Lb5124 Business Innovation And Management: Assessment Answers

In this assignment you have to select one organisation and their product and put some innovation

To successfully complete the assessment, you are required to identify a business and the business stakeholder you will be writing the business case for. You might be pitching to an investor or the management of a business. Identify the business and the stakeholder.

Answer:

Introduction 

Advancement and business improvement is an essential viewpoint that should be considered in an association. Associations need to moderate the imperative issues in business by considering creative methodologies that are basic for the improvement of a market. As per Avital et al. (2014), advancement helps with building up the market and giving an upper hand in the business. It helps in improving the generation and expands the level of fulfillment of the organizations. The report centers around the development show that can be received by Shine Beauty with the goal that it can give appropriate selection of beautifying agents to the clients. The created item in center is the Fx Smart Mirror that can assist clients with choosing their favored corrective of their decision.

Develop case document

Problem

The issues that Shine Beauty may face can be involved the clients. One of the greatest difficulties that the organization may confront is to persuade the clients about the convenience of the item. A large portion of the clients might be old fashioned and because of this, they may want to have physical proof with respect to the buy of the items (Fernandes & Panda, 2018). The directors of Shine Beauty should know about the reactions they may get especially from the more seasoned age. Henceforth, the objective market can be limited to the popular youth equipped for utilizing advanced cells and have a relaxation time while utilizing the item. The purpose for the event of this specific issue is that the inappropriate showcasing and advancement of the items (Liao et al., 2018). The notoriety of Shine Beauty had taken a descending turn in the market and it is essential to recognize the purpose for the fall with the goal that the item might be advanced in an appropriate way.

Another issue that can be alleviated by the utilization of the brilliant mirror is the way that the clients can apply the make-up and expel it in a virtual way. Not at all like the use of beautifiers in a manual way, can the utilization of the mirror furnish clients with the decision of distinguishing the best make-up that can be appropriate for the skin. Consequently, testing the make-up before applying it can go about as a methods for development that can be connected. Sparkle Beauty can build up the consistent mirrors and guarantee that the use of the brilliant mirror can assist the organization with gaining more client base. The possibility of Fx Smart Mirror can enable the organization to pull in clients. Clients can attempt on the clients by utilizing the shrewd mirror without really applying it on the face. The uniqueness of the item is that it can be utilized like advanced mobile phone and the clients can see the selection of beautifiers that show up in the wake of sliding in a flash regarding whether it suits their necessity. It can help in breaking down the face and recommend appropriate beautifiers required for the face. Accordingly, Shine Beauty had gone for consumer loyalty and used an item that can be utilized as a part of a way that is indistinguishable to the utilization of PDAs (Tarute, Nikou & Gatautis 2017).

Consequently, the reception of troublesome imaginative strategy can help in expanding the notoriety of the organization and guarantee that Shine Beauty recapture their lost status in the market. Dawes and Nenycz-Thiel (2014) expressed that the contribution of manmade brainpower in the keen mirror could enable it to control the working. The clients can utilize the mirror in a double way that involve the essential utilization of the mirror and the savvy utilize. The computerized reasoning can propose the best outfit that can suit the clients. In this way, one might say that overabundance capable assets is important for Shine Beauty with the goal that it can execute the problematic development strategies. Hence, the arrangement should be executed legitimately for the advancement of the item.

Sparkle Beauty need to determine these issues as quickly as time permits with the goal that it can attempt to keep up its notoriety in the business. For this, one might say that Shine Beauty, can utilize a legitimate limited time methodology so smooth working of the creation can happen. In the meantime, the hazard factors that might be experienced by the associations likewise should be considered. The hazard factors for this situation include the improvement of the business so it can adjust itself to the adjustments in the market. Yan et al. (2018) expressed that powerful administration could assist organizations with mitigating any kind of dangers that exists in the market. In this manner, Shine Beauty needs to embrace legitimate administrative abilities so it can endeavor to be focused with the contenders.

Benefits

One of the advantages that can be acquired from the assembling of the item is that the improvement of the counterfeit consciousness can occur (Kumar et al., 2016). This can help in upgrading any new business thoughts that can be utilized as a part without bounds. In the meantime, the capacities of Shine Beauty can be broke down and the way in which it can create itself in the market can be distinguished. As per Porter and Heppelmann (2014), the requests of the general population can be met by reinforcing the present capacity and guaranteeing that the consistency in the workforce is kept up. Aside from the advantages of understanding the abilities of the organizations, Shine Beauty can likewise gauge the dedication of the clients. The keen mirror can help in the compelling advancement of the association and can enhance the association according to the clients. Aside from a couple of imperatives, the advancement of the item can help Shine Beauty address the requirements of the design feeling of the clients.

On account of the advancement of the keen mirror, it is fundamental that the imperatives with respect to the improvement be recognized. As said before, the requirements are fundamental and can be moderated with appropriate overseeing strategies (Bendickson, Gur & Taylor, 2016). Another advantage that can be gotten from the advancement of the brilliant mirror is that individuals will be urged to visit the physical stores. Joyce and Paquin (2016) are of the supposition that with the advancement of web based acquiring, the visit to the physical stores have stopped. Henceforth, the brilliant mirrors can constrain the general population to visit the stores with the goal that they can respect the items and buy it from the stores.

Strategic responses

The vital reaction that Shine Beauty needs to figure is the distinguishing proof of the highlights that can't be executed in the item. For instance, the measure of the new mirror is substantial in this manner; it can't be fit in the pockets of the clients. This can be a testing factor for Shine Beauty as the organization need to abbreviate the size with the goal that additional cost of including programming can be decreased (Reddick, Chatfield & Puron-Cid, 2017). In this way, the budgetary state of the organization can be kept up and Shine Beauty can utilize it to create other imaginative items. More advances can be input with the goal that the item can be created further. This can likewise help in tending to the necessities of the clients and guarantee that the achievement of the organization and the item are upgraded (Gaubinger et al., 2015). The advancement of the objective market can help Shine Beauty to center around the correct needs of the clients and build up the items appropriately. A SWOT examination can be given to break down the reactions further

Strength · Smart and innovative product · Assists in choosing the varieties of cosmetics	Weakness · Larger size · Financial instability
Opportunity · Provide scope of conducting effective make-up · Can become a household application in the future	Threat · Threat from the competitors · Lack of ability to convince the old school customers

Table 1: SWOT Analysis

(Source: Created by author)

Option analysis of the project

The operational investigation should be possible in light of the monetary examination of the advancement procedure that is embraced (Gamme & Aschehoug, 2014). The task choices need to think about the improvement of the creative procedure and its application in the initial two years of its generation in the business.

	Project option 1: Do Nothing	Project option 2: Utilise	Project option 3: Do Nothing
Analysis Period (years)	Year 1	Year 2	Year 3
Capital Costs ($m)	$0	$0	$0
Output Costs ($m)	$100	$100	$50
Present Value of Benefits ($m)	$50	$80	$67
Present Value of Costs ($m)	$45	$90	$70
Benefit Cost Ratio	3:2	4:5	2:1
Net Present Value ($m)	$78	$100	$45
Intangible costs / benefits (e.g. small, med., large)	$10	$10	$10
Distributional impacts (e.g. small, med., large)	$40	$60	$50
…
Preferred option	Do nothing	Utilise	Do nothing

Table 2: Calculation

(Source: Created by author)

Recommended solution and feasibility

After the investigation of the inventive item, one might say that the plausibility should be viewed as in light of the offer of the items. Steps should be attempted with the goal that the constant development of the item can occur (Kell et al., 2013). Sparkle Beauty need to guarantee that the item stays extraordinary with a couple of changes, for example, diminishing the extent of the mirror by endeavouring to joining the development in the hand reflects that are utilized. One of the proposals that should be considered is the way that the item should be littler. This can help Shine Beauty to pitch the beautifying agents to the clients.

The deliverability of the item should be finished with the assistance of online networking. An immediate conveyance of the item should be possible to the clients after the buy the item by means of any online source or from the physical stores that offer electronic supplies (Cho, Hwang & Lee, 2012). The deliverability can be related with the advancement of the items and the way in which the clients can have the capacity to be educated about the item. The objective clients can be arranged and with the utilization of online networking seeking, the clients can be furnished with a chance to recognize the item.

Conclusion

In this manner, it can be inferred that Shine Beauty wants to increase back the prevalence of the organization by applying the utilization of savvy reflect in the organization. The inventive procedure can help in fulfilling the clients and guarantee that they get the best possible presentation while actualizing specialized changes in the organization. The adjustments in the organization and the selection of the shrewd mirror can help Shine Beauty to take care of any issue identified with the reception of creative practices in the organization.

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?.

Bendickson, J., Gur, F. A., & Taylor, E. C. (2016). Reducing environmental uncertainty: How high performance work systems moderate the resource dependence?firm performance relationship. Canadian Journal of Administrative Sciences/Revue Canadienne des Sciences de l'Administration.

Cho, Y., Hwang, J., & Lee, D. (2012). Identification of effective opinion leaders in the diffusion of technological innovation: A social network approach. Technological Forecasting and Social Change, 79(1), 97-106.

Dawes, J., & Nenycz-Thiel, M. (2014). Comparing retailer purchase patterns and brand metrics for in-store and online grocery purchasing. Journal of Marketing Management, 30(3-4), 364-382.

de Reuver, M., Verschuur, E., Nikayin, F., Cerpa, N., & Bouwman, H. (2015). Collective action for mobile payment platforms: A case study on collaboration issues between banks and telecom operators. Electronic Commerce Research and Applications, 14(5), 331-344.

Fernandes, S.F. & Panda, R., (2018). Social Reference Group Influence on Women Buying Behaviour: A Review. Journal of Commerce and Management Thought, 9(2), pp.273-291.

Gamme, I., & H. Aschehoug, S. (2014). Assessing lean’s impact on operational integration. International Journal of Quality and Service Sciences, 6(2/3), 112-123.

Gaubinger, K., Rabl, M., Swan, S., & Werani, T. (2015). Innovation and Product Management. Springer Texts in Business and Economics ReDIF-Book.

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.

Kell, H. J., Lubinski, D., Benbow, C. P., & Steiger, J. H. (2013). Creativity and technical innovation: Spatial ability’s unique role. Psychological science, 24(9), 1831-1836.

Kumar, K. P. V., Reddy, K. A., Krishna, J. H., & Srinivas, B. (2016). Artificial Intelligence in Various Sectors. IJSEAT, 4(5), 271-279.

Liao, C. C., Lee, W. Y., Lai, Y. H., & Wang, L. Y. (2018). The relationship between container colors and the beauty benefits of skin care products. Color Research & Application, 43(2), 279-290.

Porter, M. E., & Heppelmann, J. E. (2015). How smart, connected products are transforming companies. Harvard Business Review, 93(10), 96-16.

Reddick, C. G., Chatfield, A. T., & Puron-Cid, G. (2017, June). Online budget transparency innovation in government: A case study of the US state governments. In Proceedings of the 18th Annual International Conference on Digital Government Research (pp. 232-241). ACM.

Tarute, A., Nikou, S., & Gatautis, R. (2017). Mobile application driven consumer engagement. Telematics and Informatics, 34(4), 145-156.

Yan, W., Xiong, Y., Chu, J., Li, G., & Xiong, Z. (2018). Clicks versus Bricks: The role of durability in marketing channel strategy of durable goods manufacturers. European Journal of Operational Research, 265(3), 909-918.