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The EssayThe 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.Academic literature relating to business models abounds but the academic community has not yet been able to agree on one single conceptualisation of the term. To successfully complete this part of the assessment, you are required to explore the academic, theoretical literature on business models and write an essay addressing the following: Based on your exploration of relevant literature, choose one conceptualisation that you think best explains how organisations exploit innovations. Explain your chosen conceptualisation and present a clear justification of your choice by:1.critically discussing its superiority in comparison to one alternative conceptualisation; and by2.applying it to a real-life innovation of your choice, which was introduced within the last 5 years.You should include at least 5 references and no more than 20 references.

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