Opportunity Canvas: A Model for Innovation in Nura Headphones

Running head: OPPORTUNITY CANVAS
Business Design
NAME OF STUDENT:
NAME OF COLLEGE:
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OPPORTUNITY CANVAS
Contents
Introduction......................................................................................................................................2
Discussion........................................................................................................................................2
Conclusion.......................................................................................................................................4
References........................................................................................................................................5
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OPPORTUNITY CANVAS
Introduction
The opportunity canvas is a helpful model in context of identifying, defining and creating innovation
opportunities in an organization which enables them to design innovative products in order to fulfill the
requirements of the customers of the company. The company selected for the current report is Nura
Headphones and they faced problem to create personalized hearing sound for each individual using their
headphones. The current report focuses on establishing my point of view regarding the usefulness of
opportunity canvas in order to innovate in a strategic and successful manner at Nura Headphones.
Discussion
Being the Head of innovation of Nura Headphones if I want to innovate in strategic manner, I would
definitely apply the opportunity canvas model in order to make the customers of my company, accept the
innovative headphones. I will use the opportunity canvas by determining the current market condition and
market characteristics in which our company operates and then accordingly motivate ourselves to launch
new innovative products which would help in meeting the unfulfilled demand of the customers to give
them personalized headphone usage experience.
According to Brines, Shepherd & Woods (2013) the opportunity canvas is one of the most effective
tool which can guide Nura Headphones to understand how the demand for a new product arises in the
market, how the company can evaluate the industry and the competition present in the industry by
rigorous application of theories into practice and then accordingly can create value for customers through
process of innovation. Opportunity canvas can help to constantly upgrade their products to meet changing
demands of market and accordingly Nura Headphones can sense and understand change in consumer
preferences based on real time movement of market.
According to me, the opportunity canvas is helpful in context of identifying, defining and creating
innovation opportunities. As the head of innovation of Nura Headphones I would definitely use the
opportunity canvas model as it is a very powerful model which helps in anticipating demand in market
which is unmet while viewing opportunities from perspective of an entrepreneur. It even helps to think
about demand which is evident in market by analyzing state of the industry and competition prevalent in
market and also by analyzing how changes in macro-economic and psychographic behavior of customer
would influence the new product of Nura Headphones by thinking in the manner of an entrepreneur and
then acting on analysis by launching a new product which can help in creating value for customers of
product through process of innovation and forward thinking.
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