SBU711 Enterprise and Innovation Case Study Sample

SBU711 Enterprise and Innovation

Assessment Task

Read the Assignment Case Study that is available on the Assessment Tab of the SOL page for this module. Following your presentation the company is applying for funding to implement one of your innovative business development opportunities. You are required to write this application using the AE2 Template, also available on the

Assessment

Tab of the SOL page for this module.

The AE2 Template includes headings and notes on what to include in each section. You must not modify the structure and write only in the boxes provided. A short 3 minute pitch is required that summarises your application / proposal. It is suggested that you record this after you have completed the written application; you should then insert this video into the document. Note that the maximum file size of the document must not exceed 250MB.

When decided on which innovative business development opportunity to use for this assignment, you should first consider selecting one of the opportunities you explored in the presentation. Alternatively you may persue a different opportunity if the ones in the original presentation were deemed not suitable.

Learning Outcomes

This assessment will enable you to demonstrate in full or in part your fulfilment of the following learning outcomes identified in the Module Descriptor:

K1 Develop a comprehensive understanding of the entrepreneurial process, from identifying business opportunities and market needs to conducting market research, developing business plans, securing funding, and managing risk.

K2 Apply critical thinking skills to solve complex problems and make informed decisions related to innovation and entrepreneurship, using relevant data, frameworks, and ethical considerations.

K3 Evaluate the theories and principles of entrepreneurship and innovation and apply them to real-life scenarios.

R2 Reflect on personal and professional learning and development, and use feedback from peers and instructors to improve performance in future work and entrepreneurial endeavors.

Solution

Business Development Proposal:

1. Extension of Product: TrakGene intends to broaden the scope of its offerings by incorporating services related to the community or device composed of subunits and instructions for micro chemicals used in testing organisms. Using its prowess in medicine-based research, the company will develop a comprehensive toolkit for closely studying and manipulating the tiny chemical group of instructions inside living things. Through the integration of disparate components into a cohesive whole and the integration of disparate elements so they function as a single unit, TrakGene will offer healthcare providers and end users novel, captivating, and distinctive custom-designed solutions that are unmatched by anything else.

2. An internet service called TrakGene will launch with the goal of providing users with clear instructions. The aim of this initiative is to improve accessibility, usability, and convenience for individuals looking for information on operating instructions for a small chemical group of people or equipment composed of smaller parts (Tien et al. 2020). TrakGene offers a very seamless online experience, making it simple and quick for consumers to obtain crucial data and assistance services.

3. Strategical Group efforts: Through collaboration with testing facilities and healthcare providers, TrakGene aims to integrate various components into existing workflows so that they function as a cohesive whole. This is achieved by combining various parts into a well-organized whole. By establishing and expanding amicable alliances with medical associations and institutions, TrakGene seeks to expand the market reach and boost the uptake of its supplied goods.

Marketing Plan:

The key objectives of TrakGene's marketing success plans and strategies for goal-accomplishing or obtaining with effort will be multi-channel marketing, competitive pricing, ease of communication, and an awareness of the demands of the individual using a product or service. Among the essential components of the marketing plan are:

1. Knowing What the Customer Needs: In order to figure out the specific needs and preferences of its target market, TrakGene will oversee and conduct thorough and complete and thorough market research (Zia et al. 2020). TrakGene will create specially hand-made product offerings that solve major problem points and provide value to clients by understanding their needs.

2. Discount Pricing and Promotion: TrakGene aims to establish solid client connections and help develop trust by putting into use competitive pricing success plans of reaching goals, clear/open and honest and honest communication, and success plans of completing targets (Scherf et al. 2022).

1. Introduction and Background

Business development and technology management, in addition to medicine-based duties, have been demonstrated or proven by the company's core staff. In order to expand its course of action, TrakGene endeavors to inquire deeply into and discover the truth regarding potential routes for future innovation (Tien et al. 2020). It accomplishes this by promoting current advancements in science and technology, including artificial intelligence (AI), machine learning, and artificial intelligence, as well as technology that works for you but is maintained and kept by other businesses. Established in 2011, TrakGene is a dynamic software company that specializes in medicine-based information management solutions.

These solutions for MBA assignment expert are designed for healthcare professionals who are researching the tiny chemical group of people or devices that are made up of smaller parts instructions present inside living things. With its cutting-edge software solutions, TrakGene hopes to advance the field of medicine's understanding of the microscopic chemical assemblies—or subatomic devices—that make up living organisms and their instructions. Offering a range of services and products, TrakGene caters to a wide range of individuals and organizations, including patients, students, independent counselors, medical professionals, and researchers studying the tiny chemical groups and devices composed of smaller parts instructions inside living things. TrakGene Medicine, the company's flagship product, boasts that it was created from an excellent family drawing tool that empowers medical professionals and researchers to study the tiny chemical group of people/device made up of smaller parts instructions found inside living things to record family history data using a camera or technology in a way that produces a lot with very little waste (Zia et al. 2020). In order to further enhance this, the Patient Engagement Doorway promises to both help direct data captured by patients using a technology and alter and increase access to information about the small chemical group of people/device made up of smaller parts that instructions included in medical records.

2. Business Development Proposal

TrakGene was founded in 2011 and has since evolved into one of the top software companies in the healthcare industry by concentrating on studying tiny chemical groups of people or devices that are composed of smaller parts instructions inside living things. The company has established a solid foundation and amassed significant expertise in business development, technology management, and medicine-based research. TrakGene is committed to developing innovative software solutions that are specifically tailored for the study of tiny chemical assembly instructions within the healthcare industry. The company is always on the lookout for small details and closely tracks the latest developments in technology science and technology, such as artificial intelligence AI, machine learning, and technology that perform tasks for you but are maintained and stored by other companies (Scherf et al. 2022). The company understands how crucial it is to move forward and up in order to increase or help value for customers and users of a product or service. This understanding fuels the company's commitment to utilizing the newest and greatest technologies in its offerings.

Market Opportunity:

The target audience for TrakGene encompasses a wide range of individuals who are interested in a project or business, including patients, students, independent counselors, and those in the medical field who study tiny chemical assembly instructions inside living things. But in order to take full advantage of these new opportunities and establish a strong market presence, TrakGene needs to look for ways to diversify its customer base and increase the variety of products it offers stocks, bonds, and other financial instruments while also preventing issues before they arise (Sun and Zhang, 2023). This will allow the company to provide a wide view of a beautiful landscape or a study of tiny chemical assembly instructions inside living things. Furthermore, TrakGene's competitive edge can be strengthened by expanding into untapped revenue streams and new market segments, such as direct-to-person sales of products or services related to tiny chemical assembly instructions found in living things testing services or well-designed software solutions for studying tiny chemical assembly instructions found in living things education.

Proposal:

1. Product Extension: - Because of TrakGene's exceptional medical performance, researchers have been able to create products and services that are especially tailored for end users and healthcare providers. This is due to the company's research on the tiny chemical group of people or device composed of smaller parts instructions found in living things. By combining various components so that they function as a single unit, TrakGene can offer a full, comprehensive, and all-inclusive suite of tools for managing and analyzing small chemical groups of people or devices composed of smaller parts instructions inside living things (Poplavskaya et al. 2020). This is accomplished by integrating various elements into its current software solutions so that they function as a single entity.

2. Direct-to-Consumer DTC Offering: - Online service pertaining to instructions for assembling microscopic chemicals inside living organisms Examining a level, elevated support surface: Introduce a higher, level supporting surface on the internet that enables users of a product or service to get information directly from TrakGene about the assembly instructions for tiny chemicals found in living things testing services.

3. Strategic Partnerships: - Collaboration with Healthcare Providers: metal manufacturing company associated with a strategy to accomplish a goal alliances with medical facilities, healthcare providers, and tiny chemical assembly manuals inside biological organism testing facilities to integrate various components so they function as a single unit TrakGene's software solutions into current healthcare workflows.

4. International Development: - Global Market Share Acquisition in International Trade: Investigate prospects for a global initiative that expands, widens, etc (Show, 2022). by focusing on new regions with a high need for healthcare solutions that research the microscopic chemical assembly instructions found inside living things.

Supporting Evidence:

1. Demand in the Market: The growing interest among consumers in products and services related to tiny chemical assembly instructions in living things testing, as well as the growing adoption of this research within healthcare services, demonstrate what consumers are looking for in novel and intriguing solutions such as those provided by TrakGene.

2. Competitive expansive vista of a natural setting or vast expanse of stunning terrain: Although competition from firms like FamGenix, Phenotips, Invitae, and outcome poses obstacles, it also facilitates TrakGene's efforts to innovate and differentiate its products in the market (Bello-Orgaz et al. 2020).

3. Financial Capability: TrakGene's process relates to handling financial situations, coupled with potential government grants and devices that expedite things, offers the essential goods and supplies to finance product development, creates an early prototype, and market acts of something growing larger, broader, etc. attempts to start over.

3. Customer Journey Map

The primary areas of value created by our proposal are:

1. Better User Experience: TrakGene ensures that users have a seamless transition from learning about something to fighting for something, which increases happiness from satisfying a need or achieving a goal and loyalty.

2. obtaining or bestowing authority Through Information: By giving access to vital information about the tiny chemical assembly instructions found in living things, health records, and valuable educational materials, TrakGene's software solutions empower medical professionals, patients, and students.

3. Healthcare professionals can study the tiny chemical group of individuals or gadgets made of smaller components instructions inside living things more quickly using TrakGene's solutions, producing more with less waste in workflows. Additionally, they make it easier to store, retrieve, and capture important data using a camera or other technology (Law et al. 2020). This ease eventually benefits patients as well as users by cutting down on time and enabling better use of precious items and supplies.

4. Reliable Assistance: TrakGene contributes to the development of user confidence and trust by providing clients with constant help and support throughout their journey. This support guarantees a very smooth implementation process and helps to develop positive outcomes, which demonstrates positively accepted practices and supports individuals who aren't receiving fair treatment in the healthcare sector when small chemical groups of people or devices made of smaller parts are researched.

4. Marketing Plan

Utilizing the four Cs of the marketing mix—the consumer using a good or service, price, convenience, and communication to attain or get anything via effort—will be the focus of marketing success plans and methods of reaching objectives. This will need a major mental and physical investment of energy. TrakGene, a software company that was founded to excel at studying the tiny chemical group of people or device made up of smaller parts instructions found inside living things, has an opportunity unlike anything else in the world to start something new, develop a new product, and effectively market it to its target market.

1. User of a Good or Service: - Knowing Customer Needs: Carry out exhaustive and comprehensive market research to identify the particular requirements and preferences of TrakGene's target market segments, such as medical-based services, related to the study of small chemical assembly instructions inside living things counselors, individuals who work to find information, patients, and students (Khomenko et al. 2020).

Tailored Product Offerings: Provide unique product offerings that cater to the absolutely necessary needs of each customer segment or area. Examples include services for healthcare providers, direct-to-consumer sales of products or services pertaining to raised, flat supporting surfaces, educational tools for students, and instructions for tiny chemical assembly inside living things testing.

Plans for attaining achievement in offering reasonable prices as well as methods for working hard to achieve objectives TrakGene intends to employ competitive pricing strategies to achieve its goals of offering outstanding value for money and maintaining its competitive edge in competitions related to the study of small chemical groups of individuals or devices composed of smaller parts instructions within the living things health care sector. TrakGene will carry out in-depth market research and competition analysis to identify the most winning or competitive price points for software solutions that are virtually equivalent. After that, it will adjust its pricing success plans and strategies to meet its earnings-with-effort targets in the same manner or a similar manner, depending on how to improve them or adapt to new circumstances (Anh Tu et al. 2020). With these success tactics and techniques in place to achieve its goals, TrakGene will be able to attract clients and provide fair, competitive prices, all the while maintaining and enhancing the company's capacity to manage finances and protect the environment.

- TrakGene is aware of the significance it is to have honest, open, and transparent discussions about prices in order to develop strong client relationships and trust. As a result, the business will place a high priority on providing an understandable, uncomplicated, and low-word-count explanation of the way it sets prices for goods and services in almost no more words. This means giving thorough explanations of price ranges, alternative packages, and any extra expenses, like setup or alteration fees. By giving reliable, honest, and real price information, TrakGene hopes to establish confidence with its customers and facilitate informed decision-making.

3. Practicality: - TrakGene is dedicated to creating connections and exchanges for its software applications that are as perceptive, clear, sensible, and evident as feasible. TrakGene will guarantee that its higher and more level supporting surfaces are safe for students, healthcare professionals, and patients to use and traverse by utilizing user experience (UX) research and design principles as well as comfort-related design standards (Animah and Shafiee, 2020).

Online accessibility, comprehension, and usability: TrakGene understands how important online usability, comprehension, and accessibility are in today's digital world. In order to enable users to securely access information about small chemical groups of people or devices made up of smaller parts, health records, educational materials, valuable supplies, and support tools from any location with internet connectivity, the organization will make sure that its products and services are easily accessible, easy to use, and understandable online.

4. Communication: - Multi-Channel Marketing: There are other ways to reach TrakGene's target audience, such as social media, email marketing, industry conferences, online forums, and industry get-togethers for collaborative conversations.

- Educational Content: To inform the medical community about TrakGene's state-of-the-art products and their benefits, provide interesting and educational content including webinars, whitepapers, and blog entries (Zhang et al. 2020).

Distribute and put into practice success plans and strategies for reaching goals and objectives, as well as ways for gaining or accomplishing things with effort:

1. Product Launch: Arrange a significant event for the introduction of TrakGene's new offerings and to create buzz in the medical community about the study of small chemical groupings of individuals or equipment made up of discrete parts.

2. Targeted series of activities to accomplish goals: Start a specially designed marketing series of actions to achieve a goal that highlights unique and distinctive features and benefits of TrakGene's offered and acquired products and services, customized to each clientele or region.

3. Digital Marketing: To raise brand awareness and draw potential clients, use digital marketing platforms including content marketing, social media advertising, and search engine optimization SEO.

4. Industry Partnerships: Document pertaining to a strategy to accomplish collaborations with top medical centers, academic institutions, and trade associations to enhance TrakGene's offerings and obtain entry to their networks (Gupta et al. 2021).

5. Customer Engagement: Promote current customer engagement through personalized, well-decorated communication, responses to items or helpfully returned information via machines, methods, or ways, and customer support services to foster loyalty and assist those who aren't receiving fair treatment.

5. Feasibility Study

In the study of tiny chemical assembly instructions inside living things, TrakGene's proposed attempts to start something new for further invention of new things and act of something getting bigger, wider, etc. require a thorough investigation to see if anything can be done to evaluate technical, financial, operational, and organizational aspects. Through determining the value, quantity, or quality of these variables, TrakGene is able to determine the feasibility and potential success of its suggested endeavors.

1. The competence to perform the task technically:

In order to form a solid and healthy foundation for technical ability to actually be done, TrakGene boasts a core team consisting of a wide range of people or things with the ability to do things very well, including technology management, business development, and medicine-based research into the microscopic chemical assembly instructions inside living things. A strong indicator of the company's technical prowess is its track record of creating software solutions specifically tailored for the analysis of microscopic chemical assembly instructions found inside living organisms by medical specialists. More than that, TrakGene shows how ready it is to support and utilize new technologies to enhance its services by staying up to date on the latest developments in science and technology, including machine learning, artificial intelligence, and technology that work for you but are stored and maintained by other businesses (Ortiz-Prado et al. 2021). TrakGene has demonstrated its consistent commitment to innovative ideas through its current development initiatives, which include the creation of a web-based proof of concept and the Patient Engagement Doorway, both of which are fantastic family sketching tools. This unwavering commitment, coupled with a demonstrated, demonstrated, or demonstrated ability to adapt and improve, places TrakGene in a favorable position to implement new endeavors and remain up to date on the increasingly prevalent or typical events or behaviors in an industry.

2. The ability to really complete tasks based on money:

TrakGene's position in managing money is said to be favorable for investing in novel and intriguing product development endeavors, even though specifics on managing money data are kept confidential. With regard to a strategy for achieving a risk-reward appetite for something that ranges from moderate to intense, TrakGene is prepared to allocate and distribute valuable resources and useful items in support of the creation of an early prototype, idea validation, and business development initiatives to launch new ventures. TrakGene demonstrates exceptional ability to capitalize from recently emerging market opportunities and navigate safely through heightened competition, underscoring its potential for occurring within the study of tiny chemical assembly instructions inside of the healthcare sector of living things.

3. The capacity to carry out actual operations:

TrakGene's present activities, which include product development, marketing success plans and goal-achieving strategies, and consumer involvement attempts to start something new, demonstrate the company's operational capabilities to really get things done. Reflecting its wide market reach and relevance, the company has chosen a diverse range of individuals or products as its clientele, which includes hospitals, healthcare providers, counselors who work with tiny chemical assembly instructions inside living things, people who look for information, patients, and students (Uthayakumar et al. 2020). Healthcare professionals and end-users can witness TrakGene's ability to develop and deliver practical solutions tailored to the needs of the study of tiny chemical assembly instructions inside living things through its products, such as the evolving and improved Patient Engagement Doorway and TrakGene Medicine-based. Additionally, TrakGene's proactive marketing approach, which makes use of digital success plans, goal-achieving strategies, and educational initiatives, enhances its operational capacity by boosting brand awareness and fostering the growth of more meaningful customer interactions (Hammitt et al. 2020). Sustaining growth and successfully providing value to its diverse range of customers will depend greatly on TrakGene's ability to maintain minimal operational waste while working or producing.

4. Ability of the organization to carry out actual tasks:

TrakGene's organizational culture and structure greatly contribute to and enhance its capacity to carry out organizational tasks. The company is agile and able to react quickly, match up, and make evenings related to a plan to reach a goal focus on developing software solutions for the study of tiny chemical assembly instructions inside the living things healthcare community with its core abilities and ability to do things very well. This is because it has a core team and a startup belief system (Rios Insua et al. 2021). TrakGene's emphasis on innovation and adaptability to market trends in movement, sound, and connections draw attention to its resilient and adaptable organizational structure. Furthermore, the company's willingness to take a risk in order to satisfy a craving or eat something, coupled with its commitment to handling data security and privacy issues, demonstrates or validates its organizational maturity and ability to overcome obstacles in a safe and efficient manner (Tien et al. 2020). TrakGene fortifies its organizational ability to get things done and lays a strong and healthy foundation for future growth and success in the rapidly evolving and improving fields of the study of tiny chemical groups of people/devices made up of smaller parts instructions inside living things and healthcare, as well as a broad view of a beautiful wide view of a nature scene/wide area of beautiful land. This is attained or obtained by encouraging the development of a culture that prioritizes innovation, collaboration, and client focus.

TrakGene is well-positioned to take advantage of new opportunities and overcome challenges in the rapidly developing field of microscopic chemical groups of individuals or devices made of smaller parts inside the living things healthcare industry. These advantages include the ability to change the structure of the company, robust and healthy technical capabilities, better financial management, and efficient operational processes that yield high output with low waste.

6. Risk Management

TrakGene operates in a competitive, dynamic, and ever-changing environment. Its goal-oriented plan may be impacted, interfered with, or damaged by a number of hazards related to managing money that are solid and stable strength, long-term strength, and reputation management. TrakGene uses a broad and thorough framework for risk management that provides a strong basis upon which more intricate solutions can be built to manage these risks in a way that optimizes productivity and reduces waste. This framework comprises risk identification, testing and evaluation, mitigation of negative effects, and monitoring and oversight of risks throughout the company. The main conclusions of TrakGene's risk management procedure are outlined below:

1. Identification of Risk:

TrakGene recognizes a variety of risks in several aspects of its business activities, such as:

- Quick advancement in terms of science and technology: TrakGene understands that, in order to stay competitive and provide its clients with novel and captivating solutions, it must keep up with scientific and technological advancements.

- Increasing competition: TrakGene must constantly innovate new products and use novel approaches in light of the emergence of rivals like FamGenix, Phenotips, Invitae, and outcome (Show, 2022).

- Data security and privacy issues: TrakGene acknowledges, acknowledges, and responds to the significance of addressing data security and privacy issues in order to preserve customer confidence and rule compliance. Government grants and devices that accelerate processes further support or enhance TrakGene's financial capacity to actually accomplish tasks by providing extra funding or funding avenues for research and the creation of new products (Zancajo, 2020). These are instances of pursuing goals or making an effort to accomplish something.

2. Risk assessment or test:

Every risk that has been discovered is examined for likelihood of occurrence and its impact on TrakGene's business objectives. Risks are divided, categorized, and prioritized based on their degree of seriousness or importance in order to facilitate additional research and reduce negative outcomes.

3. Risk Mitigating Adverse Events:

TrakGene uses a variety of strategies and methods to reduce harmful risks and increase resilience, such as:

Ingenious inventions: TrakGene makes research and development investments to create the newest and greatest solutions in order to address the risk of science and technology-related unusability due to aging and to satisfy the desire to outperform competitors in competitions.

Utilizing various items Success strategies: TrakGene prioritizes innovation in product development, top-notch customer support, and goal-related collaborations to lower the danger of heightened competition.

- Data security measures: Access controls, which turn communications into secret code machines, techniques, or ways, and robust and healthy data security norms of behavior are some of the ways TrakGene technologies protect sensitive data and lessen the likelihood of unauthorized technology break-ins.

4. Risk Monitoring:

TrakGene continuously observes how the risk-wide perspective of a beautiful landscape or large expanse of land changes and improves, and it determines the value, quantity, or quality of the effectiveness of its risk-reducing strategies or methods of achieving objectives (Anh Tu et al. 2020). Frequent reviews, testing, and evaluations are conducted in order to detect newly emerging hazards and modify existing procedures in order to improve them or adapt them to new circumstances while reducing harmful outcomes.

Overall, TrakGene demonstrates or proves a method to risk management that acts to stop issues before they arise, with a well-organized, fundamental framework upon which more complex systems may be constructed to discover, evaluate, mitigate, and monitor risks throughout its operations. By successfully managing risks, TrakGene hopes to maintain uninterrupted business operations, consistent quality, preserve its reputation, and capitalize on growth and innovation opportunities in the healthcare industry related to the study of tiny chemical assembly instructions inside living things. 

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