MGMT20143 Think Big: Idea Generation, Business Model & Key Factors

This report examines idea generation for Gleam, a mobile fashion company, focusing on customer/market problems, benefits of the generated idea, feasibility study, business model, and critical success factors. It highlights Gleam's aim to connect mobile fashion with customers digitally, emphasizing benefits like verified action, viral sharing, and fraud protection. The proposed business model, based on nine building blocks, details key partners, activities, resources, value proposition, customer relationships, channels, customer segments, cost structure, and revenue streams. Critical success factors include the idea itself, team composition, attitude, marketing strategies, and timing. The feasibility analysis assesses strengths, industry-related issues, and target market considerations. The report concludes by evaluating individual contributions and collaborative efforts within the team, emphasizing brainstorming and problem-solving abilities. Desklib provides access to similar assignments and study resources for students.

Assignment 2: Idea Generation
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Executive Summary
The report study is aimed at analysing the customers and market problems, benefits of idea
generated, feasibility study, business model as well as critical success factors for the
company. Gleam has been recognised as a well-developed company in the field of mobile
fashion and is planning to attract more customer base in the coming years. The report study
also, focuses on the quality of contribution as well as collaboration by each and every team
member. The summary of overall paper has been made at the end along with the image of
business canvas model in the appendices section.
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Table of Contents
Executive Summary...................................................................................................................2
Introduction................................................................................................................................4
Idea Generation..........................................................................................................................5
1. Effective explanation of the customer/market problem that needs solving and/or the
reason the innovation is required...........................................................................................5
2. Persuasive argument of the benefits to be generated by the idea.......................................6
3. Discussion of the proposed business model.......................................................................7
4. Critical success factors to be managed during execution of the idea...............................10
5. Evaluation of the feasibility of the idea...........................................................................11
Quality of contribution and collaboration................................................................................13
1. Individual student has demonstrated they worked productively in the team, including
the ability to brainstorm with others to generate a viable idea set and to solve project
problems collaboratively......................................................................................................13
2. Evidence that the individual student has helped the group reach consensus on the most
viable idea to take forward for Assessment 3......................................................................14
3. Evidence that the individual student has been proactive in ensuring the successful
completion of the portfolio of materials for the pitch in Assessment 3...............................15
Conclusion................................................................................................................................16
References................................................................................................................................17
Appendices...............................................................................................................................18
Appendix..............................................................................................................................18
1. Business Model................................................................................................................18
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Introduction
The overall aim of this unit content is to examine the development of business idea executed
through brain storming and various others. Moreover, the briefing paper comprises of
essential business model components and its relative success factors. The assignment has
been segregated into two parts first of which is related to the discussion over idea generation
and the other part talks about the constructively as well as collaboratively working of the
business organisation. The business idea is in context of the Gleam organisation which is an
Australian based company.
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Idea Generation
1. Effective explanation of the customer/market problem that needs solving and/or
the reason the innovation is required.
In case of starting a new business venture and establish a start-up company the entrepreneurs
face with various issues and challenges. Gleam business organisation which operates in the
mobile fashion industry is exposed to various kinds of threats and problems which are as
follows (McLuskie, 2017):
Identifying the needs of customers – Sometimes the entrepreneurs fail to assess the market
need and demand of customers. The entrepreneurs emphasis on presenting something new
and innovative to the economy but lacks in identifying the customer’s want. This is so
because of the varied customer’s demand according to the changing business environment.
Customers have different perspective, thoughts, and preferences, opinions that differ from
that of one another and are a major problem for the company (Polaczyk, 2018).
Market problem – This includes of the competition and high impact of competitors strategies
on the growth and development of the company. The mobile fashion industry is highly
volatile and requires time to time innovation (McLuskie, 2017).
Through adopting of various tools these problems can be solved effectively and efficiently.
 Focusing on innovation and competition – Being an entrepreneur he or she is
aimed at providing innovative solutions to the market and customer problems. It
includes providing uniqueness, attractive features in the products and services that
fulfils the requirement of customers.
Innovation is the main area where these risks and problems can be minimised (Polaczyk,
2018).
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2. Persuasive argument of the benefits to be generated by the idea
The main idea of Gleam is to bring connection in between the mobile fashion and customers
through use of digital mode and medium. Many of the customers are benefitted from the idea
of this start-up company. Within some month of establishment the company has been able to
attract customers through various benefits which are as follows (Gleam, 2018):
 Verified Action – The idea generated helps in securing and verifying the entries
made to the social media and network. This lead to decreasing the number of phases
requires entering and driving superior qualities among the campaign.
 Built-in Viral Sharing – The idea ensures reaching to large number of potential
customers through the way of allowing users to share their referral link to their family
and friends and gather more people where both the parties involved has been
benefitted.
 Fraud Protection – The ideas ensures safety and security of customer’s data and
help in securing their information. In the social media or network these is the main
issue and concern for the customers that there data and information has been leaked
out.
Apart, from the above listed benefits there are several other benefits which are generated
through the idea. These innovative and ideas helps in enabling various advantages to its
customers (Gleam, 2018).
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3. Discussion of the proposed business model
The business model has been formulated which comprises of the nine building blocks that
shows the key resources and activities of the business organisation (Amit & Zott, 2012).
Figure: Gleam Business model canvas
Source: (By Author)
1. Key Partners – For establishing of the proposed idea and concept into practices
the company has certain key partners which help them in operating and marketing of
the company to a greater extent. Name of some key partners are Stuart McKeown,
Annette McKeown and others who equally contribute towards the growth and success
of the company. Moreover, the company has tie-ups with various other entrepreneurs
and organisations in order to implement their idea (Fleming, 2016).
2. Key Activities – The Company’s key activities are such as marketing, advertising,
planning, strategy formulation, financing and others in order to execute its idea into
real world practices. The activities of company are aimed at discovery of mobile
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fashion and for that each and every department of company has been practicing a lot.
Also, the key activities comprises of the intelligence platform for the users to interact.
3. Key Resource – For executing the idea there are some resources needed such as
employees, IT (Information Technology) expert, finance, computer systems,
infrastructure and others who are actively participation in the implementation of the
business idea generated (Amit & Zott, 2012).
4. Value Proposition – The idea is aimed at delivering superior value to their
customers by the way of satisfying customers’ needs and wants through mobile
fashion discovery and linking the with interactive platform. For such purpose, the use
of creative advertisements will be made where the value which company perceives
will be delivered to the customers (Fleming, 2016).
5. Customer relationship – The idea is customer-oriented in which modern tools,
techniques such as social media, publicity, public relationship, customer feedback,
review and others will be used in order to enhance the customer relationship.
Moreover, the customer engagement will also be taken care off so that they feel a part
of company and involve them in the decision making process.
6. Channels – For executing and promoting the idea there are various channels that
will be used such as social networking, mobile application, website and others. These
are the most common and widely used channels all across worldwide. It is important
to select the channel which has high frequency and volume so that it can attract more
customers (Zandoval Bonazzi & Ari Zilber, 2014).
7. Customer Segment – The customers who are segmented for the idea is females,
youngsters, and those use who trade through online medium. The middle- income
earning group is been segmented and targeted for the idea.
8. Cost Structure – For the implementation of idea there are several cost has been
incurred to the company such as $100 for marketing and promotion, $250 as the
salary of employees and IT experts, $150 against the patent rights and some other
costs.
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9. Revenue Streams – The revenues of the company will be generated through the
sales and consumption of services that will be made through online payment, payment
through apps, credit cards and others (Zandoval Bonazzi & Ari Zilber, 2014).
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4. Critical success factors to be managed during execution of the idea
There are list of certain key success factors which is considered during the execution of
business idea which are as follows (Kim, 2017):
 The Idea – The main strength of the founder is its idea on which the whole
business is been dependent. Idea is the biggest factor behind the growth and success
of the company. To discover mobile fashion and providing intelligent platform to the
customers is the main idea (Kim, 2017).
 Team – The organisation work in a group of team who dedicatedly contribute
towards success and growth of business organisations. It is observed that the
successful business organisation appoints of handful number of people who driving
innovation and success. A team of 20 employees will be engaged in implementation
of the idea.
 Attitude – Having the right and positive attitude towards work is must and during
the implementation of the idea the employees and organisational personnel are using
of appropriate approach for dealing with the customers. For that 7 C’s of
communication has been taken into consideration (DeMers, 2015).
 Strategy – The marketing strategies has been framed with the motive to attract the
customers through innovative offering. Moreover, funding strategies has also been
formulated which is aimed at raising the money and investment for the start-up
businesses.
 Timing – Timing plays a very vital role in the success of the company. It is
important to have the accurate time for launching of the business idea in the market.
Recently, the social media at its high and it is right time to launch their business
(DeMers, 2015).
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5. Evaluation of the feasibility of the idea
The feasibility analysis has been explained with the help of tables and stats which is shown
below in context of the respective business idea.
Part 1: Strengths of Business Idea
Low
Potential (-
1)
Moderate
Potential (0)
High
Potential
(+1)
1. To the extent which idea takes advantage
and solves problem weak Moderate strong
2. Any Time boundations to the entry
market not timely
moderate
timely very timely
3. The extent to which idea add value to the
customers Low medium high
4. degree to which the idea changes the
practices and behaviour
Substantiall
y
moderate
changes
small to no
change
Part 2: Industry – Related Issues
Low Potential (-
1)
Moderate Potential
(0)
High Potential
(+1)
1. Increasing number of
competition much moderate High
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2. Growth of industry Increasing Moderate
Emergence
phase
3. industry operating margins Low medium high
Part 3: Target Market and Customer-Related Issues
Low
Potential (-1)
Moderate
Potential (0)
High
Potential
(+1)
1. The identification of target market and
customer segmentation
Difficult to
identify
Might be
identifiable Identified
2. Growth in potential target market Low Moderate High
3. purchasing power of the customers Low Moderate High
4. Loyalty among customers and brand
conscious Low Moderate High
From the above listed feasibility analysis there are some other areas which is also needed to
be studied in respect of the feasibility test that are founder related issues, financial issues and
others. The feasibility tests help in assessing the overall impact of items ranging from -5 to
+5.
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Quality of contribution and collaboration
1. Individual student has demonstrated they worked productively in the team,
including the ability to brainstorm with others to generate a viable idea set and to solve
project problems collaboratively.
I have started this business venture with the help of a group of members who helped me
gaining the in-sight into business idea. Through, brainstorming this idea has been selected
and emphasised by all of these group members. I and my team member have contributed to
its maximum ability in generating of a viable idea so as to set the problems and issues
collaboratively. My team has supported me a lot in providing various solutions to the key
issues and challenges. I learned various skills from my team such as conceptual, critical
thinking and others. The good ideas generated and suggested through brainstorming has been
essentially feasibility assessed and then its feasibility test is taken into consideration. By
working in a group of team it becomes easy to solve the complex problems and gathered
suitable options for the good idea.
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2. Evidence that the individual student has helped the group reach consensus on
the most viable idea to take forward for Assessment 3.
Each and every member of group has taken various initiatives in succeeding towards
generating of good ideas and thoughts. Through, the individual support the business venture
and idea generation has been made possible effectively and efficiently. Any success cannot
take place without collaborative and collective working. Each individual was very supportive
in sharing of risk, capital investment, profitability, challenges and many others. In the further
assessment also the pitch for business will be examined with the help of group members and
team spirit. The successful completion of assessment 2 is made possible because of individual
team member and taking it forward to assessment 3. The group members have also assisted in
reaching to the consensus and viable ideas.
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3. Evidence that the individual student has been proactive in ensuring the
successful completion of the portfolio of materials for the pitch in Assessment 3.
For successful completion of the portfolio each and every individual has helped and
supported me a lot. Moreover, the individuals are very supportive in proactive working and
helped in working collaboratively. Each and every team member has its spate charter on
which it works upon. Furthermore, the investment decision and other big decisions have been
effectively taken with the help of team. The engagement of individuals has helped to a greater
extent in the growth and development of the project study and idea generation. Gleam has a
distributed network of team which is effectively and efficiently engaged in making the idea
towards the potential growth and success. In those individuals has played a great role and
shown their fullest capability to implement the idea.
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Conclusion
From the above analysis it has been studied and concluded that the idea is new to the
economy and has been getting positive response from the customers. However, the
organisation has been surrounded with lot of problems and issues relating to the customers
and market. Moreover, the idea has benefitted a lot of customers and has added value among
them. The success of company and business idea is highly dependent upon the team working,
collaboration, co-ordination of the team.
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References
 Amit, R., & Zott, C. (2012). Creating value through business model
innovation. MIT Sloan Management Review, 53(3), 41.
 DeMers, J. (2015). The 10 Most Critical Factors That Dictate Startup Success.
[Online] entrepreneur. Available at: https://www.entrepreneur.com/article/252813
[Accessed: 02 May 2018].
 Fleming, L. (2016). Financing by and for the masses: An introduction to the
special issue on crowdfunding. California Management Review, Winter: 5-19.
 Gleam. (2018). Beautiful Competitions. [Online] Gleam. Available at:
https://gleam.io/app/competitions [Accessed: 02 May 2018].
 Kim, L. (2017). 5 Critical Success Factors for Early Stage Startups. [Online] INC.
Available at: https://www.inc.com/larry-kim/5-critical-success-factors-for-early-
stage-startups.html [Accessed: 02 May 2018].
 McLuskie, P. (2017). Innovation and Entrepreneurship. International Journal of
Entrepreneurial Behavior & Research, 23(1), 159-162.
 Polaczyk, J. (2018). 5 Common Customer Service Problems and How to Resolve
Them. [Online] livechatinc. Available at: https://www.livechatinc.com/blog/common-
customer-service-problems/ [Accessed: 02 May 2018].
 Zandoval Bonazzi, F. L., & Ari Zilber, M. (2014). Innovation and Business
Model: a case study about integration of Innovation Funnel and Business Model
Canvas. Revista Brasileira de Gestão de Negócios, 16(53).
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Appendices
Appendix
1. Business Model
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