Opportunity Canvas and Innovation Challenges

This assignment explores the application of the Opportunity Canvas as a tool for communicating new features or products. It delves into the challenges encountered by innovation leaders when using this canvas, particularly regarding identifying the right customer segment and establishing an effective pricing strategy. The essay emphasizes the importance of understanding both demographic and psychographic factors to target the most suitable customer base and quantifying the value proposition to determine appropriate prices.

Business design
individual

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................4

INTRODUCTION
Business design is being termed as human centred approach towards innovation process
(Antikainen and Valkokari, 2016). Thus, it applies the practices and also principles of design that
may help particular organisation in order create new value and also various forms in terms of
achieving competitive advantage. In this report, problem related to opportunity canvas has been
discussed with appropriate solution. Opportunity canvas is super simple in order to use. Thus,
they have to start with a problem and solution and move to different field. If problem field is
filled first than solution field will be filled out on the other step and vice versa. In this essay,
Farfetch has been taken into consideration. It is an online fashion retailer headquaretered in
united Kingdom. In this essay, detail discussion on opportunity canvas model has been provided.
Further, use and problems of opportunity canvas model has been discussed. In addition to this,
this report also highlights on challenges that has to be faced while using this model and also the
solutions that can be used in order to overcome such situations.
MAIN BODY
Farfetch is one of the online fashion retailer and has inventory tracking technology that
helps in solving dreaded experience of being confrontedwith a message of sold out after they
click on item that is desired by them online. It specially sells cloths, home products and also
luxury food products (Dudin and et.al., 2015). Thus, they want to become digital first retailer in a
world. Thus, for this they have signed a deal with IT service of India as Tata consultancy
services in order to help them in becoming digital first retailer that focus on new apps. As I am
the head of the innovation process, I would like to use opportunity canvas in my company so that
it may help me in innovating in strategic and successful way.
Usefulness of opportunity canvas
Opportunity canvas Analysis is that framework or model and a single pager in order to
use and facilitate discussion about new features and capabilities (Ovans, 2015). It will help me in
creating and assessing comprehensive innovation strategy. It may seem like semantics and an
invaluable guide or direction to me that understanding demand that may arise for a new product.
Thus, this canvas is being structured in nine step experience that is segmented into thinking as a
businessman and anticipating in market demand that is still unmet. Thus, to apply this framework
or tool in Farfetch I will have to first scan market for various products and later arrive at a
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particular thing or decision that may lead in meeting conditions or requirements. Later, I will
have to try to understand realistic chances so that I get succeed in market in which investments
are made and also analysing requirement of a company for a particular innovation is viable. For
this I can refer to model where there are various aspects in terms of advertisements and also
related to marketing expenses. The next step in this is extremely significant as here I may be
constructing and it will be the best time in order to put plan into action. For doing this, it
becomes essential that I differentiate myself and my innovation plan from that of competitors
and it may lead me in achieving long term success in terms of innovation. It will help me in
evaluating product opportunities in quick manner. This will help me in ensuring that I am solving
all problems and queries of my company and also the audience that are involved with my
enterprise Farfetch.
It is that tool that helps in creating and assessing comprehensive innovation strategy.
How to Use of opportunity canvas
Thus, to use this opportunity canvas in Farfetch among my team I will have to time box
the exercise that is required in implementing maybe 1 hour maximum (Lüdeke-Freund and
Dembek, 2017). Later, I will start with a user problem or by a solution idea and then work in
backward way to find the actual problem. Then I will find what is specific about users and
customers that are related with my company.
Change of opportunity canvas
Thus, to start this I had to talk about this opportunity but I was not sure that stakeholders
that I was needed in a meeting was convinced that quality of this meeting was important. I never
did this before, so I wanted to do something new. I started by sending an email and highlighted
the text that how large and efficient I would be and also about opinions or reviews that I have
heard about this.
Challenges faced when using opportunity canvas
The problem that was faced includes the type of customer. I have to face a huge mistake
of not focusing on right customers because I had to keep multiple number of opportunities open
for them (Caetano and et.al., 2017). Thus, people that are involved are willing or desire in order
to pay a price so that they can avoid the emotion that may come up or occur due to loss. Thus, to
overcome this problem, I will have to focus and find those people whom this problem becomes a
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real pain. Thus, I will have to understand those people using my demographic as well as psycho
graphic lens.
In addition to this, another problem that has to be faced was setting or determining the
pricing strategy. So to set the price, I had to quantify value proposition. Because without
understanding and also lack of quantifying the impact of the current state it became extremely
difficult for me.
CONCLUSION
From the above essay, it has been concluded that opportunity canvas is the most
important tool that be used in assisting communication about introducing new feature or
innovative product. Further, it has also been analysed that there are various problems that has to
be faced by head of innovation in order to use this tool. In addition to this, use of this model is
explained in which it has been determined that there are various steps and parts that has to be
filled accordingly. It helps in determining all the aspects related to business in easy and smooth
manner.
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REFERENCES
Books and Journal
Antikainen, M. and Valkokari, K., 2016. A framework for sustainable circular business model
innovation. Technology Innovation Management Review. 6(7).
Dudin, M.N. and et.al., 2015. Business model canvas as a basis for the competitive advantage of
enterprise structures in the industrial agriculture. Biosciences Biotechnology Research
Asia. 12(1). pp.887-894.
Ovans, A., 2015. What is a business model. Retrieved July. 5. p.2016.
Lüdeke-Freund, F. and Dembek, K., 2017. Sustainable business model research and practice:
Emerging field or passing fancy?. Journal of Cleaner Production. 168. pp.1668-1678.
Caetano, A. and et.al., 2017. Representation and analysis of enterprise models with semantic
techniques: an application to ArchiMate, e3value and business model canvas. Knowledge
and Information Systems. 50(1). pp.315-346.
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