Business Models Growing Organization- Assignment Answers.

Answer for the assignment on Business models and growing organizations

1. Qualifi Level 5 Diploma in Business Management By Maxwell Ranasinghe Maxwell Ranasinghe - Senior Lecturer/ Corporate Trainer

2. Qualification No (RQF) 601/6049/4 Unit Name Business Models and Growing Organisations Unit Reference BUS 2.4 No of Credits 20 Credits Maxwell Ranasinghe - Senior Lecturer/ Corporate Trainer

3. Suggested Reading Johnston, G., Whittington, R and Scholes, K., Angwin, d., Regner , P., (2014) Exploring Strategy 10e, Pearson. Robbins, D., (2014) Fundamentals of Management Chapter 7 Managing Change and Innovation, Pearson. Kaplan, R. S., & Norton, D. P. (2000). Having trouble with your strategy? Then map it, Harvard Business Review, 78(5), 167–76, 202. Retrieved from http://www.ncbi.nlm.nih.gov/pubmed/11143152 Osterwalder, A., Pigneur, Y., Clark, T., (2010). Business model generation: a handbook for visionaries, game changers, and challengers. Storey , D. J., & Greene, F.J. (2010). Small Business and Entrepreneurship, FT Prentice Hall The most commonly adopted approach to business modelling is the business canvas. This is available from http://www.businessmodelgeneration.com/canvas/bmc Maxwell Ranasinghe - Senior Lecturer/ Corporate Trainer

4. Be mindful of the important elements of the assignment as to Plagiarism Referencing Word count Appendices Confidentiality of information that you gather Maxwell Ranasinghe - Senior Lecturer/ Corporate Trainer

5. Assignment Question Scenario Consider you are working as a Senior Manager of a small-medium sized insurance private limited organisation , which deals with its customers all over the world to sell its motor, home, life, savings and retirement insurance products and services. Your role includes organizational development, strategy development and change management to ensure the overall direction of the company is aligned with the strategic plan. In your role, you use business models, and explore the relationship between enterprising behaviour and business success, the different ways in which the company/ organisation can grow and the different types of business that they might be expected to work in. Maxwell Ranasinghe - Senior Lecturer/ Corporate Trainer

6. Due to the change in the market and the increase in the global competition, you are required to write an assignment to explore growth options, develop different business development models with competitive environment scanning and analysis. Therefore, prepare a report based on your examining, analysis and evaluation of business models to meet the 3 tasks that will help Directors to set long-term strategic plan to meet organisational ’ visions, goals, and strategy requirements and to gain competitive advantages. Maxwell Ranasinghe - Senior Lecturer/ Corporate Trainer

7. Task 1 – 650 words 1.1: Illustrate the differences between strategy and a plan. 1.2: Provide ideas and examples of different approaches to delivering business growth. 1.3: Analyse the impact and resource requirements likely for growth strategies in a range of organisations Maxwell Ranasinghe - Senior Lecturer/ Corporate Trainer

8. Task 2 – 650 words 2.1: Analyse different business models and their revenue streams. 2.2: Identify and recommend ways in which business performance can be measured and new ventures evaluated. 2.3: Provide examples of innovation in businesses and comment on their success. Maxwell Ranasinghe - Senior Lecturer/ Corporate Trainer

9. Task 3 – 700 words 3.1: Use environmental scanning as a tool to identify business opportunities. 3.2: Analyse businesses that have successfully used environmental scanning. 3.3: Provide examples of strategic fit in determining growth options. Maxwell Ranasinghe - Senior Lecturer/ Corporate Trainer

10. Guideline for answer Task 1 (650 words): - Define strategy and plan, highlighting their importance in business growth. Provide scholarly reference in Harvard style. (e.g.. A strategy is a high-level, long-term approach that outlines how an organization intends to achieve its goals. It's the "big picture" thinking that guides decision-making and resource allocation. According to Michael Porter, “Strategy is the creation of a unique and valuable position, involving a different set of activities" (Porter, 1996). It involves making trade-offs in competing and creating a fit among activities to sustain that competitive advantage. In reference List provide the full article reference: Porter, M. E. (1996). What is Strategy? Harvard Business Review, 74(6), 61-78. Maxwell Ranasinghe - Senior Lecturer/ Corporate Trainer

11. Main body a. Illustrate the differences between strategy and plan: - Use academic definitions and practical examples. - Discuss how they complement each other in business growth. b. Provide ideas and examples of different approaches to business growth: - Discuss organic growth ( Ansof metrix ), mergers and acquisitions, diversification, etc. - Use real-world examples from the insurance industry. Maxwell Ranasinghe - Senior Lecturer/ Corporate Trainer

12. c. Analyze impact and resource requirements for growth strategies: - Consider human resources, financial implications, technological needs, etc. - Provide examples from different types of organizations (e.g., startups vs. established firms). 3. Conclusion: Summarize key points on growth options and their implications. Maxwell Ranasinghe - Senior Lecturer/ Corporate Trainer

13. Task 2 (650 words): Develop an appreciation of different business models 1. Introduction: - Briefly introduce the concept of business models and their importance. (A business model describes how an organization creates, delivers, and captures value through its operations. It is crucial for defining strategic goals, resource allocation, and competitive positioning. Effective business models provide frameworks for sustainability and innovation, adapting to market demands (Teece, 2010). Reference: Teece, D. J. (2010). Business Models, Business Strategy, and Innovation . Long Range Planning, 43(2-3), 172-194.) Maxwell Ranasinghe - Senior Lecturer/ Corporate Trainer

14. 2. Main Body: Analyze different business models and their revenue streams: Discuss models like subscription-based, freemium, platform-based, etc. - Focus on models relevant to the insurance industry. Maxwell Ranasinghe - Senior Lecturer/ Corporate Trainer

15. Identify and recommend ways to measure business performance and evaluate new ventures: - Discuss financial metrics (ROI, profit margins) and non-financial metrics (customer satisfaction, market share). - Explain methods for evaluating new ventures (e.g., NPV, IRR, payback period). Maxwell Ranasinghe - Senior Lecturer/ Corporate Trainer

16. . Provide examples of innovation in businesses: - Focus on innovations in the insurance sector (e.g., usage-based insurance, AI in claims processing). - Comment on the success of these innovations. 3. Conclusion: - Summarize the importance of choosing the right business model and measuring performance. Maxwell Ranasinghe - Senior Lecturer/ Corporate Trainer

17. Task 3 (700 words): Evaluate environmental scanning and growth options analysis 1. Introduction: - Define environmental scanning and its role in identifying business opportunities. (Environmental scanning refers to the systematic monitoring of external factors—economic, technological, political, and social—that can impact an organization. It plays a critical role in identifying business opportunities by enabling companies to anticipate trends, adapt strategies, and remain competitive in dynamic markets (Aguilar, 1967). **Reference:** Aguilar, F. J. (1967). *Scanning the Business Environment*. Macmillan.) Maxwell Ranasinghe - Senior Lecturer/ Corporate Trainer

18. 2. Main Body: a. Use environmental scanning as a tool to identify business opportunities: - Explain PESTEL analysis and Porter's Five Forces in the context of the insurance industry. - Identify potential opportunities based on this analysis. Maxwell Ranasinghe - Senior Lecturer/ Corporate Trainer

19. b. Analyze businesses that have successfully used environmental scanning: - Provide case studies of insurance companies that have leveraged environmental scanning. - Discuss the outcomes and lessons learned. b. Analyze businesses that have successfully used environmental scanning: - Provide case studies of insurance companies that have leveraged environmental scanning. - Discuss the outcomes and lessons learned. 3. Conclusion: - Summarize the importance of environmental scanning in strategic decision-making. Maxwell Ranasinghe - Senior Lecturer/ Corporate Trainer

20. Remember to use - Subheadings to clearly structure your assignment. - Incorporate relevant academic theories and models throughout. - Use real-world examples from the insurance industry - Logical flow of ideas within and between paragraphs. - Proofread carefully for grammar, spelling, and clarity. Include a comprehensive reference list at the end of the assignment Good luck with your assignment! Maxwell Ranasinghe - Senior Lecturer/ Corporate Trainer