Word Limit – 4000 Words
You are required to produce TWO Project Logs, which are designed to help you gradually build up a portfolio which can be used to evidence your innovative thinking, research and strategic decisions within the context of your innovation.
Project Log 1 A short introduction to the market contexts within which you would like to base your project.
For example: which sector/industry? what products/services? what kinds of problem/issue that consumers have with the existing products or services? Why are you personally interested in this?
Produce an introduction to your proposed innovation. Explain how you have use specific creative thinking technique(s) to generate your innovation idea.
Provide a clear explanation of how your innovation works. For a product innovation that involves the use of any technologies, explain the technologies involved supported by all the technical and schematic details.
For a service innovation, explain service processes involved, if relevant, supported by all the technical details and schematics of technologies involved. Remember that you can attach the extra technical and schematic details, diagrams, sketching in the appendices.
Produce a literature-informed explanation of a blue ocean strategy that can be used to achieve a new value curve for your chosen industry/market. Illustrate your Blue Ocean strategy on the Strategic Canvas.
Explain why you have chosen the value factors used in your strategic canvas. Consider how your strategy produces a genuine Blue Ocean strategy, and justify your decision.
Project Log 2 Using the Essential Reading on Business Model and Value Proposition, produce a literature-informed discussion on the business model of your proposed innovation.
Consider and justify how your business model will involve innovative strategic decisions on:
Customer Segments
Customer Relationships
Exceptional Buyer Utility
Channels
Revenue Streams and Strategic Pricing
Key Resources
Key Activities
Key Partnership
Cost Structure
