Task:The objective of this individual assessment submission is to learn how to develop a business idea, complemented by brainstorming and leveraging the insights and skillsets of others. Assessment comprises two parts: Please submit a 5- page briefing paper of your business idea, its essential business model components, and aspects that will influence its success. A business model canvass can be included as an appendix.
Executive summary: Innovation is the process that helps the business organisation in serving their consumers with enhanced services that allow them to increase their sale and gain the loyalty of the consumers. In this Business Idea Assignment, the innovative ideas of manufacturing a selfie Drone that can be operated with the help of mobile application have been proposed. The cost structure and success factors associated with the products have been highlighted in a detailed manner. The Business Idea Assignment provides an appropriate business model that will help in the successful launch and marketing of the selfie Drone. The bloggers, YouTubers and media industry is being targeted for the sale of the product.?
This Business Idea Assignment will help in analysing the importance of new business idea in resolving the issues and problems existing in the present market. This Business Idea Assignment highlights the details of a new innovative business idea of a Selfie Drone that is connected with the users Smartphone and enables the user to take a clearer selfie without the issue and hassle of selfie sticks. This Business Idea Assignment will highlight the requirements, feasibility and benefits of this new idea for the consumers and the business organisations. The primary element of this innovation will be discussed in this assignment. The arguments that support the significance of this innovative product will be developed. A proper business model will be provided for the development of this product. The success factors associated with this innovative gadget will be evaluated in this assignment.
2. Consumers Problems
The trend of taking a selfie is increasing all around the world and especially among the millennial generation. However, it is observed that taking a perfect selfie with the help of a Smartphone is not possible in certain situations (Souza et al., 2015). There are a number of situations such as dim light, managing selfie sticks, cameras positions, and shaky hands that might hamper the image quality and the picture might not be as good as expected. Professionals on YouTube and certain bloggers take photographs and create videos in order to enhance their career and professional work. Therefore, it is observed that these individuals are always searching for the latest technology that will help them in improving their selfie picture quality and provide them with better resolution. These problems faced by the consumers can be resolved with the help of a new selfie drone. This new invention will help in addressing the problems that are presently being faced by the consumers. Consumers will be able to take a good selfie without a selfie stick. Shaky hand results in blurry images, and this is one of the most significant issues while taking a selfie. Therefore, this drone will help in improving the picture quality of the consumers (Reed, 2015). This invention will help in addressing the requirements of the consumer and enhance the competitiveness of the business in its functional market.
3. The argument regarding the befit of the innovation
The increasing competition among the business organisations on a global level indicates that changes and innovations are essential in order to gain competitive advantages (Petkovska, 2015). The new idea of Selfie Drone can prove to be beneficial for professionals that are into the media world of advertisement, blogging or making videos for professional purposes. It is observed that many travel bloggers and YouTubers take selfies and create videos in selfie mode in order to interact with their audience. It is evident that the bloggers and travellers are constantly moving, it is difficult for them to manage their camera, the quality of the picture is hampered, and they do not get enough time to recapture the exact moment. These users can utilise Selfie Drone in order to capture their videos and interact with their audience while they travel and move. Unlike selfie sticks, Selfie Drones can be operated with the help of Smartphone application, and thus customers can adjust the angles and distance of the drone, as they desire. Therefore, this is one of the most beneficial innovations that will benefit the commercial as well as the media industry in a phenomenal manner.
4. Feasibility of the innovative idea
Marketing analysis is one of the most beneficial aspects that assist in analysing regarding the present market conditions. This analysis will help in understanding whether the investment in this new idea is beneficial for the business organisation or not (McQuarrie, 2015). The feasibility test for the Selfie Drone has been provided in order to gain detailed information regarding the product.
4.1 Product feasibility: It is evident that are a number of organisations that manufacture Drones with a camera and other facilities. However, it is observed that those Drones are mostly co trolled with the help of a remote controller. On the other hand, the new proposed Drone operated with the support of an application on the users’ mobile phone. It allows the customer to reduce the effort of carrying an extra gadget and the operational process of the Drone makes it more users friendly. Acquiring customer’s acceptance is significant for successful innovation (Neacsu, Woods & Sheldon, 2015).
4.2 Financial feasibility: The newly proposed business idea is technologically advanced and is beneficial for the media industry, which is one of the leading business sectors (Sekaran & Bougie, 2016). Bloggers and news reporters can use it in order to record specific videos that might be commercially beneficial for them. This device is expected to be high in demand among its target consumer and thus will be financially feasible and earn revenue for the firm.
4.3 Technical feasibility: The device is technologically advanced equipped with the latest software and allows the user to enhance their picture taking experience. This device will be manufactured with the help of superior quality product thus ensuring its technical feasibility.
5.1 Key partners: It is essential to identify the different partners that will be associated wt the proposed idea. Some of the most significant partners include hardware and software development industry, employees who will have the responsibility of managing the entire business, consumers who will be responsible for purchasing the product.
5.2 Key Activities: The critical activities for the mentioned business idea include:
5.3 Value proposition: The new Drone is a valuable device that will help the travellers, users take images, and video s without using selfie sticks. Drone is one of the technologically advanced gadgets that will help in upgrading the media industry in a significant manner.
5.4 Key Resources: The resources necessary for the stated business plans include Artificial Intelligence enabled software, formulation of application for smartphones; manufacturing of Drone will require electronic equipment.
5.5 Customer relationship: Strong relationship helps in the success of the business. Marketing regarding the selfie Drone will assist in creating awareness about the products among potential customers (Rodriguez, Peterson & Ajjan, 2015). Customers will be provided with introductory discounts and specific gift vouchers in order to enhance their shopping experience.
5.6 Consumer Segment: This product is suitable for an individual that blog regarding travelling or are making professional videos on YouTube. This gadget will be helpful for individuals working for the media industry or news channels.
5.7 Distribution Channel: The products will be sold on e-commerce websites and different electronic stores.
5.8 Cost structure: Different costs are associated with the manufacturing of the selfie Drone. For example, the cost of the employees working for the organisation, the cost of manufacturing the product, the cost of designing the product and the application, cost of marketing the Selfie Drone in the market (Ritter & Lettl, 2018).
5.9 Revenue Streams: The main aim behind this idea generation is that the company will be able to earn enhanced revenue. The sale of this product will help in earning an increased profit, as it is technologically updated product that will be desired by most of the consumers.
6. Success factors of a business idea
The business helped in recognising four major factors such as a right business idea, innovation, adaptability and competence.
6.1 Right business solution: Conducting thorough market research will help in understanding the current trend and the needs of the consumers. It is evident that the trend of taking a selfie is prevailing and the idea is beneficial to gain the attention of the consumers. This business idea helps consumers in taking pictures in the most Hassel free manner with an efficient resolution.
6.2 Innovations: Innovation is one of the most significant factors that helps in the growth of the business and allows business firms to compete with one another (Laužikas & Dailydait?, 2015). The proposed business idea is very innovative as it allows the consumers to take an efficient picture with the help of mobile applications. This innovative idea will gain the attention of the market.
6.3 Adaptability: The device is quite adaptable and can be easily managed with the help of mobile phones. The user is not required to take any additional training in order to operate this Drone. Therefore, due to its easy accessibility and adaptability, it will be a desired product in the target consumer market.
6.4 Competence: Using the latest technology that will help in enhancing the experience of the consumer will help the organisation in acquiring a competitive edge in the market (Dan & Chunxiang, 2018). This Drone is compatible and helps users to take a selfie from any angle or position without using any stick. The latest software that is being used in manufacturing the Drone can help in attracting consumers. Customers will be interested in purchasing technology that will allow them in taking a perfect and clear picture without any interruption.
This Business Idea Assignment helps in gaining detailed information regarding the importance of innovation and technology for the development and growth of business organisations. It is evident that the market analysis helps in revealing that the trend of taking a selfie and taking videos is high among the consumers. Therefore, innovating new products to enhance the experience of the consumers will attract the attention of the consumers, and the sale of the company will increase. The innovation stated in this Business Idea Assignment is a Selfie Drone that will help consumers in taking an explicit selfie without any interruption or challenges. The Drone will be controlled with the help of mobile application, and thus the gadget will be user-friendly and adaptable. This gadget will help in addressing the issue of bad picture quality and enhance the experience of the users. This Business Idea Assignment provides details about the business model that will assist in the successful manufacture and launch of the selfie Drone. The management of the company is required to create an attractive marketing plan in order to increase market awareness regarding the product. The Business Idea Assignments are being prepared by our management experts from top universities which let us to provide you a reliable management assignment help service.
Dan, D., & Chunxiang, W. (2018). A Research on Intercultural Competence in Business. Modern Communication, 6, 060.
Laužikas, M., & Dailydait?, S. (2015). Impacts of social capital on transformation from efficiency to innovation-driven business. Journal of Business Economics and Management, 16(1), 37-51.
McQuarrie, E. F. (2015). The market research toolbox: a concise guide for beginners. Sage Publications.
Neacsu, T., Woods, L., & Sheldon, D. (2015). Ecommerce SEO: An advanced guide to on-page search engine optimization for ecommerce. Traian Neacsu.
Petkovska, T. (2015). The role and importance of innovation in business of small and medium enterprises. Economic Development/Ekonomiski Razvoj, 17.
Reed, M. (2015). Narcissism and the selfie: Investigating millennial narcissism on Instagram.
Ritter, T., & Lettl, C. (2018). The wider implications of business-model research. Long Range Planning, 51(1), 1-8.
Rodriguez, M., Peterson, R. M., & Ajjan, H. (2015). CRM/social media technology: impact on customer orientation process and organizational sales performance. In Ideas in Marketing: Finding the New and Polishing the Old (pp. 636-638). Springer, Cham.
Sekaran, U., & Bougie, R. (2016). Research methods for business: A skill building approach. John Wiley & Sons.
Souza, F., de Las Casas, D., Flores, V., Youn, S., Cha, M., Quercia, D., & Almeida, V. (2015, November). Dawn of the selfie era: The whos, wheres, and hows of selfies on Instagram. In Proceedings of the 2015 ACM on conference on online social networks (pp. 221-231). ACM.
Appendix: Business Model