Entreprenuership And Innovation Management Case Study Solution
Step-5: Marketing the Idea
After building up a product design and completing the patent process, it’s time to bring ERC in the market. Before marketing, we should decide, how the ERC would brought to the market. Here we are supposed to think about the sources of financing the business, the location, the marketing techniques, the targeted markets etc. Source of financing for ERC could be the investment by owners and a loan by bank. The potential location for manufacturing and distributing ERC would be that which have high number of work force population.
Testing
Testing includes the evaluation of the market potential of the product by analyzing the consumer response over the product launch. In order to analyze the consumer vies about ERC, we should first go for an initial launch in a particular area to analyze the consumer views about the product and determine the loopholes. A basic level promotion of ERC in a particular area is needed before going to the initial launch. After advertising ERC for one month in at least two different areas, then we should go for the initial launch. It could be conducted through arranging camps at shopping malls, airports etc. and calling people to take a free relaxing journey at ERC. After that taking the person’s views about the relaxing ability of the ERC and asking them to rate the ERC from 1-5 stars. After getting thousands of reviews in terms of stars and verbal views, we could analyze the consumer response for ERC.
Stage-3: Business model generation
Business model is the way the business will be operated. The success of any business is relied upon its strong business model. ERC is a disruptive technology that would bring a lot of changes in the technology industry. The business model for ERC could either be obtained by business model innovation. By designing a totally new business model, or by following the business models used by the well-known companies in the technology industry. A successful business model could be developed using the following key blocks; (Pigneur, 2018)
- Customer Segments: Working Men and Women.
- Value Propositions: By fulfilling the relaxing needs for working class.
- Channels: Online Websites, Specialty Stores and Departmental Stores.
- Customer Relations: Taking frequent feed backs and allowing a money back guarantee.
- Key Resources: Manufacturing plant for ERC and technical expertise.
- Key Partnerships: Retailers at departmental stores and key suppliers for electrical materials.
A business model can be generated for ERC using the above blocks.
Stage-4: Resource Acquisition
Resource acquisition includes the determination of the sources of funding for the business. As stated above, ERC manufacturing and distribution would require a huge amount of capital investment for purchasing a plant and the office building, along with it, there are other expenditures as well, that are required to market ERC. These expenses include; promotional costs, leasing costs, patent costs etc. All these costs needed substantial amount of money that must be raised to fund these expenses. The required resources could be acquired by owner’s investment and acquisition of loan.the first stage in funding a startup of the business is to point out and evaluate certainalternative ways of funding, after that the business is required to choice certain alternatives from the choices and go for the startup.
Management and Execution
After taking up a startup, the ERC business is to be managed and executed. Management and execution of the business include managing and executing operational performance of the business by doing efforts to reduce the operational costs of production per unit. Along with it, the management and execution include managing financial performance of the business by doing efforts to achieve positive returns along with a sales growth. The overall performance evaluation of the organization is also a part of management and execution which could be analyzed evaluating the target performance with current performance.
Conclusion
ERC is a product with extensive growth potential, as the people are shifting towards busy schedules rapidly and in this scenario, ERC could be a solution to the needs of working class population. The ERC could generate a potential consumer base, as it is focused on both male and females. The potential resources could be acquired by investment of owners and by acquiring a term loan.
Appendices
Appendix-1
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