Conceptual Framework or Structure Development †MyAssignmenthelp

Question: Discuss about the Conceptual Framework or Structure Development. Answer: Introduction: A business model is a conceptual framework or structure that works to provide support to product viability or the viability of a company. The business model includes goals and the purpose of a company and how it will plan to achieve them. All the business policies and the business process that a company follows and adopts are part of the business model. The business model is a description that how a company captures, delivers, creates the value for its customer and also for itself. Due to the emergence of a computer, the usage of the business model also came forth (Harvard Business Review., 2018a). Literature review on the Business model and disruption- a Business model is a term which has been used for several years. From the beginning of a business, the companies try to innovate. Define and create the business models from the initiation of the business. The term business model was first coined by a financial journalist named Michael Lewis. He predicted that the companies in future will be based on the business models that will be connected to the internet. Business models have no fixed and formal connection with the theories in economics. It is really hard to designate the components and the processes that will be necessary for the business and defines the values of a company fundamentally. Business models are also considered by some authors as a model for making money. According to some authors, a business model is an economic concept that will create produce costs and revenues. The business model is a system of activities and resources, that creates the values which are use ful for the customers and in turn generates revenues for the company (Slavik Bednr, 2014). Disruptive innovation is a management term that describes an innovation with respect to the value and market network and this eventually leads to the displacement of the established market alliances, market products. Innovative production and the production systems are based on the new technologies that help in competition to gain the sustained differentiation. Technological advancements have resulted in the companies to establish their business. This has also resulted in the emergence of threats to the established business as well. specifically, this is valid for a certain type of disruptive technology like the Additive Manufacturing. Addictive manufacturing is considered to displace the conventional manufacturing technology and also at the same time open up other types of possibilities in future. Disruptive technologies are the ones that are ones that have a far-reaching effect on the value creation and future structure of the business. It is also important to note that the disruptive technologies differ a lot from the sustaining technologies. With respect to the traditional form of the performance criteria, the established products underperform through the disruptive technologies (Amshoff et al., 2015). Analysis of threats and opportunities Dominos Pizza restaurants caused by the advancement of the smart connected products- In the fast food service industry, the connected technology has found its place. The Dominos pizza has now taken into account the IoT deployment and also help in improving the management process (Harvard Business Review, 2018b). The internet of Things also assists in the predictive maintenance, customer satisfaction, food safety and temperature monitoring. Total Connect Now Operations Performance Suite (TCNOPS) is built with respect to the needs of a company (VoIP-Info., 2018). It has the highest Quality Routing Protocol broadband connection, this suite helps in bringing the Small and mid-size businesses to come together in this connected age. This leads to a real-time monitoring system which is proactive and full-fledged. Working with a lot of the hardware vendors which includes the Zen and Samsung has led to the effective build of the restaurants with the optim al levels of the internet of things deployment for the customers and the clients, it also ensures that the restaurants operate in accordance with the regulatory compliances. Previously, the restaurants used to rely on the workers to control the temperature manually by keeping a note on the temperature variance. This results in noncompliance and the company have to pay the hefty price. This is a scenario for one restaurant and can be worse if there are 100 restaurants. The presence of the real-time temperatures displayed is great for the assistant and the store managers. The temperature monitoring system even gets better when it sends the alerts to the upper management system (Planet Retail, 2018). The implementation of the Internet of things has led to the task automation. This includes the monitoring the store temperature and also monitoring the temperature of the exhaust systems, refrigeration system, and the production tables. The information collected is then fed into the wallboard display of the visual performance software suite. Data is provided along with the other real-time and historical data which includes the local weather, telephone line status and staff performance. The temperature alerts provide a chance to avert major accidents. Beyond temperature monitoring for the purpose of compliance and food safety, the deployment of the internet of things also includes the incorporation of the smart thermostats for controlling the ambient temperature control and the smart building functionality. The TCNOPS has the real-time alerts that help to monitor the when the door of the freezer is kept open for too long and for the purpose of proactive maintenance offers a predictive analysis. The deployment of the TCNOPS is very attractive and it only includes the 150 dollars per month (IoT Agenda, 2018). The threats arising from the implementation of the internet of things is the loss of jobs, over-reliance on the technology and the breach of privacy. The privacy issues are a big question and it relates to who controls the internet of things? There are glitches and errors that occur consistently within this technology and the also includes the risk of breaching the privacy of the consumer data. The over-reliance is one of the biggest faults of the internet of things. Nos system is error and fault free, thus depending too much on a single technology may lead to devastation in the future. The final threat is the more devices that get connected to the internet, the number of jobs will be lost. The automated tasks within the purview of the internet of things will lead to fewer prospects of employment (Internet Of Things, 2018). Business model framework by Osterwalder and Pigneur (2010)- The 4 different pillars include the product pillar, customer interface pillar, infrastructure management pillar, financial aspects pillar. The product pillar has the value proposition model element: Domino's Pizza serves pizza and the associated food products via its restaurants and the home delivery provisions (Dominos.com.au., 2018b). The customer interface provides with the 4 different business model element: customer segments- the segments of the customer that Dominos especially focuses ranges from age 6 to 60 years; channels- the customers are connected via the SMS, emails, telephone calls and app queries; Customer relationships- the link via which the Dominos tries to establish itself with the customer is the quality pan pizzas. The infrastructure management includes the following business model elements: key resources- the key resources are the different constituents of a pizza and the different suppliers through whic h Dominos maintains its stock; Key activities- the key activities ranges from the opening of the restaurants that serve Pizzas and home delivery of the pizzas according to the demand for home delivery (Dominos.com.au., 2018a); key partners- the key partner is the IFTTT inclusive that helps to provide the real-time tracking of the pizza delivery. The financial aspects pillar provides with 2 business model element: revenue streams- the Domino's pizza makes money via the online order through the app and earn revenues via serving pizzas via its fast food restaurants; cost structure- a Domino's pizza store costs around 450,000 dollars and also includes an initial franchise fee of 60,000 dollars (Dominosfranchise.com.au., 2018). Business model perspectives- Business models as a profit formula: Domino's pizza sales have increased 5 times since the year 2005 and the revenue earning has increased 7 times. The shares at the same time have increased by 30 times. The issues price has increased by 2.20 dollar. According to the network of the company, the Domino's Australian franchise has experienced profitability. The Domino's pizza focuses on the profit formula and emphasizes on the selling a pizza for 5 dollars by delivering pizza within 10 minutes. The products are sold with added discounts which also help in earning more profit (Financial Review. (2018). Business models as the value proposition- the core value proposition of Domino's pizza is the fast delivery of the pizza. Domino's provides the assurance of delivering the pizza within a 30-minute deadline and the company also charges extra money for a super-fast delivery of pizza within the deadline of 10 minutes (dominos, 2018). Thus from the above study, it can be concluded that the smart integration of the internet of things into the fast food restaurants of Domino's pizza has led to the increase in the efficiency of the fast food restaurants. The effective monitoring of the temperature in the restaurants has led to the effective management of the perishable goods. Finally, the two business models that are for the study are the business model for value proposition and business model for profit formula. Reference Amshoff, B., Dlme, C., Echterfeld, J., Gausemeier, J. (2015). Business model patterns for disruptive technologies. International Journal of Innovation Management, 19(03), 1540002. dominos. (2018). dominos. Retrieved 17 April 2018, from https://www.dominos.co.in/hot-pizza-30-minutes-delivery-guarantee-at-dominos-get-pizza-hot Dominos.com.au. (2018a). Domino's Pizza | Order Pizza Delivery Online | Food Delivery Takeaway. Dominos.com.au. Retrieved 17 April 2018, from https://www.dominos.com.au/ Dominos.com.au. (2018b). Domino's Corporate - Domino's Pizza. Dominos.com.au. Retrieved 17 April 2018, from https://www.dominos.com.au/inside-dominos/corporate Dominosfranchise.com.au. (2018). Domino's Franchise Australia - FAQ. Dominosfranchise.com.au. Retrieved 17 April 2018, from https://www.dominosfranchise.com.au/frequently-asked-questions Financial Review. (2018). Domino's Pizza system profits under spotlight. Financial Review. Retrieved 17 April 2018, from https://www.afr.com/business/retail/dominos-pizza-franchise-system-under-spotlight-20160707-gq0jxa Harvard Business Review. (2018a). What Is a Business Model?. Harvard Business Review. Retrieved 17 April 2018, from https://hbr.org/2015/01/what-is-a-business-model Harvard Business Review. (2018b). How Smart, Connected Products Are Transforming Competition. Harvard Business Review. Retrieved 17 April 2018, from https://hbr.org/2014/11/how-smart-connected-products-are-transforming-competition Internet Of Things. (2018). Internet of Things Advantages and Disadvantages - Internet Of Things. Internet Of Things. Retrieved 17 April 2018, from https://internetofthings.net/internet-of-things-advantages-disadvantages/ IoT Agenda. (2018). Domino's Pizza IoT deployment delivers temp monitoring, food safety. IoT Agenda. Retrieved 17 April 2018, from https://internetofthingsagenda.techtarget.com/feature/Dominos-Pizza-IoT-deployment-delivers-temp-monitoring-food-safety Osterwalder, A., Pigneur, Y. (2010). Business model generation: a handbook for visionaries, game changers, and challengers. John Wiley Sons. Planet Retail. (2018). DOMINOS PIZZA monitors temperature with IoT tech. Planet Retail. Retrieved 17 April 2018, from https://www.planetretail.net/NewsAndInsight/Article/158763 Slavik, S., Bednr, R. (2014). Analysis of business models. Journal of competitiveness, 6(4). VoIP-Info. (2018). Welcome to the VOIP Wiki - a reference guide to all things VOIP. - VoIP-Info. VoIP-Info. Retrieved 17 April 2018, from https://www.voip-info.org/