The second audiovisual presentation describes the important aspects of innovation business model… 1 answer below »

The second audiovisual presentation describes the important aspects of innovation business model and how it can benefit the firm to develop its brand value and recognition internationally. The key ideas generated from the presentation are that the majority of the marketers are required to rethink about the concept of innovation business model. The lack of sufficient innovation might lead to the failure of mitigating upcoming business opportunities as well. It is recognised as a fundamental aspect that can improve customer value. In a similar manner, innovative through can also benefit a firm to reduce its extra operational costs. In words of Pavie and Egal (2010), it can be understood that innovation is not about invention new concepts, but to find out some unique thoughts with the older concepts. Presently, the firms are nurturing the older strategies of the previous enterprise and reshaping the existing concepts in a better manner to add value to its customers. The business model change often facilitates the marketers to regenerate its past strategies. With the support of the unique ideas, targeting prospective clients become easier as well (Andries and Debackere, 2013). It is also compulsory to create a value proposition for the potential segment. The customers always seek for the products that add sufficient value in life and justify the price paid against a product. Hence, it can be perceived that with an additional value offering services higher business revenue can be generated. Also, the organisations require applying one business model at a time, and correct communication must be made to maintain the flow of innovation process.