Innovation in Business

Running head: INNOVATION IN BUSINESS
Innovation in Business
Name of the Student
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2INNOVATION IN BUSINESS

3INNOVATION IN BUSINESS
Table of Contents
Introduction................................................................................................................................4
1. Reasons for the Innovation – the Digi-Bottle.....................................................................4
2. Benefits of using the Digi-Bottle for Customers................................................................5
3. Business Canvas Model for Digi-Bottle.............................................................................5
3.1. Key Partners....................................................................................................................5
3.2. Key Resources.............................................................................................................5
3.3. Key Activities..............................................................................................................6
3.4. Customer Relationships...............................................................................................6
3.5. Channels for Distribution................................................................................................7
3.6. Cost Structure..................................................................................................................7
3.7. Revenue Streams.........................................................................................................7
4. Key Inter Relationships that will Support the Success of Digi-Bottle...............................7
5. Success Factors necessary for Implementation of Digi-Bottle \.........................................8
6. Risk Factors involved in Launching Digi-Bottle................................................................8
7. Evaluating the Overall Feasibility of the Idea....................................................................8
Conclusion..................................................................................................................................9
References................................................................................................................................10

4INNOVATION IN BUSINESS
Introduction
All businesses need to innovate on their products and services from time to time in
order to retain the interest of customers in such products and services. Innovation can play a
vital role in enhancing the appeal of a product or a service and is something that every
enterprise should engage in, to increase sales and profit margins. This report discusses a
business model that can be used for marketing an innovative product known as the Digi-
Bottle, a water bottle that keeps water hot in cold conditions and cold as ice during the hot
months of summer, a product that can prove to be very useful indeed for travelers and people
who need to be on the go all of the time (Apanasovich et al., 2016). The report talks about
why the innovation is needed, the benefits associated with the innovation, engages in a
detailed discussion of the business model, talks about the key interrelationships and critical
factors that are needed for successfully marketing the product, the major risk factors involved
in marketing and promotion of the product and an overall evaluation of the business
innovation.
1. Reasons for the Innovation – the Digi-Bottle
An innovative product like the Digi-Bottle is likely to go down very well with customers
in the Australian market, given that this is a bottle which will keep water cool in the summers
and hot in the winters. When drinking water from a Digi-Bottle, consumers never have to
worry about keeping it refrigerated so as to be able to consume cool water from it in the hot
months of summer (Biber et al, 2017). Similarly, customers can drink warm or hot water
from the bottle in the winter months, as the thermostat that operates in the bottle adjusts the
temperature of the water in the inverse of what the outside temperature is. Digi-Bottle is
therefore a product that is likely to be of particular value for customers who have to travel a
lot for their work and who have to be on the move constantly (Burch et al.,2016). Such a