MARK1201 Leading Innovation And Creativity

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MARK1201 Leading Innovation And Creativity

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MARK1201 Leading Innovation And Creativity

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Course Code: MARK1201
University: Asia Pacific University Of Technology And Innovation

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Country: Malaysia

Question:

The objective of this report is to write a rebuttal of your group proposal as if you were the leader of another team trying to persuade the board NOT to invest in your group’s proposal. Your rebuttal will focus on the four elements below:

Business Case and research:

Honestly and critically look at how unique and value-added your product idea is. Is it competitive advantage sustainable?
Does your product really address consumers’ need?  
How is your proposed product an improvement over competitors’ products/ideas?
What research was done to validate your idea?
Are there any limitations in your concept Testing?

Segmentation, Targeting, positioning

Revisit your STP strategy and critically evaluate whether they are realistic and effective.  
Do you overestimate the size of your target market?
Are your target market ready for the new product?
How unique and realistic your product positioning is?

Monetization Strategy

How will your new product/service earn money? How realistic and feasible it is?
What basis do you have for your claim?
What are potential obstacles that will prevent your new products from making money?

Promotional/Communication Strategy

How innovative and effective is your proposed promotional/communication strategy?
Have you chosen the right strategy for your target market?
Is your strategy sustainable?
Does it fit within the rest of the product in portifolio?

Answer:

Introduction
The competitive world of business has made it imperative for the business enterprises to take the help of the concepts of innovation and creativity (Adams 2016). Thus it is generally seen that the majority of the business enterprises take the help of these concepts not only to provide better quality of products or services to the customers but at the same time to achieve the process of sustainable (Trott 2012). I in my last assignment argued that Apple should incorporate the innovation of virtual reality within their framework to provide effective services to the customers. This paper will conduct a critical evaluation of the incorporation of the innovation of virtual reality within the framework of Apple from the perspective of business case, segmentation, positioning, target customer base, monetization strategy and promotional or communication strategy.
Business case and Research 
The virtual reality sector is one of the booming industries at the current moment and it is estimated that by the year 2020 there would be more than 200 millions all over the globe with net revenue of more than $30 million (Levski 2016). However, at the same time it needs to be said that much of the market has already being captured by Goggle, Samsung and other early starters (Virtual Reality Society 2017). Therefore, it would be apt to say that the company Apple are late starters in this regard and will have to face intense competition from these already established names. It is true that the company Apple has its brand image to fall back on yet at the same time it needs to be said that will find very hard to sustain itself in the ever competitive virtual reality market.
The proposed innovation required the customers to pay for the programs which they want to view along with the initial charge of £199. This amount when compared with the services offered by the other companies is really high and the choices which are available to the customers in the present times are numerous. It is true that this particular innovation caters to the majority of the needs of the people yet at the same time it needs to be said that the innovation focuses mainly on the needs of the people belonging to the younger generation who are technologically savvy and not on the overall general population.
The proposed service is an improvement over the services offered by the other companies like Goggle, Samsung and others since it combines the different features provided by these companies into one service. For example, the incorporation of the tool of social media and live interaction is something really unique.
Data of the usage of the virtual reality by the people from the different parts of the world were collected to arrive at the conclusion. In addition to this, survey was also conducted with around 300 people for the same purpose. The only limitation which I found in the concept Testing was the fact that the service was designed keeping in view the current needs of the customers and not on the future needs which might arise.
Segmentation, Targeting, Positioning  
The major focus of the intended service is on the people belonging to the younger generation who are technology savvy. However, at the current moment it is seen that the majority of the world population is ageing and there are many people who do not like to take the help of technology for their day-to-day activities (Zanjani, Milne and Miller 2015). Therefore, it would be apt to say the selection of the segmentation, targeting, positioning strategy is not that realistic and the service needs to focus on the other age brackets and groups as well in order to gain success.
I personally believe that the target customer base for the intended service is very narrow and it needs to be broadened in order to achieve better success rate. The target customer base is indeed ready for the intended service and this is being reflected by the ever increasing number of people who are opting for the services of the virtual reality. The product positioning is indeed unique and the features which it will provide to the customers are not being provided by the other companies of the present times. In addition to these, the positive brand image of the company also acts an added advantage.
Monetization Strategy 
The company Apple intends to make money through this particular service by integrating it with a headset which the customers need to buy in order to avail the services. The estimated price of this particular headset is £199 and the customers need to pay for the programs or the movies which they want to see taking the help of this particular service. This is the means through which the company intends to earn money from the intended service. The plan is a completely one except for the fact that the competitors of the company are currently providing quality of services to the customers at cheaper prices. The major obstacle which the service is likely to face is threat from the already established competitors and the lack of knowledge about technology of the people.
Promotional/Communication Strategy
For the purpose of promotion or communication the company intends to use the services of Netflix, Emirates Airlines, YouTube and others. This is really a sound plan apart from the fact that the majority of the people of the world are not that much technologically savvy and thus it can be said that taking the help of this particular promotional or communication strategy the concerned company will not be able to reach out to a very customer base (Armstrong 2017). Thus, it can be said that the strategy which has been selected for the purpose of communication and promotion is not a very sound one. The company needs to take the help of the kind of promotional and communication which is likely to help it to reach out to as many number of people as possible. Therefore, it would be apt to say that the strategy which is being used is not a sustainable one. The strategy does fit in with the portfolio but as mentioned the focus of the strategy is too narrow.
Conclusion
The use of the concepts of creativity and innovations has become very important for the business enterprises. It is generally seen that these concepts are being used by the business enterprises to achieve sustainability and also to enhance the prospects of their business. However, a particular business enterprise needs to take into effective consideration various factors like business case, promotional and communication strategy, monetization strategy and others for the effective use of these innovations.
References
Adams, R.L. 2016. Five Ways Virtual Reality Will Change The World – Forbes. [online] Available at: https://www.forbes.com/sites/robertadams/2016/10/17/5-ways-virtual-reality-will-change-the-world/#3d1a72962b01 [Accesed 13 Nov. 2017] 
Ahlroth, J. 2011. Why Apple succeeded in the tablet market and Microsoft failed – iPad Research. [online] Available at: https://ipadresearch.wordpress.com/2011/06/14/why-apple-succeeded-in-the-tablet-market-and-microsoft-failed/ [Accessed 12 Nov. 2017]. 
Levski, Y. 2016. 15 Virtual Reality Trends We’re Predicting for 2017. [online] AppReal. Available at: https://appreal-vr.com/blog/15-virtual-reality-trends-2017/ [Accessed 10 Nov. 2017]. 
Rogers, E. 2003. Diffusion of Innovations, 5th Edition. Riverside: Free Press. 
Trott, P. 2012. Innovation Management and New Product Development, 5th Edition. Essex: Pearson Education Limited 
Virtual Reality Society. 2017. History Of Virtual Reality – Virtual Reality Society. [online] Available at: https://www.vrs.org.uk/virtual-reality/history.html [Accessed 11 Nov. 2017]. 
Zanjani, S., Milne, G. and Miller, E. 2015. Procrastinators’ online experience and purchase behavior. Journal of the Academy of Marketing Science, 44(5), pp.568-585.

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