| With the rapid development of Internet information technology,new business models are also emerging.With the further expansion of the online travel market and the increasingly fierce competition among enterprises,online travel enterprises must constantly adjust and innovate their business models,and continuously optimize their business models to achieve their own healthy growth.The transformation of business model is a process of constant change and innovation.In a large number of related studies,exploring business model from three dimensions: value proposition,value creation and value acquisition is an important content.The research on the mechanism of value creation of enterprises by academia is advancing along the value chain,value network and value ecosystem.This paper takes the leading online travel industry Ctrip.com Group(hereinafter referred to as Ctrip)as a case study object,and explores the evolution mechanism of its business model.On this basis,it further outlines its business model transformation path,that is,the various elements of value proposition,value creation and value acquisition become rich through the change of business model.The study founds that according to the different development stages of Ctrip’s tourism business,its business model presents different characteristics.(1)In the initial exploration period(1999-2008),the business model presented as a single value chain,Ctrip become a travel service agent between suppliers and customers,and initially established a profit model in which hotels and tickets were the main business to obtain profits.(2)The business model in the development period(2009-2015)is presented as a composite value network,Ctrip gradually opened up its own platform,developed from a travel service agent to a travel service provider,formed a large-scale operation by expanding its business and integrating the value network,and achieves profits in the whole industry chain profit model.(3)In the mature period(2016-present),the business model is presented as the value ecosystem,and Ctrip has established the ecological network relationship to realize the integration of resources and enhance the competitiveness of enterprises,to construct a multi-subject win-win profit model,and to achieve ecological profit.Based on the above analysis,the impact mechanism of Ctrip’s business model transformation on its enterprise value is summarized as follows: First,to meet the dynamic needs of customers as a value proposition;Second,integrating resources and expanding partners to achieve value innovation;Third,to obtain value through structural adjustment such as income and cost.According to the impact mechanism,the active users and partners are analyzed to evaluate Ctrip’s off-sheet value,and then related financial indicators are calculated to analyze Ctrip’s financial ability.Finally,the enterprise value in Ctrip’s business model transformation is evaluated by user value method method and EVA model.Overall,Ctrip’s business model transformation has a positive impact on the enterprise value,but there are still some problems in its business model transformation that need further improvement.This paper is an complement for the related research about the business model of online travel enterprises from the value co-creation theory,which has certain theoretical significance for improving and perfecting the existing business models,and provides some reference for online travel enterprises to better coordinate with users and partners in the and competition. |
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