Social Business Journal

Social Business Journal

Prioritizing the Components of the Business Model for Knowledge-Based Companies in the Medicinal Plant Sector Using the Friedman Ranking Method

Document Type : Original Article

Authors
Elham Hadizadeh 1
Mohammad Asadnezhad 2 ΒΆ
Arash Torkamanabdari 3
naser Eskandari 4
1 Department of Business, Faculty of Entrepreneurship, University of Tehran, Tehran, Iran.
2 Department of Corporate, Faculty of Entrepreneurship, University of Tehran, Tehran, Iran.
3 Department of Human Resources, Faculty of Management and Accounting, Allameh Tabatabaei University, Tehran, Iran.
4 Department of Technology and Engineering, Faculty of Industry, Khajeh Nasir University, Tehran, Iran.
10.22059/jsbu.2025.387741.1010
Abstract
Knowledge-based companies play a crucial role in fostering a knowledge-driven economy, significantly contributing to value creation and national revenue generation. In this context, designing effective business models for knowledge-based companies in the medicinal plant sector is particularly important due to the emerging nature and vast potential of this field. By leveraging innovation and specialized knowledge, these companies can drive economic and social development while enhancing a country's global competitiveness. Despite the significance of this subject, limited academic research has been conducted on developing comprehensive and effective business models tailored to knowledge-based companies in the medicinal plant sector. A clear understanding of the components that shape these businesses, along with prioritization of these components, can greatly enhance their performance and sustainability. Therefore, this study aims to prioritize the key components of the business model for knowledge-based companies in the medicinal plant sector. To achieve this, the Friedman ranking method was applied, with data collected through questionnaires and analyzed using SPSS software. The findings indicate that key activities, cost structure, and key resources hold the highest priority and importance. This suggests that the success of knowledge-based companies in this sector heavily depends on effective resource management, cost optimization, and the identification and execution of critical activities. Conversely, revenue streams were ranked as the least important component, potentially highlighting challenges in marketing and commercialization. This study provides a foundation for designing and refining business models in the medicinal plant sector, offering valuable insights for policymakers, researchers, and business managers. Future research is recommended to compare these findings with business models in other knowledge-based industries and explore strategies to enhance revenue generation.
Keywords
Business Model
Friedman Ranking
Knowledge-Based Companies
Knowledge-Based Economy
Medicinal Plants
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Social Business Journal
Volume 1, Issue 2 - Serial Number 2
Winter 2025
Pages 224-234