ASM2 TASK 1: EVIDENCE-BASED INNOVATION PROPOSAL

Innovation is a crucial aspect of any organization, as it is necessary to remain competitive and adapt to changing market demands. Evidence-based innovation, which involves using research and data to inform decision-making, can help organizations make informed decisions that lead to successful outcomes. This article will outline an evidence-based innovation proposal for a fictional organization that aims to improve its product line and increase market share.

Background:

The organization in question is a technology company that specializes in developing consumer electronics such as smartphones, laptops, and smartwatches. While the company has a loyal customer base, it has struggled to keep up with the competition in recent years. Market research has revealed that customers are looking for products that are more environmentally friendly and have a longer battery life. Additionally, customers are looking for products that are more affordable, as the cost of electronics continues to rise.

Proposal:

The evidence-based innovation proposal for this organization is to develop a new product line that meets the needs of environmentally conscious consumers while also being affordable and long-lasting. This product line will consist of smartphones, laptops, and smartwatches that are made using sustainable materials and have longer battery life. The following sections will outline the research and data that support this proposal.

Research:

Market research has revealed that there is a growing demand for environmentally friendly products. A study by Nielsen found that 81% of consumers feel strongly that companies should help improve the environment. Additionally, 73% of consumers would change their consumption habits to reduce their environmental impact. Another study by Cone Communications found that 66% of consumers are willing to pay more for products that come from sustainable brands.

In addition to the demand for sustainable products, there is also a growing need for products with longer battery life. According to a survey by Statista, 66% of consumers consider battery life to be the most important feature when purchasing a smartphone. Similarly, 54% of consumers consider battery life to be the most important feature when purchasing a laptop.

Data:

The following data support the development of a product line that meets the needs of environmentally conscious consumers while also being affordable and long-lasting:

1. Sustainable materials: The use of sustainable materials is not only good for the environment but also for the bottom line. A study by Accenture found that companies that prioritize sustainability in their operations outperform their peers by 15%. Additionally, a study by McKinsey found that companies that incorporate sustainability into their operations see an average of 20% improvement in their bottom line.
2. Longer battery life: According to a survey by Statista, the average battery life of a smartphone is 12 hours, while the average battery life of a laptop is 7 hours. However, there are companies that have developed products with significantly longer battery life. For example, the Fairphone 3+ smartphone has a battery life of up to 40 hours, while the Lenovo ThinkPad X1 Carbon laptop has a battery life of up to 19.5 hours.
3. Affordability: According to a study by Deloitte, 41% of consumers consider price to be the most important factor when purchasing consumer electronics. Additionally, a study by Statista found that the average price of a smartphone in 2021 was $789, while the average price of a laptop was $843. However, there are companies that have developed affordable products without sacrificing quality. For example, the Xiaomi Redmi Note 10 smartphone is priced at $249, while the Acer Aspire 5 laptop is priced at $529.

Implementation:

The implementation of this proposal will require a significant investment in research and development to identify sustainable materials and design products with longer battery life. Additionally, the company will need to invest in marketing and advertising to promote its new product line and highlight its sustainability and affordability. The following sections will outline the steps required to implement this proposal.

Step 1: Research and Development

The first step in implementing this proposal is to invest in research and development to identify sustainable materials and design products with longer battery life. This will require collaboration between the engineering and design teams to develop products that meet the needs of environmentally conscious consumers while also being affordable and long-lasting. The company may also need to collaborate with external partners such as material suppliers and battery manufacturers to identify sustainable materials and develop new battery technology.

Step 2: Manufacturing

Once the products have been designed, the next step is to manufacture them using sustainable materials and new battery technology. This may require the company to invest in new manufacturing equipment and processes to ensure that the products are produced efficiently and with minimal environmental impact. The company may also need to train its employees on the new manufacturing processes and ensure that they are adhering to sustainable practices.

Step 3: Marketing and Advertising

Once the products have been manufactured, the next step is to market and advertise them to consumers. The company should highlight the sustainability and affordability of its new product line in its marketing campaigns. This may include advertising in print and digital media, as well as partnering with influencers and social media personalities to promote the products. The company may also consider offering discounts or other promotions to encourage consumers to try the new product line.

Step 4: Distribution and Sales

The final step in implementing this proposal is to distribute and sell the products to consumers. The company may need to invest in new distribution channels or expand its existing distribution channels to ensure that the products are available to consumers. This may include partnering with retailers or e-commerce platforms to sell the products. The company should also monitor sales and customer feedback to identify areas for improvement and make changes as necessary.

Challenges:

There are several challenges that the company may face in implementing this proposal. These include:

1. Cost: The development and manufacturing of sustainable products with longer battery life may be more expensive than traditional products. The company will need to balance the cost of production with the affordability of the products to ensure that they are accessible to a wide range of consumers.
2. Competition: The company will face competition from other technology companies that are also investing in sustainable products and longer battery life. The company will need to differentiate itself from its competitors by highlighting its unique features and benefits.
3. Consumer Education: Consumers may not be aware of the benefits of sustainable products and longer battery life. The company will need to invest in educating consumers on the importance of sustainability and the benefits of products with longer battery life.
4. Supply Chain: The company may face challenges in securing sustainable materials and new battery technology. The company will need to work closely with its suppliers and partners to ensure that the supply chain is reliable and sustainable.

Conclusion:

In conclusion, an evidence-based innovation proposal for a technology company to develop a new product line that meets the needs of environmentally conscious consumers while also being affordable and long-lasting has the potential to improve its product line and increase market share. By prioritizing sustainability and affordability, the company can attract a wider range of customers and differentiate itself from its competitors. The implementation of this proposal will require a significant investment in research and development, manufacturing, marketing and advertising, and distribution and sales. The company will also need to overcome several challenges such as cost, competition, consumer education,

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