Mgmt20143 Think Big: Virtual Changing Assessment Answers

1. Make a 2-minute pitch, which succinctly describes the important aspects of the business concept and the business model to be used.
2. Where appropriate, showcase the portfolio of materials to support the presentation

Answer:

Introduction to the innovation

The innovation that is planned by the company is dependent on the identification of the problems that are faced by the customers while making a buy of the apparel as per their preferences. The differences in the functioning of the organization are dependent on the change in the customer preferences and the manner in which the needs of the customers can be supported by the business.  Most of the time, the customers feel reluctant to go round the retail stores searching for the preferred apparel. The sale of the organization is often compromised through the reluctance of the customers to go round the stores or scroll down the virtual apps in search of their favourite brands or designs. Therefore, the company will be devising a technology that will assist the customers to find their preferred products in one go. The creation of virtual trial rooms is aimed at helping the customers to come across the most preferred outfit that fits the personality of the person. The virtual trial rooms have helped in coping up with the expectations of the customers in the market.

The innovation will be helping the organization to bring in changes in the systems and the functioning of the business as per the identification of the needs of the customers in the market. The continuous innovation through the identification of the needs of the customers will be helping the organization to bring in changes in the situation of the business while operating in the Australian markets. It will be helping the organization to gain sustenance and thereby grow beyond the borders.

Description of the innovation process and justification for the same

The innovation process that is planned by the organization is base on the identification of the different issues that are faced by the people while making a buy of their required commodities in the market. The stages of innovation is being discussed in this section which helps in the lucid understanding of the different elements of the change that is planned by the organization to cope with the needs of the same.

Stage 1: Idea Generation and Mobilization

The generation of idea is facilitated through the identification of the issues and the manner in which the issues can be mitigated through the disposition of the idea in the context. The generation of the idea helps in maintaining the different levels of modifications in the systems of the business (Trimi  & Berbegal-Mirabent,  2012). The identification of the issues of the customers relating to their choice of the apparel will be helping the organization to come up with an innovative approach to suffice to the needs of the customers. The idea of creating a virtual trial room will be helping the organization to adhere to the needs of the needs of the customers. The idea will be helping the organization to mitigate the issues that are faced by the customers while choosing their appealing apparel.

Stage 2: Advocacy and Screening

The screening of the idea is based on the assessment of feasibility of the idea and the manner in which it will be helping the organization to bring in improvements in the system as per the needs of the customers in the market (Massa & Tucci,  2013). The identification of the needs of the customers will be helping the organization to bring in changes in the functioning of the business as per the objectives of the same to sustain as per the needs of the customers in the market. Screening the idea and selecting the other alternatives and justification of the idea will be helping the organization to choose from  the different ideas that are presented to being in change in the operations of the organization in the market.

Stage 3: Experimentation

The experimentation of the feasible idea helps in understanding the manner in which it will be helping the organization to bring in changes in the systems of the business and thereby helps in making the business more profitable. The experimentation of the business idea helps in maintaining the different levels of change in the systems and the functioning of the business in the market. The identification of the idea of creating virtual trial rooms is supported through thorough experimentation of the processes that are planned by the organization to bring in changes in the systems of the business (Hogan  & Coote, 2014). The exposition of the change in the operations of the business is justified through the innovativeness of the organization as it will be helping the organization to bring in positive levels of change in the market structure.

Stage 4: Commercialization

The commercialization of the idea is dependent on the costs that will be incurred by the organization to implement the models and the devices that are required for bringing in changes in the systems (Schneider  & Spieth,  2013). The costs that might be incurred by the organization while undertaking the processes are based on the identification of the needs of the business to bring forth innovation in the systems. The feasibility of the idea is dependent on the costs that might be incurred by the organization, which will be helping to bring in progression in the business.  

Stage 5: Diffusion and Implementation

Implementation of the process helps in maintaining the different levels of change in the operations of the business as per the issues that are faced by the customers while choosing their preferred apparel (Amit  & Zott,  2012). The diffusion and implementation stage will be helping the organization to bring in continuous changes in the processes planned by the business. The implementation of the business idea will be helping the business to bring in changes in the situation of the business in the market.   

Conclusion

Therefore, from the above discussion it can be stated that the identification of the issues faced by the customers of the business will be helping the business to bring in changes in the operations through the generation of a new idea and proper implementation of the same. The continuous innovation that is planned by the business helps in improving the situation of the same through adherence to the requirements of the customers.

Pitch

Hi, I’m…..

From ...

The problem we will be solving is….. is related to the concerns of the customers relating to choosing from an array of apparels while their visit to a retail store

Our solution will be…. to develop a virtual trial room for the customers, which will be helping them to choose from a varied amount of apparels in no time

This is huge opportunity because…. it will be bringing forth technological innovation in the market and thereby gain a competitive edge.

Our target customers will be…. Especially the people with high and medium income, mostly young and middle aged people

Our competition will be including…. Manufacturers of apparels in the market

We will be better because…. We will be having a customer support team, which specializes in providing after sale services to the customers. We will be hiring trained and educated employees who will be helping to bring in innovation.

We will be making money through….

• Customer satisfaction through the mitigation of the issues faced by the same
• Technological innovation

Our team will be able to do this because…. The viability of the business idea will be helping the team to function more efficiently. On the other hand, the allocation of the work among the team as per the expertise will be helping to maintain the efficiency of the team.

Next we will…. be initiating the process as we are planning to expand our business in the different regions of Australia.

What we need right now is…. to gain over the trust and loyalty of the customers to bring in changes in the system and the performance of the business.

To summarize… We will be taking steps to bring in technological innovations with the aim of expanding our enterprise in the market as per the needs of the customers. 

References  

Amit, R., & Zott, C. (2012). Creating value through business model innovation. MIT Sloan Management Review, 53(3), 41.

Chesbrough, H., Vanhaverbeke, W., & West, J. (Eds.). (2014). New frontiers in open innovation. Oup Oxford.

Hogan, S.J. & Coote, L.V. (2014). Organizational culture, innovation, and performance: A test of Schein's model. Journal of Business Research, 67(8), pp.1609-1621.

Massa, L., & Tucci, C. L. (2013). Business model innovation. The Oxford Handbook of Innovation Management, Oxford University Press, Oxford, 420-441.

Schneider, S., & Spieth, P. (2013). Business model innovation: Towards an integrated future research agenda. International Journal of Innovation Management, 17(01), 1340001.

Trimi, S., & Berbegal-Mirabent, J. (2012). Business model innovation in entrepreneurship. International Entrepreneurship and Management Journal, 8(4), 449-465.