Report on Innovation and Technology for Online Education and Business

This report provides a comprehensive analysis of innovation and technology within a business context, specifically examining the challenges and opportunities faced by the Lakes Aquarium. It employs PESTLE analysis to evaluate political, economic, social, technological, legal, and environmental factors impacting the business. The report further explores the critical evaluation of future technologies, such as Augmented Reality (AR), the Internet of Things (IoT), and 5G networks, and their relevance in providing online education and experiences to visitors and students. Finally, the report identifies and explains the necessary steps to implement a market-oriented solution, focusing on customer needs and market orientation strategies to enhance customer acquisition and retention. The report emphasizes the importance of adapting to technological advancements and understanding consumer behavior to achieve business success. The report draws on secondary and primary research to support its findings.

Innovation and Technology

Table of Contents
INTRODUCTION...........................................................................................................................3
Task 2...............................................................................................................................................3
Critically analysing the challenges and opportunities.................................................................3
Critical evaluation of the future technologies that may be relevant for providing online
education to visitors and students................................................................................................6
Identifying and explaining the steps needed to provide a market-oriented solution...................7
CONCLUSION................................................................................................................................9
REFERENCES................................................................................................................................1
Books and journals.......................................................................................................................1

INTRODUCTION
Generating of the new device, idea or the method is termed as the innovation. The
practical aim of the human life through the scientific knowledge application is termed as the
technology. Opposed to the technology it is considered that the innovation is intangible while the
technology was considered as the tangible (Visvizi, Lytras and Daniela, 2018).
The second part of the report will critically apply the concepts, values and the theories
related to the business, learning, education and to the management. Further, the report
demonstrate the understanding of the learners need diversity and the personal learning
complexities. Lastly, there is the development of the learning and the knowledge development
through the secondary and primary source research.
Task 2
Critically analysing the challenges and opportunities
The analysis for understanding different factors such as political, economical, social etc.
can be understood by using pestle analysis. PESTLE analysis gives detail about the challenges
and opportunities that Lakes Aquarium has to face in the current environment other than any
kind of competitive forces. For instance, there can be growth in the industry which is highly
profitable but it cannot be considered good for the Lakes aquarium. It can further help in
knowing the competitiveness in the organization and can identify the overall profitability.
Moreover, it will affect the operations of the organization ion many ways which has been
discussed further. Following is the PESTLE analysis for the Lakes Aquarium: Political factors – It is important to know about the political factors that could impact the
long term profitability of the aquarium. The environment is dynamic in nature and ever
changing. It is important that the management has to closely analyse the political factors
relating to the business (Choi and et.al. 2015). Political instability in the country of united
kingdom can be of great importance as the country is facing so, much challenged relating
to the stability. There has been an increase in the level of corruption and regulations in
the service sectors. Wage legislations and mandatory employee benefits are some factors
which also greatly influence the aquarium. There is increase in the level of corruption for
the organization which can affect its operations.

 Economic factors – There are some macro economic factors like inflation, interest rates
and savings rates that influence the Lakes Aquarium. There are some micro
environmental factors as well that are important like maintaining the competitive edge
among all the rivals. Some economic factors are government interventions that could
allow the aquarium to cut the prices for the tourists. Income level of the people in the
country determines the spending power that they are willing to pay for a certain service
offered to them. Inflation and increment in the interest rates decide the sales for the
aquarium. Moreover, the aquarium has to adopt good infrastructure so that it attracts the
tourists and more and more tourists will visit the place (Falk and et.al. 2008). Social factors – The societal culture and the way people live their lives influence the
culture of the organization. The beliefs of the tourists and the population plays a very
great role in the understanding the needs of the tourists and then design their policies
accordingly. Some social factors are demographic factors and skills that population of the
country possess. Grouping of population according to the class and the hierarchy level in
the society plays a major role. The level of education that is prevailing among the people
of the country plays a major role as it will define their understanding for the living
species in the aquarium and will get attracted towards it and get interested in acquiring
information about the mammals. Technological factors – Advancement in the technology has disrupted many business all
across the globe. Since past few years it has been evolves tremendously. Many industries
are moving forward in its function, and they have experienced growth because of the
advancement in the technology. The technological factors that affects the Lakes
Aquarium are recent technological developments. The fishes and other species are fed
and taken care of by using different techniques, and they are provided with proper place
where they are stored. Cost structure of the organization is planned according to the
technology that s prevailing and the management is opting. Level of technological
diffusion which means how often population react to the innovations also affects the
business. Legal factors – In many countries, the laws and regulations to protect the intellectual
property rights of an organization like the Lakes Aquarium are not robust and effective
that could protect the rights. It is very important for the firms to critically evaluate the

laws and then carry forward its operations. It will help the organization to avoid theft and
keep its data private. Some legal factors include the anti trust law prevailing in the overall
country. The laws that reduces the discrimination because of the race, caste etc. have
been of major importance. Different laws like intellectual property laws and consumer
protection and e-commerce laws that helps the aquarium in many ways. Health and safety
for the employees as well for the tourists is very important and further laws are made to
protect them.
 Environmental factors – Various aquariums have different environmental standards and
norms that can influence the profitability of the organization in the current market. In the
country of United Kingdom, there are different environmental laws that are prevailing
and along with several liability laws. These laws are used to overcome any kind of
mishaps in the aquarium. There are many laws related to offering a healthy tax breaks to
many organizations. Some environmental factors include the weather, climate change,
laws related to the pollution in the country, recycling and waste management systems in
the organization affects the operations in different and numerous ways (Packer,
Ballantyne, 2010).
The pestle analysis gave a clear detail about the different factors that are important for the
Lakes Aquarium. Different factors affect the operations in different ways and further the
aquarium has to identify these factors and make decisions accordingly. People are becoming
more friendly with the environment and it has been identified that they get attracted with such
visit centres like that of the aquarium. It is important to cater their needs and make them
understand about the species like fishes and other mammals in the aquarium (Biocca, Lanier,
1992).
The analysis can be evaluated critically as the different factors have variety of influence
on the operations of the aquarium. With the change in technology, there has been advancement
in the hosting of different species and this attracts the tourists. With increase in the education
level the tourists now gets interested in gaining knowledge about different species. However, the
consumers spending power and inflation also plays a major role because it increases the cost of
keeping the species and further reduces the profitability.

Critical evaluation of the future technologies that may be relevant for providing online education
to visitors and students
Technology has open up new horizons for the learners after the pandemic hit the whole
world. Many students are now learning with the use of online platforms. Same is the case in
many of the businesses that are running and operating online for many of their employees.
Technology has helped many to evolve in the ever-changing world and is important to be
critically evaluated. Future technologies that have been used by Lakes Aquarium for providing
different online education about the species to the students and different communities. Further,
technology has been used by the business to give proper knowledge and provide a tour of the
aquarium to its visitors remotely (Lemke, Press, 2010). Following are some future technologies
in the field of online education to students and providing an experience to the visitors: AR technology – Augmented reality is the technology that provides interaction with the
real world using the digital visual elements and sounds. The business of Lakes Aquarium
is using this technology to make the tourists feel amused by the real life experience of the
aquarium. They have to use different kind of graphics and sounds which enables the
viewers to get an overall experience. It has been used by the business in order to provide
education to the students and other community groups. The level of education prevailing
in the times of pandemic has been severely affected so it becomes quite important for the
students to provide education that could develop sense of awareness in them. They are
provided with digital content which are further elaborated by their teachers, and they are
made aware about the species and other sea life creatures in the aquarium using the
digital platform (Schiederig and et.al. 2012). Internet of Things – IoT is a well established system that are consisted of interrelated
computing devices, machines and other objects. This can help in transferring data over
the network without interacting with the humans directly but allows interacting via
computers. The business of Lakes Aquarium in order to provide online experience to the
visitors and the students along with other community groups can adopt this technology. It
will allow the viewers to gain informations and develop an experience which can be
considered similar to the physical experience. The students who are taking their
education on an online mode can also benefit from this, and they should be provided
knowledge about the mammals and species of the aquarium. The business can take

advantage of this technology as it will benefit it in many ways and further increase the
overall profitability.
 5G Networks – 5G is the network of generation five that is beyond the LTE mobile
networks which are termed as the long-term evolution. It is defined as the changer in the
whole game and trending as advancement in the technology. It is a better and improved
version on internet network connections. This will provide a stable and faster mode of
working as well as learning for the businesses and the students who are operating and
studying on an online platform. The business of Lakes Aquarium can make of 5G
networks to provide a faster and better experience to its viewers. It is not easy to give a
real time experience without the help of a good network which makes it important for the
business to adapt to the technology. Students can better is the digital content provided to
them is highly secured and highly understandable.
The technology used by the business of Lakes Aquarium can be critically evaluated and
its very important to know the pros and cons of the technology used. Usage of technology
requires a huge amount of skills and technical know how. These should be possessed by the ones
who engaged in the technical department, and they will be the one who will be responsible for all
the operations regarding the technology.
Identifying and explaining the steps needed to provide a market-oriented solution
To the process of the business there is the requirement of the market oriented. Both the
existing and the new customer need to target for selling the product and service of the company.
The requirement of the customers need were focused in the technique of market orientation.
Lakes Aquarium is using the approach which will help the company in generating of the new
customers and retaining of the existing clients (Mustafa and Yaakub, 2018). The scanning of the
market and the research were included in the process. Market oriented characteristics are that the
competition and the threats can be analysed by the company. Through the satisfaction of the
consumers there will be the increase in the profit of the companies. The stages of the market
orientation are: Initiation – Initiation is the term related to initiate something. It is mainly related with the
problem s that are identified by the business in doing a certain task. Here the Lakes
Aquarium business is related with providing virtual experience to the tourists and
providing education to the students and other community groups. There can be problems

regarding the technology or the market can be full of competitors which makes it difficult
to remain competitive in the market. This can solved by using the market orientation
steps that will provide the business with a market-oriented solution (Yun and et.al. 2020). Reconstitution – The plan made in the step of initiation is processed in the presentation
form and the plan is clearly defined in this step and then further developed. The plan
should be clearly defined to the whole organization. The innovations needed to be done
and all the problems which may arise during the whole process are needed to be properly
addressed so that the workers can work towards the goal. All the employees should be
ready to implement the plan. Here, the plan is to overcome all the hindrances that come in
the way of providing digital experience to tourists and providing digital education to the
students. Institutionalization – This is the step where the plan made in the first step and the plan
developed in the second step is executed properly. The employees are well trained
according to the demand of the situation. This process generally involves training,
rewarding and training the employees. This will allow the business to achieve the goals
and further execute the plan effectively. Here, the main aim of the plan should be to
provide best experience to the tourists and the students. In order to fulfil this, the
management should work on its technical areas and cut the costs in order to be profitable
as well as enhance customer experience (Kahn, 2018).
 Maintenance – Maintenance is the key to company's long term growth. All the possible
changes that are needed to be implemented should be remained maintained with the
existing plans. It is important that the operations are to be maintained. For example:
Lakes Aquarium once starting the plan of providing online experience should focus on
further maintaining the plan (Deng, 1994).
Some general market-orientation steps are as follows: Right features building - According to the requirements of the consumers the product
was build with the correct features by the organisation. There should be the research of
the market before adding the feature to the product. Thus, if the needs were not identified
the added features can lead to non buying of the product (Visvizi, Lytras and Daniela,
2018).

 Getting the right at first time - There are not done a lot of rework in the organisation.
Thus, to avoid the rework there was measure of the product and the services twice in the
organisation. Thus, spending too much time on the single project it will lead to the
wastage of the time and the money. Through this it helps in the reducing the additional
cost. Reducing the rework leads to the improvement in the business.
CONCLUSION
Thus, it has been concluded from the above report that innovation is considered as the
new device, method or the idea. In the second part of the report analysed the opportunities and
the challenges of the online education environment to attraction of the centres to the visitors.
Further, the report identified and explained the needed steps for the providing the solution to the
market oriented. The report also evaluated the future technologies relating with the project. The
centres can be analysed through the PESTLE analysis. Through the PESTLE analysis the Lakes
Aquarium will able to identify the challenges and the opportunities for the business.

REFERENCES
Books and journals
Biocca, F. and Lanier, J., 1992. An insider's view of the future of virtual reality. Journal of
communication. 42(2). pp.156-157.
Choi and et.al. 2015. Virtual reality applications in manufacturing industries: Past research,
present findings, and future directions. Concurrent Engineering. 23(1). pp.40-63.
Deng, S. and Dart, J., 1994. Measuring market orientation: a multi‐factor, multi‐item
approach. Journal of marketing management. 10(8). pp.725-742.
Falk and et.al. 2008. Using identity‐related visit motivations as a tool for understanding adult
zoo and aquarium visitors' meaning‐making. Curator: The Museum Journal. 51(1).
pp.55-79.
Kahn, K.B., 2018. Understanding innovation. Business Horizons. 61(3). pp.453-460.
Lemke, C. and Press, S.T., 2010. Innovation through technology. 21st century skills: Rethinking
how students learn, pp.243-272.
Mustafa, H.K. and Yaakub, S., 2018. Innovation and technology adoption challenges: impact on
SMEs’ company performance. International Journal of Accounting. 3(15). pp.57-65.
Packer, J. and Ballantyne, R., 2010. The role of zoos and aquariums in education for a
sustainable future. New directions for adult and continuing education. 2010(127).
pp.25-34.
Schiederig and et.al. 2012. Green innovation in technology and innovation management–an
exploratory literature review. R&d Management. 42(2). pp.180-192.
Visvizi, A., Lytras, M.D. and Daniela, L. eds., 2018. The future of innovation and technology in
education: Policies and practices for teaching and learning excellence. Emerald Group
Publishing.
Yun and et.al. 2020. The culture for open innovation dynamics. Sustainability. 12(12). p.5076.

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