It is essential for a business to develop innovative and unique ideas which help it gaining a competitive edge against competitors in the market (Anderson and Obeng, 2017). The report is based on the concept of launching laser markers in the market to meet the expectations of customers and attract potential clients from across the world. It explains how the concept was tested and how improvements were made based on the feedback that was received and how the final idea has improved in terms of desirability and feasibility. Also, how can the idea be implemented in a real entrepreneurial setting. The report also describes a business canvas model which explains how the feedback was implemented and the original idea was modified and launched in the market.
Original business concept
The business concept is a new innovation in the market and is based on launching a laser marker that can be refilled with 3 different colours of inks , i.e., red, blue and green. The marker can be charged by a USB. The mission behind the concept is to be authentic as well as to be able to create trust among customers worldwide by launching a unique design. Also, the concept visions to bring in creativity and inspiration from people all over the world with the main objective of meeting customer expectations, providing products of high quality and also to increase the overall sales by 20% within a timespan of 18 months. The basic marketing plan of the concept comprises of building awareness about the brand in the market in order to increase the overall market share, target new customers by launching new products and enhance the customer relationship through YouTube which will help in increasing the overall profit (Vargas and et. al., 2016).
The target customers for the laser marker will be different universities, colleges, schools, offices and business firms. The key activities that will be carried out before the launch include marketing, promotions, advertising on social media and packaging of the product for final sale. The products will be distributed through various platforms like Amazon, eBay, Argos etc. as well as at various offline retail stores (Bernus and et. al., 2016). The customers will also be offered loyalty cards and the products will be personalised. The initial cost of selling a marker was £7, the cost of marker with 5 refills was £2.5 and the pack of 5 refills was £2 with main value proposition of the product being its design which will be offered at a low price but will be of high quality. Need Assignment Examples?Talk to our Experts!
Testing the original business concept and the feedback that was received
The concept of launching a laser marker was tested by presenting a presentation in the class that explained the complete idea with each aspect being explained individually in detail which turned out to be helpful in assessing its impact in the market (Cook, 2017). The tutor as well as fellow classmates shared their point of views and feedback regarding the same. The feedback turned out to be very supportive and helped me in modifying my overall concept in order to achieve the set objectives (Wilde and Leonard, 2018). The presentation clearly explains the concept of the Laser Marker wherein each aspect is explained in detail. On sharing this with the tutor and classmates, various pros and cons of the concept were identified which helped in making better decisions to grow and enhance the performance the respective business. The idea was also shared online with various groups which are a great platform to share ideas and receive feedback for the same as many people can provide feedbacks based on their individual perspective (Gattorna, 2016). This can prove to be valuable as modifications are made based on the needs of customers which means they will be satisfied when the final products is launched in t