Entrepreneurial Marketing Innovation - Assignment
Added on 2020-12-10
1 Pages1028 Words217 Views
Entrepreneurial Marketing innovation4 ideas came across and all of them were critically analysedwith stating their process and cons, the strengths and weaknessattached to them, the opportunities and threats new innovationin 3D t shirt can bring.With this 2 of the ideas were rejected as they did not seemfeasible after conducing a thorough analysis.The remaining two were prioritized in order of the ranking setas innovation, exiting demand, power to increase the demand,consumer satisfaction and other factors.After this the idea of bring an innovation of provingpersonalized and customized 3D prints on the t-shirts isfinalized with a major focus on the youth and college goingstudents.Creative thinking techniques for idea generationTo bring in innovation, the work started as, in which productinnovation can be brought, and at the same time many collegestudents were seen wearing t-shirts with 3D prints.The first thought appeared is, what innovation can be broughtin this product which already have an established demand.For this brainstorming techniques was applied for generatingthe ideas on bringing in innovation in 3D t- shirtsNew Value curveKey partners:Suppliers of raw material (t- shirts) Suppliers of the 3D printersKey activities:Printing the customised design with 3D effect given by the costumer as per specific requirement given by clients.Value proposition:To give them the exact product with the accurate print as per their specification and instructions given be clients. The consumer satisfactionlevel regarding perfect services is being proposed.Customer Relationship:A honest and caring relation is set to be established with the target consumers.This will increase consumer loyalty.Customer Segment:Youth and younger generationCollege going studentskey resources:FundsHuman resourceTechnicology Distribution channels:Direct contact thorough social media and internet channels.Cost structure:Cost of buying T-shirtsPrinting T Shirts Revenue stream:Customised services is the value for which consumer will be willing to pay.Cash and card payment. Will be accepted.The ideas of innovation under blue ocean strategy is that toprovide personalized 3 D t-shirts to youth by generating awhole new demand in the market place.The ideas behind this is that for the product have anestablished markets and in order to create new demand thebest of value innovation is to differentiate the product fromexiting product and for that the innovation of providingcustomize print has been chosen.Blue ocean strategy and use in value innovationThe feature of creating an uncontested market space of theblue ocean strategy has been focused where a new demandfor the youth in order to create the value innovation ofdifferentiating its product from other competitor in themarket selling 3D t shirts. The product is differentiated form that of the competitorsby providing customize and personalized 3D prints on theT-shirts.
End of preview
Want to access all the pages? Upload your documents or become a member.