Re-Inventing the Business Model

A Way for SME to Adapt in the New Normal A Case Study in Blueocean Lobster East Lombok Regency, West Nusa Tenggara Province

DOI

10.2991/aebmr.k.210928.015How to use a DOI?

Keywords

new normal, pandemic, re-inventing the business model, SME, value proposition canvas

Abstract

A business model is a method used by a company in generating value for both consumers and the company itself. Conducting a successful business activity cannot be separated from how the company arranges its business model. A sustainable business model is a business model that is able to adapt to all forms of changes in the external or internal environment of the organization. One of the ways that companies can achieve a sustainable business model is by re-inventing a business model. The current pandemic brought by covid-19 has had a huge impact on the business sector so that many companies are re-inventing business models, one of which is “Blueocean Lobster”. This study aims to assess the process of re-inventing the business model carried out by Blueocean Lobster. Blueocean Lobster is one of the SMEs which has re-invented its business model caused by the changes in external environment. The research was conducted through in-depth interviews with consumers and owners of Blueocean Lobster. The results showed that Blueocean Lobster conducted a re-inventing business model due to the increasing number of competitors and changes in consumer behavior with the new normal. Hence, this made Blueocean Lobster find new ways to convey value to its consumers. In this study, the researcher adopted the concept proposed by Johnson et al. and Osterwalder et al. in describing the process of re-inventing the business model carried out by the chosen SME. The results are based on interviews conducted with consumers using the Value Proposition Canvas (VPC), between the customer profile and the value map there is a match. Therefore, in theory, the process of re-inventing the business model carried out by Blueocean Lobster is considered in accordance with the existing theory.

Copyright

© 2021, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Sri Sulasmiyati
AU  - Abdul Aziz Baihaqi
PY  - 2021
DA  - 2021/09/30
TI  - Re-Inventing the Business Model
BT  - Proceedings of the 3rd Annual International Conference on Public and Business Administration (AICoBPA 2020)
PB  - Atlantis Press
SP  - 69
EP  - 73
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.210928.015
DO  - 10.2991/aebmr.k.210928.015
ID  - Sulasmiyati2021
ER  -