Discussion

Innovation plays an extremely important role in the overall development of a business. This elaborates the fact that evolution is the foundation of every entity on this planet. Evolution is inevitable which means that in the business world, it is mandatory for a company to constantly change (Chen et al 2018). In order to continue being relevant in its designated industry, it is imperative that a company continues to bring about changes in their services as well as products so that they can not only keep up with the changing trends within their industry but also remain relevant within their designated industry.

Innovation evidently refers to the creation of new and effective products as well as services. This mainly presents the idea that innovation is the process through which an organisation develops its products and services so that it can cater to the needs and demands of its customer base in a better way. In addition to this, innovation is integral for an organisation as it allows the company to not only enhance the overall value of the business but also elevate their rate of profits. This lays reference to the fact that innovation paves the pathway for a company to be ahead of their fellow competitors. This means that by implanting innovation and creativity within their services as well as their products, the company elevates its services and hence is able to beat their fellow competitors. This paper evidently strives to present the business plan for a new and innovative product. The paper will not only elaborate upon the product but will also lay reference to the relationship between innovation and entrepreneurship. In addition to this, the following paper will also present a marketing mix as well as a segmentation analysis in order to elaborate on how the start up company plans to market the new and innovated product to its segmented target.

Mobile phones are extremely essential in today’s world. This evidently illuminates the idea that mobile phones are extremely popular and are almost found in all segments of the market. This is why innovation is extremely necessary when it comes to mobile phones. This brings forth the idea that mobile phones today, fulfil a multitude of different roles. This is why the chosen product for innovation that the start up company plans to market is a mobile phone that can also be used as a portable projector. This is because, mobile phones are used for a variety of different activities some of which include work as well as personal fulfilment (Ramaswamy and Ozcan 2018). This lays emphasis on the fact that developing a phone to also be a portable projector would enable people to use it professionally to view presentations in meetings as well as personally to watch movies and shows.

Competitor Analysis and Segmentation Analysis

In accordance to the feasibility study, the new venture idea is extremely feasible. This is because in regards to product service, a phone which also has the feature of portable projection would be useful to all segments of people as it can not only be used for professional work but can also be used for personal fulfilment such as watching movies and shows. This means that in regards to product service, the new venture will not only cater to the professional needs of the customer base but will also fulfil the demands and the personal needs of the customer.  In terms of technology considerations, the new venture fulfils the innovative aspect of the company as portable projection is highly creative. This evidently lays emphasis on the fact that the new venture supports innovation and creativity as it is providing a unique feature within mobile phones. For customers, being able to project what they see on their phones for the masses not only make them well equipped with new age technology but also help them get friendly with all that technology has to offer. This further lays emphasis on the fact that in terms of technology consideration, the new venture does not only satisfy the requirements of innovative technology but also succeeds in remaining relevant in its designated industry. This is because by using new age technology in mobile phones, the new venture does not only elevate the reputation of the start up within its designated industry but also successfully creates a reputation for the brand within the targeted customer base. Finally, in regards to product marketplace, since the product is evidently an electronic gadget it will be marketed in the electronics industry. This essentially justifies the fact that the mobile phone with the portable projector inbuilt within it will be marketed in the electronic industry where it competes with other phones who do not have the same feature. This also suggests the fact that since the product will be extremely new and innovative it has a high chance of succeeding in its market.

According to the concepts of causation and effectuation, the new venture will follow the causation concept. This means that the particular effect that the new venture has taken as a given refers to the ability to be technologically advanced, innovative and creative. In addition to this, another effect that the new venture has taken as a given is the ability to fulfil an undiscovered need of its targeted customer base (Tien et al 2019). In order to create this effect, the start up company will have to focus on the means that it has in regards to building the mobile phone. This evidently lays emphasis on the fact that the start up company will have to focus on the technological means that are available for it to create the new product and evidently make it marketable for its designated customer base.

Competitor analysis essentially enables the company to identify its competitors in its designated industry and also gain an understanding about the different marketing strategies that they use (Gantus Palomar 2022). In regards to the start up company, since it strives to enter the electronic industry, its greatest competitors are companies such as Samsung, Apple, Nokia etc.  This mainly lays emphasis on the fact that since the company essentially endeavours to sell mobile phones that can also project portably, its biggest competitors will include companies such as Apple and Samsung. This is because both of these companies not only make electronic gadgets such as mobile phones but also make gadgets that help in projection (Dalpiaz and Parente 2019). This means that the start up company faces a high level of competition from both of these companies. In addition to this, it is imperative to note that the competition level is extremely high since both Apple and Samsung have a renowned reputation within their designated industry. This means that customers are more than likely to choose brands that have been around for quite some time. This further contributes to the fact that in terms of competition, the company faces a strong sense of competition from Apple, Samsung and Nokia.

Similarly on the other hand, in terms of STP analysis, it is imperative to note that STP analysis stands for Segmentation, targeting and positioning. In regards to the start up company, since the product is fairly technical and innovative the segmentation chosen by the company will include people who belong to the age group that ranges between 18-50 years old. This mainly suggests that in order to ensure that the product is appealing enough to the customer base that it makes sale, the company must choose its segmentation carefully (Hong et al 2021). Since the need for a mobile phone that also portably projects content is comparatively high among young adults and adults, the company will evidently target these age groups so as to market their new venture successfully. For segmentation, the company will further divide this age group into small groups. This is essential since the company has to work on marketing the product differently for each segment. In regards to the young adults, the company will evidently market its product through means that are appealing to the youth this will enable the company to make sale successfully within the segmentation. For them or the company will attempt to market the product in a different way for adults. This is important as it will enable the different segments of the company to be drawn towards the products individually. This also elevates the chances of the company making sale and eventually succeeding in launching a new product into the market. In regards to targeting, the company will mainly determine a customer group that it will focus on so as to market the product accurately. This aligns with the activities that the company will do for segmentation. This is because the company will have to divide their customer base into small groups so that they can appeal to them and market the product separately in a customer’s way. Finally, in regards to positioning, the company will have to work on placing the new product in the market in such a way that it not only appeals to the customer base of the company but also draws them in enough to make a purchase. This brings to light the fact that the start up company has to focus on its positioning so that it can launch the mobile phones with portable projection into the market at the most opportune moment (Bolon et al 2018). This will not only enhance the sales of the company in regards to the new venture but will also enable them to earn the loyalty of their targeted customer demographic.

In regards to the new venture, since the product belongs to the innovative and creative electronic industry, the product will mostly appeal to those customers who are inclined towards buying innovative electronic gadgets. This is why the start up company will use a Premium Pricing business model. This model evidently suggests that the company would price its products in such a way that it is higher than their immediate competitors in their designated industry. In regards to the start up company, its immediate competition is Apple because not only do they sell innovate products but they also embrace a premium pricing strategy. This further elaborates the fact that the company will implement a premium pricing business model so that it can compete with Apple (Honkanen 2019). This also lays reference to the idea that since the start up company endeavors to launch an innovative product which is a mobile phone that can project portably, the company has to price its product in a premium sense. This would not only contribute to attracting a wide range of customers who like using innovative gadgets but would also enable the company in successfully competing with a renowned brand such as Apple by launching its innovative product effectively. Therefore, it is evident that by using a premium pricing business model, the start up company elevates its chances of succeeding in attracting its targeted customer base (Kahn 2018). In addition to this, this model also enables the company to successfully launch a new product within the market which would enable it to reach great heights in its specific industry.

The start up company will evidently use the marketing mix not only during its start up phase but also during its periods of growth as well as consolidation and underperformance. This is integral as the marketing mix elaborates upon the different strategies that the company will implement so as to market and promote the product successfully.

In regards to the product, since the start up company evidently endeavors to launch a product that is innovative and creative, it must ensure that the product fulfils a certain need when it comes to innovative products (Andika and Susanti 2018). This elucidates the idea that since the product is a mobile phone that can also project portably, the company must ensure that the product fulfills the needs of the customers which includes both professional as well as personal interests. This lays reference to the fact that the product must enable people to project content professionally as well as use it for personal preferences such as watching movies or shows.

It is imperative to note that since the product is extremely innovative, it must be priced accordingly. This also brings to light the fact that since the competitor of the start up company includes a high end premium brand such as Apple, the start up company must hence price its product in accordance to its competitor. This will not only enable the company to have an advantage against Apple but would also enable it to attract customers who are interested in purchasing high end innovative and creative products (Lahtinen et al 2020).

This essentially elaborates the various ways in which the start up company would promote its product. It is imperative to note that since the company strives to sell a product that is not only creative but also innovative, its targeted customer segment would include people who are extremely technologically adept (Lee 2021). This is why the start up company will promote its product on all social media platforms. In addition to this, the company will also promote its product on print media such as newspapers and magazines (Dziallas and Blind 2019). Furthermore, the start up company will also promote its product through advertisements that will be aired on the television as well as the radio. This is essential as the company elevates its chances of making sale as its promotional activities will reach a wide range of customers belonging to a diverse age group.

In terms of place, the start up company essentially aims to launch its product in England since it is based there. This evidently lays emphasis on the fact that the company must ensure that it markets the product in such a way that it appeals to the people in the United Kingdom (Lim 2021). This also brings to light the fact that the company will look into the demands of its customer base in United Kingdom and essentially market its product accordingly.

In terms of planning the entire launch, the start up company must evaluate the various tools it will use to market its product. This includes production planning. This mainly lays reference upon the fact that upon promoting the product successfully to its customer base, the company must also make sure of the fact that it can keep up with the demand that it creates in its market (Bloom et al 2019). This evidently lays reference to the idea that the stary up company will evidently ensure that it can manage its production and fulfill the demand within its marketplace that it creates by introducing the new and innovative product which is a mobile phone with portable projection features. In addition to this, the company can also use project management strategies to ensure the successful launching of the product. This primarily brings to light the idea that the start up company must focus on planning and managing the various aspects of the launch so as to successfully introduce an innovative product in its designated market and industry.

First time entrepreneurs tend to make certain mistakes that can cost them a small or a major part of their business depending upon the mistakes and failures made by them. Although, starting a new entrepreneurship is mostly a good thing it can also have several negative consequences which can be harmful for the business in the long term. In many cases entrepreneurs fail to accurately calculate the correct time of establishing the new business and due to the negative factors, that affect the business it is not feasible to continue the business for long. There are several challenges that entrepreneurs have to generally overcome when they are establishing a new business and the various mistakes or missteps that are typically made by them include;

All talk and not action: People who have good ideas relating to business but are mostly unable to follow through with them so as to make it a success are one such category of common mistakes. People generally need to come up with an idea or plan but enough energy must be allocated to make it a reality and success which can only be done through determination (Ni Luh Putu et al 2020).

Failure to create a good plan or follow through it: There are people who are so determined to earn that they set out without any proper ideas or plan which can ultimately lead to the demise of the entrepreneur as they will never get enough followers and people who fund such ideas. There are people who fail to create a concrete plan or follow the plan step by step which is why the business is not successful (Ochilova 2019).

Not asking for help: Every entrepreneur requires help as doing everything all by themselves is not only time consuming but can set the entrepreneur back in their plans. Taking help necessarily means hiring people who can mentor, outsourcing work related to administration and so on.  

Conclusion

In conclusion, it can be said that innovation is integral when it comes to the overall success and development of a business. The above paper elaborates upon the necessity of innovation and its relationship with entrepreneurship. In addition to this, the above paper also discusses how the start up company plans on launching an innovative product which is mainly a mobile phone that also acts as a portable projector. Moreover, the paper also presents a competitor analysis as well as an STP analysis that helps understand the competition that the start up company faces. Furthermore, the paper also presents a marketing mix as well as a business model that the start up company will implement in order to successfully launch its innovative product. Finally, the paper also presents the quantitative tools it aims to use so as to ensure that it can launch the innovative product successfully in its designated industry while also discussing the various ways in which the start up company can avoid common mistakes that every start up company makes.

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