Importance of Innovation and Enterprise-Free-Samples for Students

Question: Discuss about the Enterprise and Innovation. Answer: Introduction The company where I work as the Head of Research and Development Team (R D) is known as MTN mobiles. It is one of the leading telecommunication industries in South Africa, where the products are designed following the methodology of design thinking. This methodology comprises of empathize mode as its first stage where the products are designed in a way that is centered on the customers. The company tries to put all its effort in understanding the emotional needs of the people before they design the product. The company interviews the stakeholders so that they can get a proper insight on the recent needs of the customers and design their mobile phones accordingly (Liu et al., 2016). The define mode helps in designing a meaningful problem statement, which acts as a guidance to the ideas that have been developed for the product. This problem statement helps the company in generating the ideas that will ensure the best quality with respect to the product that is being manufactured. The ideate process helps in concentrating on the idea that has been generated for the product. The ideation process in the design thinking methodology helps in strengthening the bonds within the team members as they work together to give an output to the idea for the company (Richey, Ravishankar Coupland, 2016). The prototype method helps in designing the product that has been based on the ideas within the company. The first design is done and the product is distributed within the employees so that it can be tested and tried before selling it in the market. This helps the company, as it makes sure that the product does not face any issue in the market, which may have a negative impact on the image of the company. The products are manufactured on a smaller scale by investing small resources so that the company does not invest in the wrong product (Chudgar, 2014). Product hypothesis Recently, there has been a problem with the model Steppa where it is seen that when the employees were trying to call their relatives from the handset, the call was being connected with the immediate contact that was saved in the handset. This will be a big problem for the company if the product was sold in the market because the customers would not like that the calls would get connected to another number (Yang et al., 2016). According to Asabere (2013), this problem has to be solved so that it does not create any problem to the customers when they will call their contact persons. The reason why it has to solved is that the company needs to maintain its image in the country, as it is one of the leading company in the telecommunication sector. The viability of the company is that the product will help in earning large profits for the company in the long-term. This is because the handset is loaded with many features that may serve the customers of the country and the latest technologies that are provided within the mobile handset (Kruger Mostert, 2015). The level of competition with respect to the mobile handset market in South Africa is very strong, as the immediate rival of MTN that is Vodacom, will try to capture the majority of the shares. Another competitor to the company is Virgin mobile that has recently entered the market and is trying to take over the market. These companies will try to sell their products at a cheaper rate so that they can make more profits by selling in bulk in the commodity market (Seshadri et al., 2015). The company has a large level of capability with respect to the modification of its products, as the RD team is very effective and critically analyzes the problem with the product. This helps the company as it can sell the product after it has undergone the tests that will examine the product from all angles. The customers will be benefitted from the product because it will be tested initially, which will identify the gaps in the product. This model of handset will be helpful to the customers, as it will provide all the features, which the customers can enjoy at a lower price (Jovicic Richardson, 2013). According to Di Castri (2013), the company will keep its product in the high quality, low price segment of the product-positioning chart where the customers will be benefitted. The company will aim to cater to the needs of all the sectors of the society, as the product will be priced at a lower cost. This will help in selling maximum number of the products. According to Bandera (2017), the company will segment the customers based on the behavioristic pattern and the lifestyle that the people of the region is accustomed with. The behavioristic patterns of the customers are that they are willing to spend a certain part of their disposable income on the products that will benefit them. The usage of the product will depend on the ability that will help the customers to handle the product with ease. The company will make amends to the product, as it will try to attract the young crowd who are interested in trying out the smart phones and the features that come along with it. this will help in increasing the sale of the product when the error is rectified in a proper manner. The issue that was reported about the product was that it automatically used to connect to the immediate contact that was saved in the list of contacts. This might cause a problem with the teenagers and the adults, as their call might be recorded on someone elses device that they do not intend to call (Ketkar, Shankar Banwet, 2014). The company would benefit from this product after the errors have been rectified, as the product comes loaded with lots of features that the other companies cannot provide at the same price. This would prove to be beneficial for the customers, as they would purchase the product and intend to use it on a long-term basis. This will ensure the survival of the company in the competitive market, as it will help the company to achieve more profits by selling more of this product (Prashad et al., 2014). Synthesis According to Lewis (2013), the research will be helpful for the company, as it will help in selling more number of handsets to the customers. The error has to be modified by the departments at a faster rate, as it will be available in the market before the rival companies can duplicate the product. The ideation process of the company needs to be strong so that the employees do not leak the information out to the other companies. The company needs to make sure that only the required employees are present during the briefing session about how to modify the product so that the modification process can be kept as a secret for the company. The production process will include the insights from the chief engineers of the company who have a better knowledge about the specifications of the product and the ways to amend it. The research process helped in identifying firstly, the analyzing of the handset where the product will be scrutinized in a better manner. The employees who were given the handsets so that it could be used within the premises, which will help in identifying any faults within the system, were asked to provide their valuable feedbacks, which would also be modified. This helped the company as it could modify the product in a better way, which will ensure the survival of the product in the market (Thomas et al., 2014). Financial model The anticipated upfront cost that the company has to undertake is that the call back of all the handsets, which was distributed among the employees and the stakeholders so that the product can be worked up on by the company. This will incur an expense because the company needs to provide them with alternative handsets so that they can communicate effectively within the company. The company also needs to focus on the amount that they had spent on promoting the handset through various advertisements in newspapers, magazines and billboard. These things have to be removed so that the customers do not be misinformed. This will be an extra cost for the company, as they have to print the ads once the problem of the product has been resolved (Karippacheril et al., 2013). To resolve this issue, the cumulative fund that the company has acquired over the years, as profits will be utilized so that the current amount that the company has invested in the product is not hampered. This will ensure that the long-term goals of the company can be met easily. The investor will be the company, as they will invest in the product from the profits of the past year. Items Amount ($) Cost of manufacturing the handsets 10,00,000 Identifying the problem 5,000 Calling back the handsets 10,000 Advertisement 20,500 Miscellaneous Expenses 2100 Total cost 37,600 (Source: Created by Author) Strategies According to Dong, Churchill Nichols (2016), once the problem has been identified, the company has to identify the strategies that will help in solving the problem so that the product can be available in the market at a faster rate and at a lower price than the rival companies can. The Human Resource department of the company needs to identify the best possible employees who will be able to give positive result as soon as possible so that it does not delay the manufacturing process of the company. The company has to use the disposable resources in an efficient manner so that it does not get wasted unnecessarily, which may hamper the profitability of the company. Conclusion Thus, it can be concluded that the company needs to rectify its errors so that the product can be placed in the market, which will help in earning profit for the company. the company needs to recall its products from the employees who were using it as a test model so that the problem can be solved. The different strategies need to be adopted so that it will help the company to cut down its cost and available resources so that the profit margin can be kept high. The handset after being modified has to be again passed through the test by letting the employees use it so that no other problems exist in the product. after the final verification, it can be launched in the market successfully Reference List Asabere, N. Y. (2013). Benefits and challenges of mobile learning implementation: Story of developing nations.International Journal of Computer Applications,73(1). Bandera, C. (2017). Value-added service providers for mobile education: empirical challenges and analytics.Electronic Commerce Research,17(2), 317-333. Chudgar, A. (2014). The promise and challenges of using mobile phones for adult literacy training: Data from one Indian state.International Journal of Educational Development,34, 20-29. Di Castri, S. (2013). Mobile money: enabling regulatory solutions. Dong, T., Churchill, E. F., Nichols, J. (2016, June). Understanding the Challenges of Designing and Developing Multi-Device Experiences. InProceedings of the 2016 ACM Conference on Designing Interactive Systems(pp. 62-72). ACM. Jovicic, A., Li, J., Richardson, T. (2013). Visible light communication: opportunities, challenges and the path to market.IEEE Communications Magazine,51(12), 26-32. Karippacheril, T. G., Nikayin, F., De Reuver, M., Bouwman, H. (2013). Serving the poor: Multisided mobile service platforms, openness, competition, collaboration and the struggle for leadership.Telecommunications Policy,37(1), 24-34. Ketkar, S. P., Shankar, R., Banwet, D. K. (2014). Telecom KYC and mobile banking regulation: An exploratory study.Journal of Banking Regulation,15(2), 117-128. Kruger, L., Mostert, P. G. (2015). The influence of cell phone users' relationship intentions on expectations and perceptions of service recovery.South African Journal of Business Management,46(1), 57-69. Lewis, C. (2013). Universal access and service interventions in South Africa: best practice, poor impact: challenges in leadership of ICT policy and e-development.The African Journal of Information and Communication,2013(13), 95-107. Liu, J., Li, J., Li, W., Wu, J. (2016). Rethinking big data: A review on the data quality and usage issues.ISPRS Journal of Photogrammetry and Remote Sensing,115, 134-142. Prashad, P., Leach, J., Dalal, A., Saunders, D. (2014). Mobile phones and microinsurance.Enterprise Development and Microfinance,25(1), 72-86. Richey, M., Ravishankar, M. N., Coupland, C. (2016). Exploring situationally inappropriate social media posts: An impression management perspective.Information Technology People,29(3), 597-617. Seshadri, K., Juefei-Xu, F., Pal, D. K., Savvides, M., Thor, C. P. (2015). Driver cell phone usage detection on strategic highway research program (SHRP2) face view videos. InProceedings of the IEEE Conference on Computer Vision and Pattern Recognition Workshops(pp. 35-43). Thomas, K., Iatskiv, D., Bursztein, E., Pietraszek, T., Grier, C., McCoy, D. (2014, November). Dialing back abuse on phone verified accounts. InProceedings of the 2014 ACM SIGSAC Conference on Computer and Communications Security(pp. 465-476). ACM. Yang, F., Zhai, Q., Chen, G., Champion, A. C., Zhu, J., Xuan, D. (2016, April). Flash-Loc: Flashing mobile phones for accurate indoor localization. InComputer Communications, IEEE INFOCOM 2016-The 35th Annual IEEE International Conference on(pp. 1-9). IEEE.