LB5124 Product Assignment Sample

Introduction

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Constant innovation where there is improvement in an existing product without modifying its customer's habits. Often the consumer does not even consider such artefacts being novel while the company might have spent a bunch of cash to boost its current goods. Continuous innovation happens when an organisation continually develops its products, services or technologies. This development does not change the commodity, etc. dramatically; nor does it drastically alter the consumers' shopping behaviours or consumption patterns. Developing new goods that vary from previous products is the process of continues improvement. Continuing learning, growth and personal growth could be supported by inventions. Once again this form of creative atmosphere will inspire people to develop their work and their teams continuously. The organization chosen for this report is Safety culture which generally works with the motive of providing high quality of workplace to different companies. Focus in this report will be mainly laid on improving the current product offered by Safety culture. Some changes in the iAuditor product of the company will be done.

Description of the new product or product extension

It is very much essential for the management of Safety Culture to focus on introducing a new product or make relevant changes in the existing product. By doing this, better services to the potential customers can be easily provided and their satisfaction level can also be enhanced. A business can satisfy the seasonal demands of consumers in the industry by producing new goods. Since goods fit in each season, consumers are happy, and businesses can get fair business. Creativity and development are an important way to gain greater market share or profits. The creation of innovative products is embraced in order to create an image and reputation as a dynamic thinking and innovative business (Volberda, et. al., 2013). The business needs to reassure the industry that the aspirations of consumers are met with difficulty. Indeed a business that produces new products also has greater prestige and can easily draw customers. Current products might not be adequate to satisfy consumer requirements and would like companies to develop new products primarily to diversify risk. Safety Culture will reduce the degree of disappointment by offering more variations. Therefore, continuous innovation is expected since older products are discarded from the current market.

The management of Safety Culture can focus on adding a new quality or feature in its iAuditor application. Such type of application is mainly formed with the motive of inspecting, indentifying issues related to organizational functions and takes corrective actions, so now company can also focus on adding a new HRM feature. With the help of this feature, organizations will be able to analyse and monitor the performances of their employees, track record of their work can be easily kept and regular feedbacks to the individuals can also be given. The new HRM feature will allow organizations to conduct 360 degree evaluation of the individuals working with them form a long period of time. This new feature will reduce the chances of mismanagement in the organization and will boost the motivation level of employees (Frishammar, et. al., 2019). This is because, individuals will be able to know the where they are actually lacking and what steps can be taken for improving the performance of regular basis. HRM feature will enable the organizations in making best and effective use of the human resource working with them.

Innovative thinking process

It is very much essential for the individual to identify creative solutions to a particular problem. This is because innovative thinking can directly lead to attainment of different objectives. Problems can be resolved differently and strategically through imaginative thinking. The right creative strategies will help everyone save valuable time and money, and help you grow your company competitively. There are particular creative thought ideas from the design world. These conceptive ideas are attitudes to be used as individuals create and can be used in a number of structures or processes. It must be repeatable without being too costly in business and must solve a certain condition if a creative concept is to be useful (Horn & Brem, 2013). Innovation is accomplished by the provision of something original and is always seen as generating performance, contributing to a concept that influences society at large. Innovation has given rise to the concept of creating a mobile unit that combines the key components on the road surface, which will allow for greater performance. This approach costs about the same, saves time for business and crews, and repairs are carried out easily for people.

A particular innovative process has been followed before finalizing HRM feature. In the first step, focus was laid on analysing the problems faced by employees working in Safety Culture. From the analysis, it was analysed that individuals of the organization were not able to keep a track record of their performance. It was interpreted that, if Safety Culture is facing such type of problem than there are chances that its customers might also be going through similar sort of issue. For better analysing the problem, focus was also laid on understanding the views of employees working in Safety Culture. By doing this, major problems, issues and concerns of the employees are easily indentified. This also enabled top management in gathering relevant information for the new HRM feature (Lendel, et. al., 2015).

Supportable hypothesis related to customers

It is quite important for the organization to identify and decide who the customers will be and how their problems will be solved. This is because; it can enable the organization in deciding the future course of action according to current situation. The customers of company will be organizations that are already using iAuditor and other applications. It will become easy for Safety Culture convince the customers to try their new service. For this, company can aim at indentifying the USP of product. This will help them in achieving desired goals and targets with less errors and mistakes.

Value proposition to the customer group

A value proposition for products is a business assertion or marketing declaration which explains why a customer would buy a product or use a service. It is aimed primarily at potential buyers instead of other constituent groups such as staff, partners or manufacturers. A successful idea will gain Safety Culture over its rivals and also is the basis of prospects. And the value proposition is the first thing for many customers as they discover the brand. Therefore a straightforward, succinct request for value is more relevant than ever. With the help of value proposition, organization will be able attract customers in a better manner (Vishnevskiy, et. al., 2015). This is because it will provide guidance to the organization for handling any complicated situation in an effective way. Some of the main factors related to value proposition for new HRM feature in iAuditor is mentioned below-

Customer profile

Gains- The theses are the advantages that the consumer expects and requires, which will cater to the consumers and increase the possibility of a value proposition. With the help of new HRM feature, customers will be able to improve the performance of their employees. Pains- These are the unpleasant feelings, emotions and risks faced by customers during the work process. There are chances that giving regular feedbacks to employees on the basis of iAuditor results could create dissatisfaction among certain individuals. Customer jobs- These are physical, social and emotional activities that customers strive to achieve, resolve conflicts and fulfil needs. The needs and demands of the customers will be easily solved.

Value map

Gain creators- The customers will be able to enhance performance of their employees and chances of their overall development will also be increased. Pain relievers- with the help of HRM feature, chances of mismanagement or conflicts in the organization will be easily reduced. Products and services- HRM feature will be beneficial for the organization and employees working in it.

Establishment of sustainable competitive advantage

The secret to market competitiveness is competitive advantage. It helps a company to concentrate more than rivals on revenue, better profit rates and higher retention of customers and employees. It is the principal driver of long-term market value and is what buyers value most in purchasing a company. Small companies must establish a sustainable competitive advantage focused on offering superior value to a particular niche to succeed effectively (Lopez-Valeiras, et. al., 2015). Some of the main steps that can be taken into consideration by Safety Culture for attaining competitive advantage are mentioned below-

• The organization will be able to provide tough competition to the competitors. This is because such type of feature has not been introduced by its competitors.

• With the help of new feature, organization will also be able to increase and improve their sale and profitability in certain time period. This is because; company will be able to attract large number of customers.

• At the initial stage, organization can focus on using such feature for the employees working in Safety Culture. This will enable the company in gaining trust of the customers in effective manner.

Internal capabilities

Talent management, teamwork and transparency are part of organisational skills. They are the Genetic material, culture and personality behind a company which integrates and unites all the other parts of the business (Song, et. al., 2015). With the help of some internal capabilities, organization will be able to handle different activities in the proper manner. Some of the main internal capabilities Safety Culture need to have to deliver HRM product are mentioned below-

• Human resource- Human resources are the number of people who are employed by a business, sector, or environment. A narrower definition, the intelligence that the individuals serve, is productive capacity. Workforce, jobs, employees, associates or individuals literally have different language. With the help of this internal capability, organization will be able to attain different types of goals in certain time period (Aas, et. al., 2015).

• Finance- Internal finance restricts the capacity of a business to invest and thus reduces its expansion to the pace of profit generation. The company's performance and development depends largely on financial planning, and the application of internal funding does not necessarily mean an organizational value or development (Tidd & Thuriaux?Alemán, 2016). With the help of proper finance, Safety culture will be able to implement new HRM feature in systematic manner.
• Current technology- The organization will also require to make use of latest technology for incorporating the new HRM function in iAuditor.