Innovation and Sustainable Development
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Added on 2021-06-17
Innovation and Sustainable Development
Added on 2021-06-17
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Running head: INNOVATION AND SUSTAINABLE DEVELOPMENTInnovation and Sustainable DevelopmentName of StudentName of UniversityAuthor Note
1INNOVATION AND SUSTAINABLE DEVELOPMENTTable of ContentsIntroduction................................................................................................................................2Activity 1....................................................................................................................................2Identifying the innovation......................................................................................................2Activity 2....................................................................................................................................3Identifying business models...................................................................................................3Activity 3....................................................................................................................................4Developing case document.....................................................................................................4Problem...................................................................................................................................4Benefits...................................................................................................................................5Strategic analysis....................................................................................................................6Option analysis of the project.................................................................................................6Recommendation for the company............................................................................................7Conclusion..................................................................................................................................8Bibliography...............................................................................................................................9
2INNOVATION AND SUSTAINABLE DEVELOPMENTIntroductionIn the modern world, innovation plays an important role in the success of anorganisation. According to Anderson, Potočnik and Zhou (2014), without proper innovation,gaining a competitive advantage in business can be difficult. Hence, a proper business modelneeds to be applied so that innovation in the organisations can be encouraged. Theassignment focuses on the application of innovation and the manner in which it has helped inthe improvement of a business. The organisation in focus is Ally Fashion, one of the mostfamous clothing retail companies in the world. The effective use of the business modelcanvas by the company is analysed in the assignment along with the advantages anddisadvantages. At the same time, the concept of business mode and innovation is provided inthe assignment.Activity 1Identifying the innovationAlly Fashion is one of the most reputed and famous clothing retail company initiallyset up in America. It was founded in 2001 and currently the headquarters of the company is inSydney Australia (Ally Fashion.com, 2018). The sales of the company is said to reach sky-high prices providing a profit of US$249.284 billion. The assignment focuses on the successof Ally Fashion located in Australia and the manner in which innovation and business modelcanvas has helped the company to succeed.Innovative products can be in the form of small or big changes that are imposed on anorganisation, so that it provides unique product or service to the customers. In the case ofAlly Fashion, the company can gain opportunities in the current business market of Australiaby the application of electric shirts. According to Serrat (2017), proper analysis of the factors
3INNOVATION AND SUSTAINABLE DEVELOPMENTthat affect business, such as political, economic and technological aspects are important inorder to understand the level of success that can be achieved. At the same time, these factorsalso help in attaining sustainability as Ally Fashion can get the required level of success. Theelectric shirt can be used to attract audience as this type of innovation can be considered asone of the most creative products. The feature of the product is that unlike the regular shirts,this particular shirt does not have to be ironed. People can wear the shirts as an informal wearand the shirts can be run on battery.Activity 2Identifying business modelsThe application of the Osterwalder and Pigneur’s model of business canvas can helpAlly Fashion to consider the value proposition factors. As stated by Tukker et al. (2017) thevalue proposition factors can be effective at time during the growth of a company. In the caseof Ally Fashion, the value proposition factor can help in ensuring that the concept of theelectric shirts grows in the markets of Australia. Although, success of the product can beconsidered in terms of number of sales and stores, it provides evidence that the electric shirtcan grow in the markets of New Zealand, which can be a target for the company. Thesatisfaction of the customers’ needs to be taken into consideration, as they are the mainstakeholders of the company. With a rich revenue streamline, the electric shirts can maintaina steady growth in the Australian market keeping in mind the satisfaction of the customers.The responses provided by the customers can also be considered as an importantfactor for the growth and development of the electric shirts. The price and quality of the theelectric shirts along with the services provided by the company can be analysed and improvedbased on the feedback received from the customers. The responses can be collected byconducting a survey method so that feedback can be gained so that new and existing products
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