Innovation and evolution of business models in chemical industry

Besides, increasing competitive pressure has led many enterprises to shift their production to focus on low-cost areas. Therefore, it is critical if enterprises can continue to survive with sustainable developments by improving business proits. To this end, this study has explored the business model development of a chemical company. The business model comprises customer value proposition, key resources, key processes, and proit model. The study aims to appreciate the business model development, strategic choice, and future trend of the case from the initial innovation and expansion stages. Since secondary data collection cannot relect deeper signiicance, in-depth interviews are conducted to d The indings show that the study, the case that triggers the development of its business models, has emphasized the key resources and key processes in the initial stage. In the innovation stage, the case that emphasizes proit orientation has created and upheld high proits as well as rapid growth and innovation. Finally, the case that stresses customer value proposition has strived towards the goal of factory integration and proit-sharing in the expansion stage.