How do companies adapt to an unstable, changing business environment in order to retain their competitive advantage?

Following trends in local and global environments, it is obvious that many companies are faced with difficulties to survive in this competitive environment. Business Model Innovation (BMI) is the key to the firm’s long-term success. The case study of BTC d.d., has been made to give an example how firms should be aware of their weaknesses and strengths in order to constantly innovate their business models. Special attention was dedicated to two important milestones in the firm's history. First, in the early 1990s changing business model and second, in 2008 introducing business model innovation for the sustainable growth of the enterprise. In both cases, the management, employees, and markets needs played the leading roles. The purpose of this paper is to establish and explore the processes of business model innovation implementation in the theory and in practice. The theoretical findings were associated with the actual developments in the study of the enterprise. Qualitative and quantitative methods were used together with the information based on semi-structured interviews. (Less)