Question

the business model that leverages the power of social networks and reduced cost of discovery and coordination is called?

Answer 1

Business models are fundamentally linked with technological innovation, yet the business model construct is essentially separable from technology. We define the business model as a system that solves the problem of identifying who is (or are) the customer(s), engaging with their needs, delivering satisfaction, and monetizing the value. The framework depicts the business model system as a model containing cause and effect relationships, and it provides a basis for classification. We formulate the business model relationship with technology in a two-way manner. First, business models mediate the link between technology and firm performance. Secondly, developing the right technology is a matter of a business model decision regarding openness and user engagement. We suggest research questions both for technology management and innovation, as well as strategy.


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Answer 2

Technology has made it easier for the business organizations to reach out to its potential clients easily and faster across the globe, for instance on line marketing can be very efficient today through social media platforms,  one can simply advertise their products and make it known to the consumers faster and efficiently despite the distance that separates them. This has made the cost of reaching the clients to reduce.

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