Innovation and the Need for a Laser Keyboard
The focus of the assignment is to develop a product that requires recent innovation. As stated by Blut et al. (2015) innovation is required for the development of an organisation and the product that it possesses. In this case the focus is on the development of a laser keyboard. The utilisation of the laser keyboard can be made at any time as it provides an opportunity to convert any surface into a digital and holographic keyboard. The reason behind this particular product is chose is because software in a computer have been involved in continuous innovation with the systems been upgraded from one generation to another. However, its hardware such as the keyboards does not get enough recognition and improvement opportunities.
As pointed out by Agnihotri et al. (2016) keyboards are important for maintaining operations in a computer as most of the works like typing any mail or important information are done by the use of the keyboards. This innovative technique can help business men as they can use the product at any time and at any place. The innovative idea was brought to light by the application of brainstorming method. According to Hill and Brierley (2017), brainstorming method helps in focusing new ideas by focusing on the required parameters required for success. In this case, the required parameter for the development of a successful laser keyboard involves enhancing the opportunities of business men to type important emails even without the presence of a proper key board in the place.
The problem that is being tried to solve in the assignment includes enhancing the business opportunities of entrepreneurs so that they can continue to work effectively even outside the office. Therefore, the problem can be mitigated by the development of a laser keyboard.
The customers in this case are the businessmen that feel hampered in case of any urgency at work. The laser keyboard can help convert any surface into a keyboard and assist in sending any business related to information from any place. As observed by Hwang and Suh (2018) the characteristic of the laser key board is the fact that it can be connected with devices such mobile phones or IPad with the help of Bluetooth. Therefore, this innovative tactic of converting plane surfaces into a keyboard which is easily portable can be welcomed by the customers.
The problem affects the business men that can apply the innovative technique for the development of business. This is mainly because the business men can feel flexible based on working at office or away from it. It affects the business men as important documents, information or emails can be sent instantly without having to reach a place that offers the use of a computer. However, one of the costs involved with the application of device need to be kept in mind. As pointed out by Kumar (2016) the costs of such devices can be high. Despite this, the cost problem can be solved by making the product as a mobile application that requires to be downloaded.
Market and Customer Needs
The market in which the product is launched can pay for the solution. This is because the mobility with which the product can be carried around is unique and can help in its development in the market provided it is promoted at a cheap cost. Therefore, the need of the market can be categorised into emerging need. According to Han and Hyun (2015), emerging needs can be considered a type of need that is on the verge of gaining popularity among the customers. The laser keyboard can be considered as emerging as the need of the product can be spread quickly after its initial launch.
The need of the laser keyboard can be considered as emerging in the business and customers may be willing to own a portable device that provides them with an opportunity to use it at any time. As stated by Sorescu and Sorescu (2016) customers usually pay a heavy amount for gaining an innovative product. In this case, a similar scenario can be taken into account for the development of the product in the market. In this regard, a market value of holographs, keyboards and computers can be taken into account for the development of a price of the products.
The perceived benefits of the laser keyboard are that it can be used at any time. It can be connected easily using Bluetooth and can help in mailing or typing about important information that can help in business men to continue with the enhancement opportunities in the business. The risks that are involved with the laser keyboard are that it may be perceived as expensive and the product may require to be fully charged for use. Therefore, a portable charger that is suitable for the laser keyboard need to be developed so that businessmen can use the product efficiently.
Along with the benefits and risks, the appeal characteristics also need to be taken into consideration. As stated by Lovelock and Patterson (2015) the characteristic and presentation of a product determine the purchase intention of customers. In the case of the laser keyboard, the characteristics that may entertain the customers may include the frequency of its use and the weight that they need to carry while using the device. Therefore, the buying motive along with the tastes and preferences of the customers can result in providing the product its proper functioning and worth.
One of the challenges that laser keyboard may face involves that of the competitors. As an emerging business trying to promote the product, the finances and the popularity required for the development of the product may face competition from existing rivals. As stated by Card, Kluve and Weber (2017) rival companies can act as a negative impact for the development of a product especially while it is trying to meet the emerging needs of the customers. Hence, rivals such as Samsung or Apple can provide tough competition in the development of the laser keyboard and selling it in the market.
Challenges and Competition
Hence, the brand name of the competitors needs to be taken into account in order to maintain a competitive advantage in the market. Along with this, it is necessary to identify the product life cycle associated with the development of the product. As stated by Kassem and Succar (2017) the product life cycle determines the value of a product and the fluctuation it has in the market. In the case of the laser keyboard, the product life cycle can be considered in the growth stage as the laser keyboard is in an emerging level in the business market.
The market size of the laser keyboard at the present condition is low as it is still in the growth and emerging state. Another reason for the low market size is the fact that the product is available in limited stores and considerations about making it as a mobile application still needs to be considered. However, as stated by Chiu and Hofer (2015) the potential of innovative technologies is always high in a market. Similarly, the laser keyboard also possesses high potential to reach the customers and ensure that it addresses the demands of the customers.
The internal capabilities that need to be taken into consideration in this case is that of the strength possessed and the experience that may help in the development of the laser keyboard. It is necessary to understand the experience possessed by the developers in terms of working with technology and promoting it in the market. The brainstorming idea used for the development of the laser keyboard need to be based on the talents possessed by the developers in trying to manufacture the laser keyboard for its specified purpose. Therefore, the talents that can be offered for the development of the laser keyboard is that of technical expertise and the expertise based on designing and marketing.
Along with this, another consideration that needs to be made is the fact that such development need to be done in groups. As pointed out by Bamiatzi et al. (2016) the development of technical competence can help in the development of a technical product so that the laser keyboard can contribute to the development of the market. The winning team need to be made by taking into consideration every department so that every aspect associated with the development of the laser keyboard can be covered. For example, the technical expertise is required for the development of devices associated with the keyboard. At the same time the marketing of the laser keyboard need to be done so that it can reach the customers in a timely manner and gain proper response.
Scalability and Profitability
The unique selling point or value proposition of the laser keyboard is the fact that it can be used in any place. The mobility of the product can be taken into account for developing and promoting it in a manner that can peak the interests of the customers. Therefore, it can be said that the value proposition of the laser keyboard is the flexibility of the product and the manner in which it can help in the development of computers all across the world. Along with this, business men can gain the required exposure for performing urgent tasks.
The success of the product can be scalable as the responses provided by the customers can account for the development of the laser keyboard. The promotion of the laser keyboard using retail organisations can provide for an analysis of the factors that help it to gain success. Therefore it can be said that scaling the success of the product can be made based on the responses provided by the customers (Laudon and Traver 2016). Hence, the development of the laser keyboard in the market can also be accounted for the success of the company.
The return on investment of the product can help in identifying the gain or loss that is relative to the amount of money invested for the development (Jones, Nichols and Pappas 2017). In the case of the laser keyboard, the development of nano-technology for the installation of chips and Bluetooth reading device can cost more. Therefore, the cash inflow needs to be totally based on the success of the product and the manner in which profit can be gained by the responses of the customers. Along with this, the relative return required for the development of the product can be taken into consideration based on the success.
Reference
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