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MNGT5202 Entrepreneurship And Innovation

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MNGT5202 Entrepreneurship And Innovation

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Course Code: MNGT5202
University: University Of New South Wales

MyAssignmentHelp.com is not sponsored or endorsed by this college or university

Country: Australia

Questions:
Prepare a Business model and plan for an Australia-based, brand new, for-profit business venture that you might enter into in the future. 
 
This should be different from the business idea which has already been used and presented in the group assessment. 
 
Introduction (a clear introduction of the business idea, make sure that first time readers can understand your business idea)
Business Model Canvas
Customer SegmentsValue PropositionCustomer RelationshipsChannelsKey ActivitiesKey ResourcesKey PartnersRevenue StructureCost Structure
Planning
MarketOperations and TechnologyHuman ResourcesFinance 
Answers:

Introduction
Introduction of a new business requires a strong planning and modeling so that it can get successful establishment and recognition in the perspective market. It is very important for the entrepreneurs to have the capacity and willingness to introduce and manage a business venture along with associated risks so that they can generate revenues and profits (Xiang, Magnini and Fesenmaier, 2015). The objective of this report is to develop a business plan and business model canvas for a new business that will be introduced in Australia. The business idea for this business is that a new organization, named as “SmartPack” is planning to introduce new travel bags and products with innovative technique i.e. Internet of Things (IoT). In this report, the business mode canvas is prepared for the new brand business. All the nine building blocks of this model are described in detail. Furthermore, it includes the strategic planning for different functions of business like human resources, finance, operations and marketing. Effective management of these functions will assist “SmartPack” in establishing and operating business smoothly.
Introduction about Business Idea
Considering today’s marketing trends and technological advancement, an Australian entrepreneur is planning to introduce travel bags and products in the Internet of Things (IoT) technology (Yang, 2014). The business will be based in Sydney, Australia and it will be started in the year 2018. It will be offering its products on Australian e-commerce sites and then it will plan to expand its business in other markets. The primary products of this company will be Smart traveller bags, Smart laptop bags, Ladies Purses and Passport Pouch etc. Looking at the business idea, it can be stated that business idea of SmartPack is very innovative because it will be manufacturing bags with the smart locks, digital alerts, charger, trip planning, smart weight system and tracking system. In this way, the most creative thing about this new business idea is that company is using IoT in travel products (Schuckert, Liu and Law, 2015).
Business Model Canvas
When any entrepreneur plans to introduce any new business in the marketplace, it needs to develop a business model canvas for effective planning. Business model canvas is a template of strategic management that is used by new businesses for developing business models. It is visual presentation of different components which are vital for setting a new business. It describes different elements like value proposition of products and services, customers, finances and infrastructure (Dijkman, et al, 2015). The business model canvas of SmartPack can be developed by focusing on its nine building blocks. Business model canvas for this new business idea is presented below:

Key Partners
·       Raw material suppliers
E-commerce websites
Technology partners
Marketing and advertising agencies
Supply chain and logistics partners
 Logistics partners
Institutions
 Distributors
 Retailers

Key Activities
Integrating innovation in the products and services 
 Manufacturing of smart travel bags by using IoT technology
Hiring a technically expert team
 Delivering the products on given time
Producing significant revenues and profits

Value Proposition
Identifying the needs and demands of business and regular travellers.
·       Manufacturing of travel products by using advanced technological features like smart locks, digital alerts, charger, trip planning, smart weight system and tracking system (Neuhofer, Buhalis and Ladkin, 2015)
A wide range of travel products like Smart traveller bags, Smart laptop bags, Ladies Purses and Passport Pouch etc.
 
 
 
 
 

Customer Relationships
 Introduction of smart bags for the safety of customers’ travelling luggage.
·       Utilization of innovation technologies.
 Communication of brand message to customers by using effective marketing and promotion strategies
After sales feedback of customers.
 

Customer Segments
 Business and regular travellers
Mass market segment
 Technology advanced people
 Millennial
Smart phone users
 

Key Resources
IT experts and manufacturing team
Physical assets
Intellectual Property Rights
Software developer
IT infrastructure

Channels
Distributors
Internet partners
Mobile application of SmartPack
Retailers
 E-commerce websites
Official website of SmartPack

Cost Structure
Website maintenance charges
Salaries to IT experts and other staff
Marketing and promotional expenses
Raw materials costs
Costs of technology
Infrastructure Development cost

Revenue Streams
Offering of smart travel bags and other travel products
Promotional campaign and sponsorships
Generation of revenue from targeted population (Law, Buhalis and Cobanoglu, 2014)
 

Customer Segments 
To develop an effective business model, the new business will identify that which customers it makes efforts to serve. In order to offer and sell its products, SmartPack will target a mass population segment. Primarily, it will target the customers who need to travel routinely and for longer distance. The smart travel bags offered by SmartPack will provide a great and safe experience of travelling because these bags consist of tracking system and smart locks. Moreover, it will be manufacturing the travel products considering the interests of technology advanced people and millennial. The business will be focusing on business travellers also as it can help them to travel routinely and safely (Neuhofer, Buhalis and Ladkin, 2014).
Value Proposition 
Under value proposition, this new business will be using different specifications which will differentiate it from other players in Australia. SmartPack will be introducing advanced and smart technology travel bags and products by identifying the needs and demands of business and regular travellers (Chan, To and Chu, 2016). It will be delivering value to the customers as a travel bag manufacturer with the use of IoT. To entice the travellers, the business will be utilizing the IoT and advanced techniques. The products will have various smart specifications like smart locks, digital alerts, charger, trip planning, smart weight system and tracking system (Osterwalder, et al, 2014).
Customer Relationships 
To stay and be competitive in the marketplace, it is very important for any new business to identify the customers and develop relationships with them. It will be launching this product for ensuring the safety of customers and their luggage while they are travelling. The company will use effective strategies and communication techniques to deliver its brand message to final customers. Moreover, taking after sales feedback will support SmartPack to develop good relationships with its potential customers.
Distribution Channels 
To approach a larger customer base, SmartPack needs to establish an extensive distribution network in Australia. It will use many distribution channels which will help it to supply its products to final customers. Primary channels of SmartPack will be distributors, internet partners, mobile application of SmartPack, retailers, e-commerce websites and official website of SmartPack. These channels will enable SmartPack to gain popularity among Australian customers (Law, et al, 2015).
Key Activities 
This component of business model canvas includes the most significant activities and processes in executing the value proposition of a company. The core business activity of SmartPack will be manufacturing the travel bags and products by integrating advanced technologies. The major objective of the company is to use technological innovation in its products. For this, the firm will be hiring an IT expert team who will help the organization to manufacture the products and deliver them on given time (Garun, 2016).
Key Resources 
There are various resources which are very important to possess by SmartPack. These resources are such as human resources, sufficient funds, physical assets and IT team and software developer. The business will be considering its human resources as most important assets so it will be providing an effective training to them so they can have learning about technology innovation.
Key Partners 
To optimize the resources and reduce the business model risks, the company will develop better relationships with different partners. For SmartPack, key partners are raw material suppliers, e-commerce websites, technology partners, marketing and advertising agencies, supply chain and logistics partners, logistics partners, institutions, distributors and retailers. It is very important for the business to have good relations with partners as they will assist it in practicing its core business activities (Gretzel, et al, 2015).
Revenue Streams
This new business will offer technologically advanced products so it will enable it to produce significant profits and revenues by selling smart travel products. Through its products, it will make efforts to provide fully customer satisfaction which will lead it to generate revenues from targeted population. Sponsorships and promotion are other ways which can help in increasing the sales and revenues of SmartPack.
Cost Structure
Cost structure includes all the related costs and expenses which may incur in establishing and operating the key business activities. At SmartPack, major costs are such as website maintenance charges, salaries to it experts and other staff, marketing and promotional expenses, raw materials costs, costs of technology and infrastructure development cost. In this business, it will make efforts to manage its costs and expenses with transparency (Johnson, Christensen, and Kagermann, 2008).
Planning
After developing above business model canvas, the organization will plan strategically for its different functions and aspects. It will focus on business planning about below-mentioned aspects. Business planning for SmartPack is stated below:
Marketing
When a new business is introduced in the marketplace, marketing is the most significant process on which business needs to emphasize. In order to introduce and promote its smart travel products in Australian market, SmartPack will be using effective marketing strategies. It will conduct a market research and target the most appropriate segments i.e. business and routine travellers. To attract more customers, it will focus on the marketing strategy components of marketing mix framework like product, price, place and promotion. Under product strategy, the company will be focusing on offering technologically advanced and quality products to targeted customers. Considering the competition in the market, it needs to set the prices accordingly. Promotion is the most significant component of marketing process. Under this process, SmartPack will use effective techniques like advertising through social media sites, print media, broadcasting media etc. It will post the advertisements on social media sites like Facebook, Instagram and Twitter. This function will help SmartPack to approach a larger target market in Australia.
Operations and Technology
In addition to marketing process, it is very significant for this company to focus on its operations and technological development. The company will be developing an effective manufacturing process that will include different machinery and manpower so that they can produce the travel products on time. Under its operations, it will use technological innovation in its products. In its manufacturing operations, it will use advanced technologies and techniques. It will use Internet of Things in its smart travel bags which will be the major attraction in its products. There will be implementation of updated technologies which controls the bags and suitcases. One of the major technologies in its products will be smart lock which will allow the users to lock or unlock the bags by using their mobile applications. Moreover, it will provide the facility that sensors can automatically lock the travel bags while it is separate from travellers (Andersson, et al, 2016).
Human Resources  
Human resources are the most important resources which an organization may have to stay competitive in business environment. Before starting its operations, the company will hire required human resources for its manufacturing and other processes. The top management of SmartPack will make sure that it has hired skilled and experienced staff to serve the needs of customers. For incorporating technology in its products, the company will be focusing on recruiting an IT expert team. By human feasibility analysis, this new business will assess the competencies and capabilities of management (Lee, 2016).  
Finance
Under this, SmartPack needs to ensure that it has sufficient funds to make investment in this new business. As it is an IoT related business, so it is very important to have huge funds for making investment in advanced technologies. It will create a budget for this startup that will include all the costs and expenses incurred in introducing the business (Xiang, et al, 2015). The business will set up various software and technologies like ERP and CRM to calculate forecasted cost of manufacturing. The startup budget for SmartPack is given below:

Start-up Requirements

 

Expenses

Amount

Technology Costs
Cost of raw materials
Legal expenses
Rent
Salaries to staff
Total Start-up Expenses

$25000
$10000
$1500
$14000
$8000  
$58500

Start-up Assets

 

Cash

$70000
 

Total Start-up Requirements

$128500

Conclusion
From the above analysis, it can be concluded that it is very important to practice a strong entrepreneurship to effective establishment of business. The above report states that a new business idea of introducing smart travel products will be launched in Australian market. In order to establish this business, the company will focus on developing the nine blocks of business model canvas. Moreover, it will emphasize on different functions i.e. marketing, operations, technology and finance etc. These functions will assist the organization to make its business operations smoother.
References
Andersson, U., Dasí, À., Mudambi, R., and Pedersen, T. 2016, Technology, innovation and knowledge: The importance of ideas and international connectivity. Journal of World Business, 51(1).
Chan, W.Y., To, C.K.M. and Chu, W.C., 2016. Desire for experiential travel, avoidance of rituality and social esteem: An empirical study of consumer response to tourism innovation. Journal of Innovation & Knowledge, 1(1), pp.24-35.
Dijkman, R. M., Sprenkels, B., Peeters, T., and Janssen, A., 2015, Business models for the Internet of Things. International Journal of Information Management, 35(6).
Garun, N., 2016, This smart bag can charge phones, weigh itself… and nearly got me kicked off a flight, available from https://thenextweb.com/gadgets/2016/01/30/welp/ [Accessed on 17 Oct. 18].
Gretzel, U., Sigala, M., Xiang, Z. and Koo, C., 2015. Smart tourism: foundations and developments. Electronic Markets, 25(3), pp.179-188.
Johnson, M. W., Christensen, C. M., and Kagermann, H. 2008, Reinventing your business model. Harvard business review, 86(12).
Law, R., Buhalis, D. and Cobanoglu, C., 2014. Progress on information and communication technologies in hospitality and tourism. International Journal of Contemporary Hospitality Management, 26(5), pp.727-750.
Law, R., Leung, R., Lo, A., Leung, D. and Fong, L.H.N., 2015. Distribution channel in hospitality and tourism: Revisiting disintermediation from the perspectives of hotels and travel agencies. International Journal of Contemporary Hospitality Management, 27(3), pp.431-452.
Lee, L.Y.S., 2016. Hospitality industry web-based self-service technology adoption model: A cross-cultural perspective. Journal of Hospitality & Tourism Research, 40(2), pp.162-197.
Neuhofer, B., Buhalis, D. and Ladkin, A., 2014. A typology of technology?enhanced tourism experiences. International Journal of Tourism Research, 16(4), pp.340-350.
Neuhofer, B., Buhalis, D. and Ladkin, A., 2015. Smart technologies for personalized experiences: a case study in the hospitality domain. Electronic Markets, 25(3), pp.243-254.
Osterwalder, A., Pigneur, Y., Bernarda, G., and Smith, A., 2014, Value proposition design: How to create products and services customers want. US: John Wiley & Sons.
Schuckert, M., Liu, X. and Law, R., 2015. Hospitality and tourism online reviews: Recent trends and future directions. Journal of Travel & Tourism Marketing, 32(5), pp.608-621.
Xiang, Z., Magnini, V.P. and Fesenmaier, D.R., 2015. Information technology and consumer behavior in travel and tourism: Insights from travel planning using the internet. Journal of Retailing and Consumer Services, 22, pp.244-249.
Xiang, Z., Wang, D., O’Leary, J.T. and Fesenmaier, D.R., 2015. Adapting to the internet: trends in travelers’ use of the web for trip planning. Journal of Travel Research, 54(4), pp.511-527.
Yang, S. H. 2014, Internet of things. In Wireless Sensor Networks (pp. 247-261). London: Springer.

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