Business Idea assignment on Fabtronic Ltd

Question

Task:This is a group assignment that builds on the work completed in Assessment 2. It allows your group/team to showcase the business idea identified by the group as the "best one" during workshops earlier in the unit. The objective of Assessment 3 is to hone student's business concept development and presentation skills, including what it takes to explain and pitch an idea for a new business venture. It will allow students to appreciate that potential investors take the investment process seriously and will not commit to a project without first scrutinising it carefully.

While working on Assessment 2, your group/team should have identified an innovative business idea that has the best chance of securing a high proportion of a potential investment, to a maximum of $100,000. Your group/team will be required to present (pitch) the business idea using PowerPoint or similar. All members of the group must take part in the presentation.

Answer

Executive summary: Innovation is a significant part of the business organisation as it allows the firm to gain popularity and competitive edge in the marketplace. There are a number of methods that are being adopted by different firms in order to innovate new products. In this business idea assignment, the details regarding the innovative business idea proposed by Fabtronic Ltd has been discussed in a detailed manner. The company is making effective use of digital media in order to increase their presence among the potential consumers. In addition, the organisation is approaching potential investors in order to gain their support for their idea.

Introduction: Innovation is one of the most necessary aspects for any business organisation in order to sustain in the competitive environment. The purpose of this business idea assignment is to develop a sales pitch to increase the sales and awareness about the new scanner gadget innovated by the Fabtronic organisation. The gadget is an innovative product that will help in increasing the business of retailers and store managers and allow them to compete with the e-commerce retailers. The methods used by the management in order to sell their products to the investors and the customers will be discussed in a detailed manner. The primary channels that are being used by business organisations in order to promote their products on a large scale will be highlighted in this report. The different approaches that can be used by the company in order to attract potential consumer and investors towards the business idea will be discussed in a detailed manner.

The Pitch
Description of the proposed venture: The idea of manufacturing a scanner device has been proposed. The device will help in scanning the barcode of the stores and offline retailers and helps in uploading the products on different search engines so that the consumers nearby searching for the products are directed towards them. The main aim of developing this gadget is to allow the stores and traditional retailers to attract consumers towards their service so that they are able to compete with the increasing demand and popularity. The gadget will be beneficial in order to assist the consumers to get products at a faster pace, and they can even be satisfied with the quality of the products.

Business model of the gadget
Key Partners: It is important to gain detailed information regarding the different partners associated with the innovation of this new gadget (Muhtaroglu et al., 2013). The key partners includes the consumers such as the retailers or the store managers who are responsible to purchase the gadget and help in increasing the sales volume, the software designers who will be enabling the gadget with latest technology, the manufacturer that will be manufacturing the gadget for sale, the employees that will be ensuring to serve the consumers.

Key activities: Key activities are the activities that help in the manufacturing process of the new product. The key activities for scanner device are designing the gadget, manufacturing it and then optimising it to the popular search engines.

Customer segment: This gadget is mainly focused towards store managers and retailers that are presently not utilising the online website to serve their consumers. It will allow them in enhancing their business and sustaining in the competitive market. Making effective use of the gadget will allow the retailers to compete and gain a competitive edge over the e-commerce marketers.

Distribution channel: The device will be sold through the electronic store of the company. The company can also develop a partnership with other electronic companies so that the gadget is accessible through any electronic store. Easy accessibility will help in increasing the sale of the company (Boyle, 2015).

Problem solved by the business idea
The device has been designed in order to resolve the problems that are being faced by the retailers and supermarket managers of Australia. Due to the increasing trend of online shopping, it is observed that most of the consumers are inclined towards purchasing products through online e-commerce sellers. Due to this reason, the traditional marketers are facing the loss of potential consumers that have a significant impact on their revenue generation (Grewal, Motyka & Levy, 2018). In order to resolve this issue of the brick and motor retailers, the gadget has been proposed. The gadget will be user-friendly and will help in scanning the barcode of the products, and the products will be displayed on the search engines. Therefore hen any consumers search with a relevant keyword they will be shown the nearest store holding the products. It will allow the consumers to purchase the products and check the quality as well.

The gadget has been designed in a manner so that it synchronises with the products of the store this allow s the managers to gain information regarding their stock and they are able to organise and manage their stocks in a more efficient manner.

b>How the idea is monetised: The Company will have to convince a potential investor in order to receive adequate funding for the project. Inventors are mostly on the lookout for successful business ideas that will allow them in enhancing their business.

Financial feasibility: The idea is financially feasible, as the increase in the sale of the product will allow the company to earn increased revenue (Melnic & Iliescu, 2017).

Operational feasibility: The idea is operationally feasible the management will have to plan the entire process and ensure that the manufacturing and designing of the product are up to the standards.

The scope and scalability of the idea for commercialisation: The product has excellent scope in the market as the retailers are in dire need of a product that will allow them in sustaining in the market and help them in increasing their sales volume (Tuten & Solomon, 2017). The idea for commercialisation is that the company will promote their product with the help of billboards and social media advertisements so that they are able to reach out to potential clients. They will also be making use of television commercial for their promotional purpose it is the most popular and successful medium for advertisements.

What you are seeking from the investor
An investor is an individual that commits capitals to different organisations with an expectation of earning financial returns. Investors make use of their investments in order to increase their money or to earn incomes during their retirements such as with an annuity (Appel, Gormley & Keim, 2016). Fabtronic Ltd is searching for potential investors that can be trusted by the organisation. The investor will help the company by capitalising their innovation. The present start-up cost of the company is expected to be around $95,000. The funds received from the investors will be utilised for manufacturing the device on a large scale and then distributing it to different geographic areas for sales purpose. The investors will also be assisting the company in their promotional campaign so that the company is able to promote its product to their potential consumers. It will help in increasing the sales of the product, and the brand image of the firm will be highlighted in the market. The investor should be trustable so that they take effect decision that is beneficial for them as well as the business organisation. The support of the investors will help in bringing the innovate idea to the market that will be beneficial for the business of the retailers and the store managers.

What you are offering in return
The fabtronic organisation has come up with an innovative idea that will assist the brick and motor stores and supermarkets. The company is looking for potential investors so that they are able to turn their visions into reality and manufacture the device for their consumers. The investors will be providing funds for the company, and in return, the company will offer their investor a certain percentage of their profit revenue (Barber, Huang & Odean, 2017). It will allow the investors to earn an increasing amount of money than the amount invested by them in their initial investment. In addition, the increasing popularity of the product in the market will be beneficial for increasing the brand image of the company as well as the investors associated with the firm. The value of the investors in the market will rise gradually, and they will be gaining more business opportunity that will be beneficial for their career development and will provide them with a competitive edge over their competitors.

Introduce and comment on the elements of the portfolioThe different elements of the portfolio for the suggested product have been discussed below:

The management of Fabtronic will utilise a five-stage innovation process for the innovation of their new idea. It will help in building value for the idea proposed the management would be able to enhance the innovation positively. The innovation process will allow the management in ensuring the quality of the proposed idea.

A presentation will be developed that will helps in understanding the ideas that will be used by the management of the company in order to sell their innovative idea to the investors in order to gain their support for their new products. The tactics used by the management in order to convince the consumers regarding the benefit of the product will be highlighted in the presentation; the consumers will help in purchasing the product and making the innovation success in the business market.

Portfolio
1. Description and justification of innovation process

Figure 1: Steps for innovation process
(Source: Barberà-Guillem et al., 2014)

Observe Problems: New ideas are developed during the idea generation phase, in this case, the new idea of scanning gadget has been proposed. The process of mobilisation takes place when the idea is moved to a different logical or physical location. The management of the company conducted a market analysis and identifying the problem as per which the idea has been generated. New idea generation is necessary for the success of any business organization and as this idea is required to fulfil a market gap, it will be beneficial for the organization as they will be able to earn increased revenue to its high demand of the product in the market, which will lead to an increased sale of the products.

Solution for the identified problem: As the marketers, in a detailed knowledge regarding the problems existing in the business market the next step of the innovation process is to develop an appropriate solution for the identified issues. A per the scenario it was observed that the retails and the stores are facing tough competition from the e-commerce market and in order to enhance their business and innovative gadget has been suggested that will help in improving the business of the retailers. It is important that the solution that is proposed for the problem is beneficial for the firm so that they can increase their business. The idea of the gadget will help the company in earning increased revenue.

Trying the idea: it is important that the mentioned solution should be tested instead of figuring out the solution to problems before developing a product the better idea would be to put manufacture a model so that it can be tested for any issues of complications (Bosch?Sijtsema & Bosch, 2015). It will also help in making the gadget perfect for the consumers. Testing the gadget will be beneficial for the company while approaching an investor in this way the company will be able to put forward their samples so that the investors can be satisfied.

Implementation: once the gadget is tested and proves that there are apparently no major issues and it can be beneficial for the target market the company should try to take the major decision of manufacturing the product on a larger scale so that it can be introduced in the business market. However, it is important that the manufacturer should monitor the performance of their product in the market and after satisfactory performance should indulge in further production of the product.

3. Selling the business Idea to potential investors and consumers
Investors:In order to attract potential investors, the company has scheduled a meeting with the investors in order to inform them regarding the new product. They can even approach popular investor in order to present their new idea and gain the attention of the investors. The management presented the investors with samples so that they can understand the invention in a more detailed manner (Bernstein, Korteweg & Laws, 2017). The management explained the issues and the way the device can be beneficial for the business market. The profits that can be generated with the help of the device should be stated, and the investors should be made aware regarding the challenges and risks that are associated with the gadget. Ethical practices can help in building a strong bond between the company and its investor, which is necessary for the growth and development of the business. The investors are expected to invest an amount of around $95,000 in the manufacturing process and in return, they can earn a profit of 15% on increasing sale of the product.

Demand of the product: the demand of the product is high in the business market as every traditional retailer is interested in increasing his or her business.

Financial feasibility of the idea: the investors will be investing in the manufacturing process of the device and on the sale of each device; the investors will be earning around 15% from the total profit.

The scope of the device: Due to increasing business, competition there is a high demand of technologically advanced gadget. Therefore, the scope of success of this gadget is quite high in the market. As per the market analysis, it is evident that the brick and store retailers require innovation in order to assist them in sustaining in the competitive market. Therefore, investing in this innovation will allow the investors to earn higher returns over their invested amount.

Consumers: It is important that the management should try to develop creative and informative advertisements in order to create awareness regarding the business idea among its consumers. In order to promote the new scanner gadget the company will make use of the following advertisements channels:

Social media platforms: In order to promote the gadget among the retailers, the company will post pictures and information about the products on different social media sites such as Twitter, Facebook, Instagram and more. These sites are considered to be leading, and they will help in spreading the information on a global level. The information will easily reach potential customers, and the sale of the product will increase.

Television commercials: Television commercials are considered one of the most traditional forms of advertisement. However, it is evident that the majority of the users watch television and it helps in spreading information to millions of consumers. Therefore, advertising on television will allow the company to inform their consumers regarding the gadget on an enhanced scale (Bellman et al., 2014). Potential retailers will be attracted towards the product due to television advertisements.

Billboards: Billboards advertisement proves quite effective if the company, placing the advertisement in, selects an appropriate location for the advertisement then it can be viewed by the majority of potential customers that will allow the firm in gaining the attention of potential customers and helps them in increasing the sales volume of their products.

Newspaper articles: Advertising in the newspaper will help the company in conveying information to target consumers (Sridhar & Sriram, 2015). The company will have to select the most appropriate and leading newspaper that is received by the majority of retailers. It will increase the demand for the new gadget on the market.
Newsletters and blogs are considered as a type of bulletin that is issued to the different members of a particular society. These newsletters are beneficial for conveying important information to the members of the society and making them are regarding any latest developments or changes. As in case of Fabtronic, it is observed that the organisation is trying to introduce a new product for their consumers the organisation is required to follow certain steps in order to develop an appropriate e-newsletter for their investors as well as their customers. One of the latest blog developed by the management of the company has been provided below:

5. An example of newsletter in order to sell the business idea to investors and consumers:
Newsletters and blogs are considered as a type of bulletin that is issued to the different members of a particular society. These newsletters are beneficial for conveying important information to the members of the society and making them are regarding any latest developments or changes. As in case of Fabtronic, it is observed that the organisation is trying to introduce a new product for their consumers the organisation is required to follow certain steps in order to develop an appropriate e-newsletter for their investors as well as their customers. One of the latest blog developed by the management of the company has been provided below:

Fabtronic Ltd is a new start-up business with interesting innovative ideas that are dedicated to enhance the profitability of the company within a timeframe of one year. As per the market analysis conducted by the marketing team it is analysed that around 19 million people working in the brick and store retail sector are facing the issue of increasing competition of e-commerce retailers that are influencing their profit revenue. These figures indicate that an innovative device for the retailers will be high in demand in the present business market. It is evident that retail business is the fastest growing sector of Australia.

The proposed gadget will help in connecting the retailers to potential consumers searching products. The inventory management system of the retailers will also be enhanced in and efficient manner. The proposed device will be beneficial for the business of the retailers as well as the consumers as they will be able to gain information regarding the product and purchase the products instantly. If they have any issues with the product, they will not have to wait as in online shopping. They will just have to visit the stores nearby and can receive an exchange for their product.

The investors inventing in the project can receive benefits with the profit revenue that will be generated due to the sale of the device. The investors will also be gaining market importance and popularity that will help them in attracting potential business opportunity. This sector is generating high revenue and most of the consumers are still inclined towards shopping from brick and motors stores. Therefore, enhancing the business with the help of innovative gadget will allow the company in increasing the business of the retailers and the retailers will be interested in such devices. The investors have a bright opportunity of associating with an innovative idea that has a high market demand and value. This will increase the business and revenue generation of the investors.

Conclusion
This business idea assignment provides detailed information regarding the importance of innovating new products and services. The process involved in the innovation process has been discussed in a detailed manner in this business idea assignment. The different methods adopted by the organisation in order to reach out to potential customers and investors have been analysed. The business idea assignment reveals the innovation process that was used by Fabtronic Ltd in order to innovate a new product for their organisation. The company is introducing a new scanner gadget in order to assist the brick and motor retailers and store operators so that they are able to compete with the increasing competition of online e-commerce websites. An example of a newsletter has been providing that can be adopted by the management of the firm in order to reach out to their investors and consumers. The different promotional channels beneficial for the company has been mentioned and discussed in this business idea assignment. The interests of the investors have been analysed in this business idea assignment based on which the management of the company can propose their new innovative idea in order to gain their support. Business idea assignments are being prepared by our business assignment help experts from top universities which let us to provide you a reliable do my assignment help service.

Reference List
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