Critically appraise the role and processes of innovation and business model development to create new ventures, products and services in response to grow the opportunities.
Assignment Title: Ideation, Business Model, Road Map & Launch Plan
You are expected to develop your business model, detail the launch plan and recommend the method which you will use to pitch for investment.
You must show how you will monitor and measure success of the launch.
I am suggesting that the Community Store UK increases the number of shops across the UK in the less favoured areas, in order to help people who are less fortunate, and to redistribute tmore volumes of surplus of foods and household products. Also, the company can launch a campaign to promote a simple, minimalist lifestyle, and frugal eating as being healthy, with the scope to change the mindset that ‘more is better’ because as demonstrated more and more often nowadays ‘less is more’.
Within this section you may wish to consider some of these headings:
Business Model: what is your business model canvas (this will be a new product service plan rather than a full business plan)
Value Creation: how are you planning to achieve this?
Detailed Launch Plan: explain & detail your plan using marketing frameworks.
Investment Pitch: who will you pitch to/how much will you ask/do you have the evidence to back up your claims. Detail the pitch – but make it new product/ new service specific.
Decide on which tools and techniques you wish to use to help with your ideation process:
Mind-mapping
Mood boards etc
Collect research, literature, and evidence.
Think about the organisation:
Company values
What makes the brand?
What is your competitive advantage?
Innovations
What have other companies in your sector done? What does your research show?
You will be expected to write up your ideation process and evaluation using relevant theory and frameworks.
Data collected as part of your evaluation can be added as a referenced appendix to your submission.
Develop a critical understanding of the role and processes of strategic marketing planning in the creation of value and/or competitive advantage for an organisation.
Evaluate how marketing tactics should be adjusted depending on context of the organisation, factors in the environment, segmentation, customer personas and consumer behaviour.
Critically appraise the role and processes of innovation and business model development to create new ventures, products and services in response to grow the opportunities.
Synthesize evidence within the market environment in the context of contemporary issues including digital transformation, marketing ethics and sustainability
Integrate and apply academic concepts and literature, and secondary research in the context of a strategic marketing plan.
Evidence a range of entrepreneurial skills through a new venture or new product/service development project including team working, ideation, innovation, evaluation, communication and persuasion.
Justify financially viable business models, launch plans and roadmaps that will deliver sustained growth in response to clearly identified market opportunities.
Critically evaluate key issues using academic concepts and literature.
Bibliography:
Trott, P. (2017) Innovation Management and New Product Development, Pearson
Entrepreneurs – Chapter 2, P68
New Product Development – Chapter 4, P482
Market Adoption & Technology – Chapter 3, P86
Kotler, P., Armstrong, G., Harris, L. C. and Piercy, N., 2017. Principles of Marketing. 7th European edition. Harlow: Pearson Education. (Chapter 4)
Reading
Digital Marketing. Strategy, implementation and practice
Chaffey, Dave; Ellis-Chadwick, Fiona. 2019
Harlow, United Kingdom: Pearson Education Limited 7th ed. 2019
Effective client management in professional services: how to build successful client relationships
Jack Berkovi author. 2014
Surrey, England; Burlington, Vermont: Gower Publishing Limited : Gower Publishing Company 2014
Chapter 9 – Jefferson, S. & Tanton, S. (2015) Value Content Marketing – how to make quality content your key to success
https://www.forbes.com/sites/lauraheller/2019/04/01/why-instagram-home-depot-and-pinterest-think-photos-are-the-next-big-thing/#7f2a76d3b4b4
https://contentmarketinginstitute.com/2011/03/boring-brands-content-strategies/
https://www.socialmediatoday.com/news/new-report-finds-instagram-engagement-rates-are-in-decline/558327/?fbclid=IwAR0_zPuhC7TN6y2U94j-RBCaRuLOs9w1DvmyJc2MM01gBmuugKv9tQV6ZM8
Maylor, Harvey (2010) Project management – Chapters 9 and 10
Risk Management in Marketing:
https://www.marketingweek.com/the-rise-of-risk-management-in-marketing/?nocache=true&login_errors%5B0%5D=invalidcombo&_lsnonce=6c795ced94&rememberme=1 (Links to an external site.)
Risk Management in the Digital Era
https://www.mckinsey.com/business-functions/risk/our-insights/the-future-of-risk-management-in-the-digital-era (Links to an external site.)
Effective Scenario Planning
https://www.smartinsights.com/managing-digital-marketing/planning-budgeting/tool-effective-scenario-planning/ (Links to an external site.)
Beware of False Metrics
https://www.smartinsights.com/goal-setting-evaluation/goals-kpis/beware-of-false-metrics/ (Links to an external site.)
Chaffey, D., Business Information Management: Improving Performance Using Information Systems: 2004 Edition, (1st Edition) Publisher: Financial Times/ Prentice Hall
Chaffey, D., & Ellis-Chadwick, F. Digital Marketing: Strategy, Implementation and Practice (2017). Pearson
Heinze A.J, et al (2017) Digital and Social Media Marketing: A Results-Driven Approach (2017). Routledge
Peterson, Cumming & Carpenter, 2003 – cited in www.researchgate.net
