Table of Contents
Problems and Innovation.
Benefits of innovation.
Business Canvas Model
Inter-relationships of business model elements.
Critical success factors.
Identification of risks and assumptions.
Idea generation and innovation play an important role in the business environment by enabling an organization to expand a wide range of concepts, rationale, and ideas to create something advantageous. In relation to such circumstance, it is vital to magnify one’s thinking to comprise more questions, variables, and ideas before initiating any business plan or proceeding towards an improvement process (Geissdoerfer et al., 2018). Creating an innovative business idea assists an organization to solve existing and identified issues effectively to enhance the business profitably with the assistance of effectual business model (Geissdoerfer et al., 2018). Relating to such fact, this report will focus to analyse critically and assess the feasibility of an online medicine facility via technology to boost the business organization's economy. Thus, this study will help assess the issues of consumers to generate an innovative business idea concerning various factors such as benefits, success rate, risks, and assumptions of implementing the business idea.
Health is an important factor for society and healthcare facilities are what a community typically needs. Considering such a fact, the healthcare sector is one of the emerging businesses for decades (Wirtz et al., 2016). It is been considered as one of the fastest-growing industries in the world (Wirtz et al., 2016). The healthcare sector is been always on demand by consumers meeting their critical needs efficiently (Wirtz et al., 2016). However, there is always a possibility of hidden issues which business organizations often overlook which leads to organizational ineffectiveness and poor business services. By looking at the present scenario, the world is facing a terrible health crisis across the globe with a viral disease - COVID 19. At this stage, pharmaceutical companies have an essential part to play. Due to strict nationwide lockdown, consumers and patients are often finding it difficult to reach retailers to purchase medicines. This problem of consumers has triggered the idea generation of making an online pharmaceutical mart dealing with varieties of business across the region. Besides that, a smartphone application to help consumers access thousands of retailers to select the right medicine and order at their doorstep. This business idea and business model shall act as a heavy advantage for the business organization to grab the opportunity and maximize profit enormously and at the shortest time.
Relating to the innovation, there are end numbers of benefits which can be generated through the business idea of online pharmaceutical mart to serve millions of consumers across the community at large, and those are as follows:
Creating an effectual business model is essential to ensure its effectiveness in the real business world (Foss & Saebi, 2018). For this particular business idea, the business model would be:
Every element of the said business model is crucially inter-related with each other. For example, to place an order and chose items from thousands of stores and millions of products, customers would interact via the website and process all required data to the server. Now, the customer support employees will help clients withing clarifying their queries, issues, and other neds. The artificial intelligence system will help assess the site visitors’ activities over the website and based on the behavioural perspectives, the marketing team would develop marketing campaigns based on the findings. All the sellers and retailers will be inter-related with the business organization to operate business mutually. Thus, this indicates that every element of the business model have an effectual inter-relationship to execute the business positively with a motive to earn maximum revenue in context to the current market situation.
Concerning any business idea or model, it is essential to assess the critical success factor to prevent any consequences that would lead to business collapse or loss negatively (Clauss, 2016). To analyse the critical success factor of the business idea, the following are the factors that need to be considered important:
Identifying risks and assumption is important before initiating any business idea or process. Relating to such, the following are the identification of business idea:
It has been identified that the overall feasibility of the business is profitable and have a promising future ahead. Since the online market place and e-commerce businesses are booming rapidly, it is assumed and expected positively that this business model will work extremely well in the market (Evans et al., 2017). Concerning the recent market situation, the business model will be a big hit if it is implemented accordingly and with a well-planned strategy and action plan. The business model is cost-effective, high demanding, ease of use provides transparency, and customer-centric. Hence, the overall, feasibility of the business idea and model is effective and has the potential to emerge at the nearest time possible.
Generating a business idea is important for improving a business; however, it is also crucial to note that making a sturdy business model succeed the plan effectively. With the business idea generation and formation of a business model, it has been understood that the online medical mart business model has the potential to perform well in the market. As the market is hit by a gigantic health crisis, implementing g or initiating this business model would help acquire a huge customer base, generate demand, and fulfil the societal need positively. Thus, it would be beneficial for the business as well as for new business launch to implement the generated business idea and model to grab the opportunity and maximize profit enormously.
Clauss, T. (2016). Measuring business model innovation: conceptualization, scale development, and proof of performance. R&D Management, 47(3), 385-403. https://doi.org/10.1111/radm.12186
Evans, S., Vladimirova, D., Holgado, M., Van Fossen, K., Yang, M., Silva, E., & Barlow, C. (2017). Business Model Innovation for Sustainability: Towards a Unified Perspective for Creation of Sustainable Business Models. Business Strategy and The Environment, 26(5), 597-608. https://doi.org/10.1002/bse.1939
Foss, N., & Saebi, T. (2018). Business models and business model innovation: Between wicked and paradigmatic problems. Long Range Planning, 51(1), 9-21. https://doi.org/10.1016/j.lrp.2017.07.006
Geissdoerfer, M., Morioka, S., de Carvalho, M., & Evans, S. (2018). Business models and supply chains for the circular economy. Journal of Cleaner Production, 190, 712-721. https://doi.org/10.1016/j.jclepro.2018.04.159
Massa, L., Tucci, C., & Afuah, A. (2017). A Critical Assessment of Business Model Research. Academy of Management Annals, 11(1), 73-104. https://doi.org/10.5465/annals.2014.0072
Wirtz, B., Pistoia, A., Ullrich, S., & Göttel, V. (2016). Business Models: Origin, Development and Future Research Perspectives. Long Range Planning, 49(1), 36-54. https://doi.org/10.1016/j.lrp.2015.04.001
Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Management Assignment Help
5 Stars to their Experts for my Assignment Assistance.
There experts have good understanding and knowledge of university guidelines. So, its better if you take their Assistance rather than doing the assignments on your own.
What you will benefit from their service -
I saved my Time (which I utilized for my exam studies) & Money, and my grades were HD (better than my last assignments done by me)
What you will lose using this service -
Unfortunately, i had only 36 hours to complete my assignment when I realized that it's better to focus on exams and pass this to some experts, and then I came across this website.
Kudos Guys!Jacob "
Proofreading and Editing$9.00Per Page
Consultation with Expert$35.00Per Hour
Live Session 1-on-1$40.00Per 30 min.
Doing your Assignment with our resources is simple, take Expert assistance to ensure HD Grades. Here you Go....