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Introduction of Entrepreneurship, Innovation and Creativity Assignment
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This particular business report aims to discuss an innovative business plan regarding the fact of launching a new venture which is Mr smoothy. This will also discuss the value proposition as well as justify it quite in an effective manner. In fact, this report will also discuss a New Product Development procedure by this company as well as generate a marketing plan.
Models and Theoretical Frameworks for Product and Service Innovation
It is indeed true that small and medium-sized organisations play a crucial role in terms of the financial improvement of a country. In terms of sustaining their business operations in a successful manner, they require continuous innovation. Regarding the fact of innovation, the venture requires major innovation in order to stay competitive in the international and domestic markets (de Oliveira Sousa et al., 2020). Due to this fact, Mr smoothy has to focus on developing a new product which might be beneficial for the company to be productive and profitable in the marketplace. To make the NPD effective, there has to be a synchronization among the marketing, (R&D) and finance sections.
Considering the fact of new product development, there is a range of theories have been available. In terms of the NPD, it will fall under the category of products new to the business. This basically refers to the imitated products which are already traded in the market yet the venture will manufacture them for the first time. In terms of that business utilises an existing market in order to market these products as well as draw attention to customers (Fu and Saleh, 2021). The product that the venture will be going to produce is a health drink. This particular health drink will be extremely beneficial for the venture to increase its sales quite effectively.
The Resource Implications
It has been observed that a product development procedure basically indicates a range of activities where a company hypothesizes and comprehends a new offering. In terms of the new product development, basically consists of procedures which are divided into phases or steps through which a company might be able to perceive a new product. Regarding this, the procedure of new product development procedures under eight stages are elucidated below:
Generation of New Product Ideas
The idea stage is frequently the most significant step for devising new products since it is where most product thoughts come from. A lot of concepts are engendered till the business catches the most appropriate ones (Hosseini, Soltani and Mehdizadeh, M., 2018). It has been observed that Businesses utilise internal foundations such as the R&D department to make certain the of the fact. The purpose of the health drink is to provide refreshment as well as deliver nutrients to the people who will consume it.
Screening and Evaluation of Ideas
All concepts are screened to differentiate more valuable ideas from less useful ones. it is therefore the concern of the marketing expert to see how effectively the product can enhance their market base. Considering the health and hygiene of UK people, the product will effectively increase the sales of the Mr Smoothy.
Concept Development and Testing
The ultimate purpose of the product is to bring test and healthiness together. It might be considered a refreshing summer drink and it can be consumed by people of any age (Hosseini, Soltani and Mehdizadeh, M., 2018). There are some healthy nutrients and anti-oxidants available in the drink which makes it more relevant for the people of the UK to purchase this.
Considering today's generation, social media strategy will be extremely beneficial for the company to attract a huge rate of customers in a minimum time. In terms of that, appointing a public figure whether some kinds of health experts or any sportsmen will be extremely accommodating (Unger and Unger, 2018).
Huge market research has to be done to identify the rate of competitors. Therefore, projection of cost and profit requires to be necessary.
Samples will be verified to assess the new product idea and whether it is attractive to customers.
Tests will be made to classify the way marketing of new product notion has to be accompanied for the best results before continuing costs for inappropriate marketing strategies (Unger and Unger, 2018).
This is the final and most integral stage as it helps the product to get recognised in the market quite effectively.
New Product Development
Source: (Cojocaru, C., 2019)
In order to carry out the innovation procedure as a particular organizational approach, it is imperative to understand that innovation is a multifaceted task for it occurs at dissimilar levels for different determinations and is contingent on the obtainability of resources (de Oliveira Sousa et al., 2020). In fact, the search for innovations in dissimilar sectors starts from new descriptions that have prolonged their scope and notion over time. Furthermore, it has been considered a priority in advanced countries whose approach to evolution and competitiveness is to be distinguished in the research and expansion of new technologies (Fu and Saleh, 2021). Therefore, the innovation culture of a specific region relays on the pronunciation of the foremost innovation actors, development agencies, formal innovation environments and government.
Business Plan for New Product
In order to formulate a basic marketing plan and introduce the new product in an existing market, the venture requires to take numerous strategic approaches which are given below:
- Conduct Market Research: Doing market research is necessary for the health drink to measure how much interest there will be in the product.
- Attract Your Potential Customers: Targeting the exact audience will determine the increasing amount of sales for the company (Hosseini, Soltani, and Mehdizadeh, 2018).
- Analyse Competitors: Assessing the rate of competitors and then applying a competitive strategic approach will be most suitable to sustain in the domestic as well as international market.
- Set Goals: Setting a clear vision for the company regarding the new product might be facilitating the venture to engage an adequate amount of customers as well as increase profitability margin (Fu and Saleh, 2021).
- Develop Marketing Strategy: After that, the designing of an appropriate marketing strategy will be extremely accommodating in order to attract potential customers.
Business Canvas Model
Land purchase - £ 50,000
Construction expenses - £ 42,000
Operational cost - £ 25,000
Employee retention cost for 6 months - £ 15,000
Purchasing raw materials – £ 12,000
Machinery and tools - £ 15,000
(Product or services)
There is no specific name considered for this drink as it will be known as Mr Smoothy following the company name (Kühne and Böhmann, 2018). However, the company will add different flavours to it to diversify the product. In terms of that, the product having chocolate flavour on it will be known as Chocosmash and having raspberry flavour on it will be recognised as raspberry Smoothy.
The product that Mr Smoothy will be offering to the UK people, consists rich in antioxidants and is completely sugar-free. People suffering from diabetes are quite an extensive UK, thus the health drink will be facilitating as a refreshing and salubrious.
Through website marketing on its official website, it will be extremely beneficial (Kühne and Böhmann, 2018). Therefore, utilising digital marketing tools can bring innovation and increase its customer reach in a swift manner.
To conduct the business operations in a successful manner, the company requires to focus immensely on the recruiting and retaining process.
Definitely, the rate of competition is comparatively higher yet no company has brought this innovative idea to put wellness and taste into the same bottle (García-Muiña et al., 2020).
The UK government encompasses several financial schemes through which the company might get facilitated for improving its financial condition.
By analysing the overall report, it can be evaluated that each and every business firm requires continuous innovation to stay competitive in the domestic and international markets. In terms of NPD, the company requires to put an immense focus and extensive market research before launching a product.
Cojocaru, C., 2019. Economics and Administration.
de Oliveira Sousa, S.R., da Silva, W.V., da Veiga, C.P. and Zanini, R.R., 2020. Theoretical background of innovation in services in small and medium-sized enterprises: literature mapping. Journal of Innovation and Entrepreneurship, 9(1), pp.1-26.
Fu, Q. and Saleh, M.A., 2021. Review of Innovation Management Frameworks and Assessment Tools. International Journal of Mechanical and Industrial Engineering, 15(9), pp.347-353.
García-Muiña, F.E., Medina-Salgado, M.S., Ferrari, A.M. and Cucchi, M., 2020. Sustainability transition in industry 4.0 and smart manufacturing with the triple-layered business model canvas. Sustainability, 12(6), p.2364.
Hosseini, A.S., Soltani, S. and Mehdizadeh, M., 2018. Competitive advantage and its impact on new product development strategy (Case study: Toos Nirro technical firm). Journal of Open Innovation: Technology, Market, and Complexity, 4(2), p.17.
Kühne, B. and Böhmann, T., 2018. Requirements for representing data-driven business models-towards extending the business model canvas.
Unger, M. and Unger, D.W., 2018. E-cigarettes/electronic nicotine delivery systems: a word of caution on health and new product development. Journal of thoracic disease, 10(Suppl 22), p.S2588.