact. Amazon, for example, used new technology to the classic mail-order business model pioneered by Sears Roebuck when it was formed in 1995. Amazon didn'tcome up with a brand-new business model. Easy-Jet didn't fare any better when it imitated Southwest Airlines' business model. Amazon and Easy-Jet used well-known business model constructs and expanded on them in unexpected ways. Google's two-sided dynamic search engine, which was developed in conjunction with Adwords in 2003, was a technological leap and a business model leap. Google Adwords served as a conduit for

13 |M-Power advertisers whose decisions directly impacted users' search experience, who are on the other side of the platform. Their approach was unique in that it linked the two sides in a dynamic way that allowed for higher consumer pleasure and income for any given set of users on either side of the platform. When discussing the effects of business models on performance, it is not always possible to distinguish between the impact of business model innovation and technological innovation. It is known that technological advancements affect performance. However, it is essential to understand how the business model influences technological innovation and how it relates to performance. The easy observation of the beneficial effects of technological innovation on business performance has shifted attention away from how business models change as a result of innovation. Simultaneously, management theory necessitates greater accuracy in how business model changes enable and nurture innovation. Distinction between Business Model Innovation and Technological Innovation: BASIS BUSINESS MODEL INNOVATION TECHNOLOGY INNOVATION Business Focus It focuses on customers. It focuses on the product. Customer Value It creates cheaper services for customers. Due to extra functions, there is an additional increase in the price. Business Growth Business grows quickly. It dominates the market until replaced by another technology. Competitors Competitors should find a way to respond to it. Competitors should accept and exploit it. Imitability Difficult to copy by competitors. Easy to copy. market share Less share of market. A well-known brand for beginnings. Competitive Advantage Long-term Short-term Market Focus It focuses on a niche market. Tt eventually grows to dominate the market. Research & Development (R&D) Less expensive to discover that is more common among start-ups and small companies. Needs R&D that is more attractive for big companies. Critical Resources R&D investment and manpower. Political recognition and support, voluntary labour. Motives Profit, rent, market expansion. Recognition, compassion, care. Indicators Of Success Market share, return on investment. Social goals Major Players Private sectors NGOs, governments, social entrepreneurs. Process R&D project and commercialisation. New ideas.

14 |M-Power Business Model Innovation and What You Can Learn from Them: Rolls Royce One of the best-known exemplifications of the successful business model innovation is the" powerby-the-hour" business model of the British aircraft turbine manufacturer Rolls-Royce. Before the preface of the invention, the construction of machines for Rolls Royce was simply a product business. For a comparatively large one-off sum, the machine became the property of the aircraft manufacturers. The new business model doesn't vend machines but thrust hours to the airlines. The airlines pay only for the operating hours of the machines and are no longer obliged to buy the turbine machines. The machine remains Rolls-Royce's property, and the company is also responsible for the conservation and form of the machines. The Rolls Royce business model is grounded on a performance-grounded constricting approach that is performance-related remuneration. It isn't the value of the machines per se that is calculated,rather the flight performance hours that can be achieved with the machine. Cost factors similar to operation, conservation, and form are formerly included in the price. With this invention, Rolls Royce has created advantages for itself and its guests and made it possible for low-cost airlines similar to Southwest Airlines. Netflix Television shows and movies are just a tap away from people’s hands nowadays. The reason for this isthe development ofOTT platforms. One such platformis Netflix, which holds a considerable market share globally. The company used to be a DVD store in 1997. Netflix then introduced drastic changes to its model during three years. Netflix introduced its streaming service in 2007 as a separate field apart from the DVD business. The company's innovation was well received amongst the public and production firms. Today, it has about 167 million subscribers. The company recently separated its streaming service and DVD reimbursement business. In conclusion, innovation in a business model might not always lead to success because follow-up actions are the central part. Once a business model is formed, it should shape the organisation's framework. Sometimes business model innovation and technological innovation go hand in hand. Technological innovation directly affects the organisation's performance due to a significant dependence on technology. Business model innovation changes the functions of the business and goods in particular. Business operations are mainly dependent on business models, and the process after that is related to technological innovation. Hence, one form of innovation can change the other form.

15 |M-Power This piece first explores crucial connections bedded in the business model construct and reviews what is known about these connections to erect an exploration docket for the future. This allows us to assert that it's intellectually robust to ask if the business model invention is potentially separate from technological innovation indeed. However, business model possibilities are frequently calculated on technology. Bibliography: 1. https://en.wikipedia.org/wiki/Technological_innovation 2. https://cio-wiki.org/wiki/Business_Model_Innovation_(BMI)

16 |M-Power CROSSWORD PUZZLE (Answers on Page 31) -Simran Amit Gandhi (I B.B.A.) Types of Business Innovation: Across: 3. An improvement of the performance of the existing product, such as an increase in the digital camera resolution was done by which famous technological company that sells electronic gadgets? 5. a consumer’s needs are determined by social, cultural or factors. 6. product innovation is performed when its purpose is the expansion to new market segments or the attainment of advantage. 7. innovation focuses on the innovation of facilities, skills and technologies used for the production and delivering of products and services. 9. Product innovation is generally visible to the customer and should result in a greater for a product. 11. process innovation can result in a decrease in cost and time and the improvement of certain processes from the production process or consumption. Down: 1. model innovation is the art of enhancing advantage and value creation by making simultaneous—and mutually supportive—changes both to an organization’s value proposition to customers and to its underlying operating model. 2. innovation is focused on increasing efficiency by capturing customer feedback early and often and minimizing waste in the product development cycle. 4. a type of product that besides the comfort of reading, provides the comfort of having a huge number of materials stocked on a rather small device. 7. innovation is a type of innovation that is more noticeable for the consumer and it is related either to the enhancement of a company’s older products. 8. One of the most famous and ground breaking examples of process innovation is Ford’s invention of the world’s first moving assembly line. 10. of the different types of innovation, process is typically very risk.

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18 |M-Power SUSTAINABILITY IN THE AGE OF DYNAMISM - Gayathri D and Gopika R (II B.B.A.) Abstract: The market deals with quick changing forces that pressure businesses to change how they function in this day and age. Only the most innovative and unique ideas prosper in these scenarios. Therefore, it is essential for businesses to be responsive to the dynamic environment they operate in and develop sustainable competitive advantage. This should be accompanied with incorporating sustainability in other aspects of the business as well asfulfilling theirsocial obligations. This article talks about competitive advantage of businesses while shining light on the importance of integrating sustainability in the same. Keywords: Value proposition, Innovation, Competitive Advantage, Sustainability, Dynamic Changes. The ever-trending Climate Change Crisis and the Covid-19 pandemic are the two significant phenomena that made companies reconsider their value propositions and innovate further. Only a few large companies could meet with these sudden changes as they had enough resources and loyal consumer bases looking forward to these changes. The many other growing firms and start-ups had to mine deep to generate new ideas to meet their niche markets. This led many businesses to try and outperform one another. But what made one stand out was their competitive advantage. Competitive advantage: Figure 4: Components of Competitive Advantage (Source: www.moz.com)

19 |M-Power It refers to an attribute that a business builds to outperform its competitors. A competitive advantage allows a company to gain value for itself and its shareholders and achieve superior margins faster than its competitors. It defines what product or service a business can provide that no other competitor can. The following are the ways in which a company can build competitive advantage: 1. Cost Leadership occurs when a business offers products or services of reasonable quality but at a lower cost. The firm tries to become the lowest-cost producer, through large-scale production, where economies of scale are possible. 2. Differentiation in the features, quality, distribution, or any number of other attributes, allows a company's products or services to be differentiated from its competitors. Producing high-quality products or services and innovating new product creation or service commencement ideas would help differentiation. 3. Effective marketing strategies and efficient use of a business's promotional mix helps in maintaining its status quo. Undertaking adequate market research, sales tactics, and innovative advertising techniques would help companies gain a competitive advantage. 4. Building a brand with a strong positioning strategy can shoot up customer loyalty. A brand can be created with the help of social media, visual design web pages, blogs etc. 5. The Network Effect allows a product or service to become more valuable as people use it. Users hesitate to turn to other alternatives because it's a hassle. 6. Focus Strategies allows businesses to focus on niche target markets. Customers are often underserved in niche markets and become insensitive to price variations. Businesses use these barriers to make it harder for other competitors to enter or thrive in the market. The following are examples of how many renowned companies have taken over the competitor advantage scenario: a. McDonald's usesthe cost leadership strategy by using economies ofscale and producing food at a low cost. This helps them have an advantage over their competitors. b. Airbnb’s strategy revolves around creating something no one else was offering by an intermediary between homeowners who want to earn a little extra cash and travellers who want a safe and cozy stay. They benefit from the network effect and use it to achieve their competitive advantage. c. Pinterest is a platform that allows a niche segment of users to view pins and boards curated by other users. d. Apple caters to tech-savvy consumers willing to pay any price for their products due to its success. The company is innovative, focuses on product quality and has excellent customer service.

20 |M-Power Dealing with a business's competitive advantage helps them earn a first-mover advantage or maintain their status quo. There have been many changes in the consumer's mind about the company image in recent times rather than their products or services. This has led many companies to recognize their Corporate Social Responsibility (CSR) and do their part in becoming more sustainable to maintain their market share in the long run. ESG (Environmental, Social and Governance) Criteria: The ESG Criteria encases the relationships a business concern holds with stakeholders and how transparent it is while disclosing management practices while being ethical. The world is now aware of its issues and would want to depend on companies to make sustainable choices. Companies now focus on eco-friendly techniques, maintaining ethical facilities and activities while minimizing their harmful effects on the environment. This futuristic trend has caught the eyes of global lending and investing companies. Despite generating high profits, a company could lose importance in the investment opportunities and decisions related to their capital if they have low ESG scores. Figure 5: ESG Criteria (Source: www.corpera.com) A few examples of leading companies that have caught up with this trend are as follows: a. Havells India and Godrej Consumer Products are prime examples for assessing their (ESG) performances. Havells stopped the usage of Kr-8, a radioactive isotope, from their lighting range. Now there aren't any products made by Havells that have radioactive components. The company has taken adequate steps towards beating waste management issues by introducing four zero water discharge facilities, two renewable energy initiatives, biomass and solar systems and multiple resource conservation systems. b. TGM Finance has kept up with their renewable energy to 30%, 37% of their greenhouse gas emissions have been reduced, 99.5% of waste from the landfill have been reduced, and their water consumption has been reduced by 32%. The company now has recyclable packages.

21 |M-Power c. P&G took the initiative to start the Fairy Ocean Plastic bottles, made of 10% ocean plastic and 90% recycled plastic from consumers. d. Asian Paints, New launched their Natural Resource Conservation project and Energy and Emission reduction policy. They focus on non-hazardous ways of production and manufacturing to minimize the operations and take care of the biodiversity. There has been a significant shift in customer buying behaviours as they're willing to pay for many other products that are eco-friendly, and this has driven companies to shape their brands in such a way that they are quoted as sustainable. It may seem to be a very tiring and costly affair to change all the existing production activities, packaging, waste management methods etc. There are still many benefits toward becoming more sustainable too. Increased demand for eco-friendly goods translates into more profits. There are multiple grants, financial benefits and tax concessions available for companies that want to go green. The Environmental Protection Agency provides classes, educational activities, seminars etc., to educate entrepreneurs on efficiently making a shift. Green companies are seen as more appealing to clients, customers and employees, financial institutions, investors etc. Like the world-leading Oil company, Chevron stated, "Our company's foundation is built on our values, which distinguish us and guide our actions. We conduct our business in a socially responsible and ethical manner. We respect the law, support universal humanrights, protect the environment and benefit the communities where we work". In conclusion, companies should now focus on giving back to society to gain acceptance. This era's dire need to look forward to protecting resources for future generations and sustaining their companies for the many years to come. Many companies have multiple false claims of sustainability and eco-friendly products. Experts have them called out on their inaccuracies and they have received a bad name from their consumers. It is crucial to truthfully curate changes in business models to keep up with the dynamic changes that are about to come. Bibliography: 1. https://economictimes.indiatimes.com/markets/stocks/news/top-performing-esg-companiesin-india-how-are-their-stocks-faring/articleshow/79935953.cms?from=mdr 2. https://greenbusinessbureau.com/blog/financial-benefits-of-an-eco-friendly-business/ 3. https://corporatefinanceinstitute.com/resources/knowledge/strategy/competitiv%20eadvantage/ 4. https://sixads.net/blog/competitive-advantage-examples/ 5. https://mktoolboxsuite.com/competitive-advantage-examples/

22 |M-Power INNOVATION – THE LEANER THE BETTER? -Aditi Reddy K (III B.B.A.) Abstract: Introducing a new business, or a new product or service within an existing company, can appear to be a difficult and risky endeavour. In today's globalized economy, however, disregarding innovation is even more detrimental to future of the company. Instead, welcome creativity and change in a better way by employing a strategy that reduces risk while enhancing consumer value. This can be done by undertaking “Lean Innovation”. This article offersinsightsinto Lean Innovation and its methodologies, through which it presents various opportunities and advantagesto businesses. Keywords: Innovation, Over-plan, Bureaucracy, Prototyping, Minimum Variable Product, SixSigma. "Innovation is seeing what everybody has seen and thinking what nobody has thought." –Dr. Albert, Szent- Györgyi. While it is essential to understand the need for innovation at the enterprise level, the word innovation alone does not paint a complete picture of what needs to happen to harness the power of innovation. "Entrepreneurial spirit" brings about permanent effects and transforms change in the business, for it to survive and thrive in the 21st century. In the face of uncertainty, processes that allow businesses are required to optimize learning, not just performance. Methods that focus on the customer experience are required, which would enable them to adapt to new information and help make market-based and evidence-based decisions. The concept of lean innovation is based on the philosophy: more resources do not automatically lead to better innovation. In the lean innovation approach, budget constraints become the driving force behind ideas and innovation management within a company. Applying these principles or methodologies throughout an organization reduces the risk of producing products or services that no one wants. It allows the allocation of capital and resources to ideas that create value. It increases efficiency by procuring customer feedback early and decreasing waste in the product development cycle. The process prioritizes testing, over-plans, and celebrates continuous and gradual improvement. Lean Innovation Consists of Three Main Methodologies: 1. Ability to identify new opportunities through the use of design thinking. 2. Developing, prototyping, learning, validating, and improving business solutions quickly and with fewer resources. 3. The ability to apply lean processes, allowing teams to reduce waste, improve incrementally, and eliminate the bureaucracy that often hinders innovation.

23 |M-Power 1. Design in Lean Innovation It is a client-centric approach to brainstorming new ideas and finding solutions? What difficulties did the user experience? How are they finding solutions for their problems? By observing users in their environment, companies can understand their client's needs and, in turn, uncover unique insights that can lead to new opportunities. Break down design thinking into five stages: 1. Empathize: Observe and dialogue with users to discover their real needs. 2. Define: Define the problem; What stands out when you talk to customers? 3. Ideate: Think about potential solutions to the problem; There are no wrong answers for this stage of the process. 4. Prototype: Work as a team to select the best idea based on predetermined voting criteria and start building, even if you are using paper and pen. 5. Test: Put prototypes in users' hands and iteratively build on their feedback. Figure 6: Design Thinking 101 in Lean Innovation (Source: www.nngroup.com)

24 |M-Power 2. The Benefits The goal is for firms to make a Minimum Viable Product (MVP) or a throw version of a product or website that early adopters will test. An associate player ought to have the fundamental options that make the merchandise work; however, they guide future development. By putting MVPs within the hands of users, businesses can quickly work out what works and what doesn't and retell supported feedback. Then they take the waste out and make a product that customers significantly want. Success isn’t continuously present, but it's always well worth the effort. 3. Applying Lean Processes The third methodology that drives lean innovation is "lean processes," described as "waste reduction and continuous improvement, become innovation". This can include reducing the number of meetings employees attend, simplifying the stages that projects go through to get approved, using lean methods like Six Sigma. Figure 7: Lean Six Sigma (Source: www.process.st) In conclusion, lean innovation allows employees to test their assumptions and create better products faster with fewer resources. In addition, it challenges companies to constantly test hypotheses and iterate over their product offerings, helping them avoid the all-too-common trap that most executives face: becoming too comfortable with the current success of their business. Meaning of keywords: • Innovation - coming up with something new, such as a big idea. • Over-plans - planning excessively or in more detail than is necessary. • Bureaucracy- excessively complicated administrative procedure. • Prototyping- an experimental process where design teams implement ideas into tangible forms from paper to digital.

25 |M-Power • Minimum Viable Product- a development technique in which a new product is introduced in the market with basic features, but enough to get the consumers' attention. The final product is released in the market only after getting sufficient feedback from the product's initial users. • Six Sigma- is a methodology focused on improving business processes and performance by eliminating the causes of failure that lead to defects in a product or service. Bibliography: 1. https://www.northeastern.edu/graduate/blog/what-is-lean-innovation-and-why-use-it 2. https://medium.com/swlh/https-medium-com-swlh-lean-innovation-how-to-developsuccessful-products-today-b6237345a5f0 3. https://www.success.com/10-inspiring-quotes-on-innovation/ FUN BUSINESS FACTS - Sivashree Kumar (III B.B.A.) 1. Starbucks has round tables so customers would not feel lonely 2. Pepsi got its name from the digestive enzyme Pepsin 3. Apple iPhone ad shows the time as 9:41 am, the time Steve jobs announced it 4. Adding '/4' to the end of facebook.com takes you to mark Zuckerberg's page. 5. The arrow in the amazon logo goes from a to z, indicating wide product range of the retailers. 6. BMW, originally an aircraft manufacturer, became a car manufacturer because Germany lost world war 1st. 7. Google is a misspelling of page's original planned name, Googol 8. Ikea is the acronym of the founder’s initial Ingvar Kamprad, Elmtaryd, the farm on which he grew up, and Agunnaryd, the nearby village. 9. Samsung was the first pioneer, and one of the only ones since, to build a watch that doubled as a phone 10. Facebook is predominantly blue. mark Zuckerberg suffers from red-green colour blindness. 11. "Mayfair" filter generates maximum likes on Instagram

26 |M-Power BUSINESS – FROM ANYTHING TO EVERYTHING -Jaysree S.S. and Vinti Mardia (I B.B.A.) Abstract: This article brings out some of the most creative, innovative, and, precisely, strangeyet unique business start-up ideas adopted by people. It contains a list of 10 such companies who started off as a nobody and are now a member of the millionaire club. It covers the most creative start-ups, their methods and techniques, and their strategic ability to grab the consumer's attention and to make money out of the most untapped resources available out there. It is really an inspiration and a perfect definition of the tagline -- "Anything is possible." • Skippi Ice Pops: The only popsicles prominent in India are the age-old orange candy, but Ravi and Anuja Kabra came up with ice popsicles with 12 different flavours, which are 100% natural, and no preservatives or colours are added, making it one of the first popsicle brands in India. This Hyderabad-based start-up has 660 outlets at Hyderabad alone and 2200 across India. Figure 8: Skippi Ice Pops (Source: www.image.slidesharecdn.com) • Graviky Labs: This start-up had taken the initiative to do business with something as hazardous as air pollution. Graviky Labs had found a way to actually "utilise" the air pollution caused by the vehicles converting it into ink and paint, naming it 'kaalink.' This one-of-a-kind start-up company in India makes writing materials out of the exhaust pipe of a vehicle. They've totally tapped the untapped innovative side of a human brain. Figure 9: Graviky Labs (Source: www.i.pining.com)

27 |M-Power • Inshorts: People would not mind spending hours on Instagram, but they'll definitely not spend a minute reading through the news and affairs going on in and around the world. But what if each news was just 60 words short! The users could update themselves in a jiffy. This amazing app developed by Indian IIT-ians cuts down all the newsto 60 words and states only the facts and figures. Helping people be updated without taking up too much time of theirs. Figure 10: Inshorts (Source: www.images.yourstory.com) • The Bhadaas Cafe: What individual has not thought about walking into a place with the sole intention of smashing things, venting out their anger, all the while listening to calming music? And as an added bonus, they can also feed themselves before making the journey back home. The prayers of mankind have been answered. Presenting the Bhadaas cafe, an interesting cafe in Indore founded by Atul Malikram. This cafe in India actually has a separate noiseless room where the customers are allowed to smash things and shout, it contains a peace zone where they can read books or listen to music, and also has a lipsmacking menu to meet their "Hangry" needs. Figure 11: The Bhadaas Cafe (Source: www.curlytales.com)

28 |M-Power • Pivot planet: They say, "You can be anything," but Pivot planet makes one believe it. This company gives one an option to choose their dream job and provides users with training sessions, wherein they are allowed to choose their time slots, place, and then they’re done. Users can actually work without going for an interview, and get paid for the same. So instead of going on a vacation, it is suggested that people pay for their dream job and enjoy the working experience. • Throat Scope: The product was made from Jennifer Holland's distress over having her child bound down by the nurses to have his oral canal checked. She was not happy about the wooden stick and torchlight pushed inside her child's mouth. So, she came up with the product throat scope that illuminates the entire mouth without causing any discomfort to the patient. Today the product sells over 1.7 million a year in 155 different countries. Figure 12: Throat Scope (Source: www.splsolutions.com) Figure 13: Throat Scope (Source: www.i.ebayimg.com)

29 |M-Power • The Bouqs Company The Bouqs Company, a company that gave the floral industries market to a whole new level. Their flowers are farm fresh and last for a long time. The fun fact that makes them really unique is that they grow some of their flowers in La Avenida de Los Volcanos. Their quality, selection, and price are unmatched. The company has even reported having sales of over 1 million dollars in a single day. Talk about mind-blowing! Figure 14: The Bouqs Company (Source: www.images.squarespace-cdn.com) • Proof eyewear A product started by the three Dame brothers whose love for wood crafting came from their grandfather. It was said that they lived most of their lives surrounded by sawdust and wanted to continue living that way. The company makes eyewear frames from wood and other sustainable materials. Like many others, their company started from a garage in 2010, and now their company is worth about 2.5 million dollars. Figure 15: Proof eyewear (Source: www.mediaexp1.licdn.com) Figure 16: Proof Eyewear (Source: www.summitsports.scene7.co m)

30 |M-Power • Kodiac Cakes The idea to make the company came when an 8-year-old Joel Clark sold out his family pancake recipe in brown paper bags around the neighborhood. Now the company has become a 200 million dollar growing portfolio that sells healthy food products under the acquisition of better for you, which includes dark chocolate pancakes mix and peanut butter Choco chip oatmeal cup. Figure 17: Kodiac Cakes (Source: www.foodbusinessnews.net) • Blueline Foods Aditi Madan's craving to eat authentic Himalayan region food in the streets of Delhi led her to start this company in 2016. Bluepine foods produce hygienic and high-quality authentic Himalayan cuisine made from traditional methods in the frozen state. They have a large variety of frozen momos that range from pizza momos to dessert momos. Their company's net worth is about 1.5 crores. It can be seen how delicious their products would have been for the company to grow this big in 4 years. Figure 18: The Bluepine Foods (Source: www.5.imimg.com) Figure 19: The Bluepine Foods (Source: www.5.imimg.com)

31 |M-Power Bibliography: Television Show - Shark Tank Answers to Types of Business innovation crossword puzzle on Page 16 Answers: 1. Business 2. Lean 3. Apple 4. E-book 5. Economical 6. Competitive 7. (across) Product 7. (down) Process 8. Henry 9. Demand 10. Low 11. Production

32 |M-Power BREAKTHROUGH BUZZWORD – KNOW THE BUSINESS WORLD! -Neha M and Neha S Kumari (III B.B.A.) Abstract: Business inspires the next generation, the future of the world, playing an essential role in society. It creates innovation, makes technology advancement that helps increase the country's economy internationally and paves the way for modernisation. It keeps things engaging, i.e., "Bird's Eye View" towards society. This article discusses the features of business model innovation and how it functions with some real-life case studies of famous companies recognised by society. Keywords: Innovation, Technology, Crisis Management, Digital Transformation, E-commerce, Strategies. Innovation – Bird's Eye View of the business: In the words of Elon Musk “Innovation is not some mysterious thing; it's basically being just an absolute perfectionist about the product or service that you make. It also doesn't need to be some big breakthrough. Just make your product better. This is the thing that really matters." Innovation is the opening move for every business, as it bridges the gap between the need and differentiation with other competitors. It helps generate revenue, aims to accomplish core business goals, and creates value for the organisation. It leads to the survival of businesses in the market. As one can lay the facts, every business has to overcome its threats and weaknesses. They look up opportunities with the help of innovation to introduce their substitute products or services. A highly successful company that failed: Nokia was one of the leading mobile manufacturing companies in the late 90s and early 20s. During the early 20s, due to the high amount of internet usage, other mobile manufacturing companies felt threatened, so they started understanding how data, not voice, was the future of communication. With the help of innovation, competitors introduced smartphones, which attracted a vast audience, which helped them survive in the market and increase the value of their brand. Nokia faced its most significant threat when android mobile phones were introduced. At the same time, its competitors strengthened their brand by grasping the opportunity and creating their brand value, which made them generate more revenue and profit. To survive and overcome this threat, Nokia did not make any drastic change, i.e., own substitute products or services to make it competitive enough and overestimated its brand, which led to the disappointment of the public and its failure in the market. Thus, innovation plays a vital role in the survival of every business.

33 |M-Power Figure 20: Nokia Logo (Source: www.wallpapersafari.com) Figure 21: Nokia's range of phones (Source: www.vspfix.com) Digital Transformation at the Speed of Life – The Future of Memory: Digital transformation is a new trend of changing how the company operates its business and delivering value to people through Digital Technology. Culture change in an organisation is the central aspect of digital transformation, which is easier and more convenient. Cashless transactions, working for organisations from anywhere, virtual meetings across the globe, among other things can be considered the significant growing aspects of digital transformation. "There is no alternative to digital transformation. Visionary companies will carve out new strategic options for themselves- those that don't adapt will fail." - Jeff Bezos Customers tend to use and prefer social media platforms most of the time while shopping at retail stores. For example, while shopping physically, consumers search for many social media platforms such as Pinterest, Facebook, Instagram, and many more to check for recent trends, better product reviews, and comparison on competitive products recommendations to know the best quality products or services. When the pandemic arose worldwide, people adapted to the internet, a digital mode for everything. When people could not access physical stores even to buy the essentials, they opt for E-commerce retailing for almost everything. By mid-August 2020, the industry found that consumer spending habits and lifestyle patterns had undergone a digital transformation. They suffered considerably when retailers and wholesalers shut their doors during the Covid-19 pandemic. During the pandemic, the E-Commerce retail industry found it as a boon to seize the opportunity to grow more. Let’s take the example of Nykaa-- A Promise of Authenticity and Quality. What makes it unique and the reason behind its success in the retail E-Commerce industry:

34 |M-Power Nykaa's story is a Case Study in Innovation E-Commerce retailing business, a rapid growing Indian beauty industry with the potential to beat its competitors. It also created a storm in the beauty industry through digital transformation by making all beauty and skincare-related products available in one app- Nykaa.com. Figure 22: Nykaa logo (Source: www.iconsofindianbusiness.com) Figure 23: Nykaa's mission (www.nykaa.com) Nykaa's main strength for its emerging growth in e-commerce retailing is that it provide authenticity stamps, which helped consumers overcome the fear of buying duplicate products and gain trust and build reputation towards the quality provided by the brand. The product description with product expiry is also mentioned while displaying the product of the brand with personal consumer feedbacks, ratings and suggestions are also provided, which shows the sincerity towards their care for consumers. It indicates their efforts towards their successful digital transformation towards the business. Crisis Management - Simple solutions for complex connections: "To be effective in crisis management in the digital age means being able to use social media strategically. There is no crisis management today without a full understanding of how to use new media to listen to conversations around your brand in real-time, and understand what you do and don't need to respond to." – Chris Syme Every business inherently involves considerable risk and faces many problems where certain crisis may occur. To attempt to identify potential, the organisation must have the ability to change drastically to survive. The process of having a business continuity plan in place in the event of a crisis is known as crisis management. Without proper Crisis Management, no business can survive. For example, during the outbreak of the Covid-19 pandemic, when the government imposed a lockdown, it widely affected all the organisations, especially restaurants. This crisis led the restaurants to incur considerable losses. They were struggling due to improper operations, lack of

35 |M-Power direct contact with people, customer meeting and greeting of families and friends, having their favourite meal, and many other situations. However, after innovative research, they managed to deal with the crisis by joining hands and inventing Food Aggregator Apps such as Zomato, Swiggy, etc. They seized the opportunity to introduce contactless delivery, which helped them win the consumers' confidence, leading to an increase in revenue and profit margins. Figure 24: Swiggy Vs. Zomato (Source: www.youtube.com) Breakthrough – Challenges results in Progress: "Breakthroughs don't get planned; they are prepared for." – Goitsemang Mvula When the business benefits its target market, competitors enter the market. When a company tries to keep up with the new trends in the market, including new technology, other companies may have the competitive advantage of putting forth and changing their ideas into actions. This is done by considering customers' choices, creating strategies to face challenges in the competitive environment. The following strategies are used efficiently in every organisation, with a suitable example: Blue Ocean Strategy: Blue ocean strategy is concerned with creating unique customer value by entering an uncontested business space. It denotes all the industries not in existence today – the unknown space, untainted by competition, is existing but not recognized very often. Demand is created rather than fought over, and there is ample opportunity for profitable and rapid growth. For example, Airbnb - an online marketplace, acts as a mediator who rents out their homes to people looking for accommodation. It eliminated the problems of travellers in finding a hotel with quality service. This online portal is one of the most successful companies in the lodging industry.

36 |M-Power Figure 25: Airbnb (Source: www.bbc.com) Figure 26: What Airbnb stands for (Source: www.socialfiremedia.com) Red Ocean Strategy: Red ocean strategy represents all the industries in existence today – the known market space. The industry boundaries are defined and accepted, and the competitive rules of the game are well understood. Here, firms try to outperform their rivals to grab a greater share of existing demand. Products turn into commodities, and increasing competition turns the water blood red. For example, Jio entered the market and created a disturbance by providing free services that disrupted the telecom industry and led the others to compete and develop different strategies. It had an advantage as the product was free when it was introduced. It disrupted the entire telecom space in India and brought high-speed data to the general public. Jio provided services to the people through the connection from their mobile phones, including streaming movies, watching videos, video calling, and many things that were done smoothly. Figure 27: Jio Logo (Source: www.mysmartprice.com)

37 |M-Power In conclusion, understanding opportunities and challenges in business model innovation are essential for organisational and digital growth to find the perfect balance in navigating the modern competitive landscapes. The extending complexity of the future will demand a rise in holistic business crisis solutions, which are robust yet easily customisable and agile at the same time. It is time to explore the intersection of businesses with engaging and meaningful customer experiences augmented with digital transformation and innovation. Bibliography: 1. https://www.essay48.com/case/49426-Horlicks-New-Strategy-to-Beat-the-Clutter-andStay-Relevant-Blue-Ocean-Strategy 2. https://www.tillvaxtanalys.se/in-english/publications/reports/reports/2009-01-20- entrepreneurship-andinnovation.html#:~:text=In%20the%20study,companies%20together%20account 3. https://101blockchains.com/business-model-innovation-opportunities-and-barriers/ 4. https://startuptalky.com/red-ocean-strategy-vs-blue-oceanstrategy/#:~:text=customer%E2%80%99s%20attention

38 |M-Power BOOK REVIEW: ‘THE INNOVATOR’S DILEMMA’ -Kaashni Arora and Deeksha Gulati (III B.B.A.) Abstract: Business Models have become an integral part of society. Without a business model, a business is bound to fail. Thinking of a business model before its ultimate execution gives one clarity. This is a major decision made by the entrepreneur. Today, budding entrepreneurs are aware of the essence of deciding upon a business model. As an entrepreneur, the individual will have to think different and be innovative. Based on this above point, the author Clayton Christensen penned his thoughts in his book, ‘The Innovator’s Dilemma.’ Keywords: Business models, Entrepreneurs, The Innovator’s Dilemma. ABOUT THE BOOK: The author, Clayton M. Christensen, explains in his book why certain big established enterprises fail to gain market share with the new entrants in the market. Every organisation spends millions on R&D yet they fail to meet the challenges of innovative technologies. Clayton emphasises the key-takeaways for the budding entrepreneurs such as: 1. New enterprises can have a competitive edge over the established enterprises, if they include disruptive technology into their model. 2. Since new enterprises can have the upper hand, the established enterprises must innovate regularly to be the market leader. Figure 28: The Innovator's Dilemma (Source: www.theinvestorspodcast.com) Clayton opened the eyes of the orthodox organisation practices that have to be shunned. In fact, his book is a part of the syllabus of many business schools across countries. This is a self-help book but rather a book written solely based on experience. Focusing on the “disruptive technology” — the Honda Super Cub, Intel’s 8088 processor, or the hydraulic excavator, for example — Clayton emphasises why maximum organizations miss “the next great wave.” Unless managers apprehend when to discard conventional business techniques, a successful business enterprise with mounted merchandise could be tossed aside, whether or not in electronics or retailing. "The Innovator's Dilemma" proposes a hard and fast set of suggestions for capitalising on the phenomena of disruptive innovation, primarily based on instructions discovered from distinguished organizations' triumphs and failures. Harvard professor Clayton M. Christensen says exquisite organizations can do the whole thing properly and nonetheless lose their marketplace leadership — or worse, disappear completely.

39 |M-Power The Innovator's Dilemma is a radical examination of why outstanding companies fail to innovate and eventually go bankrupt as a result of disruptive innovations. According to The Economist, it is one of the pinnacle six commercial enterprises eBooks in its class. The Harvard professor of Innovation Control starts with the aid of distinguishing among types of technologies: sustaining and disruptive technologies. The core paradigm of disruption on the core substance e-book is the predictable motion of the marketplace from incumbent technology to new technology over time. The model is primarily based on the concept that companies have a gravitational pull to climb upmarket with present clients, at the same time as new technology creates new markets that subsequently supplant incumbents. It examines the perception of disruptive innovation (innovations that bring about the established order of the latest markets). In addition, the suitable mechanics of the disruption that such improvements produce withinside the present organizations of the time. The consciousness is on why hooked up technological leaders are often challenged with the aid of using up-and-coming start-ups. Disruptive technologies, in place of maintaining technologies, modify the panorama of an enterprise and create a brand new one, due to the fact they try to remedy trouble that has by no means been addressed earlier, but suitsthe unstated needs of a collection of people. Consider how Google Sheets lets people all around the globe collaborate on an identical web page reducing the need to undergo the timeconsuming method of versioning. It examines the perception of disruptive innovation (innovations that bring about the established order of the latest markets) in addition to the suitable mechanics of the disruption that such improvements produce withinside the present organizations of the time. The e-book's first chapters are distinctive case research of disruptive breakthroughs withinside the difficult disc and excavator system industries. The author steadily creates a completely stable case for his concept (the S-curve appears) and closes it with a few recommendations on a way to deal with disruptions for managers, after having very well researched the influences and signs and symptoms of disruption. There are no usual records series and studies related to technology control. The mantra is straightforward – • Newbie in sustaining technology – FAIL • Industry leader in disruptive technology – FAIL Many elements can lead a commercial enterprise to fail. However, the primary is doomed to fail. Clayton Christensen additionally demonstrates how marketplace leaders can use disruptive innovation to their advantage. Incumbents must set up a subsidiary, this becomes independent from the discern business enterprise and operates on values, processes, and sources that might be suitable for generating disruptive thoughts in a low-margin marketplace niche. When the enterprise transitioned from mainframe computer systems to non-public computer systems, IBM finished precisely that. Their department in the price of PC development did a satisfactory job. The Innovator's Dilemma is a clear and concise presentation of a crucial theory. This is an elegant and passionately articulated solution to problems like this. It uses a consistent and professional tone that is easy to understand. He did not attempt to test the theory's predictive abilities or evaluate it against different thoughts.

40 |M-Power However, achieving simplicity in the real world demonstrates its power. In the cutting-edge global era, "disrupt" is the buzzword. "Disrupt Name of the city>," a famous technology website, hosts an occasion named "TechCrunch Name of the city>." Many others have improved at the belief to create a larger frame of information that has a full-size reputation and use. To summarise, Harvard professor Clayton Christensen outlines why main organizations fail at innovation and become bankrupt, in The Innovator's Dilemma. The predominant purpose is that performance takes priority over creativity. Incumbents blame their eventual loss of life on their laserlike awareness on refining present operations in place of growing totally new merchandise, producing new price chains, and the use of current era and commercial enterprise models. Clayton Christensen advises that incumbents create an independent subsidiary whose major goal is to supply disruptive answers to fulfil this trouble. The Innovator's Dilemma is deserving of its fame as an ought to-read material from a commercial enterprise perspective in colleges all over the globe. This captivating e-Book is a must-read for all people interested by era, commercial enterprise, or both. INNOVATION IN BUSINESS MODELS CROSSWORD (Answers on Page 59) -Deeksha Gulati (III B.B.A.) Across: 1. Monetizing an idea to make money with some method of operation is known as 2. is developing new technology and putting in place all infrastructure necessary to make the solution available to people who are direct beneficiaries. 3. The approach aggressively expands the footprints of a business by exploring or venturing into new or adjacent territories. 4. In case of _ approaches of innovation in business model, new firms use existing capabilities. Down: 1. Microsoft office 365 is an example of _ _ business innovation 2. innovation enables teams to develop, prototype and validate new business models faster and with fewer resources by capturing customer feedback early and often. 3. Spotify is an example of which model of business? 4. A Business model presents new definitions for creating and capturing value by revising the previous approaches for performing value chain activities. 5. The approach is deployed in the light of a fundamental industry challenge, such as commoditization or new regulation, in which a business model isdeteriorating slowly and growth prospects are uncertain. 6. A tool to identify the operational area where competencies and capabilities exists isknown to be .

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42 |M-Power CONCOCTING AN INCOMPARABLE AND INIMITABLE COMPETITIVE ADVANTAGE -Apeksha D (III B.B.A.) Abstract: A business is dependent on how its strategies are set for implementation. Implementation of strategy is inevitable in any organisation as, without this process, the business cannot head further in its operationstowards attaining organisational objectives. These strategies are crucial forbusiness management and impact the industry's performance. Subsequently, this article studies the relationship between the implications of business strategies on creating a competitive advantage in the organisation. It also includes the different strategies that an organisation can adopt to gain a competitive advantage. Keywords: Business Strategy, Competitive Advantage, Innovation, Economies of Scale, Strategy implementation, cost-effectiveness. Competition is considered petrifying by certain individuals, but the same terminology can be presumed as an opportunity for others. It depends on how they perceive the competition facing them. It is indispensable for a business person to neglect competition in this hustling world. Competitive business advantage is a quality possessed by any business to outperform its competitors. This can be understood more clearly by standing out in a crowded market, so that one has a special appearance from an aerial outlook. Standing out is more fundamental than an outstanding performance in a business. Creating or constructing something that the competitors would never envisage needs to be embraced to have an upper edge. This very process is referred to as innovating. Some basic examples of competitive advantages are first-hand resources, highly experienced personnel, distinctive location, access to novel technology, ability to manufacture products at the lowest cost, company goodwill, etc. Figure 29: Depiction of Competitive Advantage (Source: www.vectorstock.com)

43 |M-Power The competitive advantage is supposed to be incomparable and inimitable. It aids the businesses in having an internal glance at their existing strategies and identifying them. If any business organisation straightforwardly imitates the competitive advantages, then it is considered futile. Therefore, identifying target customers is a crucial step in implementing the strategy. Thus, the infusion of a new strategy to conquer the standards of the target customers must be carried out. Specific aspects that need to keep in mind for the strategy implementation for competitive business advantage are as follows: • Analysing the competitors. • Identifying their strategies. • Anticipating the potential market. • Conceiving exceptional ideas. • Implementing those ideas The above diagram depicts the hierarchical representation of how to reach the topmost level of the market. Business strategies serve as the base for this procedure. It is essential to identify the most suitable strategy for the business and analyse all the potential competitors in the market. Consequently, grappling all the possible advantages which would allow the company to gain its consumers' confidence in the company will lead to the final stage of attaining the top-level in the market. The whole procedure does not terminate here; sustaining the position becomes vital as it does not take much time to get back to where it all started. Therefore, constant control at all stages is required to retain the position. Basic strategies that need to be implemented are as follows: To better understand how businesses can gain a competitive advantage, recognize other companies' strategies to achieve this. Here are a few examples of how large companies today have outperformed their competition. All the companies listed below not only have a competitive advantage in their industry, but they have also sustained it for a long time.

44 |M-Power • Cost-Effectiveness: Cost-effectiveness means utilising a company's financial resources so that it results in the best equilibrium of maximum quality, speed and throughput. It involves producing the same product/service at lower prices than the competition without degrading the quality of the product/service. Generally, customers tend to buy from a place where its costs are cheap compared to other places. Why should you pay extra when you can purchase the same thing with similar quality at a lower price? This kind of mindset is intended in consumers' minds. Hence, a price- cutting strategy is crucial in today's world to stay in the rat race; else the business could get bankrupt in the blink of an eye. Cost is considered the leader in competition as every business is managed on the sole basis of this factor. It acts as a valuable strategy, especially when the cost is viewed as a competitive advantage. The main objective of this strategy is efficiency and reduction of operating costs. If the companies have to pay a little extra for the optimum utilisation of resources and effectiveness, that should be considered. For example, McDonald's main competitive advantage relies on cost-effectiveness. The company can achieve economies of scale, manufacture products at low cost, and, therefore, offer lower prices than its rivals. This example implies that cutting on costs for the company benefits is an effective strategy for competitive business advantage. McDonald's had been able to attain a sustainable position without many competitors in the marketplace. • Thinking Outside the Box: While the exclusive businesses stay in the market, the rest are washed out. It becomes decisive to attain something that the competitor does not already possess or may acquire in the near future to remain in the market. Typically, every business tries to maintain its sales and profits and hence does not agree to go in different directions. But to drastically increase sales and profit innovation in some form is necessary. As this involves risks and threats, many companies are reluctant to utilise this strategy. Nevertheless, to have the upper hand in the market necessitates coming up with extraordinary ideas for the business. Some news channels do not share pictures or videos of the victims in an incident, as they think it Figure 30: Thinking outside the box! (Source: www.talk-business.co.uk)

45 |M-Power might harm people. It is genuinely a moralstrategy to not showcase the negative aspect of an incident and grab viewers' attention towardsits channel. To reinforce dominant strategies and position oneself on higher standards, thinking against the grain of common philosophies becomes a prerequisite. Let's take TESLA, a luxury car and tech company, for example. In a sense, they currently have no direct rivalry. However, Tesla has positioned itself so well that when direct competitors emerge, the company will undoubtedly maintain its competitive edge. • Loyal Customer Service: Around 75% of customers state that they consider customer service an accurate assessment of a company's competence. Renowned companies with excellent customer service include Amazon and Hyundai. But even insignificant companies seem to be doing much better in this area, as they have discovered the loyalty-generating power of excellent customer support. Customer service plays a significant role in creating a competitive business advantage. In India, Customers are treated like kings, so it is the fundamental obligation of businessmen to scrutinise a customer's requirements prudently. "Satisfied with the product/service tell others, if not tell us,” This must be the motto of all businessmen. A wise businessman understands and analyses the mind of a customer. 84% of Americans write reviews online before deciding to buy. If a customer service strategy doesn't include review management, they could lose their customers to the competition before they've even had a chance to try the product or service. According to a 2017 Talend survey, 57% of respondentscited "negative unprocessed reviews" as the main reason for their "break" with a brand. If one cannot provide perfect customer service in person, then they should resolve the issue by responding to negative customer reviews. Tracking and responding to negative and positive reviews is essential for customer retention. Studies show that customers are 14% more likely to return to a business that has reacted to their reviews. As Forbes points out, L'Oreal targets its most expensive hair care products in marketing with the slogan "because you're worth it". This strategy contributes a sense of belongingness and prominence to the customer, and they feel inclusive in the company. Precisely, companies head further in the market due to their loyal customers. Even if their prices increase, the trust and goodwill they have in the company make them stand by the company forever. • Combined Strategy: As the name suggests, this strategy combines two or more strategies for competitive business advantage simultaneously. Depending upon the selected competitive advantage, companies can derive a solution for deciding the strategies to be chosen for the business operations. For example, Louis Vuitton can dominate the luxury market and obtain superior prices through the uniqueness of its products. Louis Vuitton has put in place a combined strategy to reach such a level in the market. Apple Inc. has a high capital volume to research and develops new products. While they don't launch products in the same volume as some of their competitors, the products they create are carefully designed to deliver the best value and the best customer experience. This effective use of the combined strategy allowed them to sell their products at a higher price than their competitors without sacrificing market share or gross margins.