Ideation Portfolio Paper Example

Paper Type:  Essay
Pages:  4
Wordcount:  977 Words
Date:  2022-08-15
Categories: 

The purpose of this portfolio is to make an ideal presentation of value creation as the principal features of the marketplace. Innovation and creation of products to increase competitive advantage in the market require effective identification of consumer needs and a market shift in alignment with value-based management. Business organization has ideal roles in ensuring that their innovation and improvement of products and services are delivering value to their stakeholders especially consumer needs. Value can fall under different categories in increment improvement on existing goods or services; it can also entail the creation of entirely new products, cost reduction, and or redefining the type of services or products accessible for consumer needs (Holttinen, 2010). At times it is necessary for a business organization to seek value creation and an innovative effectiveness to survive market shifts, enhance growth and increase the competitive advantage. Innovation and creation of new products and services are thus essential in building an organization's value provision and creation.

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The initial steps in value creation require organizations to create and develop experimental brands to give their target customers the chance to test the new or improved brads. Experimental branding is an essential phase in value creation to ensure that the production of new creations and innovations faces minimized risk factors. Determination of customer satisfaction through the experimental phase dictates the next step an organization will take towards their value creation process (Standing, 2013). For instance, if the product taken to the market for testing does not meet market expectation it is easier and cost effective for the business organization to decide on a less lose cause of action. Using consumer feedback on the market suitability of new or improved brands taken through the testing stage will assess the effectiveness of the products or services. Again experimentation phase of value creation required the product developers or creators to come up with product pricing featuring the market competition and consumers readiness to accept the new prices of value-added products.

After effective need evaluation, prototyping, and creation of value-added products it is necessary for the organization to identify the target group affected or in need of the value creation of certain products. Need findings and identification is an essential process in innovation and creation of new products and services as well as new opportunities because it helps creation team to identify consumer needs, experiences as well as conductive comprehensive research to look for market gaps in consumer services to present the best opportunity fit for value creation. It is not effective to innovate and create market creation without factoring the consumer needs and market trends in demand and supply logistics. Certain products and services offered by competitors require improvement and innovative reestablishment to ensure that the new market value remains competitive and fulfilling to the diverse consumer needs.

The theoretical and practical perception of value creation needs framing by gathering observations of significant market patterns on the understanding of consumer patterns. In the process of creative combination of concepts gathered to focus on the development of improved market needs, it is encompassed on the diverse point of view of the category of the target consumers. For instance, improved products and services offered by any business organization need to ensure comprehensive benefits to all stakeholders in the production goals (Amit & Zott, 2001). The consumers and innovators need to find a sense of satisfaction on the products or services facing value creation to increase their likeability or appeal to the products in relation to the needs of the consumers in a competitive market advantage as well as reducing the cost of production for producers to ensure productivity. Therefore, identification of the target group encompasses the planning features, budgetary needs, performance measurements as well as testing and creation of awareness in the market base to increase consumer preference for the implemented.

The most important phase in value creation is making innovations and create permanent and effective for market suitability. The innovation process of bringing new ideas and prototyping captures of the improved ideas in the creation and improvement of products and services offered to the consumer advantage in the organizational placement in the new market trends. Implementation and establishment of value creation of products and services need management of different aspects that affect value creation of new or existing products. After effective research of the market trend and consumer needs requires improved and collaborative enhancement of innovation. It is diverse to ensure that value discussion gives permanency in the viewpoint trends to ensure robust solutions for strong business opportunities (Standing, 2013). The cycles of innovation diversification and creating the organization process practices will ensure enhancement of new ideas and permanent decision making where the consequences are essential to ensure that the product and services took through the process of value creation to ensure that it increases consumer preferences or market advantage. In the o=innovation process, the researchers and producers of value created products need to ensure that the new ideas and recommendations are necessary to feature the market trend and also ensure profitability on the business value of the new or existing products.

Conclusion

In conclusion, value creation requires three phases process to ensure effective and market representative and profitability of the new and existing products. Initially, it is essential to identify the consumer needs and market shift trends to ensure that the innovation and creation are necessary and relevant to the diversification of consumer needs. It is necessary for the innovation and creation process to incorporate the business essence and consumer needs in the value creation of new or existing products.

References

Amit, R., & Zott, C. (2001). Value creation in e-business. Strategic Management Journal, 22(6/7), 493-520.

Holttinen, H. (2010). Social practices as units of value creation: theoretical underpinnings and implications. International Journal of Quality and Service Science, 2(1), 95-112.

Standing, S. (2013). Creating business value through e-marketplace trading. Retrieved from http://ro.ecu.edu.au/theses/584

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Ideation Portfolio Paper Example. (2022, Aug 15). Retrieved from https://proessays.net/essays/ideation-portfolio-paper-example

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