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MGMT20143 Think Big

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MGMT20143 Think Big

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Course Code: MGMT20143
University: Central Queensland University

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Country: Australia

Question

The objective of this individual assessment submission is to learn how to develop a business idea, complemented by brainstorming and leveraging the insights and skillsets of others. Assessment comprises two parts: Please submit a 5- page briefing paper of your business idea, its essential business model components, and aspects that will influence its success. A business model canvass can be included as an appendix.
Assessment Criteria/Rubric overview. 

Effective explanation of the customer/market problem that needs solving and/or the reason the innovation is required. (15%)
Persuasive argument of the benefits to be generated by the idea (15%)
Discussion of the proposed business model (15%)
Critical success factors to be managed during execution of the idea (20%)
Evaluation of the feasibility of the idea (20%)
Quality of written submission, referencing (15%)

Answer:

Introduction
The purpose of this report is to discuss about an innovative device, which can sense water leakage and make people aware of the upcoming disaster. Acknowledging, water leakage as a serious social and lifestyle issue, this report aims to introduce a brainstorming idea of an electronic device, which can make the concerned authority aware before the actual incident (Krone, 2017). It can be installed in both houses and offices. After a detail discussion on the reasons behind pipe leakage, the specifications of the sensor device will be evaluated in order to understand its relevance with such crisis (Sadeghioon et al. 2014). Crisis can occur in huge factories and underground setting of the pipeline. A structure of business model will be presented for promoting the device among the people dealing with pipeline and leakage. Business canvas model has been chosen to make it familiar in the market and further it will talk about some critical factors, which will bring success for the newly launched device.
Identification of problem: reason of developing water leakage sensor
Experts researched on the reasons extensively to understand and understood from Bort, Righetti and Bertola, (2014), from why leakage takes place. It has been observed that leakage can cause disasters no matter how big or small it is. It can be harmful for human belongings and can lead towards social crisis if not treated properly. There are several reasons behind leakage. High pressure of water, changes of temperature in cold areas are basic reasons behind it. Apart from these, tree roots can crack pipes as well as galvanized steel piping are prone to rust. It is not possible to check frequently the condition of an entire housing, office or factory. Therefore, the requirement of sensor device is relevant, because it is capable of making people aware before the leakage when it senses even a minor crack (Perez et al., 2014).  In order to mitigate the issue concerned authority should be careful enough to avoid such conditions. However, installation of this sensor can make people aware if the area is under potential danger.
Benefits of the device: Specification of Leakage control system
Water-leakage detection device or system has been designed to control leakage within a piping network or tank irrespective of its location. Not necessary that the liquid has to be water, it can sense leakage of chemical and fuels as well. Leakage sensor comes with features of both the water and liquid leakage detection. It sends the message of upcoming disaster to the authority with early warning alarm. As described in Zolnowski, Weiß and Bohmann, (2014, January), it is capable of monitoring the entire system and sends news whenever the system needs care. The device comes with a detection panel and capable of displaying the situation using LCD and LED format. This microprocessor based controlling device can also sense water level and sends warning if it is higher than the usual. Therefore, if it can be stated this device can be effective in the crisis of piping network leakage. Authorities can initiate prevention if they identify the root of the problem way before it takes place.
Business model to introduce water leakage sensor
Business canvas model will provide effective promotional strategies to the manufacturer of water leakage system depending on these variables. It can be expected if all the variables can be managed effectively then the device can be launched successfully maintaining the business canvas model.
Key activities: value recognition
As the idea is extremely new and not yet popular in the market, in order to launch it successfully an effective business model is required (Boons, & Lüdeke-Freund, 2013). Business canvas model is effective enough to manage multiple factors regarding launching a product, such as, recognising its segment and assuming the revenue. Business canvas model is capable of analysing the facts regarding the innovation, which capture the value as per the market needs. According to Sarrate et al., (2014), the entire society can enjoy the benefits of installing this device; plumbers can fix the problem before deterioration, house and office owners can be aware of the maintenance issues and government can be updated via this device about vast network of pipeline carrying liquids. In a nutshell, the objective is to reduce human responsibility of monitoring and introduce pro-activeness as far as leakage crisis is concerned.
At first, the model requires to measure the intensity of the ongoing issue based on which innovation is required (Sadeghioon et al., 2014). The networks of pipeline have been established throughout the globe with the progression of civilization and the entire system, therefore, is becoming complicated day by. Its maintenance, disaster management is becoming issues of high concern. The product has been developed considering the complexities of civic infrastructure. According to this business model, a product can be successful gaining a satisfactory amount of revenue if the market interest and product specification is connected through out.
Key partners: channels of selling the product
There are several aspects, which should be taken into account before selecting canvas model as a tool of promotion. The manufacturer company of the device can establish partnership with related groups of factories, who can be shareholders of manufacturing the device. Several retail stores of pipes and fittings can sell the product or the manufactures can sell it via different online shopping sites dedicated to various mechanic solutions. It will influence the market of disaster management regarding leakage. Therefore, the company should look for likeminded partners and effective human resource to perform manufacturing, promotional and financial duties related to the product. Employees should be hired after proper interviewing process checking their technical and innovative skills for future use.
Identification of customers and maintain good relationship with them
According to this business model (Zolnowski, Weiß and Bohmann, (2014, January), an innovative product will be acceptable in the market if it can satisfy the market demand or can solve prolonged global issue. Customer satisfaction is the ultimate no matter the product is old or new in the market. Managers should adopt effective promotional strategies to attract the customers’ attention towards the product. Considering customers’ feedback with highest priority can develop their image as a customer oriented organisation, serving them with customer support during any hour of a day is a good initiative to retain the core consumers. In order to do that, as per the views of Barquet, et al. (2013), employees should be capable enough to understand the company vision. Apart from that, adequate monetary resource is involved with the innovation as it is made with efficient and huge mechanism. Creative ideas of the engineers and their ability to integrate the science with social needs is expected to be globally acceptable (Spieth, Schneckenberg & Ricart, 2014).
Expense structure and monitoring the revenue
Financial expenses is going to be huge as development, production and maintenance charges are involved into such huge system. Further, cost structure revolves around additional promotional charges and employee remuneration. Therefore, developing products of social interest for commercial purpose can be a matter of detail market research. Revenue will be generated by selling, servicing and installing the system as per the requirement. This business model concentrates on nine building blocks as follows related with the promotion of the innovative water leakage device.
Critical success factors

As per the study of Schaltegger, Lüdeke-Freund and Hansen, (2016), this framework should be relevant enough to be linked with the purpose of innovation. This innovative device has been developed to mitigate the issues of pipeline leakage and with the help of the system; people can plan disaster management in advance. Therefore, this device has ability to reduce annual rate of pipeline damage and prevent consumers from experiencing damage of property.
A dedicated engagement of creative idea has been found here which confirms brainstorming for commercial purpose. Involvement of huge monetary resource has added a grand gesture to the business process (Bort, Righetti & Bertola, 2014).
Product and development charges coupled with employee remuneration financial involvement would be large and matter of consistent revision.
The objective is to operate the entire business process with the help of effective and skilled human resource.
Customer interest will influence the marketing strategies of the product. The product itself occupies opportunity to be acceptable by the society as pipeline is one of the major construction elements of human civilization.

Evaluation of feasibility: SAF model 

Suitability

Ø The creative idea of inventing water leakage sensor is capable of solving the problem identified in the first place. The invention is itself a Strategy, which will comply with the company needs as well.  

Acceptability

Ø Financial and non-financial gain will be achieved as it has been accepted as a product of high value in the market.

feasibility

Ø The innovation asks for great management power, skilled human resource and huge monetary involvement, which the company promises to supply (Perez et al. 2014). Therefore, business canvas model is feasible here to apply.

Conclusion
Acknowledging the ‘think big’ concept, this report has elaborated innovation of water leakage sensor, which is a device capable of sending a message or alarm before the failure of pipeline. Every network of pipeline carrying liquid fuel, chemicals or water is equally important for global welfare. In order to avoid disaster, experts have worked on the solution and invented the creative idea of developing water leakage sensor. It has been understood that the product can be applied for extensive social use. The selected business model for promoting the product is business canvas model, which will help the product to make a safe place in the market. Therefore, it can be concluded that feasibility of the business plan lies on its relevance with the global purpose. It can be expected this innovative initiative can be accepted by the society widely soon after realising it utility.
Reference
Barquet, A. P. B., de Oliveira, M. G., Amigo, C. R., Cunha, V. P., & Rozenfeld, H. (2013). Employing the business model concept to support the adoption of product–service systems (PSS). Industrial Marketing Management, 42(5), 693-704.
Boons, F., & Lüdeke-Freund, F. (2013). Business models for sustainable innovation: state-of-the-art and steps towards a research agenda. Journal of Cleaner production, 45, 9-19.
Bort, C. G., Righetti, M., & Bertola, P. (2014). Methodology for leakage isolation using pressure sensitivity and correlation analysis in water distribution systems. Procedia Engineering, 89, 1561-1568.
Diao, K., & Rauch, W. (2013). Controllability analysis as a pre-selection method for sensor placement in water distribution systems. Water research, 47(16), 6097-6108.
 Goulet, J. A., Coutu, S., & Smith, I. F. (2013). Model falsification diagnosis and sensor placement for leak detection in pressurized pipe networks. Advanced Engineering Informatics, 27(2), 261-269.
Krone, R. (2017). Not Just Guess Work: Tips for Observation, Brainstorming, and Prototyping. Techniques in vascular and interventional radiology, 20(2), 94-100.
Perez, R., Sanz, G., Puig, V., Quevedo, J., Escofet, M. A. C., Nejjari, F., … & Sarrate, R. (2014). Leak localization in water networks: a model-based methodology using pressure sensors applied to a real network in Barcelona [applications of control]. IEEE Control Systems, 34(4), 24-36.
Sadeghioon, A. M., Metje, N., Chapman, D. N., & Anthony, C. J. (2014). SmartPipes: smart wireless sensor networks for leak detection in water pipelines. Journal of sensor and Actuator Networks, 3(1), 64-78.
Sarrate, Ramon, et al. “Sensor placement for leak detection and location in water distribution networks.” Water Science and Technology: Water Supply 14.5 (2014): 795-803.
Schaltegger, S., Lüdeke-Freund, F., & Hansen, E. G. (2016). Business models for sustainability: A co-evolutionary analysis of sustainable entrepreneurship, innovation, and transformation. Organization & Environment, 29(3), 264-289.
Spieth, P., Schneckenberg, D., & Ricart, J. E. (2014). Business model innovation–state of the art and future challenges for the field. R&d Management, 44(3), 237-247.
Zolnowski, A., Weiß, C., & Bohmann, T. (2014, January). Representing Service Business Models with the Service Business Model Canvas–The Case of a Mobile Payment Service in the Retail Industry. In system sciences (HICSS), 2014 47th Hawaii International Conference on (pp. 718-727). IEEE.

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