How Amazon Innovates to Stay a Step Ahead
The Business.com website noted that over time, companies that fail to reinvent their business models to challenge outmoded assumptions about their businesses, renew their customer value propositions and change the competitive dynamics of their industries in their favor can quickly become vulnerable to commoditization, obsolescence or business failure. One of Amazon’s most effective and valuable business attributes is the ability to innovate its business model in an agile manner in order to capitalize on new trends and technologies. Four key components are needed for effective business model innovation, which can be described as “Eliminate, Raise, Create, Reduce.”
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