Operation Business Management Assignment

Added on - 21 Apr 2020

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Running head: OPERATION BUSINESS MANAGEMENTOperation Business ManagementName of the Student:Name of the University:Author note:
1OPERATION BUSINESS MANAGEMENTIntroductionSecurity is one of the biggest concerns of people all over the world. From a very longtime, when people have started travelling from one place to another, the security of home havebecome one of the most important issues in their lives. People try to secure everything they careabout. Home, family, businesses, personal belongings and confidential information are the thingsthat need to be secured. Hence, locks are a very important part of the security system. For homeand office security, door locks are extremely important. As the technology is improving everyday, the security systems are improving too. Till date various types of locks have been invented,and padlock and digital key locks are most commonly used (Komninos, Philippou and Pitsillides2014). In this context, the example of Yale UK can be taken. Yale UK is one of the biggest lockmanufacturers of UK and all over the world. In more than 125 countries, Yale produces andsupplies locks of many designs and functions. It is one of the oldest global lock manufacturingbrands and today it has achieved a respectable position in the lock industry of the world(Yale.co.uk 2017). Yale has many different types of traditional and modern locks for secured andsmart living. The company can launch a new product, namely,Remote Entry Lock Systemforthe smart technology generation. This product will enable the user to synchronize their home oroffice locking system with their smartphones. The users can lock and unlock the home or officelocks directly by using their phones. The following report focuses on various aspects of the newproduct, its relevance with the current products of Yale UK, value creation for the consumers,and market, economic, technical and strategic feasibility of the product.Idea generation process; and advantages and disadvantages of each sourceThe idea for a new product can be generated from one or multiple sources. It starts withthe understanding of the customers’ needs and finding out the solutions for satisfying those
2OPERATION BUSINESS MANAGEMENTneeds. The sources for ideas are generated from the company’s R&D department, customer’sfeedbacks, suggestions and complaints, competitors’ strategies, and technological improvements(Bangali and Shaligram 2013). Each of these sources has its own advantages and disadvantages.The R&D of an organization is responsible for innovation and invention in the productsor services of the organization. According to Oldham and Da Silva (2015), the R&D team canresearch the market trends, pattern of sales, consumer intention and new technology and candevelop a new product or improve an existing product. It can also protect the new creationthrough patents, trademarks and copyrights. On the other hand, in many cases, the smallorganizations cannot afford to have a R&D department and they lack in innovation. Again,sometimes, the R&D department fails to capture the nuances of the new technology and resultsin the wrong direction.Customer’s feedbacks are very important for the improvement of a product or service.Customer’s suggestions and complaints are also part of the feedback section. As stated by Reidand Smith (2015), it gives a first hand impression of how the organization is performing andwhat is the perception of consumers about a particular product. These help the organization tofind out the loopholes in the product or service and give them the scope for improvement.However, a major disadvantage of this method is that sometimes people do give the correct orprecise information regarding the product or service, and this leads to a wrong prediction of themarket trend. This might influence the company to change its business direction, which may notbe correct always.Competitors’ strategies are the actions of the rivals that influence an organization tochange its strategies. A company can make changes in its product if any of its rivals introduce a
3OPERATION BUSINESS MANAGEMENTnew product or new feature in the existing product. Competition pushes the companies forcontinuous innovation. On the other hand, too much competition can lead to fall in the quality ofthe business and its products (Cavusgilet al.2014).Lastly, technological improvements can push a company to adopt a new strategy andinnovate its products or service. To ensure a substantial market share, companies must upgradewith the latest technology in the market. However, if the company cannot make successfuladaptation of the technology, or if the quality gets reduced, that would affect its business in thelong run. Moreover, if a company cannot afford to adopt a new technology, it would lose itsmarket share eventually (Angelidou 2014).Through these above sources, Yale UK has generated the idea for remote entry locksystem. The invention of smart phones and tablets, and increasing number of the smart phoneusers has led to the idea for this new product. The tech savvy generation wants convenience inlife and hence, this has contributed in the idea for creating remote entry locking, which enablesthe user to lock and unlock the door lock by using their smartphones or tablets, thoughfeedbacks.Relevance of the new product with current productsThe smart technology has captured every aspect of people’s life. Yale UK also hasintroduced locking system with the smart technology. Yale Smart Living is the range of homesecurity of Yale, which helps in protecting, monitoring and controlling the homes from anywhereat anytime, by using smart technology of mobiles and tablets. It has Smart Home Alarms, SmartDoor Locks, Homeview WiFi Cameras, Smart CCTV systems. The Smart Door Locks enablesthe users secure their homes without carrying the keys. They need to scan their phones or tablets
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