The objective of this essay is to develop your understanding of the business model as a concept and. 1 answer below »

The objective of this essay is to develop your understanding of the business model as a concept and how a theoretical understanding of business models can be used to explain the exploitation of innovations by organisations in real-life. To successfully complete this part of the assessment, you are required to explore the academic literature on business models and write an essay addressing the following statement based on your exploration of the relevant literature: There has been a perceptible trend in the last twenty years for firms to experiment with new models of organisation and governance, in effect eschewing Fordism in favour of models inspired by the "Silicon Valley model" and other flexible business model systems, demonstrating there is no longer one kind of business model that can be equated with success and efficiency across all sectors and in all countries. 1. What do you think was meant by this statement? 2. When answering this question make sure you adequately define the terms "business model" and "Fordism," and explain why it has been argued successful Silicon Valley business models have forever changed how we all think about how businesses should be designed and operated. 3. In addition, identify three elements of a successful Silicon Valley business model (or other such flexible business model) and provide one good examples of an organisation that you believe possesses all three of those elements. 4. Explain how these elements contribute to your example organisation's success. 5. Discuss the significance of your finding in terms of the future of business models. You should include at least 5 references and no more than 20 references. The sources used must be highly credible. I will also provide some Articles that will be helpful and also use the recommended books. 1. Business Model Generation (2010) By Alexander Osterwalder and Yves Pigneur. 2. Managing innovation: Integrating Technologies, Market and Organizatoinal change (5th edition. 2013). Referencing style: APA.