Innovation and Business Development (doc)

INNOVATION AND
BUSINESS DEVELOPMENT
Name of the Student:
Name of the University:

INTRODUCTION
Innovation and business development can be
referred to as an immensely important aspect.
Companies are required to mitigate the major
issues in the businesses by taking the innovative
approaches into consideration.
These innovative approaches are highly important
for the overall development of the business in the
markets.
Innovation assists in developing the entire market.
This provides competitive advantages to the
business as well.

IDENTIFICATION OF INNOVATION
It is immensely crucial for each organization
to maintain the sustainability of the business.
If a business is not sustainable, it will not be
able to gain credibility or trust within their
community.
The innovation should be made by keeping
into account the sustainability of the
business.
The idea that is generated by Domino’s Pizza
Company will surely enable the business to
maintain its sustainability.

IDENTIFICATION OF INNOVATION
(CONTD.)
The new idea generated by the Domino’s
Pizza Company can assist in their continuous
development.
The basis of innovative strategy is the
customers’ needs and in a manner in which
these constraints can get solved.
One of the major constraints is that the
mobile applications can only be downloaded
in smartphones.

EVALUATION
The innovation identified is the introduction of mobile ‘Pick your
Ingredients’ food delivery systems for the target customers.
It will benefit them to a huge extent as the customers can order
food anytime and anywhere, without waiting.
In addition to this, the health conscious individuals can also
show their interest.
In today’s fast food industry, the connected information
technologies have found its right place.
The Domino’s Pizza Company needs to undertake the mobile
food application services into consideration, which will also
improve their procedures of management.
This will also assist in gaining a feedback regarding their food
quality and customer care services, as the customers will also
be able to rate the application, as per their choice.

EVALUATION OF BUSINESS
MODEL
Key partners: Advertisers, Investors, Marketers and others.
Key activities: Generating revenue.
Value Proposition: Enhancing customer loyalty.
Customer relationships: Personalization.
Customer segments: 20-60 age group.
Key resources: Latest and innovative technology.
Channels: Social networking sites, official websites, B2B businesses and others.
Investments required: Promotional activities.
Cost Structure: Purchasing the software, Research and development, Employees’
salaries and compensation, Innovation programs, Design and manufacturing,
Infrastructure and technology and Facilities, distribution and marketing.
Revenue Streams: Contracts and orders, Service fees and equipment sales,
Promotion of the application, Contribution from target customers and
Licensing.

THE PROBLEM THE INNOVATION CAN
SOLVE
The innovation can bring in lot of changes for the
Domino’s Pizza Company.
The major challenges that the company may face in
adopting the online order application for its target
customers are finding the right items to sell, attracting the
target customers, generating targeted traffic and others.

BENEFITS OF THE INNOVATION
The company can gain several benefits from this
innovation.
One of the major benefits is that the customers can order
their food anytime.
The company will gain the attention of the health
conscious customers.
This will enhance their level of satisfaction.
Improve the business in the upcoming future.

STRATEGIC RESPONSE OR PLAN
Strengths
This will assist the company by enhancing their satisfaction level.
Smart and innovative technologies.
This will assist the company in generating revenues.
Weaknesses
Financial factor will come into play.
High marketing and promotional strategies.
Hiring new employees for this segment may add up to the additional costs or expenses for the company.
Opportunities
There are opportunities of gaining huge profitability.
Customers love home delivery services.
Proper understanding of the customer demands or desires can help the company reach heights.
Threats
Existing competitors who have already dominated the market.
Lack of abilities of convincing the older section of the communities, who are not so technologically
sound.

PROJECT OPTIONS ANALYSIS
The financial analysis is done on the basis of the new plan
being introduced.
The company can open a new office for managing this
department and therefore, the financial plan is being done
on the basis of that.

DELIVERY OF RECOMMENDED
SOLUTIONS
The innovation will benefit the business to a huge extent.
Proper deliverability of the services is required to be done
by taking help from social networking sites.
Proper promotional strategies should be undertaken in
order to inform the customers regarding the company’s
new step.
The company will attain customer satisfaction level and
thus, increasing the brand value.

CONCLUSION
The innovation procedure will help Domino’s in
satisfying their target customers.
It will ensure that they get appropriate exposure on
implementing the technological changes within the
company.
The changes within the company and their adoption of the
mobile application ‘Pick your Ingredients’ will benefit
Domino’s in solving any problem related to their services.

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