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What is stake holder and stakeholder analysis?
Method used to do stakeholder analysis.

Research and incorporate the perspectives of a complex network of stakeholders relevant to a practical project.

Methodology

The proposed product will have a solar shield that will allow to have the solar energy for other products those are being embedded within the overall product. It will also be comprised of a solar cooker that will be used for the users to use solar energy for cooking food. The bag will have enough space that can hold a lot of materials and products enough for the trekking and travelling and holding five litres of water. Other than this the bag will have enough capacity to hold the solar cooker, storage of various personal stuffs, enough water, that is lighter in weight, stronger, weather proof, long living product, and corrosion resistant. It is important to analyse the existing environment for launching the product in the market and assuring that the launch is successful and acceptable to the end users.

The Design thinking approach is being delivered for the successful develop of this innovative product in the form of the backpack. The creativity of using light weight material and more space backpack in addition to the logic of introducing in-built solar cooker, charger, water storage and others that can improve the existing backpacks and allow the users to have a product that is solely enough for the whole tour or trekking. The decision-making and the operations being introduced can rank the product in the race of the innovation and could be acceptable to the end users. This will be followed on five major phases

Empathize: The product was initialized with a thinking of the development of a product that is an expensive item and necessary for the individuals going on a vacation or trekking. The emphasis has been provided on the development of the product that can eliminate the need of separate materials those are generally compulsory for such adventure. A single product comprised of the various specifications as mentioned before can attract most of the customers. The tourism has become one of the profitable sectors for many of the governments and hence, many users can look for a backpack and other materials those can help in their living during the tour or vacation. In general, the online and offline stores are offering backpack, cooker, power bank, survival kits, and many more separately. There is no doubt lead to an expensive shopping over the money spent for the tour or vacation. Thus, development of the idea of a single backpack that comprised of all the separate materials in single product along with long life span can be the solution to the identified problem. It can fulfil the needs and requirements of the users. The innovation is all about the design thinking and so, the development is being focused on a product that was not developed before and that can meet the present needs of the problem.

Stakeholder Analysis

Define: Moving forward, the next step was defining the product that was the detailed focus on the development of the product that can meet the expectations of the ‘innovation’. The backpack needed to have detailed features that can meet all the basic requirements of the product. The following is the description of the smart features those needed to be incorporated as the definition of the backpack:

  • Integrated butane gas stove
  • Integrated solar cooker
  • Integrated water purifier
  • Integrated water bag with 5 Liters storage capacity
  • Emergency 5 watt LED Light with mounting tripod
  • Power bank with 2.4 AH battery backup
  • Different charging options – 2 in 1 multi-functional universal travel car + home wall AC charger, in-built Solar charger and thermoelectric coil in the butane gas stove charge the battery while cooking
  • Aluminum alloy body makes Trek-mate light weight, water resistant, shock proof and weather proof.
  • Integrated camping tools
  • Its air tight design makes the bag floating.
  • First Aid Kit

Other than above, following are the designs those also needed to be developed in this phase of the project:

This led the path in which the project needs to be delivered considering the successful delivery of the new product development. The successful delivery of the product needs to be based on the above definitions and the design in manner to be applicable of what the innovation being introduced to the backpacks. The above diagram presents the overall design of the product and the module view including side view and top view. This module defines the spaces and model of the different materials those can be incorporated to make it innovative as mentioned below:

  1. Portable butane gas stove
  2. Power bank with battery
  3. Water purifier
  4. water bag

The main focus during defining the product was to develop a backpack that can be helpful and useful during the period of hiking, trekking, camping or even if traveling for a long distance, without getting any trouble. Mainly it focusing on the needs by minimizing the weight of the backpack, save our resources by using the natural resources (sunlight and thermal energy), and utilizes the power. Along with this, it carries a greenhouse effect energy source.

Ideate: Ideating is all about combining all the losing ends. Till now, all the information, model, design, needs, and requirements have been identified. Combining all those ideas is a helpful and effective source for the successful and efficient delivery of the product. The ultimate goal is to meet the needs and requirements of the users at the genuine price and make sure that the product is user acceptable.

Prototype: The diagram proposed in the above is the prototype of the proposed product. It will have sufficient space that can allow the users to have the mentioned components and objects in the single backpack and use them while they are having adventure during trekking or vacation. The mapping is also being delivered in this phase that include the stakeholder analysis and the ecosystem map. The stakeholder map can be demonstrated as in the following figure:

The above picture demonstrates the various stakeholders those will be considerable for the successful delivery of the developed product. Every key stakeholder mentioned in the rectangular boxes will have separate roles and responsibilities that will finally lead to the deployment of the product in the real world and make sure that the product being introduced is capable of meeting the end users’ needs and requirements. It is a considerable fact that every stakeholder contributes their sector of responsibility in an efficient and effective manner and make sure that all the objectives and scopes are being achieved through their contribution. Thereafter, the ecosystem map will be better demonstrative related to the value and the results of the stakeholders associated with the project a mentioned in the following diagram:

The above map represents the value map and the ecosystem map for the new product being introduced in this paper. The stakeholders will be communicating in an effective manner throughout the business process in manner to make sure that the end users get the final product of high quality and better services.

Test: This needs to be done after the development of the new product.

The following is the list of the stakeholders along with their engagement with the new product development in addition to the advantages and disadvantages of the product ecosystem:

Sl. No.

Stakeholder

Benefits

Disadvantages

Internal Stakeholders

1) 

Dealers

They will be allowed to launch a new product in the market and gain attraction with additional variety of the backpack that is innovative and useful for the end users.

The product cannot be introduced to every dealer as it may cause conflict of interest from the user side and they could think of the product to be same as others are offering or a common product. 

2) 

Stores (Online/Offline)

The stores can increase a number of products that is innovative and new of its kind and thus, could possibly attract a greater number of the customers and convince them to buy the product. This will alternatively reflect on the overall revenue of the stores of the sales figure increases as per the expectation.

There are the possibilities that the product does not meet the expectation of the users and could thus, possibly be a failure. The same loss can be experienced by the stores if new product launching fails.

3) 

Employees

Their role will be to manage the operational activities and hence, they could have better experience in developing a new product. They can also contribute in further modifications or innovation required for the product to be popular and acceptable by the end user. After being popular and accepted by most of the users, the company could be able to pay more to their employees and hence, this could be a boon for the employees

There are chances that the number of the orders increased exceptionally and hence, could possibly increase the workload of the employees that can be not acceptable by the employees

4) 

Owners

The owners will have the scope for targeting all the customers who are looking for trekking or touring and make better revenues for the organization.  

There are the possibility that customers do not like the product and the product launch failed.

External Stakeholders

1) 

Credit card organization

They would be able to expand their market and could increase the number of the users as the number of trek-mate customers. They could also increase their revenue through associating with the trek-mate company and increasing their market.   

There is the possibility of frauds and the chances of failure if the products fails to be launched as it was being expected.

2) 

Banks

The trek-mate will have partnership or association with certain bank for the financial management with an assurance that the value of the products are bgeing kept safe. This allows the bank to have the value of the products that is being sold from different stores. Hence, it can be profitable for the bank for the product that becomes popular and trending among the tourists or the home people

There are chances that the product fails in the real world launching and thus, entire project or strategies might be a failure and investment made for the company could turned into loss.

3) 

Logistics

They will be managing the delivery and courier services for the product as the targeted customers are from different countries. They will make sure that the proper individuals receive valid product. They could have better business as the organization will be supplying the products among different countries and thus, expanding their business 

There are possibilities of item manufacture or any other logistic issue that might not be acceptable by the organization and thus, could possibly lead to the relationship issues among the logistics and the trek mate company.

4) 

Competitors

The competitors will have no advantage due to this launch as there market scope will become compact and will have to give higher competition to the individuals

Their market scope and revenues will be decreasing in all ways

5) 

Government

The government could attract the international customers through allowing expansion a hosting of the business platform where it is required.

None

Sl. No.

Stakeholder

Purpose

When

How

Internal Stakeholders

 

5) 

Dealers

To discuss the market demands and the supplies those could be sold by them

once in a month

email or face to face communication

6) 

Stores (Online/Offline)

demands and sales those could be managed by them

weekly

email, telephonic, or conferenceing

7) 

Employees

discuss the ongoing growth, development and the sectors with improvement scope

monthly

News letter, survey, meeting

8) 

Owners

understand the present situation and undergoing improvement strategies

monthly

Newsletter, survey

External Stakeholders

 

6) 

Credit card organization

any issues or binding for the payment offers for the common customers

twice a year

email

7) 

Banks

any issues or binding for the payment offers for the common customers

Twice a year

email

8) 

Logistics

Discuss the ongoing requiredd resources for the deliveries

monthly

email

9) 

Competitors

Discuss the market strategies or rom for improvements targeting the entire customers

Once a year

email

10) 

Government

Necessary expansion or approvals

Once a year

email

Conclusion

Based on the above report it can be concluded that the product can bring revolution in the field of the backpacks and trekking or tourism. The above steps are helpful and effective for the end users in manner to provide an innovative product that can possibly meet the needs and requirements of the users. The above report presents the stakeholder analysis for the planning being developed for the launch of the new product.

Norman, D. A., & Verganti, R. (2014). Incremental and radical innovation: Design research vs. technology and meaning change. Design issues, 30(1), 78-96.

Roper, S., Micheli, P., Love, J. H., & Vahter, P. (2016). The roles and effectiveness of design in new product development: A study of Irish manufacturers. Research Policy, 45(1), 319-329.

Sniukas, M., Lee, P., & Morasky, M. (2016). The Art of Opportunity: How to build growth and ventures through strategic innovation and visual thinking. John Wiley & Sons.

Frow, P., Nenonen, S., Payne, A., & Storbacka, K. (2015). Managing co?creation design: A strategic approach to innovation. British Journal of Management, 26(3), 463-483.

Luchs, M. G., Griffin, A., & Swan, S. (Eds.). (2015). Design thinking: new product development essentials from the PDMA. John Wiley & Sons.

Olsen, N. V. (2015). Design thinking and food innovation. Trends in food science & technology, 41(2), 182-187.

Elsbach, K. D., & Stigliani, I. (2018). Design thinking and organizational culture: A review and framework for future research. Journal of Management, 44(6), 2274-2306.

Ben Mahmoud?Jouini, S., Midler, C., & Silberzahn, P. (2016). Contributions of design thinking to project management in an innovation context. Project Management Journal, 47(2), 144-156.

Schoenherr, T., & Swink, M. (2015). The roles of supply chain intelligence and adaptability in new product launch success. Decision Sciences, 46(5), 901-936.

Bouncken, R. B., Fredrich, V., Ritala, P., & Kraus, S. (2018). Coopetition in new product development alliances: advantages and tensions for incremental and radical innovation. British Journal of Management, 29(3), 391-410.

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My Assignment Help. Stakeholder Analysis For Innovative Solar Backpack Essay. (70 Characters) [Internet]. My Assignment Help. 2021 [cited 01 March 2024]. Available from: https://myassignmenthelp.com/free-samples/mgt802-design-thinking-and-innovative-entrepreneurship/trek-mate-backpack.html.

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