Business model innovation focuses on how a company creates and captures value.Group of answer choicesTrueFalse

The statement "Business model innovation focuses on how a company creates and captures value" is True.

Business model innovation refers to the process by which a company changes its approach to the way it creates, delivers, and captures value within its marketplace. This can involve designing a new business model or significantly altering an existing one to improve efficiency, reach new customers, or adapt to changes in the environment.

In this context, "creating value" can refer to the development of new products or services that meet customer needs or improving existing offerings. "Capturing value" involves strategies for monetizing these innovations, such as pricing models, revenue streams, partnerships, and customer engagement strategies.

In summary, business model innovation is crucial for companies aiming to maintain competitive advantage in today's rapidly changing market, as it directly impacts their ability to thrive by effectively responding to customer demands and market dynamics.