Develop a feasible business idea that will cater to the filling of the gap in the market for technology.
In the modern business context, one of the main problems is the competition among the various industries and the organizations that operate in it. As a result of the growing competition among the customers, the dissatisfaction among them is growing a lot. This is why the customers want some new ideas from the business managers so they can implement them properly within the organization. This is why the business managers will like to innovate some new ideas in the business context that will be highly beneficial for the customers. This is the reason that the entrepreneurs are looking forward to think about some big ideas about setting up their businesses. The startup business owners should be focusing on the various issues that they face when investing on the various stakeholders and wanting to get the proper benefits. The entrepreneur business owners should always think about some of the factors and try to mitigate those risks properly. The new business idea that should be focused in this paper is the production of the desktop computers that should be able to receive the signals from television. The business canvas model, the feasibility of the business idea, the critical success factors and the recommendations should be discussed in this paper.
It has been studied in various ways that the human beings in this competitive world are very much fond of getting much information about everything that is happening all around the world. This will be helpful for them to get the proper information about the recent things that takes place all around the world and they should get the needed education and entertainment from the world. It has to be mentioned that most people are fond of watching the television. The various television programs give the human beings the information about the surrounding world. The people can get the needed information from both the audio and visual modes through the television. The researches have also shown that the people always watch the television with extreme interest whenever any breaking news or event is on air (Kogan et al. 2017). This is why television is considered to be one of the most important things for the people to get the needed information. Another study has come up with the fact that the people feel very discomfort when they have to leave the rooms in the rooms they are working. This is why it has become extremely important to discover a technical tool by which the people can keep updated with the news and events on television through their desktops. The desktops must have the capacity of catching the signals from the television. The important device in this context is the SVGA output device Baden-(Fuller & Haefliger, 2013). This will help the desktops to work as the flat TV screens at the same time while receiving the signals from television. The new device can be called as the T-Computer.
This has to be mentioned that the proposed business idea will generate great profits within the target market of the companies who will manufacture it. The technology has been on the advance and this will be able to fill up the market gap because of the processing of this new business idea (Malhotra, Lee & Uslay, 2012). The target audience of this device will be the people who enjoy both computer and television. If both the facilities can be enjoyed within a same device, this will largely be helpful for those customers. This integration of the devices will be very much beneficial for them since they will be able to enjoy both the facilities. It would really be considered as one of the greatest inventions on the world of technology (Hakansson, 2015). This business will be able to provide around 300,00 employees and a large section of people having some idea on this will be able to earn through this. The poverty among the people can drop down if this business can begin effectively. If the poverty level is reduced, this will really be helpful for the organizations in this industry to bring the sustainability. The ill effects of poverty can be reduced through this business innovation (Ravallion, 2017).
This business industry will pay up the corporate tax as well. The payment of the corporate tax to the government will enhance the government treasury and this will help the government to provide the basic facilities to the people all over the country like water, health, education, health and other things. The GDP of the country will also increase in this context as well (Egerer, Langmantel & Zimmer, 2016). If the economy of the host country increases, this will be very much helpful for the country as well. This can also bring up a proper working environment by reducing the wastage of time in the workplaces. The target audience will not have to rush from one room to another as doing their work and going to the TV room for watching the news. They just can switch on their computers and turn on their TV mode to attend to the most important information being shown. Then they can swiftly switch back to their computers for doing the work.
The market and economic feasibility of the business idea should be discussed here in order to measure the feasibility of the entire business idea.
This has to be mentioned that the proposed business model definitely has a big market opportunity since it will fulfill a large gap in the market (Christopher, 2016). The customer convenience will also be provided through implementation of this business idea. The target audience will mainly be the middle aged people who keep themselves indulged in the workplace and they hardly have any interest in the social media. They are mostly dependent on the news being shown on TV. It is expected that the proposed business idea can be able to target almost 70% of the global market. Their primary competitors will be the TV and computer manufacturing organizations. The product quality should be very high indeed to capture the global market. If they commit any fault in the supply chain and logistics operations, this will work as a problem indeed. The weak customer relations can also be considered as a weakness (Christopher, 2016).
At the beginning level of the business, around $ 7 billion will be needed by the startup companies. The ways this amount can be raised are the saved funds, taking loans from multinational banks and selling of the shares (Bravo-Biosca, Criscuolo & Menon, 2016). After the proper growth of the business, the profits will be used for the enhancement of the business. The company will need around one and half months for their first sales and around three months to reach the breakeven point.
The relationship between the nine building blocks will be discussed in this section. The business model that can be used for this business idea is the long tail business model. This business model always targets the best customer segments for their profits through the best customer value propositions (Chen, Chiang & Storey, 2012). The reason for choosing this business model is the fact that is very expensive to provide the value propositions to the customer segments that do not yield proper profits for the business. The main target market for this product will be the young and middle-aged people who are generally the high earners. The customer segmentation for this product should be done according to the fact of who can buy more to ensure better value propositions. The revenue streams can be the payment on time by the customers and the recurrent payment systems for the value propositions. The key activities for this business models are the acquiring method of raw materials and utilizing them for the production and distribution (Afuah, 2014). The responsibility of the distribution of the products will be given to the supply chain management for the organization. Some of the main resources needed for the growth of this business are human, technological, financial and physical. All the nine building blocks have been given in the appendix section.
The business idea must be executed properly for gaining the competitive advantage over the competitors. Some of the important critical factors will be discussed so the organizations can gain the success that is highly needed. If these factors are implemented properly, the business idea can prove to be a fruitful one (Yao et al., 2014). The business type will be the business to consumer type. So they will operate as the service oriented employees. The business managers must make it sure that their employees always behave with the customers in a good manner. This will surely increase the reputation of the business. The location of the business will be set up at Melbourne in Australia. It is because this city is believed to be one of the leading cities in manufacturing of the electronic gadgets (Ng & Feldman, 2012).
The manufacturers will look to implement new digital technologies in the business procedure. They must ensure the proper high quality services and products to be delivered to the customers and fill up the market gap properly (Navarro-García, Arenas-Gaitán & Rondán-Cataluña, 2014). They should study the market properly and use their internal resources properly so they can gain the competitive advantage. It has also been observed when the companies go on to produce the same type of products, they have to confront almost the same external environment and face the same challenges and threats. This is why the companies must use the product differentiation strategy within the competitive environment so they can employ the important strategies for the growth of the organization in the positive way (Ray,2013).
The business will also be motivating the employees to work better and get the most needed employee satisfaction. The employee motivation can be provided in the forms of rewards, incentives and good working environment (Jain & Kaur, 2014). If the motivation among the employees can increase, this will increase the employee performance also. This enhancement will cater to the organizational growth. The positively motivated employees always go on to perform better than the people who are not motivated. The development in the employee performance will reinsure the increase in the productivity (Dobre, 2013). The proper work division according to the specialized abilities should also be practiced in this organization as well. Thus the companies can perform very well by motivation. The job satisfaction will ensure the longer tenure among the employees.
Conclusion
In this report, it has been found that it is indeed very important to showcase a new business idea so the market gap can be filled up properly. The business idea that has been developed in this report will cater to the needs of the organization as well as the government. The government will be able to make better infrastructure all around the country. The increase of the GDP will also ensure the better condition of the society. The business idea that has been developed here has much viability. Many factors should be kept in mind while discussing about the various factors like selling of the products, the proper market segmentation, availing the internal and external resources for growing the opportunities for business, abiding the several trade policies of Federal Government of Australia, The laws should not be violated by the organizations who will operate in this industry. The market and economic feasibility of this business idea will be very much critical indeed. The business idea can said to be a feasible one. The critical success factors for this business idea have been discussed thoroughly. The business idea can be developed to be a very successful enough if properly implemented. The entrepreneurs should be encouraged to go through a proper scrutiny about the success of the business idea. It is expected that the T-computers will be able to fill up the gap for the target audience.
References
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Baden-Fuller, C., & Haefliger, S. (2013). Business models and technological innovation. Long range planning, 46(6), 419-426.
Bravo-Biosca, A., Criscuolo, C., & Menon, C. (2016). What drives the dynamics of business growth?. Economic Policy, 31(88), 703-742..
Chen, H., Chiang, R. H., & Storey, V. C. (2012). Business intelligence and analytics: from big data to big impact. MIS quarterly, 1165-1188.
Christopher, M. (2016). Logistics & supply chain management. Pearson UK
Dobre, O. I. (2013). Employee motivation and organizational performance. Tabel of Contents.
Egerer, M., Langmantel, E., & Zimmer, M. (2016). Gross Domestic Product. In Regional Assessment of Global Change Impacts (pp. 147-152). Springer, Cham.
Hakansson, H. (Ed.). (2015). Industrial Technological Development (Routledge Revivals): A Network Approach. Routledge.
Jain, R., & Kaur, S. (2014). Impact of work environment on job satisfaction. International Journal of Scientific and Research Publications, 4(1), 1-8.
Kogan, L., Papanikolaou, D., Seru, A., & Stoffman, N. (2017). Technological innovation, resource allocation, and growth. The Quarterly Journal of Economics, 132(2), 665-712.
Malhotra, N. K., Lee, O. F., & Uslay, C. (2012). Mind the gap: the mediating role of mindful marketing between market and quality orientations, their interaction, and consequences. International Journal of Quality & Reliability Management, 29(6), 607-625.
Navarro-García, A., Arenas-Gaitán, J., & Rondán-Cataluña, F. J. (2014). External environment and the moderating role of export market orientation. Journal of Business Research, 67(5), 740-745.
Ng, T. W., & Feldman, D. C. (2012). Employee voice behavior: A meta?analytic test of the conservation of resources framework. Journal of Organizational Behavior, 33(2), 216-234.
Ravallion, M. (2017). Poverty comparisons. Routledge.
Ray Gehani, R. (2013). Innovative strategic leader transforming from a low-cost strategy to product differentiation strategy. Journal of technology management & innovation, 8(2), 144-155.
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