(MGT807) Entrepreneurship and innovation assignment on the application of customer journey map, critical success factors and break-even Analysis

Question

Task: You are required to write anentrepreneurship and Innovation assignment analysing the marketability of a specific business idea. You are required to write about Customer journey map, Critical success factors and Break-even Analysis.

Answer

External environmental factors efficient for the success of the store
As per the environmental situation of Australia mentioned in the entrepreneurship and innovation assignment, it has been seen that the aqua cultural department and the fisheries department have taken ample measures in order to enhance the Global enhancement of the fisheries department. In this entrepreneurship and innovation assignment, it can be mentioned that the fisher department has been taking precautionary measures and has been enhancing their regulatory standards for maintaining transparency and conservative thank you, which would help in identifying and keeping into account the uncertainty that is taking place within the fishery department for determining the stock status. The entrepreneurship and innovation assignmentthereby introduced measure which will help in recovering the depleted stocks of the fish and have also crafted management object is which will help in enhancing the sustainability of the fish stock. It will reduce the number of fishes that were on the verge of becoming extinct (Steenbergenet al., 2019). With the help of maintaining sustainable fishery management, the fishery department has been able to reduce the depletion of the fisheries stock, has been able to protect them, and will rebuild the fish talk. This will give a chance in the fishery equipment Industry like that of the new fishing tackle store that is going to open in the area of Sydney. It is being seen that the increasing number of Fish stocks might help and contribute to the enhancement of the business. The increasing number of Fish stock as per the entrepreneurship and innovation assignmentthat is present within the water bodies will increase the demand for the fishing equipment, which is needed. Therefore with the help implementation of Sustainable fishery management to enhance the sustainability level of the environment and also by maintaining proper regulations in order to establish the new business idea within the new market to enhance the fishing management with help in maintaining sustainability within the fishing department and will also help in enhancing the business opportunity of the fishing tackle company that is being opened within the Sydney.

Entrepreneurship and innovation assignment discussing feature of the store
When it comes to implementing some innovative business models for fishing tackle stores, those have to be unique, and that makes the features different from other competitive brands. In Australia, brands like Rockdale Sports Fishing Tackle and Otto's Tackle World are some of the famous and popular fishing tackle companies that already have innovative and improved quality service (Ingram, 2022). Here in the entrepreneurship and innovation assignment, the discussion will be on some innovative features that can make the business model of fishing tackle unique. This should keep in mind that the other competitive brands in Australia are also making such innovative products, but those are not quite reaching the ideas, yet that will be mentioned below.

It has been seen in the entrepreneurship and innovation assignmentthat with the advance in technology, the fishery sector is also getting highly advanced and is changing rapidly, which are bringing recreational anglers in order to interact with the resources that are used for fishing purposes. It has been found in the entrepreneurship and innovation assignmentthat through the help of technology, improve the catching of fish and assessing them it has been, seen Technology features have been changing different aspects of the fishery department. It has been seen in the entrepreneurship and innovation assignmentthat through the help of technology advancement, the fishery tackle industry might be able to build up automated boat-based feeding and also, at the same time, might help in constructing the beach placement that is being used by the small-scale fisheries. This will help in reducing the managing difficulties and will also help in proper navigation, which will help towards the fair chase and will also help in managing the conflicts and will limit effectively. When it comes to fish biting hooks, it can be seen that some fishes free themselves from those hooks, but it leaves the injured (Cooke et al., 2021). In this entrepreneurship and innovation assignment, the next innovation can be flexible fish biting. This will be designed as an umbrella system that will look like a hook, but as soon as it touches some surface, in this case, a fish mouth, this will open up as an umbrella. Therefore, it will stick within the fish's mouth and take a grip. This will be less harmful to the dish in case they freed themselves from the biting.

The concept can be contradictory as the whereabouts of fish are completely opposite concepts of fishing, but it is one of the duties that the fishing process to limit its cruelty (Shannon, 2019). There are many trends as per the entrepreneurship and innovation assignmentin present industries to use animals and their bodies in the safest and least harmful way. There are many innovations that milk the cow without harming them or take wool from the sheep without harming them much. Therefore, this innovation of fish biting can also be granted as a step for considering the fishing process. As per the information mentioned in the entrepreneurship and innovation assignment, there are no such innovations that exactly match these innovations. The competitors are implementing the innovations but could not get to this idea yet. Therefore, this technology has the potential to make these fishing tackle products more unique than the others.

Components of journey map in the entrepreneurship and innovation assignment

Figure 1: Customer journey mapping
(Source: Made by Author)

Current entrepreneurship and innovation assignmentstudy has focused on developing a particular customer journey map that will help the new fishing tackle store of Sydney to establish the path of purchase journey. Hence, the factors that will be considered in this customer journey map are product awareness, product research, visiting the store, product purchase, products receipts, issues of podcast and responses. The entrepreneurship and innovation assignment will also consider the factor of social complaints. Customers would like to generate awareness of the products offered by the store and in this regard the customers follow the above-mentioned steps later. They conduct research in the market regarding the effectiveness of the products and then make a decision to visit the store. On this account of the entrepreneurship and innovation assignmentit needs to mention that this fishing tackle store needs to generate good reviews of the products and it can help the customers to be aware of the products. It will also help the customers get positive feedback regarding the products.

After conducting the entrepreneurship and innovation assignmentresearch, the next step is visiting the store and the store needs to be located at the centre of the city so that it can draw the attention of customers. Moreover, it can be convenient for the customers to visit the store frequently. The store needs to be well decorated and rich in diversified multiple kinds of products as per the needs and wants of the customers. The crucial stage of the customer journey map is purchasing the products and in this stage the customers are supposed to make a compilation of all their product awareness and market research (Alvarez et al., 2020). They take initiative to judge the products by physical yes and in this context the touch and feel effect plays the most important role. Finally, the customer's purchase the products among multiple options according to their preferences and choice. The store as per the entrepreneurship and innovation assignment needs to use these factors with much care so that it can be able to attract more customers to sell the products and they can complete either entire journey of the customer journey map.

The next step is usage in the entrepreneurship and innovation assignment, that means, then the customer is not receiving some answers from the customer care service of the company. It is very important for brand reputation. Satisfying customer query and helping them out in purchasing the product they want. If the customer service is performing as expected as the customer wants, this will create a long-term relation with customers and the service providers (Alvarez et al., 2020). In this case, the innovation should be described to the customers so that it will make the product user friendly. If the company is helping the customers with the usage of those products, they will be satisfied. On the other hand, if they are not satisfied with the customer service then it will have a negative impact on the customers.

The next step is support in the entrepreneurship and innovation assignment, the support shows the follow up after the purchasing. It is not enough to just purchase a product but the follow up help and service is also necessary. It depends on the brand reputation. In this case, the innovative biting and tracking devices need to be understood. This step can help the brands know the feedback regarding the products (Shiratori, Trevisan&Mascarenhas, 2021). Through this mutual interaction, it can be possible to deliver the best service to the customers.

The last step is repeat purchase in theentrepreneurship and innovation assignment. This shows that the customers are happy regarding the purchase and also, they are suggesting their acquaintances about the products. This step is crucial as it is the judging step whether this brand gave their customer the best service or not. The entire journey of a customer helps him make long term customer relationships with the company. It serves as feedback for the company about their service quality and helps them to improve.

It is been seen in the entrepreneurship and innovation assignmentthat the new fishing tackling company that is being gone to open in Sydney is being tried to introduce their online store option through which the customers will be able to get their facilities and their services in a timely and easier manner. This will help in enhancing the customer experience level. Through the help of an online store, the customers will be able to evaluate the facilities or the services that are being provided by the company in comparison to its other rival companies, which include Rockdale Sports Fishing Tackle along with Otto's tackle World company. It has been seen in the entrepreneurship and innovation assignmentthat through the help of the online store, the customers will be able to compare the products that are being provided by the company to that of the program provided by the other fishing tackles stores that are operating within the market in terms of both their qualities and their prices. After evaluating both the prices, the consumer will purchase if the quality and the price of the product are affordable and if the fishing equipment provides better services and facilities than the others. After the purchase is being made by the customer, they will be asked to give their feedback once they have used it so that the company can be able to understand the area where they need to make improvements. It can be mentioned in the entrepreneurship and innovation assignmentthat the interface of the online store through which the company sells and promote its fishing equipment product is very smooth and has been very easier for the customers to navigate through it smoothly, which has been the major touchpoint for the customers. Providing the equipments through online mode might also help the fishing tackle company of Sydney to gain competitive advantage within the market.

Assumptions for break-even analysis in theentrepreneurship and innovation assignment
In order to analyse the breakeven point for the new Fishing tackle store in the entrepreneurship and innovation assignmentthat is being introduced in Sydney, it is being observed that the running cost for the company is being considered where the price includes the total payroll, the utilities or the equipment cost, the loan repayment principal along with the estimation regarding the other running cost of the new Fishing tackle company. Among the direct cost of the company is the inventory, the payments and the cleaning cost, along with the maintenance costs incurred by the lodging department of the Fishing tackle company. The breakeven analysis for the next year is the second year being analysed (Sintha, 2020). Among the values that have been assumed in the entrepreneurship and innovation assignment, it is being seen that the total capital invested over the new Fishing store is being taken to be around $597000. In this context, it is seen that the company's total worth is approximately $90,000, while its long-term liabilities are about $507,000. The company allotted a fixed cost of around $70,000; the remaining cost will be the new fishing tackling the company's variable cost. It is assumed in the entrepreneurship and innovation assignment that the new Fishing tackle company is keeping its price competitive at the rate of $ 239 so that the company can give a tight competition to Rockdale Fishing Tackle and eh Otto's Tackle World company. The company has decided to keep its market size large and is producing at a large scale of around 2500.

Therefore, from the entrepreneurship and innovation assignmentanalysis that is being done within the spreadsheet, it is seen that the total cost incurred by the new Fishing Tackling company in order to produce the variety of product range is around $ 4,82,500, which is being calculated from both the vital attributes of this business plan which are the number of products manufactured by the new company and the average price level of the company. Therefore, since the fixed cost of the company has been mentioned to be around $ 150,000, it is seen in theentrepreneurship and innovation assignmentthat the direct cost or the variable cost can now be calculated from here, which is being determined by eliminating the fixed cost from that of the total cost incurred (Siriya et al., 2020). Therefore, the variable or direct cost of the new Fishing tackling company is estimated to be around $ 332,500. But if the variable cost for the company per unit is being allotted, it is seen in theentrepreneurship and innovation assignmentthat the variable cost for each unit will cost around $133 per unit.

After the contribution per unit is calculated, it will be able to calculate the company's breakeven point by dividing the company's fixed cost by that of the gift per unit, which will give the company's breakeven point in units. Therefore, it is seen in the entrepreneurship and innovation assignmentthat by dividing the fixed price by the contribution per unit, the breakeven per unit is calculated to be around 1415. This means that after the production of the 1415 units, the company will gradually generate profit with the output of each unit of equipment. If the contribution per sale dollar is being calculated, it will be seen in theentrepreneurship and innovation assignmentthat the contribution margin will be divided by the fixed cost. Here, in this case, the contribution margin is calculated to be $ 265000. Therefore, if the breakeven point for sales dollars is being calculated, it will be seen that the break-even point will be estimated to be around 1.82 dollars. The margin of safety for the company is calculated to be about 0.43 in the entrepreneurship and innovation assignment, which shows that after the production of 43%, the company will be able to produce a profit from the rest of the output.

References
Alvarez, J., Léger, P. M., Fredette, M., Chen, S. L., Maunier, B., &Senecal, S. (2020). An enriched customer journey map: how to construct and visualize a global portrait of both lived and perceived users’ experiences. Designs, 4(3), 29. https://www.mdpi.com/786612
Charter, M., & Whitehead, P. (2022). Local innovation systems related to waste fishing gear. https://research.uca.ac.uk/5732/1/BCE-Local-Innovation-Systems-FINAL-March-2022.pdf
Cooke, S. J., Venturelli, P., Twardek, W. M., Lennox, R. J., Brownscombe, J. W., Skov, C., ... &Danylchuk, A. J. (2021). Technological innovations in the recreational fishing sector: implications for fisheries management and policy. Reviews in Fish Biology and Fisheries, 31(2), 253-288. https://link.springer.com/article/10.1007/s11160-021-09643-1
Edgar, G. J., Ward, T. J., & Stuart Smith, R. D. (2018). Rapid declines across Australian fishery stocks indicate global sustainability targets will not be achieved without an expanded network of ‘no fishing’reserves. Aquatic Conservation: Marine and Freshwater Ecosystems, 28(6), 1337-1350. https://onlinelibrary.wiley.com/doi/am-pdf/10.1002/aqc.2934 Ingram, D. (2022). 15 Innovative Fishing Accesories. TrendHunter.com. https://www.trendhunter.com/slideshow/fishing-accesories.
Shannon, N., (2019). Ethical Consumption. https://commons.vccs.edu/cgi/viewcontent.cgi article=1046&context=student_writing
Shiratori, E. K. A., Trevisan, A. H., &Mascarenhas, J. (2021). The customer journey in a product-service system business model. Procedia CIRP, 100, 313-318. https://www.sciencedirect.com/science/article/pii/S2212827121005370

Sintha, L., (2020). Importance of Break-Even Analysis for the Micro, Small and Medium Enterprises. International Journal of Research-GRANTHAALAYAH, 8(6). http://repository.uki.ac.id/2044/14/ImportanceofBreakEven.pdf

Siriya, K., Seksan, C., Fasai, W., Dechathanat, T., Pramot, S. and Ismail, A.H., (2020). A Simulation Model and Break-Even Analysis for Improving Painting Robots. International Journal, 9(4). https://www.researchgate.net/profile/Abdul-Halim-Ismail/publication/344161455_A_Simulation_Model_and_Break-Even_Analysis_for_Improving_Painting_Robots/links/5f5729f9299bf13a31ab01c9/A-Simulation-Model-and-Break-Even-Analysis-for-Improving-Painting-Robots.pdf
Steenbergen, D. J., Fabinyi, M., Barclay, K., Song, A. M., Cohen, P. J., Eriksson, H., & Mills, D. J. (2019). Governance interactions in small scale fisheries market chains: Examples from the Asia Pacific. Fish and Fisheries, 20(4), 697-714. https://opus.lib.uts.edu.au/bitstream/10453/135382/4/Binder1.pdf

Sun, M., Chang, C.L., Zhang, J., Mehmani, A. and Culligan, P., (2018, April). Break-even analysis of battery energy storage in buildings considering time-of-use rates. In 2018 IEEE Green Technologies Conference (GreenTech) (pp. 95-99). IEEE. https://ieeexplore.ieee.org/abstract/document/8373609/