Idea Generation and Business Model Development

This study material explores the concept of idea generation and business model development. It discusses the customer/market problem, business idea, customer benefit, business model, critical success factors, and feasibility of the idea. The document also includes a business model canvas.

Idea Generation and Business Model Development
5/4/2019

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Contents
Customer/Market problem...............................................................................................................2
Business idea...................................................................................................................................2
Customer benefit..............................................................................................................................3
Business model................................................................................................................................3
Business components.......................................................................................................................5
Key critical success factors of the idea............................................................................................6
Critical risk and assumptions...........................................................................................................6
Feasibility of the idea.......................................................................................................................7
Conclusion.......................................................................................................................................8
References........................................................................................................................................9
Appendix........................................................................................................................................11
Business model canvas..............................................................................................................11

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Customer/Market problem
In the present world, most of people are performing their business operations effectively on
mobile phones. This is the reason due to which the use of mobile phones has been increased
across the world. The people are more inclined towards the use of mobile devices for any kind of
work as they do not like to switch to any other devices such as laptop, tab, or any other. This is
the reason due to which people like to consume branded and expensive phones that can offer
comfort to them while performing business operations. While using the mobile phone on a
regular basis, the people generally deal with the issue of low battery in phones. This makes them
charge their phone repeatedly either through their laptop or through battery backup. However,
the actual issue arises when the businessman and individuals have to travel and at that time they
have to either carry the battery bank devices or chargers through which they can charge.
Sometimes, the customers don't find the time to charge mobile phone and battery bank also gets
finish due to maximum use of mobile phones in meetings and for other purposes. It has been
found that the issue generally occurs with brands like Apple iPhones.
Business idea
The business idea that can contribute effectively in resolving the issues of battery in mobile
through mobile charger case. The emergence of technology can make the company bring
innovation in their products. The new business idea is to introduce the mobile charger case in
which the customers can keep their mobile phone for the charging purpose. The device will be
portable so the customers can carry it anywhere they want and it will include the new technology
so as soon as the customer will keep the phone it starts charging. The customer will keep their

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phones in the business case then they will find a green light that reflects that phone is charging.
This business case will be portable which will be carried by the customers in business meetings
and anywhere they want. The device will be less in weight so that it will be easy for the
customers to carry it.
Customer benefit
Innovation and technology also provide benefits to the customers that will meet their needs in the
market. This new business idea will provide the benefit to the customers, as they do not have to
worry a lot while travelling and while making the use of mobile for their business meetings. This
provides a sense of relief that they have a business case charge with them through which they
can easily charge their phones. This new technology and innovation will provide a high level of
satisfaction to the business customers as well as to the individuals (Alexander & Joe, 2019). In
addition to this, this makes the customers communicate with their family and friends without any
worry of battery.
Business model
A business model is a structure that offers support to the viability of the product or the company.
In simple words, the business model is the company's plan through which they can easily make
the profit. (Refer Appendix)
Key partners: - The partners of business idea include CEO, Board members, Research and
development, Technology suppliers, Agents, Distributors.

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Key activities: - The activities that are performed are to invent and form new technology in the
electronics industry like a case for charging mobile. In addition, the company try to offer the
reliable product to their customers.
Value Propositions: - The business idea offers convenience to the customers for making the use
of the portable device that is easy to carry while travelling.
Customer Relationships: - The relationships are form through new product that is long lasting
that makes the customer satisfied. In addition, the customer support and after sales service are
essential for making the customer satisfied.
Customer segment: - Businessperson and youth are considered as the major target market for
the company for their business idea. These customers fall under the different age group, the
major group include 18-25 years and 25-45 years.
Key Resources: - The resources that will be required include investors, human resource,
Machine, and equipment’s.
Channels: - This new product will be available in the market through different media that
include online stores, physical stores, distributors, and many others.
Cost structure: - The structure of the cost includes the amount that is associated with the
business idea. The major cost includes purchase of technology, salary, infrastructure running cost
and promotion cost.
Revenue stream: - The innovative mobile charger case will be sold by the company in the
market that will be purchased by the customers by offering an adequate amount of money (Vega-
Jurado, Juliao-Esparragoza, Paternina-Arboleda, & Velez, 2015). The customers can pay the

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amount through the online mode, cash, and many other modes depending on the convenience of
the customers.
Business components
The components of the business have the interrelationship among each other through which the
company can earn profit and attain success in the market. The key partners of the company
include the people who monitor and control the working of the company to meet the needs of the
customers present in the market. They are considered as the owner and stakeholders of the
company without the operations are not possible. The partners lead to the rise in the business
activities that leads to success (Linder & Williander, 2017).
The key activities of the company are related to the operations of the company that work to
provide value to the customers. The effective value to the customers from the products will help
the company to form an effective customer relationship within the market. However, the
performance of the key activities reflects the amount that the company have to invest to attain
success in the business (Foss & Saebi, 2017). This the activities of the business shows the cost
structure which is clear as that all the activities are interrelated with each other due to which they
have strong interrelationship. The company decides the customers to whom they would like to
offer the products due to which the segment that is targeted might vary. The customer segments
are majorly those people who would like to consume the products that are offered by the
company. This is directly linked with the revenue streams of the company as they are going to
attain the profit from the targeted customers only. The resources make the product production
possible, which is offered by the company in the market (Saebi & Foss, 2015). The products are
required to be distributed in the market for which they have different channels for distribution.

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Key critical success factors of the idea
The business idea is very innovative and relies on some factors that lead to the success of the
idea.
 Promotion/Communication- The promotion of the product generate awareness among
the customers that will make them purchase the products. In this promotion, the
customers will get to know about the benefits as well as the features of the product. This
promotion activity includes high cost because the company can make use of different
channels to communicate with the customers (Noe, Hollenbeck, Gerhart & Wright,
2017). The company generally select endorsement with the help of the celebrity to
promote their products.
 Managing relationship with the customers –Company needs to form the relationship
with the customers that can help to sell their new products in the market. The relationship
can be maintained by the company by offering those offers as well as discounts with the
products (Jones-Evans & Klofsten, 2016).
 Teamwork- Employees of the company are considered as the major source in the sales of
product as they can interact with the customers. While interacting with the customers, the
employees can offer the mobile charger case that will lead to awareness as well as sales
of the product.
Critical risk and assumptions
The critical risk that might be faced during the introduction of new business with this idea is
proper sourcing of the technology as well as the raw material. It is essential to check the products
that they are using the case and the charging point technology that they are going to connect on it

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(Cetindamar, Phaal & Probert, 2016). The risk of the failure of the idea can also occur because
the product will be expensive due to which only the high segment people will purchase the
products.
In addition to this, the risk might occur in testing because every product is required to test by the
employees. Thus, the employees who are testing it need to be very conscious as their one mistake
can affect the life of the people as well as lead to the explosion.
Feasibility of the idea
The feasibility of the idea is essential to be done as this will show that practical the idea is
possible to conduct by the company or not. It can be said that currently there is some technology
are available that allows the earphone charging case and considering the same it is expected that
shortly there will be some technology through which the mobile charging will be possible
through a case. The idea is practical considering the emergence of different types of innovation
and technology present in the market. The objective of this idea is to deliver the high customer
experience and satisfaction that can be attained by the company by providing value to customers
(Weaver, Jansen, Van Grootveld, Van Spiegel & Vergragt, 2017). Although, the cost associated
with this technology is high because the company needs to purchase the technology. Shortly, the
company can offer the product at quick high or moderate prices that will help them to get the
amount invested by the company.

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Conclusion
In the end, it can be concluded that the business idea for the mobile charging case will resolve
the different customer’s problems. In the present world, many customers are dealing with the
issue of a battery of phones as they have excessive use of phones while travelling and connecting
the other person. According to this, the business idea is to a mobile charging case that helps the
customers to deal with the issue of charging. The business model and its components are
discussed which shows that the idea is profitable for the company and thee are chances for
success. The critical assessment related to the risk and feasibility of the idea is explained which
shows that idea is practically possible and will lead to success.

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References
Alexander, B., & Joe, T. (Eds.). (2019). Managing innovation: what do we know about
innovation success factors? (Vol. 33). World Scientific.
Cetindamar, D., Phaal, R., & Probert, D. (2016). Technology management: activities and tools.
Macmillan International Higher Education.
Foss, N. J., & Saebi, T. (2017). Fifteen years of research on business model innovation: how far
have we come, and where should we go?. Journal of Management, 43(1), 200-227.
Jones-Evans, D., & Klofsten, M. (Eds.). (2016). Technology, innovation and enterprise: The
European experience. Springer.
Linder, M., & Williander, M. (2017). Circular business model innovation: inherent
uncertainties. Business strategy and the environment, 26(2), 182-196.
Noe, R. A., Hollenbeck, J. R., Gerhart, B., & Wright, P. M. (2017). Human resource
management: Gaining a competitive advantage. New York, NY: McGraw-Hill
Education.
Saebi, T., & Foss, N. J. (2015). Business models for open innovation: Matching heterogeneous
open innovation strategies with business model dimensions. European Management
Journal, 33(3), 201-213.
Vega-Jurado, J., Juliao-Esparragoza, D., Paternina-Arboleda, C. D., & Velez, M. C. (2015).
Integrating technology, management and marketing innovation through open innovation
models. Journal of technology management & innovation, 10(4), 85-90.

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Weaver, P., Jansen, L., Van Grootveld, G., Van Spiegel, E., & Vergragt, P. (2017). Sustainable
technology development. New York: Routledge.

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Appendix
Business model canvas
Key Partners
CEO
Board members
Research and
development
Technology
suppliers
Agents
Distributors
Key
Activities
Invent and form
new technology
in the
electronics
industry
Offering safe
and reliable
products
Value
Propositions
To offer
convenience to
the customers
Think different
To offer a
portable and
easy device that
doesn't include
any cost of
carrying
Easy to carry at
travelling
Customer
Relationships
The customers
remain satisfied
with the new
service
They can avail
the benefit of
customer
support and
after sales
services
Customer
Segments
Business
person
Youth
(Age- 18-25
years and 25-
45 years)
Key Resources
Investors
Human resource
Machine and
Equipment’s
Channels
The direct and
indirect channel
is used for the
sales of the
product
Online
availability of
the product
Product
available at the
store
Cost Structure
Purchase of technology, salary to employees,
infrastructure running cost, promotion cost
Revenue Streams
Promotion/Communication
Managing the customer relationship
Working with team

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Sales tactics