This is an assignment which must be completed by students individually. Students must write an essay. The essay should be a minimum of 2,000 words and no longer than 2,500 words. The Essay The objective of this essay is to develop your understanding of the business model as a concept and how a theoretical understanding of business models can be used to explain the exploitation of innovations by organisations in real-life. To successfully complete this part of the assessment, you are required to write an essay based on the following: There are many conceptualisations of a business model in the academic management literature. Why do you think there are so many? In answering this question, make sure you describe and compare three business model conceptualisations from the extant literature. Of the three conceptualisations, identify your preferred conceptualisation and explain why you prefer it. To ground your argument, apply your preferred conceptualisation to an example from real-life, that is, describe the exploitation of an innovation introduced in the last five years by a business using your preferred business model approach. You should include at least 5 references and no more than 20 references. Assessment Criteria: See the more detailed rubric for more information. Australia Harvard Referencing. No Plagiarism.