Response to Monday's seminar

On Monday we discussed how business models are effected by radical and incremental changes through four different ways, paradigm, process, product/service and position. The paradigm of a business model can be changed to fit the needs of the consumer should they change through technological advancements etc. The process  of the business model can be changed by how the consumer receives the product, such as through electronic resources. The product can be changed completely or the service that it gives could be changed. The position of the business could change through a change in target consumer or their main outlet to consumers. These are all innovative ways of looking at a business model. Monocle is a good example of this; it is a highly successful business because it has been innovative in the way it communicates with its consumers. Starting off as a magazine, it quickly expanded into using apps and radio to create an exclusive community for its consumers. It then created shops to sell further exclusive content for consumers. The company is a world wide business that can be reached where ever you are in the world, making it an incredibly powerful company, with an incredibly powerful business model at it's core.