Reference no: EM133676470

Innovation and Sustainable Business Development

Assessment task and criteria

This assessment must be completed by students individually. The assessment is designed for students to develop innovation insight and practices aimed at developing a novel value proposition (solution, product, or service that is new or original) for an existing business or organisation and aligned with the strategic trajectory of the business or organisation. The assessment is also designed for students to self-reflect on their own innovation capabilities and practices. The assessment involves writing a 2000-word report for a novel value proposition within an existing business or organisation.

You are required to write a 2000-word report for a novel value proposition (solution, product, or service that is new or original) within an existing business or organisation. That is, you must be creative and look for new business ideas for the business or organisation to explore.

Your report must respond to the following marking criteria

Your report must demonstrate:

Logical and persuasive articulation of the big idea; the problem insight; the problem worth solving; the targeted customers; the customer solution (novel value proposition such as a product or service that is new or original); the market size; the competition; competitive advantage and strategic fit. (This includes all elements in the value proposition canvas by Osterwalder, Pigneur, Bernarda, and Smith (2014, pp. 8-9). The canvas describes the fit between the value proposition and customer segments). 40%
Logical and persuasive assessment of critical business model assumptions and uncertainties related to customer desirability; technical feasibility; and financial viability as described by Bland & Osterwalder (2020, pp. 32-33). 16%
Logical and persuasive argumentation for the selection of the innovation tools and techniques used to support the report findings and recommendations. Minimum five (5) tools and techniques must be selected from the provided list of tools and techniques. 6%
Logical and persuasive application of the selected innovation tools and techniques used to support the report findings and recommendations. Minimum five (5) tools and techniques must be applied from the provided list of tools and techniques. 8%
Candid and critical self-reflection about assessment 1 tasks including a reflection on the development of personal innovation capabilities and practices; identification of own personal strengths and weaknesses; supported with suggestions for self-improvement. 10%
Clear flow of thought throughout the report with a convincing executive summary; clear and succinct purpose described in the introduction; relevant structure and content within the body of the report; and a clear and succinct conclusion. 6%
Critical review skills and integration of relevant academic and professional literature. A minimum of ten (10) academic and professional references must be used. 4%
Appropriate in-text referencing and reference list. Adherence to CQUniversity APA reference style. 4%

You must select a business or organisation impacted by the advances of a technology and/or sustainability trend which drives industry innovation.

Business, Government, or not-for-profit organisation such as, but not limited to:
Important - submissions about the following organisations are NOT accepted: automobile businesses, smartphone manufacturing businesses, supermarkets, fitness providers, and online shopping businesses.
Food and agriculture industry such as AgriWebb
Social media and metaverse industry such as LinkedIn Heavy machinery industry such as Caterpillar
Digital technology industry such as Telstra
Music and books industry such as Wiley
Transport, shipping and logistics industry such as Maersk
Waste management industry such as Veolia
Banking and FinTech industry such as CommBank
Industrial products industry such as Siemens
Entertainment industry such as Netflix
Toys industry such as LEGO
Clothing industry such as Lorna Jane
Hospitality industry such as Booking.com
University education services
Health and home care services such as Royal Melbourne Hospital

A business or organisation that you are or have been employed at and therefore know well.
No confidential information must be included in the submitted report.
If in doubt about the selection of your business and organisation you must consult your lecturer.
You must select a technology and/or sustainability trend driving industry innovation to inspire the development of a novel value proposition.
Technology trends such as, but not limited to (Manyika et al., 2013):
Artificial intelligence (McKinsey & company, 2023; Davenport & Ronanki, 2018; Iansiti & Lakhani, 2020; McKinsey Global Institute, 2018).
Robots (Tilley, 2017).
Smart-connected-products (McKinsey & Company, 2022c; Porter & Heppelmann, 2014, 2015).
Industry 4.0 (McKinsey & Company, 2022a)
Technologies for Net-Zero (McKinsey & Company 2022b)
Blockchain (Carson, Giulio Romanelli, Walsh, & Zhumaev, 2018; Iansiti & Lakhani, 2017).
Augmented, mixed and virtual reality (Porter & Heppelmann, 2017).
Big data (Hagiu, A & Wright, 2020).
Connectivity (Grijink et al., 2020).
Healthcare (Pearl & Madvig, 2020).

Sustainability trends supporting United Nations sustainable development goals (Brackley & York, 2019; CSIRO, 2022; United Nations, 2015; United Nations, 2019):
No poverty.
Zero hunger.
Good health and well-being.
Quality education.
Gender equality.
Clean water and sanitation.
Affordable clean energy.
Decent work and economic growth.
industry, innovation, and infrastructure.
Reduced inequalities.
Sustainable cities and communities.
Responsible consumption and production.
Climate action.
Life below water.
Life on land.
Peace, justice, and institutions.
Partnership for the goals.

Your selected innovation trend must be important to the selected business or organisation as that makes the innovation proposition important to its senior executives and stakeholders, the report interesting to read and your report writing exciting. Your executive summary must convey this information to the reader and executives within the business or organisation you have chosen.

Your report must use these innovation tools and techniques

You must select at least five (5) tools and techniques as specified below for a satisfactory grade on marking criteria 3 and 4.
You must select at least ten (10) tools and techniques as specified below for an excellent grade on marking criteria 3 and 4.
More specifically:
You must use this tool (1):
Value proposition canvas (Osterwalder et al., 2014).
You must select no more than one (1) of these tools and techniques:
Business environment map (Osterwalder & Pigneur, 2010).
Business model canvas (Osterwalder & Pigneur, 2010).
Porter's five forces (Porter & Heppelmann, 2014).
Strengths, weaknesses, opportunities, and threats (MacIntosh & Maclean, 2015)
You must additionally select a minimum of three (3) of these tools and techniques.
You must additionally select at least three (3) of these tools and techniques for a satisfactory grade on marking criteria 3 and 4.
You must additionally select at least eight (8) of these tools and techniques for an excellent grade on marking criteria 3 and 4.
Brainstorm ideas canvas (Liedtka & Ogilvie, 2014).
DE Step 1: Market segmentation (Aulet, 2017).
DE Step 2: Select a beachhead market (Aulet, 2017).
DE Step 3: Build an-end user profile for the beached market (Aulet, 2017).
DE Step 4: Estimate the Total Addressable Market (TAM) (Aulet, 2017).
DE Step 5: Profile the persona for the beachhead market (Aulet, 2017).
Customer journey canvas (Liedtka & Ogilvie, 2014).
DE Step 6: Full life cycle use case (Aulet, 2017).
DE Step 7: High-level product specification (Aulet, 2017).
DE Step 8: Quantify the value proposition (Aulet, 2017).
DE Step 9: Identify your next 10 customers (Aulet, 2017).
DE Step 10: Define your core (Aulet, 2017).
DE Step 11: Chart your competitive position (Aulet, 2017).
DE Step 12: Determine the customer's Decision-Making Unit (DMU) (Aulet, 2017).

Your report must use this report structure

Your report must be presented in the short business report format and use the report structure outlined below. Your short report must contain the following items.

Submit your report with a title page sheet including:
A report title that includes the name of your innovative solution and the parent organisation to innovate it.
Unit number and name.
The assessment name.
Your name and student number.
Executive summary
The executive summary is intended for the busy executive needing an overview of the short report. The executive summary is expected to contain summary statements of key/important elements of the report such as the focus of the report, findings, discussion, conclusion and in some cases recommendations.
Table of contents
The table of contents is used to show the reader where parts of the report can be found.
Introduction
The introduction provides the purpose and scope of the report. In this case, you are innovating a solution, product, or service that is new or original. You are developing it for an existing parent organisation.
The big idea
What is your new solution, product, or service big idea? What is your vision for the new solution, product, or service? The problem insight and the problem worth solving
What is your key insight about the targeted problem or opportunity? What is the problem worth solving for the targeted customers?
The targeted customers
Who are the targeted customers? What is the targeted market segment? What is the targeted customer profile? The customer solution
What is the product or service and what are the benefits to the targeted customer segment?

What are the unique benefits that are better than the competitors you will deliver to your customers?
A novel value proposition is a solution, product, or service that is new or original. Copying an idea or a solution from a competitor is not sufficient. You will have to do something better than the competitor to be successful. However, 100 percent new to the world products or services are rare. You can apply a new idea or twist to an existing product or service to improve it.

The market size and the competition
What is the market size for your new solution, product, or service?
Who are the competitors and important external organizational stakeholders when developing a new solution, product, or service?
Competitive advantage and strategic fit
What core capabilities are you better at when compared to competitors? Is the proposal compatible with the parent organisation's strategy?
Assessment of critical business model assumptions and uncertainties
What are important assumptions and uncertainties related to customer desirability, technical feasibility, and financial viability?
Argumentation for the selection of chosen innovation tools
What is the reason you have selected the chosen innovation tools?
Application of the selected innovation tools
This is where you shortly notify the reader about your application of the selected innovation tools. You demonstrate the usage of your chosen innovation tools by mentioning where to find your detailed application details with an appendix number for each tool and technique. Also, see the appendix instructions below.
Candid and critical self-reflection
Candid and critical self-reflection is about reflection on the development of personal innovation capabilities and practices; identification of your own personal strengths and weaknesses; supported with suggestions for self-improvement. This is not about the strengths and weaknesses of the chosen business or organisation. For example, what worked and what would you like to have done differently regarding the selection and the application of the chosen tools, etc.

Conclusion
The important conclusions should be stated in this section.
References

Your report must include in-text referencing and a correctly cited list of references ordered alphabetically by surname of the first author, following the APA referencing style.
Note that references are usually not cited in the executive summary, introduction, and conclusion. These are only used in the main body of the text.