<![CDATA[This study analyzes Business Model Innovation (BMI) implemented by Binawan Group as a value creation strategy through an integrated business ecosystem encompassing eight clusters, namely International Recruitment Services, Education & Training, Tertiary and Secondary Healthcare, Primary and Aesthetic Healthcare, Food & Beverage, IT Infrastructure & Solution, Property, and Agriculture. Using a qualitative case study approach, the analysis is grounded in the Business Model Canvas framework, vertical integration theory, and Resource-Based Theory - VRIO. Binawan Group creates value through four mechanisms: an integrated HR supply chain, cross-subsidization across clusters, brand equity synergy, and operational efficiency through internal digital platforms. This research contributes to strategic management literature regarding BMI in health-based conglomerates within developing economies.]]>
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