Innovation and Entrepreneurship: Case Study of The Real Trial

This report examines the concepts of innovation and entrepreneurship through a case study of "The Real Trial," an online shopping platform in Singapore. The analysis covers various aspects of the business, including addressing customer problems related to online shopping through features like product resizing and return policies. The report identifies the target market, competitive landscape, team effectiveness, business model, and future strategies of "The Real Trial." It highlights the importance of understanding customer needs, differentiating from competitors, building effective teams, and adopting innovative approaches like digital marketing to achieve business goals. The report emphasizes the significance of a well-defined business model, including expenses, profitability, and setting milestones for future growth, particularly focusing on leveraging social media platforms for increased popularity and global expansion. The report provides insights into the challenges and opportunities faced by the company in a competitive market, emphasizing the need for continuous innovation and adaptation to meet evolving customer demands.

Running head: INNOVATION AND ENTREPRENEURSHIP
Innovation and Entrepreneurship
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“The Real Trial” is an online site for shopping, which is an innovative business
initiative located at Singapore. The business location offers easy accessibility and in turn
helps in promoting the online products purchasing goals in the country. People can easily
purchase their favorite products anytime and anywhere, as per their convenience (Drucker,
2014).
The company is purely technology based and helps customers order their favorite
products and delivering those at their doorsteps. With the advent of digital media, people can
purchase products, order food, book cabs anywhere and at any moment. Millions of
customers shop online. However, there are certain issues which arise due to this. Majority of
the consumers face problems regarding the size, quality and design of the product. The Real
Trial enterprise offer solutions to all these problems by enabling the consumers to view the
product by resizing it. Moreover, it also has return policy for the customers who want to
return their products after receiving it (Tidd & Bessant, 2015).
It is important to define the problem first to the consumers, before moving to the next
step of defining the solution. “The Real Trial” enterprise makes sure that they solve the real
problem to their customers, before presenting or defining the solution. It is important to
clearly define the problems which need to be solved. They have a unique option which
enables the customers to upload their picture and place it on the product they like. This gives
the customers a visual idea of how they will look in that particular product, without actually
buying it. This helps the company in gaining their trust and faith (Crumpton, 2012).
It is very important to know the target market for any business. The Real Trial
enterprise’s target market is the online shoppers of any gender, age or interest. The website
provides all items such as clothes, accessories, footwear, bags and more. The target market is

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divided into small groups or segments. They price each and every item, after having an idea
of each segment to which the particular product is catering to (Onetti et al., 2012).
Each and every business have competitors, be it small or big. The Real Trial has lots
of competitors in the market which includes companies like Zalora, Lazarda and more. It is
important to keep an eye on the competitors’ marketing approach and style. Customers prefer
shopping on “The Real Trial” because of its unique feature of real life trial which other
companies don’t provide (Crumpton, 2012).
Team effectiveness also helps in business growth and progress. It is important to
choose the right business partners and associates. Effective team members help the company
to grow. The Real Trial hires the right employees who have great knowledge and skills. The
company also understands the management gaps and recognizes the right talent. Hiring of
right employees is very crucial for any business and it is an important quality which helps a
business to grow (Drucker, 2014).
Any company must a perfect business model which defines the expenses and
profitability of the business. It helps in setting a budget of the business. The Real Trial is a
small business which does not require huge amount of investment. The company’s expenses
are mainly on the electricity, taxes, salaries and others. Digital marketing is done to aware
more customers, which however requires comparatively higher investment but it also
generates profit (Onetti et al., 2012).
The final one is conveying or setting the business milestone. It is regarding the
upcoming plans and goals of the business and how to achieve those. The Real Trial enterprise
is adopting new and innovative strategies to cater more and more customers on the global
platform. They are focusing on the social media platform to increase their popularity (Tidd &
Bessant, 2015).

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References
Crumpton, M. A. (2012). Innovation and entrepreneurship. The Bottom Line, 25(3), 98-101.
Drucker, P. (2014). Innovation and entrepreneurship. Routledge.
Onetti, A., Zucchella, A., Jones, M. V., & McDougall-Covin, P. P. (2012).
Internationalization, innovation and entrepreneurship: business models for new
technology-based firms. Journal of Management & Governance, 16(3), 337-368.
Tidd, J., & Bessant, J. (2015). Innovation and entrepreneurship(No. 3). Wiley.