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Generation Of Innovations In Business

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Question:

Discuss about the Generation Of Innovations In Existing Business.
 
 

Answer:

Generation of innovations in existing business scenario

In the present business scenario, one of the key factors that should be considered by the business organizations in gaining competitive advantages in the market is the initiation of innovation in the business activities (Goffin & Mitchell, 2016). The current medical service business scenario in Australia is having traditional approach in offering customer service (May, 2013). Thus, it will be huge opportunities for the new entrants in the market in offering more innovative approaches to the customers. Meditalk will be a new entrant in the market of providing online medical service to the customers.

Description

The core competitive advantage for Meditalk will be their innovative approach in providing customer service. The business activities of Meditalk will range from enabling the customers in having online appointments for their chosen doctors and medical institutions to let the customers in providing the facility of comparing the different service being offered by different medical institutions. Thus, customers will have the access of all the information related to the different medical institutions in Australia (Hu et al., 2012). Thus, upon comparing and determining the rating and reviews being given by the existing customers, the new customers will be able to choose the most effective options based on their requirement. Comparing to the traditional approach, this will be a unique and innovative approach by possessed by Meditalk.

 

Components of the business model

Sponsors

In the initial stage, various investors will be approached for soft loans. They will be given presentation of the business potential in the market. Various investors investing in the start-ups will be given the first preference. Later on, once the business gets established in the market, it is expected that more investors will be interested in investing in Meditalk. However, in the daily business activities, more capital will be required at any point of time. In this case, business loan will be taken from the financial institutions. After few years of the operation, the possibility of issuing IPO in the market will be determined. It will help too raise capital from the market.

Revenue streams

In the initial stage, all the leading medical institutions will be approached in order to have their subscription in the portal of Meditalk. It will be done in free of cost. However, after few years of operation, once the traffic in the portal will achieve the highest peak and the clients will start to gain prospects from the portal, a specific fee will be charged in an annual basis. Moreover, with the increase in the web traffic in the portal, another opportunity will be emerged in terms of online advertising. Thus, offering space to the third party vendors in advertise their offering in the website of Meditalk will create more income opportunities for them.

Key resources

The key resources for Meditalk will be their employees. This is due to the reason that, the competitive advantages being possessed by the individual employees will be the key source of competitiveness for the organization. Moreover, the capitals involved in setting up the organization will also a key resource. Initiation of the technologies will also a key resource due to the reason that, it will help to offer effective service to the customers through their portals.

Customer relationship

The customer relationship management will be involved in the organization to determine the current market requirement and to provide effective service to the existing customers. Existing customers will be given the chance of giving feedback to the service of Meditalk. Moreover, the communicating portal will involve two-way communication, which will help the organization in determining the customer requirement.

Customer segments

The primary customer segment will be the end customers. Customers looking for medical facilities will be the target segments. In addition, customers looking for appointment for any particular doctors will also be the customers. In terms of the B2B segments, the medical institutions will be the key customers for revenue generations.

Key partners

The key partners will be the medical institutions and the doctors who will be subscribed with Meditalk. Internal partners include employees, investors and the software providers. In the later stage, raising capital from the public will include the external shareholders also.

Key activities

The key activities of Meditalk include providing online medical service to the customers. They will also provide them in having appointment of their chosen doctors without being in queue. Moreover, the subscribers will have the chance to determine the market trend and the customer preference pattern by analyzing the customer behavior from the portal.

Conclusion

It can be concluded that by initiation of the innovative ideas being discussed in the above sections, Meditalk will have huge market opportunities in Australia. The success of this innovative idea will entirely change the existing business scenario in the market. Thus, there is a huge untapped market there for Meditalk to operate.

 

References

Goffin, K., & Mitchell, R. (2016). Innovation Management: Effective Strategy and Implementation. Palgrave Macmillan.

Hu, X., Bell, R. A., Kravitz, R. L., & Orrange, S. (2012). The prepared patient: information seeking of online support group members before their medical appointments. Journal of health communication, 17(8), 960-978.

May, C. (2013). Agency and implementation: understanding the embedding of healthcare innovations in practice. Social Science & Medicine, 78, 26-33.

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