Discuss About The Australasian Journal Of Regional Studied?
This report presents the innovation regarding the remote control battery cover. The remote control is necessary to operate the TV but its cover starts loosening shortly which is a problematic thing. Due to this, an innovator has proposed to launch the effective tools and techniques to overcome the losing of remote control cover. This report also demonstrates that innovator has mainly focused on the urban area people so as to promote the product in market easily. At the same time, innovators use the demographic and psychological factor to classify the product significantly. Beside this, innovators can face the higher competition level due to the availability of substitute products in the marketplace. At the same time, the innovator can compete with the existing competitors together with new entrants. But, the innovator has used the effective marketing strategy to attract a large number of customers, which is effective to stabilize the product in market (Chao, et al., 2013).
The design thinking activities play a significant role to perform the research in an appropriate manner. There are different factors that are involved in the design thinking process such as empathize, define, Ideate, prototype, and test. These all factors are discussed as below:
In this step, an innovator tries to gain the understanding about the customer’s preference to make a positive relationship with them. Consequently, it will be beneficial to pull the attention of customers towards their brand. Empathises enabled innovator to think like a customer, which will be effective to satisfy the customers in a significant manner (Corder, et al., 2014).
In this step, innovator examines the collected data for addressing the core issue. Innovator identifies the problem so that resolution to the problem faced by the people could be found out. Defining the research problem is the first step that the researcher has to take in a research.
In this process, innovator makes an innovative idea regarding the problem, which is a crucial step in the overall research. After this, the innovator mainly uses significant techniques such as Brainstorm, Worst Possible Idea, Brain-write, and SCAMPER. These techniques play a vital role to resolve the core problem pertaining to the research (Grana, et al., 2014).
The prototype is used to collect the best solution regarding the problem. At the same time, it can be said that this stage is used as an experimental phase by the innovator to collect the different views or ideas to resolve the problem.
(Source: Hewson, et al., 2015).
This step is the last step of the digital thinking wherein the innovator and their team members deeply evaluate the problem and rethink about the whole process to identify any new issue regarding the research. It will be supportive to eliminate the issues of the product produced in an effective manner (Hewson, et al., 2015).
The innovation program is launched by using the event where some factors are considered by the innovator to successfully launch the innovation. The innovator has organized their program at the Hotel Windsor, Australia. The innovator has decided to launch their program at 10 a.m. The innovator has used various channels to communicate with the potential customers in a significant manner. The communication channels used by the innovator are hoardings, mobile technology, and electronic bulletin boards. It will be significant to interact with customers and spread the awareness regarding the innovation program. These factors are discussed as below:
The mobile technology is significant to directly communicate with the customers as well as the innovator spread the awareness regarding the product and services. It will also support to direct collect individual opinion and view towards the product and services due to resolve the problem as per the need of customers (Hui, 2013).
Hoardings is also a second significant method to aware the customers regarding the product and services before the launch. It is the best way to cover a large number of people in at one time significantly. In additionally, hoardings can also be supportive to promote the product and services in less coat and time, which will be beneficial for the customers.
In addition, it can be said that the innovator has also used different kinds of promotional activities to enhance the awareness of product and services in the marketplace. These are such as digital communication tools, newspaper, television, and magazines (Lau, et al., 2013).
In the current scenario, the digital communication tool is significant for the organization due to easily communicating with the customers and makes a strong relationship with them. For this innovation, the innovator has used social media to communicate with customers and collect the information regarding the problem of research. There are some significant components that are considered in the digital communication email, Blog, Phone, Twitter, snap-chat, Facebook, Instagram, and LinkedIn. At the same time, it can also be said that the uses of social media have been increased day by day, therefore, the innovator has select such way to communicate with customers in a significant manner (Lehnbom, et al., 2016).
Newspapers are also the best way to cover a large number of people at one time. Additionally, innovators can provide their sample through newspaper and collect the different perception and views of customers from different areas. It will support to collect the information regarding the product and services consequently it can be effective to resolve the issues of product and services. The newspaper helps to cover the lower level as well as higher level of people to know the perception or experience of people regarding the issues of product. In addition to this, it can be said that newspaper plays an imperative role in promoting any kind of product and services in an effective manner. Therefore, it is addressed that the innovators have applied such kinds of sources to promote its goods and services in the marketplace. Along with this, they will also enhance the profitability and market share of product in less time and cost (Meyer, 2014).
The planning of resources can also be significant to effectively operate the program in long-term as well as enhance the profitability and growth significantly. An innovator has focuses on such resources Physical resources, Human resources, Intellectual resources, and financial resources. At the same time, it can also be said that such factors have a significant role to enhance the image and enhance the stability of product and services in the market.
Physical resources are important to the development of any product and services in a significant manner. The innovators can collect the raw material from the local manufactures of Australia due to enhancing the growth in long-term. At the same time, the main reason to select the Australia for the collection of the raw material has enhanced the income of local manufacture, which can increase the spending of people to purchase the goods and services significantly (Naseri, et al., 2013).
The human resources are also a second important factor or component of the business. At the same time, an innovator has also made a plan regarding the staff with certain skills, business partners, and suppliers to successfully operate the business or launch the product and services in the marketplace.
Intellectual resources are important for the business due to operating the business in an accurate and valid manner. It considers different kinds of components such as patents, copyrights, trademarks, trade secrets, and industrial design right. These components are significant to enhance the morality, economic growth and financial performance of product and services in long-term. Therefore, innovators have made an effective plan regarding the intellectual property to successfully operate the business in the market (Norman, et al., 2016).
Finance is a very important part of the business so it can be said that every organization has more focused on the financial resources due to accomplishing the aims and objectives business in less cost. An innovator has also made an effective budget before the launch of product and service in the marketplace because of saving the cost. At the same time, it can also be said that the effective budget plan can support to enhance the profitability and growth of business in long-term. An innovator has estimated $350,000 to effectively launch the product in the market (Wang, 2014).
An innovator has used to merger method to successfully operate the business in long-term. Additionally, an innovator has planned to merge with “Bing Lee” in future to enhance the growth and productivity of business significantly. The merger will be significant to in many ways such as market share, increase the product line, straight up combination supply chain, gain the research and development, and potential tax benefits (Paladino, 2013). In addition, it can be said that such factors are discussed as below:
The merger is significant to enhance the market share of the company due to increasing the variety of products and services in the marketplace. At the same time, it can also support to make a relationship with different customers in the different market, which will also effective to enhance the market share of the company in long-term.
The merger can also effective to improve the research and development department, which will be significant to increase the innovation in the product and service. At the same time, it can be said that the innovative product is supportive to attract a large number of customers for having the goods and services of the company (Pepper, et al., 2014).
It also supports to make a straight-up combination of the supply chain in the organization. It will increase the productivity of organization together with making a trustworthy relationship with customers. Therefore, it is addressed that an innovator can also increase the productivity of an organization by using a merger with a straight-up combination of the supply chain (Stevens, et al., 2013).
It will also support to make a favorable image in the marketplace, which can increase the sale of goods and services in long-term. Merger with similar product company can be more supportive as compared to the other company due to easily enhancing the market share in long-term (Pickernell, et al., 2013).
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Activities which will be achieved |
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Market research for identifying customer’s need |
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Competitor’s analysis |
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Contacting with suppliers |
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Selecting pricing strategy |
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Market survey where product will be delivered |
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Target the potential customers |
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Choosing the promotion strategy |
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Launching the product |
Conclusion
From the above discussion, it can be concluded that innovation plays a significant role in each business due to enhancing a large number of customers in less time and cost. The remote battery cover is important to those customers who have used the TV. Therefore an innovator has selected the remote cover to successfully resolve the issue significantly. In addition, it is also summarized that the innovator has used various digital communication resources to collect the information regarding the issues of remote cover. At the same time, the innovator has used various promotional activities before launched its products in the market.
On behalf of the above discussion, it can suggest that an innovator should use effective strategy to overcome the problem related to the remote cover. Additionally, an innovator can also use more tools and techniques of digital communication to directly communicate with customers and make a long-term relationship. In addition to this, it can be said that an innovator has a need to improve its time management skills due to complete the business activities in less time (Turban, et al., 2015).
References
Chao, C. W., Reid, M., & Mavondo, F. (2013). Global consumer innovativeness and consumer electronic product adoption. Asia Pacific Journal of Marketing and Logistics, 25(4), 614-630.
Corder, G. D., Golev, A., Fyfe, J., & King, S. (2014). The status of industrial ecology in Australia: Barriers and enablers. Resources, 3(2), 340-361.
Grana, R. A., & Ling, P. M. (2014). “Smoking revolution”: a content analysis of electronic cigarette retail websites. American journal of preventive medicine, 46(4), 395-403.
Hewson, R., Robson, D., Mauger, A., Cudahy, T., Thomas, M., & Jones, S. (2015). Using the Geoscience Australia-CSIRO ASTER maps and airborne geophysics to explore Australian geoscience. Journal of Spatial Science, 60(2), 207-231.
Hui, S. Y. (2013). Planar wireless charging technology for portable electronic products and Qi. Proceedings of the IEEE, 101(6), 1290-1301.
Lau, H. F., Lau, K. W., & Kan, C. W. (2013). The future of virtual environments: the development of virtual technology. Computer Science and Information Technology, 1(1), 41-50.
Lehnbom, E. C., Douglas, H. E., & Makeham, M. A. B. (2016). Positive beliefs and privacy concerns shape the future for the Personally Controlled Electronic Health Record. Internal medicine journal, 46(1), 108-111.
Meyer, A. M. (2014). What are the competencies of a successful project leader?. International Journal of Management Cases, 16(1), 29-36.
Naseri, M. B., & Elliott, G. (2013). The diffusion of online shopping in Australia: Comparing the Bass, Logistic and Gompertz growth models. Journal of Marketing Analytics, 1(1), 49-60.
Norman, R. E., Gibb, M., Dyer, A., Prentice, J., Yelland, S., Cheng, Q., … & Edwards, H. (2016). Improved wound management at lower cost: a sensible goal for Australia. International wound journal, 13(3), 303-316.
Paladino, A., & Ng, S. (2013). An examination of the influences on ‘green’mobile phone purchases among young business students: an empirical analysis. Environmental Education Research, 19(1), 118-145.
Pepper, J. K., & Brewer, N. T. (2014). Electronic nicotine delivery system (electronic cigarette) awareness, use, reactions, and beliefs: a systematic review. Tobacco control, 23(5), 375-384.
Pickernell, D., Keast, R., Brown, K., Yousefpour, N., & Miller, C. (2013). Taking the gamble: Local and regional policy issues of access to electronic gaming machines (EGMs): A case study of Victoria, Australia. Australasian Journal of Regional Studies, 19(2), 274.
Stevens, M., & Golebiowska, K. (2013). Gambling problems amongst the CALD population of Australia: hidden, visible or not a problem?. Asian Journal of Gambling Issues and Public Health, 3(1), 1.
Turban, E., King, D., Lee, J. K., Liang, T. P., & Turban, D. C. (2015). Retailing in electronic commerce: Products and services. In Electronic Commerce (pp. 103-159). USA: Springer International Publishing.
Wang, F. F. (2014). Law of electronic commercial transactions: Contemporary issues in the EU, US, and China. UK: Routledge.
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