Skills Required for brainstorming A Business Idea
Task Description: 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.
The second part of the assessment is how constructively and collaboratively you have worked with others during the workshops scheduled for Assessment 2.
The assessment criteria for both components are detailed below.
- Effective explanation of the customer/market problem that needs solving and/or the reason the innovation is required.
- Persuasive argument of the benefits to be generated by the idea
- Discussion of the proposed business model
- Critical success factors to be managed during execution of the idea
- Evaluation of the feasibility of the idea
- Quality of written submission, referencing
Quality of contribution and collaboration
- Individual student has demonstrated they worked productively in the team, including the ability to brainstorm with others to generate a viable idea set and to solve project problems collaboratively
- Evidence that the individual student has helped the group reach consensus on the most viable idea to take forward for Assessment 3
- Evidence that the individual student has been proactive in ensuring the the successful completion of the portfolio of materials for the pitch in Assessment 3
Learning Outcomes Assessed:
- Investigate cases of disruptive innovation in different business and social contexts by applying lean entrepreneurship principles
- Develop ideas using conceptualisation frameworks, innovation personas and horizon thinking in different business and social contexts
- Demonstrate an understanding of and apply the stages of the innovation process, including learn how to forecast the success and market diffusion of your innovation using business model design logic
- Cognitive, technical and creative skills
- Ethical and Professional Responsibility
Introduction: In today’s world and business market, there are a number of challenges and issues faced by the businesses in respect with the deceptive and false products. There are a number of ways by which the people sell the wrong products to the consumers. Such kind of activities is common in the field of electronic equipment, automobile, old products and also retail products. To solve this issue and challenge of the todays’ business market, it is necessary to generate a new business idea or there could be an innovative idea generation which can help the consumers to get rid of these fake and false products (Okioga, 2007). The new business idea presented in the report is of manufacturing supply the packed water bottles but with a can opener system so that they cannot be reused or refilled and sell in the market. The report will present the new business idea, the consumer or the market problem behind the generation of the idea, benefits of the business idea, the business model, critical success factors and the feasibility of the business idea.
Customer / Market Problem : There is a huge challenge and issue faced by the businesses in respect with the deceptive and false products. There are a number of ways by which the people sell the wrong products to the consumers. In the packaged bottle water, this kind of activity usually very much common and as a result both the business companies as well as the consumers are facing numerous issues. Instead of twisting or crushing the bottles after use, people throw it as it is. This leads to circulation of all these bottles again with refilled unhygienic water which might be harmful for the individuals who are high elergatic and sensitive to such products. Therefore, it is one of the leading market problem identified in present business market and consumer market. In the present business market, there are still no kinds of innovations which can restrict such sort of false practices (Wilk, 2006).
Benefits of business idea: There are a number of benefits which are associated with the new business idea such as follows:
- Restricting the false business practices of reusing the water bottles
- Providing the customers with fresh, hygienic and pure water
- Creating employment for the people with new business idea and business operations
- Provide good returns and profits from future perspectives (Okioga, 2007).
Business model : For the growth and success of the new idea generation or the new business, it is highly significant for the organisation to have a sound business model. Such a vibrant business model will support the business in dealing with the day to day business operations and activities. As well as, it would also support in attaining the business objectives and goals. Following is the business model for the new idea generation or the new business idea:
Key activities- The key activities of the business model of the new business idea will comprise of the manufacturing of drinking bottle waters in the form of the can. the other key activities includes bottle refill, water filters for filtering the water, water purifier plants as there must be plant so that the water could be purified, herbal medicines for the purification of the water so that it could be free from the germs. All these are the key activities of the business model (Dada, 2011).
Key resources- The key resources of the business are the main factory for the production and packaging of the water bottles, the refilling centers, the organisational employees and the investment or the capital needed.
Key partnerships: The key partners of the new business would be the government, licensing as there is a need of license for selling products. There is also partnership to be developed with the technical assistance as well as the suppliers and distributors for the bottles.
Value proposition- The organisation would offer high level of effective and efficient services to its customer by putting the customers first. There must be adequate changes as per the needs of the special customers. There will be high value proposition as the customers will be considered as a significant part of the organisation.
Customer relationship- It is significant for the business to develop strong relationship and association with the customers ad thus there will be taken recommendations and suggestions from the customers. There would also be an efficient and effective complaint system and also a survey would be conducted for gathering the feedback of the customers about the quality and performance of the product (Pantin-Sohier, 2009).
Key channels- There are several channels which are significant and effective in targeting the adequate customer base. The product would be supplied through the outlets, franchises, supplying to the retailers.
Key Customer Segment- The customer segments or the segmentation of the product comprises of the household customers, the institutions and universities, schools and colleges, factories, shops, business firms, welfare in the disaster situations and social responsibility.
Revenue Stream- For the revenue generation and to earn profits, the revenue stream comprises of the pricing and cost strategy, selling of the products and gaining profits, survive till the breakeven point and then earning revenue after that.
Cost structure- There are also several costs and expenses which are incurred while performing business operations. The complete estimation of the cost and expenses would be reflecting in the company’s financial statement. There will be used the perpetual inventory system, the total cost of production would be analyzed on monthly basis (Gleick, 2010).
Critical success factor : There are few critical success factors which are required to understand and analyses by the organisation while performing the new business. By having an in-depth understanding of these factors, the business would gain higher competitive benefits in the industry. The critical success factors comprises of:
Marketing: It is one of the significant success factors as marketing with different channels will be helpful in targeting the adequate customers. By taking use of effective social media platforms and the promotional tools, the business could provide sound info about the product to the consumers (Royte, 2011).
Distribution: The next and the most important critical success factor for the success of the product in the market are to have sound distribution channels. The product needs a good and effective team so that the products can be distributed in extended regions and gain higher customer recognition.
Branding: Another success factor for the growth of the business and for fetching the attention of the customers is to have strong brand recognition in the market. There can be used the modern technologies and platforms for successful branding of the new business idea which highlights the unique idea and design of the products and enhance the brand value and recognition among the customers (Metcalf, Hess, Danes & Singh, 2012).
Feasibility: The feasibility of the business idea would be analyzed and judged by taking use of the breakeven point analysis as it will help in understanding that how soon the company reaches its breakeven point sales and initiate in making profits and revenues. It would reflect the success or the failure of the new business idea (Dege, 2011).
Conclusion: The report concludes that there is a big challenge and issue faced by the businesses in respect with the deceptive and false products. There are a number of ways by which the people sell the wrong products to the consumers. In the packaged bottle water, this kind of activity usually very much common and as a result both the business companies as well as the consumers are facing numerous issues. Thus there was a need of a new business idea of water bottle in the form of a can opener so that they cannot be reused. This business idea would be helpful in restricting the false practices and providing the customers with genuine products. The sound business model will help in succeeding the business and the adequate focus upon the success factors would also provide growth perspective for the new business idea.
Dada, A. C. (2011). Packaged water: optimizing local processes for sustainable water delivery in developing nations. Globalization and health, 7(1), 24.
Gleick, P. H. (2010). Bottled and sold: The story behind our obsession with bottled water. Island Press
Metcalf, L., Hess, J. S., Danes, J. E., & Singh, J. (2012). A mixed-methods approach for designing market-driven packaging. Qualitative market research: An international journal, 15(3), 268-289.
Okioga, T. T. I. (2007). Water quality and business aspects of sachet-vended water in Tamale, Ghana (Doctoral dissertation, Massachusetts Institute of Technology).
Pantin-Sohier, G. (2009). The influence of the product package on functional and symbolic associations of brand image. Recherche et Applications en Marketing (English Edition), 24(2), 53-71.
Royte, E. (2011). Bottlemania: big business, local springs, and the battle over America's drinking water. Bloomsbury Publishing USA.
Wilk, R. (2006). Bottled water: the pure commodity in the age of branding. journal of Consumer Culture, 6(3), 303-325.