ENTREPRENEURSHIP

Detailed explanation-1: -Business model innovation is important for competitive advantage because it changes the rules of the game. When you are playing a different game, dancing to a different tune, then it is difficult for competitors to respond.

Detailed explanation-2: -The main element of competitive advantage of Amazon is that it provides a great customer service experience, such as easy to operate, fast online order, smooth checkout, and stress-free returns. These factors made Amazon unique and have a competitive difference among all other competitors.

Detailed explanation-3: -Business model innovation is the art of enhancing advantage and value creation by making simultaneous-and mutually supportive-changes both to an organization’s value proposition to customers and to its underlying operating model.

Detailed explanation-4: -Competition ensures market access for both businesses and consumers. In most sectors, opening up or strengthening competition, with the rapid emergence of new players, leads to a significant reduction in the prices offered to consumers.