Problem
Discuss about the innovation of consumer goods that can help in the development of an industry.
Issues related to customers and marketing can be related to the problems faced by the organisations. Due to these issues faced, it is essential that the organisations develop innovative technique that is essential for the production of unique products. The innovation can help in enhancing the production of the companies along with the services. Collaboration as well as the communication that are present at work can help in analysing the performance and promote the innovation tactics that exist in an organisation. Creativity and innovation are required so that the functioning of the business organisations can be considered. Constructive ideas such as brainstorming and fishbone analysis can help in generating ideas that can be effective for innovation. The systems help organisations to progress in the business market.
The aim of the report is to focus on the innovation of consumer goods that can help in the development of an industry as well as an organisation. Sustenance in the market need to be developed so that the capabilities of the organisations can be developed. In this regard, it can be said that the idea generated for developing a pen structured water purifier can be applied in the market. This can be used to assist customers that travel around the globe. This is mainly because the water purifier can be carried around and the level of salinity or toxic contained in the water can be analysed. At the same time, the heavy metal contents of the water can be analysed so that the pen structured water purifier can be easily applied. The industries can benefit by identifying the needs of the customers so that effective changes can be made in the organisations and at the same time, the business can continue with help of generating new business ideas.
The problems that the industries may face while developing and promoting the product can be related to the customers as well as the market. The biggest threat that can be faced by the managers of the organisations is that convincing the customers about the viability of the products. The promotion of the products requires financial challenges that may be faced by the companies. The convincing of the products in the market is to ensure that the base of the products are utilised in a proper manner. According to King and Baatartogtokh (2015), the issues may be mainly due to the lack of identification of the target markets. Every organisation need to identify target markets so that the effectiveness of the products can be maintained. At the same time, meeting the needs of the customers is also another important aspect that the manufacturing companies need to undertake.
Generation of a new business idea
Therefore, in order to ensure a sustainable position is maintained in the market, organisations adopt disruptive innovation. This can be achieved with artificial intelligence and application of machines that can help in enhancing the brand experiences of the buying behaviours. As stated by Pisano (2015) the application of such innovative process can help new markets to develop value and ensure that the network of the customers is maintained for the effective conducting of the business. Therefore, loyalty of the customer as well as the profitability of the business can be maintained with the application of the innovative process. At the same time, the key resources that is available for executing the plan is another important factor for developing the innovative product.
Therefore, it is necessary to resolve the issues that exist in the organisations. The promotion of the activities helps in the smooth functioning of the business and ensures that the innovation process can help in increasing the reputation of the company in the market. Risk factors that are required to be identified provide an opportunity to plan and mitigate the factors that help an organisation to develop their business. According to Reinhardt (2013), the innovation and the new business ideas can help in the promotion of the companies and at the same time ensue that the innovated products can adhere to the requirements of the business. Mitigation of the risk factors can help in maintaining the business functions that can help in the effective management of the markets.
The new idea that is in focus aims at identifying the manner in which continuous innovation can be maintained in the organisation as well as the industry. The innovation is based on the needs of the customers and the fact that such innovation can help in identifying any type of constraints that may be implied within the organisations. Therefore, the idea that has been generated focuses on the development of a pen structured water purifier that help in identifying the needs of the travellers as well as the people residing in the rural areas. The issues that are faced by these customers while travelling to different places can be mitigated by the application of the innovation tactics. The problem that is faced is mainly related to adopting with the water contents in foreign countries. The application of the pen structured water purifier can be used to purify the water and analyse salinity as well as the toxic contents that exist. The portable feature can help customers to carry this product anywhere and ensure that the health and safety of the body can be maintained.
Benefits
Disruptive innovation ensures that artificial intelligence can be used to function and enhance any new business ideas. According to Avital et al. (2014), the enhancing of the water purifier can help in bringing about changes in the business model that can help in the effective system analysis of the potentials of the organisations. The needs of the customers can be addressed by analysing the demands and the changes that are to be maintained. As observed by Osterwalder et al. (2014) the water purifier that the organisations need to maintain can be developed in a manner that can help in the effective development of the product. The uniqueness of the product is mainly the fact that portability can be applied that can ease the problems related to the consumption of unhealthy water. Digital personal assistant can be taken into consideration so that it can affect the customers and facilitate the knowledge related to the effective use of the products (Reinhardt, 2013).
Identifying the different issues that an organisation may face may result in the development of the products in an improper manner. For example, the usual constraints that the organisations may face include the financial, technical and operational issues. The needs of the customers need to be analysed so that the development of the product can be done based available resources. Coping up with the demand of the customers need to be such that it meets the demands of the customers based on the requirements of the innovation tactic (Joyce & Paquin, 2016). For example, inclusion can be made that help in detecting the Ph level in the water. The application of potassium permanganate can also be considered as it can be reused in the industry.
At the same time, certain limitation that may be faced while implementing the innovative nature is the fact that the availability of the Silver ion tablets may be a challenging factor for the companies. This is because this particular resource is less in the atmosphere and marketers need to conduct explicit digging and exploring to extract such elements. Thus, the adherence to the technologies required for innovation can enhance the scope of success of the product in the innovative business market (Dudin et al., 2015). Therefore, it can be said that identifying the potential needs of the customers can bring about a positive influence in the development of the product. Thus, a target market can be identified that can help in the rapid growth of the product in the international market. The target market in this case are the travellers.
In order to ensure that an effective analysis of the innovation can be made, the application of the Osterwalder and Pigneur model can be used for managing the value proposition of the product. The value proposition can ensure that the product created serves the purpose of the customers and ensure the longevity of the product. According to Osterwalder and Pigneur (2013), the business model canvas developed can help in the strategic management of the products particularly during the instances that require start up costs. In this regard, it is necessary to identify the cash flow that is required to spend so that the companies can develop the product in a proper manner. Promotion and innovation in the industry can be carried along that helps in the effective recognition of the business models. The business model helps in addressing the value proposition that the innovative product may incur (Corsi & Di Minin, 2014). The infrastructure of an organisation can also be included that highlights the organisational culture and finances required for the development of the product. The threats from the competitors need to be analysed so that effective transformation of business and penetration in the new markets can be considered.
In the light of the analysis and the effectiveness of the business model, certain success factors can be considered that can help in generating new ideas for the product. For example, the target market identification is one of the critical success factors that need to be considered by the organisations. The purification of water can help people that are health conscious as well as people that like to travel frequently. The purpose of the pen structured water purifier is to ensure that any harmful toxics are identified and eliminated from the water bodies. According to Christensen, Raynor and McDonald (2016), the critical success factors of the organisations mostly depend upon the innovation aimed at meeting the requirements of the customers. Identifying the need of the customers can help in the effective development of the process mostly because modifications can be made in case of any failure in the business process. The critical success factors that need to be managed in the organisations can focus on the needs of the industries as well as the market structure of the industry.
The feasibility of the innovative idea is that it can be analysed by considering various steps. These steps can help an organisation to maintain proper innovative ideas and ensure that the continuous innovation techniques are applied so that the development process can take place in a proper manner. In the words of Avital et al. (2014), the feasibility can help the product to remain unique and ensure that other competitors cannot replicate the market development of the products. One can argue the fact that portable filtering device is an idea already developed, the fact that the structure of it can be fit into a pocket is one of the unique qualities that have been developed in the business. As such, the portable water purifier may deserve the necessary promotion for its growth in the industry. At the same time, the inclusion of the Ph level tester can help in the development of the product and assist in identifying any chemical imbalance or toxicity in the water level. Therefore, the travellers can remain safe and ensure that they lead a healthy life in the society. Therefore, development of products that help in maintaining sustainability can also be continued in the industry. The feasibility is based on identifying the needs of the customers and facilitate to meet the purpose of attaining customer satisfaction in the market.
Conclusion
Thus, it can be said that satisfaction of the customers is the primary necessity of every business. This is the main reason for innovating products and ensuring growth in the business. The application of the pen structured water purifying device can help in constructing an effective business in the market. The changes that have been made in modern business industries are mainly based on the marketing dynamics. The application of the business model canvas can help in developing the value proportion of the business.
References
Avital, M., Andersson, M., Nickerson, J., Sundararajan, A., Alstyne, M. V., & Verhoeven, D. (2014). The Collaborative Economy: A Disruptive Innovation or Much Ado about Nothing?.
Christensen, C. M., Raynor, M. E., & McDonald, R. (2016). What is disruptive Innovation. The Encyclopedia of Human-Computer Interaction, 2.
Corsi, S., & Di Minin, A. (2014). Disruptive innovation… in reverse: Adding a geographical dimension to disruptive innovation theory. Creativity and Innovation Management, 23(1), 76-90.
Cortez, N. (2014). Regulating disruptive innovation. Berkeley Technology Law Journal, 175-228.
Dudin, M., Kucuri, G., Fedorova, I., Dzusova, S., & Namitulina, A. (2015). The innovative business model canvas in the system of effective budgeting.
Joyce, A., & Paquin, R. L. (2016). The triple layered business model canvas: A tool to design more sustainable business models. Journal of Cleaner Production, 135, 1474-1486.
King, A. A., & Baatartogtokh, B. (2015). How useful is the theory of disruptive innovation?. MIT Sloan Management Review, 57(1), 77.
Muhtaroglu, F. C. P., Demir, S., Obali, M., & Girgin, C. (2013, October). Business model canvas perspective on big data applications. In Big Data, 2013 IEEE International Conference on (pp. 32-37). IEEE.
Osiyevskyy, O., & Dewald, J. (2015). Explorative versus exploitative business model change: the cognitive antecedents of firm?level responses to disruptive innovation. Strategic Entrepreneurship Journal, 9(1), 58-78.
Osterwalder, A., & Pigneur, Y. (2013). Designing business models and similar strategic objects: the contribution of IS. Journal of the Association for information systems, 14(5), 237.
Osterwalder, A., Pigneur, Y., Bernarda, G., & Smith, A. (2014). Value proposition design: How to create products and services customers want. John Wiley & Sons.
Pisano, G. P. (2015). You need an innovation strategy. Harvard Business Review, 93(6), 44-54.
Reinhardt, U. E. (2013). The disruptive innovation of price transparency in health care. Jama, 310(18), 1927-1928.
Wallin, J., Chirumalla, K., & Thompson, A. (2013). Developing PSS concepts from traditional product sales situation: the use of business model canvas. In Product-Service Integration for Sustainable Solutions (pp. 263-274). Springer, Berlin, Heidelberg
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