2.1 | Business & Finance homework help
Creativity: Utilize the creative process to generate new ideas for your reinvention. Incorporate brainstorming, lateral thinking and other divergent thinking methods such as mind mapping to come up with unique solutions.
Innovation: Take those creative ideas and turn them into practical applications or products that integrate contemporary technologies in order to create something of value. Consider using TRIZ (Theory of Inventive Problem Solving) which is a technique designed specifically to help inventors develop innovative solutions by breaking down problems into smaller components and seeking alternate approaches.
Business Model Innovation: Once you have developed an innovative product, use business model innovation techniques such as Blue Ocean Strategy or Lean Canvas in order to test different business models before launching your product. This will ensure that you are able to maximize profitability while minimizing risk.
Customer Development: Use customer development principles such as interviewing potential customers, building prototypes and testing them with real users in order to validate assumptions that went into the design process. This will give you valuable feedback which can be used to refine the product before it is launched on the market.
Marketing & Branding: Once your product has been developed and tested, devise a comprehensive marketing strategy for getting it out there – this includes creating a website with all necessary information about the product along with appropriate branding elements (logo/tagline etc.). Also consider online advertising campaigns on social media platforms as well as traditional channels like print/outdoor etc., depending on where your target audience is located.