This week you will use your reading for the week as a point of dep.docx

This week you will use your reading for the week as a point of
departure to create your own artistic production in a reflection
paper and narrated PowerPoint.
Directions
· Complete the reading for this week
· Select one of the visual art pieces from the chapter to use as a
point of inspiration
· Create an art piece inspired by your selected art piece
· Write a one-page reflection about the relationship between
your art production and the inspiration piece
· Create a 5-minute narrated PowerPoint for this week
Include the following in the reflection paper:
· Inspiration Piece
· Record the title, artist, year, place of origin.
· Explain the context and artistic movement.
· Your Original Artwork
· Methods: paint, watercolor, pencil, crayon, marker, collage,
sculpture
· NO COMPUTER GENERATED PIECES
· Provide a title.
· Explain the narrative of your piece and the connection to the
inspiration.
Include the following in the presentation:
· Provide an introduction.
· Explain and show your inspiration piece.
· Describe and show your art piece.
· Explain the thematic connection between the two pieces.
Be sure to submit your assignment.
Rubric
Art Production & Presentation Rubric - 140 pts
Art Production & Presentation Rubric - 140 pts
Criteria
Ratings
Pts

This criterion is linked to a Learning OutcomeOriginal Artwork
40.0 pts
Outstanding
An original artistic piece is included in the PowerPoint. The
original work is connected to the inspirational piece in a
meaningful way.
35.0 pts
Very Good
An original artistic piece is included in the PowerPoint.
30.0 pts
Satisfactory
An artistic piece is included in the PowerPoint but it is not
student’s original work. There is no connection between the
inspiration piece and the artwork included.
0.0 pts
No Effort
Original artwork is not included.
40.0 pts
This criterion is linked to a Learning OutcomeWritten
Reflection Analysis
40.0 pts
Outstanding
The analysis explains in detail context and artistic movement of
the inspiration piece and explains in detail the connection
between the original artwork and inspiration piece.
35.0 pts
Very Good
The analysis explains with a good amount of detail the context
and artistic movement of the inspiration piece and explains with
a good deal of detail the connection between the original
artwork and inspiration piece.
30.0 pts
Satisfactory
The analysis explains with some detail the context and artistic
movement of the inspiration piece and explains with some detail

the connection between the original artwork and inspiration
piece.
25.0 pts
Unsatisfactory
The analysis explains with little detail the context and artistic
movement of the inspiration piece and explains with little detail
the connection between the original artwork and inspiration
piece.
0.0 pts
No Effort
40.0 pts
This criterion is linked to a Learning OutcomePresentation
40.0 pts
Outstanding
Throughout the whole work, the content exhibits superior
organization; masterful presentation format; and detailed
discussion of the inspiration piece and original artwork.
35.0 pts
Very Good
Throughout most of the work, the content exhibits superior
30.0 pts
Satisfactory
Throughout some of the work, the content exhibits superior
25.0 pts
Unsatisfactory
Throughout little of the work, the content exhibits superior
0.0 pts
No Effort

40.0 pts
This criterion is linked to a Learning OutcomeWriting
(Grammar, Mechanics, Spelling, Punctuation)
20.0 pts
Outstanding
Throughout the whole work, the writing is free of major errors
in grammar, spelling, and punctuation and demonstrates strong
word choice and sentence variety.
9.0 pts
Very Good
Throughout most of the work, the writing is free of major errors
8.0 pts
Satisfactory
Throughout some of the work, the writing is free of major errors
6.0 pts
Unsatisfactory
Throughout little of the work, the writing is free of major errors
0.0 pts
No Effort
20.0 pts
Total Points: 140.0
PreviousNext
Maria M. Andersen ORGM5000
01.04.2018
19383677

Strategy Investigation
Examining the Grown Popularity of the Business Model
By Maria M. Andersen
This paper will examine the use of the traditional approach
to strategy, while looking into reasons as to why there has been
such a significant increase in the use of business models within
the organization over the last two decades. When talking about
business strategy and business model, some might confuse the
two of them as the same. Hence, this paper will explain both the
differences and similarities of a strategy and a business model,
and furthermore how they might complement each other. In
order to gain a greater understanding of these elements, this
paper will study the strategy and business models used by Apple
Inc. and Nokia, and look into the reasons as to why Apple have
had such great success, while Nokia did not.
Before going in depth of analyzing the traditional approach
of strategy and the business model, it is important to understand
the definition of each. In some people’s eyes, the distinction
between the two hardly exists. However, understanding the
difference is what might separate a successful company from
the unsuccessful ones.
A strategy may be defined as the plans and actions that a
company decides to take on in order to achieve their goals
(Grant et al. 2014). Furthermore it is a set of commitments and
actions that are integrated and coordinated within the
organization in order to exploit their core competencies and
gain competitive advantage (Hanson et al. 2014, 5). Abraham
(2012, 10) also make a simple description of what a strategy is
in his article “Strategic Planning: A Practical Guide for
Competitive Success”, referring to a strategy as “how a
company actually competes”.

The business model on the other hand is a conceptual
structure or framework that provides a basic template for an
organization on how to successfully operate the business, and
how they create, deliver and capture value (Grant et al. 2014,
Osterwalder 2010, 14). Simply placed, the business model refers
to the logic of the organization along with how it operate in the
market and how the firm is creating value for all its
stakeholders (Casadesus-Masanell and Ricart 2010).
When looking at the strategy and the business model from
a broad perspective, a main difference between the two is that a
business model is more generic than a strategy (Teece 2010).
One simple distinction between strategy and business model
may be how Margretta explains it in “Why Business Models
Matter”, stating that a business model is the description of how
the business is being run, while the strategy explains how you
can do better than your competitors (Magretta 2002). Hence,
making sure that the business model is closely linked to the
strategy of the company is critical in order to ensure that the
business model helps achieving competitive advantage (Teece
2010).
The founder of the modern strategy field, Michael Porter
stated to Magretta in an interview (2012); “the business model
is the most basic step in thinking about the viability of a
company. If you’re satisfied with just being viable, stop there.
If you want to achieve superior profitability, then strategy – as I
define it – will take you to the next level”. In essence, the
business model and the strategy complement each other. In
order to protect competitive advantage, connecting the strategy
and the business model is necessary as they are mutually
dependent (Teece 2010, Hough 2011). As described by J. Hough
(2011), “the model describes how value will be created and the
strategy acquires the necessary capabilities”. Furthermore,
Hough (2011) argues that if the two are not properly connected,

the strategy is likely to not succeed, and the business model will
not be delivering any value. Hence, the business model and the
strategy are related, yet different concepts that are dependent on
each other in order to achieve competitive advantage.
There are different views on exactly how the concept of
business models has evolved over time, but the common
denominator is that the use of business models within the firm
has become more active and innovative than ever before
(Spieth, Schneckenberg and Matzler 2016). Throughout the
evolution of the field, different approaches such as the
industrial organization theory and the resource-based view, has
created a greater understanding of the dynamics of competition,
resources and capabilities within the organization (Casadesus-
Masanell and Ricart 2010). However, the changes happening in
the external environment, such as globalization, deregulation
and technological changes, have had an even greater impact on
the grown popularity of business models as these factors have
enabled firms to do business in an entirely new way than ever
before (McGrath 2010).
Industries, management and strategy literature has during
the last two decades gained a greater interest for the concept of
business model (Nisa and Ravichandran 2013). The concept has
mutated over a period of time, where the term business model
itself had its first appearance in computing magazines in the
1970s, followed by magazines for the general public in the early
1990s before academic publications finally started using the
term in the late 1990s (Nisa and Ravichandran 2013). In the
earlier years, business models were often talked about within
the firm, but it was infrequently evaluated (Teece 2010). This
seems to have been a sufficient approach in the past, but then
the environment, along with consumer behavior and innovation
started changing.
These changes in the environment have increased the

necessity of addressing customer needs more carefully, but also
amplified the need for innovation of new products and services
within the firm in order to differentiate themselves and capture
value (Teece 2010). Hence, frequently evaluating the business
model will allow the firm to assess the market position of the
company and do a health check of the overall performance
(Osterwalder and Pigneur 2010, 212). However, merely
developing a good business model will not be sufficient in order
to achieve competitive advantage, as the model might be easy
for competitors to imitate (Ovans 2015). In order to develop a
successful business model, it must be differentiated, which will
make it harder for competitors to replicate, while it is effective
and efficient. This is what is known as business innovation
according to Stan Abraham, which in itself can be a passageway
to competitive advantage (2012, Teece 2010).
In order to gain a greater understanding of how one might
use strategy and business models to become a successful player
in the industry, this paper will look into the usage of the two
within Apple Inc., while examine why and how they managed to
outcompete some of the biggest existing players.
Alexander Osterwalder and Yves Pigneur demonstrates a
good example in “Business Model Generation”, presenting how
Apple introduced the iPod in 2001, a music device enabling the
users to download and listen to a thousand songs – straight from
the pocket. Together with the iPod, Apple also developed the
software called iTunes, which allows the consumers to transfer
music, photos and other content from their iPod directly to their
computer. However, iTunes was not only a conjunction from the
device to the computer, the users would also be connected with
an online store, Apple Store, where users could buy content or
downloading for free. This type of bundling, giving the
consumers access to not only the music device, but also the
innovative software of a platform along with an online store
made sure Apple gained a central market position (Osterwalder

and Pigneur 2010, 47)
Before Apple even introduced the iPod, portable media
players was already a successful product in the music industry,
with companies such as Diamond Multimedia with their device
called Rio. Nevertheless, when the iPod was introduced to the
industry, Diamond Multimedia had to call themselves beaten by
Apple. The reason as to why Apple managed to outperform the
already existing and successful companies was due to the active
use of business models. The value proposition of Apple was to
allow the users to search, buy and enjoy music digitally.
However, in order to make this possible, Apple negotiated with
all the big record companies and managed to sign deals with
them, which made it possible to create the world’s biggest
music library online. Conversely, instead of thinking the
traditional way of how they should go about to gain as much
revenues as possible from this music library, they use the music
store as a protection shield from their competitors as this is the
key factor that differentiates the iPod from other portable music
devices (Osterwalder and Pigneur 2010, 47).
Furthermore, what has made Apple stand out as the
powerful company they are in today’s technology industry is
how they, since the launch of the iPod, have managed to
transition into the use of a business model pattern (Johnson and
Foss 2016). They started out with the iPod as a standalone
device in 2001, introduced iTunes in 2003 and then later on
presented the App Store. This demonstrates how Apple
continues to examine the customer needs, and making sure they
align their innovations with it (Osterwalder and Pigneur 2010,
84).
A business model must surely be a logical way of doing
business, but in order to be a successful business model, factors
such as the customer needs has to be addressed along with
making sure the model is difficult for competitors to replicate

(Teece 2010). During the last decades, there has been a grown
understanding stating that a company should primarily focus on
understanding their own business model, examine whether it is
creating value to its customers or not, and then alter the
business model based on their findings through innovation and
creativity in order to set it apart from its industry (Abraham
2013). According to Abraham (2013), Apple is one of the most
well known examples where business model innovation has been
used, with its combination of technology, service and product
innovations that have resulted in several industries re-inventing
themselves.
Not long ago, it was Nokia who was the dominant mobile
phone maker in the world, while in Q4 of 2017 Forbes reported
that they had only 1% of the market share in the smartphone
market (Spence 2018). One might wonder why or how this
happened, since Nokia historically has been know for being an
adaptive company, moving in and out of several businesses.
Nokia was even one of the first companies to come up with the
smartphone back in 1996 and actually built a prototype of the
touch screen (Anwar 2014). However, what Nokia was not
successful at was actively using the business model, hence they
did not follow they evolution of the environment and customer
needs and was thereby unable to translate their research and
development into products that was attractive enough for the
users to buy (Spence 2018).
These events and changes in the environment, that has
caused the business model to grow in popularity, mirrors the
arguments many scholars researching innovation,
entrepreneurship, and strategy today are giving about where the
firm’s focus should be: “on the demand side of the value
equation rather than on the resource side” (Priem, Li and Carr
2012). Traditionally, the resource-based view has been the main
strategy for companies, with the exception of the industrialized
organization paradigm introduced by the work of Michael Porter

(Hoskisson, et al. 1999). The demand-side research emphasizes
the importance of considering the consumer needs by looking
downstream in the value chain towards the product markets,
concentrating on creating value rater than capturing value,
while examine strategies within demand-side rather than
resource-based factors (Priem, Wenzel and Koch 2018).
In conclusion, it is important for the firm to acknowledge
the differences between the strategy and the business model,
where the former explains how to perform better than the
competitors, while the latter describes how the business is being
run. Some of the main reasons as to why the business model has
grown in popularity during the last two decades are due to the
changes that have been realized in the environment over time.
The importance of addressing the consumer needs and focusing
on the demand-side consequently has increased significantly.
When frequently evaluating the business model, the
organization is allowed to analyze their overall market
performance and alter their products or services thereafter
through innovation. Fundamentally, a more active use of the
business model can help the company differentiate themselves
in the market and guide the firm towards sustained competitive
advantage.
References
Abraham, Stanley C. 2012. Strategic planning; a practical guide
for competitive success. 2nd Edition. Portland: Emerald Group
Publishing.
Abraham, Stan. 2013. "Will business model innovation replace
strategic analysis?" Strategy & Leadership: 31-38.
Anwar, Ch. Mahmood. 2014. "Rationale to the crisis of Nokia

smartphone portfolio." International Journal of Management,
Economics and Social Sciences: 122-124.
Casadesus-Masanell, Ramon and Joan Enric Ricart. 2010. "From
Strategy to Business Models and onto Tactics." Long Range
Planning: 195-215.
Grant, Robert M., Bella Butler, Stuart Orr and Peter Murray.
2014. Contemorary Strategic Management: An Australasian
Perspective. Milton, Queensland: Wiley and sons.
Hanson, Dallas, Michael A. Hitt, R. Duane Ireland and Robert
E. Hokisson 2014. Strategic Management: Competitiveness &
Globalisation. 5th Asia- Pacific Edition. South
Melbourne, Victoria: Cengage Learning.
Hoskisson, Robert E., Michael A. Hitt Hitt, William P. Wan and
Daphne Yiu. 1999. "Theory and research in strategic
management: Swings of a pendulum." Journal of
Management: 417-456.
Hough, J. "Supporting Strategy from the Inside. 2011." The
Journal of the Operational Research Society: 923-926.
Johnson, Peter and Nicolai J. Foss. 2016. "Optimal Strategy and
Business Models: A Control Theory Approach." Managerial
and Decision Economics: 515–529.
Magretta, Joan. 2012. Understanding Michael Porter: The
Essential Guide to Competition and Strategy. Boston,
Massachusetts: Harvard Business Review Press.
Magretta, Joan. 2002. "Why Business Models Matter." Harvard
Business Review: 86-92.
McGrath, Rita Gunther. 2010. "Business Models: A Discovery

Driven Approach." Long Range Planning: 247-261.
Nisa, Syeedun and N. Ravichandran. 2013. "Business Model:
Concept and Evolution." Amity Global Business Review: 92-
98.
Osterwalder, Alexander and Yves Pigneur. 2010. Business
Model Generation. Hoboken, New Jersey: John Wiley & Sons,
Inc.
Ovans, Andrea. 2015. "What Is a Business Model?" Harvard
Business Review
Priem, Richard L., Matthias Wenzel and Jochen Koch. 2018.
"Demand-side strategy and business models: Putting value
creation for consumers center stage." Long Range Planning:
22-31..
Priem, Richard L., Sali Li and Jon C. Carr. 2012. "Insights and
New Directions from Demand-Side Approaches to
Technology Innovation, Entrepreneurship, and Strategic
Management Research." Journal of Management: 346-374.
Spieth, Patrick, Dirk Schneckenberg and Kurt Matzler. 2016.
"Exploring the linkage between business model (&) innovation
and the strategy of the firm." R&D Management: 403-413.
Spence, Ewan. 2018. Forbes.
https://www.forbes.com/sites/ewanspence/2018/02/04/hmd
global- nokia- sales-tenmillion-mwc/#1269d7f258c5
(accessed March 28, 2018).
Teece, David J. 2010. "Business Models, Business Strategy and
Innovation." Long Range Planning: 172-194.

1
Maria M. Andersen ORGM5000
01.04.2018
19383677
Strategy Investigation
Examining the Grown Popularity of the Business Model
By Maria M. Andersen
This paper will examine the use of the traditional approach
to strategy, while looking into reasons as to why there has been
such a significant increase in the use of business models within
the organization over the last two decades. When talking about
business strategy and business model, some might confuse the
two of them as the same. Hence, this paper will explain both the
differences and similarities of a strategy and a business model,
and furthermore how they might complement each other. In
order to gain a greater understanding of these elements, this
paper will study the strategy and business models used by Apple
Inc. and Nokia, and look into the reasons as to why Apple have
had such great success, while Nokia did not.
Before going in depth of analyzing the traditional approach
of strategy and the business model, it is important to understand
the definition of each. In some people’s eyes, the distinction
between the two hardly exists. However, understanding the
difference is what might separate a successful company from
the unsuccessful ones.

A strategy may be defined as the plans and actions that a
company decides to take on in order to achieve their goals
(Grant et al. 2014). Furthermore it is a set of commitments and
actions that are integrated and coordinated within the
organization in order to exploit their core competencies and
gain competitive advantage (Hanson et al. 2014, 5). Abraham
(2012, 10) also make a simple description of what a strategy is
in his article “Strategic Planning: A Practical Guide for
Competitive Success”, referring to a strategy as “how a
company actually competes”.
The business model on the other hand is a conceptual
structure or framework that provides a basic template for an
organization on how to successfully operate the business, and
how they create, deliver and capture value (Grant et al. 2014,
Osterwalder 2010, 14). Simply placed, the business model refers
to the logic of the organization along with how it operate in the
market and how the firm is creating value for all its
stakeholders (Casadesus-Masanell and Ricart 2010).
When looking at the strategy and the business model from
a broad perspective, a main difference between the two is that a
business model is more generic than a strategy (Teece 2010).
One simple distinction between strategy and business model
may be how Margretta explains it in “Why Business Models
Matter”, stating that a business model is the description of how
the business is being run, while the strategy explains how you
can do better than your competitors (Magretta 2002). Hence,
making sure that the business model is closely linked to the
strategy of the company is critical in order to ensure that the
business model helps achieving competitive advantage (Teece
2010).
The founder of the modern strategy field, Michael Porter
stated to Magretta in an interview (2012); “the business model
is the most basic step in thinking about the viability of a

company. If you’re satisfied with just being viable, stop there.
If you want to achieve superior profitability, then strategy – as I
define it – will take you to the next level”. In essence, the
business model and the strategy complement each other. In
order to protect competitive advantage, connecting the strategy
and the business model is necessary as they are mutually
dependent (Teece 2010, Hough 2011). As described by J. Hough
(2011), “the model describes how value will be created and the
strategy acquires the necessary capabilities”. Furthermore,
Hough (2011) argues that if the two are not properly connected,
the strategy is likely to not succeed, and the business model will
not be delivering any value. Hence, the business model and the
strategy are related, yet different concepts that are dependent on
each other in order to achieve competitive advantage.
There are different views on exactly how the concept of
business models has evolved over time, but the common
denominator is that the use of business models within the firm
has become more active and innovative than ever before
(Spieth, Schneckenberg and Matzler 2016). Throughout the
evolution of the field, different approaches such as the
industrial organization theory and the resource-based view, has
created a greater understanding of the dynamics of competition,
resources and capabilities within the organization (Casadesus-
Masanell and Ricart 2010). However, the changes happening in
the external environment, such as globalization, deregulation
and technological changes, have had an even greater impact on
the grown popularity of business models as these factors have
enabled firms to do business in an entirely new way than ever
before (McGrath 2010).
Industries, management and strategy literature has during
the last two decades gained a greater interest for the concept of
business model (Nisa and Ravichandran 2013). The concept has
mutated over a period of time, where the term business model
itself had its first appearance in computing magazines in the

1970s, followed by magazines for the general public in the early
1990s before academic publications finally started using the
term in the late 1990s (Nisa and Ravichandran 2013). In the
earlier years, business models were often talked about within
the firm, but it was infrequently evaluated (Teece 2010). This
seems to have been a sufficient approach in the past, but then
the environment, along with consumer behavior and innovation
started changing.
These changes in the environment have increased the
necessity of addressing customer needs more carefully, but also
amplified the need for innovation of new products and services
within the firm in order to differentiate themselves and capture
value (Teece 2010). Hence, frequently evaluating the business
model will allow the firm to assess the market position of the
company and do a health check of the overall performance
(Osterwalder and Pigneur 2010, 212). However, merely
developing a good business model will not be sufficient in order
to achieve competitive advantage, as the model might be easy
for competitors to imitate (Ovans 2015). In order to develop a
successful business model, it must be differentiated, which will
make it harder for competitors to replicate, while it is effective
and efficient. This is what is known as business innovation
according to Stan Abraham, which in itself can be a passageway
to competitive advantage (2012, Teece 2010).
In order to gain a greater understanding of how one might
use strategy and business models to become a successful player
in the industry, this paper will look into the usage of the two
within Apple Inc., while examine why and how they managed to
outcompete some of the biggest existing players.
Alexander Osterwalder and Yves Pigneur demonstrates a
good example in “Business Model Generation”, presenting how
Apple introduced the iPod in 2001, a music device enabling the
users to download and listen to a thousand songs – straight from

the pocket. Together with the iPod, Apple also developed the
software called iTunes, which allows the consumers to transfer
music, photos and other content from their iPod directly to their
computer. However, iTunes was not only a conjunction from the
device to the computer, the users would also be connected with
an online store, Apple Store, where users could buy content or
downloading for free. This type of bundling, giving the
consumers access to not only the music device, but also the
innovative software of a platform along with an online store
made sure Apple gained a central market position (Osterwalder
and Pigneur 2010, 47)
Before Apple even introduced the iPod, portable media
players was already a successful product in the music industry,
with companies such as Diamond Multimedia with their device
called Rio. Nevertheless, when the iPod was introduced to the
industry, Diamond Multimedia had to call themselves beaten by
Apple. The reason as to why Apple managed to outperform the
already existing and successful companies was due to the active
use of business models. The value proposition of Apple was to
allow the users to search, buy and enjoy music digitally.
However, in order to make this possible, Apple negotiated with
all the big record companies and managed to sign deals with
them, which made it possible to create the world’s biggest
music library online. Conversely, instead of thinking the
traditional way of how they should go about to gain as much
revenues as possible from this music library, they use the music
store as a protection shield from their competitors as this is the
key factor that differentiates the iPod from other portable music
devices (Osterwalder and Pigneur 2010, 47).
Furthermore, what has made Apple stand out as the
powerful company they are in today’s technology industry is
how they, since the launch of the iPod, have managed to
transition into the use of a business model pattern (Johnson and
Foss 2016). They started out with the iPod as a standalone

device in 2001, introduced iTunes in 2003 and then later on
presented the App Store. This demonstrates how Apple
continues to examine the customer needs, and making sure they
align their innovations with it (Osterwalder and Pigneur 2010,
84).
A business model must surely be a logical way of doing
business, but in order to be a successful business model, factors
such as the customer needs has to be addressed along with
making sure the model is difficult for competitors to replicate
(Teece 2010). During the last decades, there has been a grown
understanding stating that a company should primarily focus on
understanding their own business model, examine whether it is
creating value to its customers or not, and then alter the
business model based on their findings through innovation and
creativity in order to set it apart from its industry (Abraham
2013). According to Abraham (2013), Apple is one of the most
well known examples where business model innovation has been
used, with its combination of technology, service and product
innovations that have resulted in several industries re-inventing
themselves.
Not long ago, it was Nokia who was the dominant mobile
phone maker in the world, while in Q4 of 2017 Forbes reported
that they had only 1% of the market share in the smartphone
market (Spence 2018). One might wonder why or how this
happened, since Nokia historically has been know for being an
adaptive company, moving in and out of several businesses.
Nokia was even one of the first companies to come up with the
smartphone back in 1996 and actually built a prototype of the
touch screen (Anwar 2014). However, what Nokia was not
successful at was actively using the business model, hence they
did not follow they evolution of the environment and customer
needs and was thereby unable to translate their research and
development into products that was attractive enough for the
users to buy (Spence 2018).

These events and changes in the environment, that has
caused the business model to grow in popularity, mirrors the
arguments many scholars researching innovation,
entrepreneurship, and strategy today are giving about where the
firm’s focus should be: “on the demand side of the value
equation rather than on the resource side” (Priem, Li and Carr
2012). Traditionally, the resource-based view has been the main
strategy for companies, with the exception of the industrialized
organization paradigm introduced by the work of Michael Porter
(Hoskisson, et al. 1999). The demand-side research emphasizes
the importance of considering the consumer needs by looking
downstream in the value chain towards the product markets,
concentrating on creating value rater than capturing value,
while examine strategies within demand-side rather than
resource-based factors (Priem, Wenzel and Koch 2018).
In conclusion, it is important for the firm to acknowledge
the differences between the strategy and the business model,
where the former explains how to perform better than the
competitors, while the latter describes how the business is being
run. Some of the main reasons as to why the business model has
grown in popularity during the last two decades are due to the
changes that have been realized in the environment over time.
The importance of addressing the consumer needs and focusing
on the demand-side consequently has increased significantly.
When frequently evaluating the business model, the
organization is allowed to analyze their overall market
performance and alter their products or services thereafter
through innovation. Fundamentally, a more active use of the
business model can help the company differentiate themselves
in the market and guide the firm towards sustained competitive
advantage.

References
Abraham, Stanley C. 2012. Strategic planning; a practical guide
for competitive success. 2nd Edition. Portland: Emerald Group
Publishing.
Abraham, Stan. 2013. "Will business model innovation replace
strategic analysis?" Strategy & Leadership: 31-38.
Anwar, Ch. Mahmood. 2014. "Rationale to the crisis of Nokia
smartphone portfolio." International Journal of Management,
Economics and Social Sciences: 122-124.
Casadesus-Masanell, Ramon and Joan Enric Ricart. 2010. "From
Strategy to Business Models and onto Tactics." Long Range
Planning: 195-215.
Grant, Robert M., Bella Butler, Stuart Orr and Peter Murray.
2014. Contemorary Strategic Management: An Australasian
Perspective. Milton, Queensland: Wiley and sons.
Hanson, Dallas, Michael A. Hitt, R. Duane Ireland and Robert
E. Hokisson 2014. Strategic Management: Competitiveness &
Globalisation. 5th Asia- Pacific Edition. South
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1
1.The demand curve is determined to be:
1. Graph the total revenue and marginal functions.
2. Identify the elastic and inelastic regions of the demand curve.
2.Suppose that a firm’s only variable input is labor. When 50
workers are employed by the firm, the average product of labor
is 50, and the marginal product of the 50th worker is 75. The
wage rate is $80, and the total cost of the fixed input is $500.
a. Determine the average variable cost?
b. Determine the marginal cost?
c. Calculate the average total cost?
d. Determine the following as TRUE or FALSE.

1. Marginal cost is increasing.
2. Average cost is increasing.
3. Average total cost is decreasing.
3. Suppose you win $15 on a lotto ticket. You decide to spend
all your winnings on candy bars and peanuts for a party with
friends. Candy bars cost $0.75 each while bags of peanuts cost
$1.50 each.
a. What is the budget line equation?
b. What is the slope of the budget line equation?
c. What is the opportunity cost of one more candy bar? What is
the opportunity cost of one more bag of peanuts? How do the
opportunity costs change (rise, fall, or remain constant) as
additional units are purchased.
d. Suppose you had won $30 on your lotto ticket, not $15. Has
the number of available combinations of candy bars and peanuts
increased or decreased?

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