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Based on the new business venture developed and presented by your group, you should produce an individual report:
1. The plan to develop the new product/service and the development methods undertaken;
2. The demonstration of the feasibility of the new product/service
3. The sustainability of the existing and new business
4. Identification and evaluation of the factors that limit development of theproduct/service within the hospitality industry.

London Eye: A Brief Overview

The following report has been prepared by the researcher based on the new business idea suggested by him in task 1. The new business idea revolves around the installation of 3d glasses in each of the capsules. An initial idea of installing 15 such glasses in each of the capsules of the London Eye has been proposed by the investigator in the coming year to make it more appealing to the visitors. The initial plan is to attract more and more people to visit London Eye without facing any form of harassment. The main problems which has dented the popularity of the monument has been the long queues for tickets, the lack of shops nearby the monument and most importantly the lack of quality space around the wheel.

London Eye is a Giant Ferry Wheel on the south bank of the river Thames in the city of London. Standing at an elevation of 443 feet and a wheel diameter of 394 feet it was the tallest such structure present in the world in the year of its opening (www.londoneye.com). The wheel offers a clear and transparent view of the city which is a one of the most pleasant sites offered by the authorities. Built at a cost of around pound 70 million it is one of the most sought after tourist attractions of the mentioned city. However lack of proper planning and infrastructural woes the monument is gradually losing its premier status. As mentioned earlier there are a number of problems that hampers its own reputation and it is gradually being overlooked by many of the tourists because of such problems. The researcher has suggested a totally new approach to restructure the monument by installing new pods with 3d glasses and introduce online booking system to save the visitors from overcrowding the ticket counters. According to the researcher the new plan once implemented can solve the existing problems and ensure a greater footfall.

A well-considered new product development strategy can help the organization in saving time, money and the assets of the business. A proper development plan for a new product helps the organization to organize the planning of the product and research. It also helps to attract the views of the customer and raise expectations among them. An efficient strategy helps to avoid:

  1. Overestimating and misreading the target market
  2. Incorrect use of available resources
  3. Repeat the mistakes of previous version
  4. Exposing the business to risk and threats
  5. Spending resources on higher than the anticipated costs

The long standing problems involving the London Eye has pushed the researcher to recommend a new product to completely overhaul the business prospect of the giant wheel and attract more tourists and visitors to the monument. As said earlier the monument is crippled with the problems of overcrowding in the ticket counters, short space in the capsules and absence of eateries and other shops nearby the structure. A recent survey has shown the downfall in the number of tourists due to the existence of such problems. The visitors finds it a tough ordeal for them to stand in the long line of queues for 2 to 3 hours and then finally get to have a ride at the iconic wheel. The researcher has suggested in the launch of an online portal for booking tickets of the mentioned ride. This will help to reduce the long queues outside the ticket counters and ensure a hassle free riding experience. The installation of new and much large capsules fitted with 3d glasses and telescopes also comes within the new plan to facilitate the visitors with a much clear and transparent view of the London city and its skyline.

Specific Objective

Measurement

Attainable

Relevance

Time Frame

Installation of 3D glasses

The marketing research on the needs of installing 3D glasses

Yes with the help of proper cooperation between the implementing agency, the authority that operates and maintains London Eye

Relevant as because the new system will help to get a clear view of London

Maximum 1 year

Initiation of Online Ticketing program.

The problems with offline ticketing system leads to huge congestion and people have to wait for 2 to 3 hours which increases the need to implement the online system

Achievable, but needs to be put into a demo test before original implementation

Relevant as because offline ticketing system has led to displeasure among the people visiting London Eye

Maximum 4 months

Agreement with specific restaurants to establish eateries within the vicinity of London Eye

Measuring the problems that people face in the absence of eateries and shops

Yes it can be achieved but the eateries and other shops must be provided with a strategic location which will help them to enhance their business

Relevant as because the Visitors can enjoy food and go for shopping if stores are established in the vicinity of London Eye

Six to seven months

Existing Problems and Proposed Solutions

Source- (As created by the Author)

Task Name

Duration

Start

Finish

Project London Eye

360 days

Mon 1/15/18

Fri 5/31/19

Installation of 3D Glasses in the Capsules

360 days

Mon 1/15/18

Fri 5/31/19

Initiation of the Online Ticketing System

115 days

Mon 1/15/18

Fri 6/22/18

 Establishment of the Shops

190 days

Mon 6/25/18

Fri 3/15/19

Source- (As created by the Author)

The timescale of the project has been shown in the above figure the Gantt chart is provided in the appendix section of the following project.

The need for the new product was created by the absence of a certain key elements. The following elements have pushed the formation for the new product. The most important things that have been considered by the researcher before proposing the new products were;

  1. What is the target market for the new product?
  2. Is there any need for the product?
  3. What are the benefits of the new product?
  4. What are the disadvantages of the existing product that is offered to the users?
  5. How will the product fit the current market?
  6. What are the key features of the product that sets it apart from the others from the others in the market?

The market research was conducted by the researcher to determine the need of the customer and the existing absentees that led to the downfall of the number of visitors coming to have a ride on the wheel. The research work was carried out in an efficient manner to identify the main problems and provide effective solutions to tackle the problem. The new plan was estimated to increase the customer footfall on a average range of 15% with an annual visitor list of 4 million persons.

According to Eppinger and Ulrich (2015) the establishment of time frames is very much important for the development of the new product. The researcher has set up a time of approximately 1 year to complete the total project. Though the authority will have to face the loss of losing customers for the mentioned development, the new product will recover the loss within a short period of time. The main points to consider while establishing the time frame of the product includes;

  1. Generation and screening of ideas like the space the new capsules will occupy.
  2. The development of new shops in and around the structure by signing new contracts with companies like McDonalds.
  3. The authority that is in charge of the mentioned wheel has came to an agreement with Coca Cola to sponsor the costs of building the capsules. In return the company will share a total of 15% profit to the latter.
  4. Installation of 3d glasses will serve as an added advantage to the product.

The plan will be implemented in three different steps. The first step will involve the identification of the stakeholders of the project and preparing a feasible strategy to implement the new plan after having a number of joint sittings. The stakeholder analysis will involve the identification of the information regarding whose interest has to be taken into account when implementing the particular plan (Faurel et al. 2015). The second step includes the identification of the main issues that have to be addressed like the absence of shops in the area, long waiting times and shortage of space in the existing capsules. The third step involves the financial planning of the total project. This includes the necessary financial budgeting to complete the total project within the time span of 1 year.

Feasibility study forms an integral part of the project as the absence of such a study will lead to the failure of the said plan. The researcher has conducted an online interview based on the operational features of the existing model and how much is the demand for a totally new product. The research included the physical, cultural, economical and environmental aspects of the new product.

  1. Physical aspects-The infrastructure was already in place but the survey conducted by the researcher found out the absence of some key elements that must be in place to ensure the sustainability of the mentioned structure (Faurel et al. 2015). These included the opening of a number of shops in and around the premises of the structure, installing 3d glasses for the revelers to enjoy a completely different kind of view.
  2. Cultural Aspects- The researcher must evaluate the alternatives so that he can have a clear idea of the local and general culture. The survey conducted by the researcher has revealed the extreme amount of nostalgia and love for the iconic structure and thus the plans to implement the new technology will have to be done after receiving a positive nod from the people.
  3. Economical Aspects-As proposed earlier the project has been estimated to cost around 48,000 pounds. The budget has been thus increased a little too well over pound 50,000. The agreement with Coca-Cola has been of much help as the management of the company has agreed to sponsor the new plan in return of 15% share in the profit percentage. The price of the rides has been kept at pound 2.50 and pound 1.50 for the adults and the children respectively for each single ride. At this rate the estimated income for the total day has been calculated at 1500 pounds.
  4. Environmental Aspects-The implementing agency and the management  of the company in charge of the ferry wheel has to take care of the different environmental aspects whether the new plan can cause any problems to the environment or not. The only concern is the eatery shops that are to be opened in the area (Gmelin and Seuring 2014). The company which will implement the project has to make sure that the shops comply with all the strict environmental policies of London.

Timescale and Feasibility Study

London in 3d eyes (Experience a brand new London Eye)

London Eye is a giant ferry wheel that offers a skyline view of the total London city from the number of capsules that are installed in it. However the plan is too change the existing capsules and install new 3d glasses inside each of them to offer a totally new view to the customers. There are also plans to introduce new online ticketing platforms and open a number of new shops around the wheel to increase the attractiveness of the structure for the visitors.

A creative value for the customers taking rides of the ferry wheel and ensuring a hassle free service (Eppinger and Ulrich 2015). The effective features of the new service will attract tourists and other visitors to establish the sustainability of the commercial service.  

The new 3d design is one of the customization approaches for the visitors as it will draw their attention and will surely want to experience the new ride. The customers will surely enjoy the new offering as they will have a totally clear and different view of the city through the new 3d glasses.

The SWOT Analysis of the new product has been carried out by the researcher to determine the viability of the product in the market.

Strength

Weaknesses

· London Eye is the most famous structure of London and attracts huge amount of customers

· Offers mixed facilities that caters to the needs of a lot of people

· 3d glasses will offer a new and transparent view which will help to attract more visitors

· Long standing queues for booking the rides is one of the main weakness

· Absence of Online ticketing platforms is another notable weakness

· Absence of adequate space inside the capsules have failed to meet the expectations of many people

Opportunities

Threats

· New offerings such as removal of decongestion of ticketing lines is a relief and also a new opportunity to commercialize the structure in a wider perspective

· Roping in new sponsors will help to provide the required funds for maintaining the structure and in turn providing the visitors with a fine ride

· The absence of prominent facilities and lack of proper shops close to the structure has been a threat for the business as because the absence of eateries close to the location makes life tough for the visitors

· The emergence of new destinations in and around London offering much better facilities have posed as a threat to the business

Source- (As created by the Author)

Sustainability in the context of a sustainable product development basically includes the consideration of different factors that includes environmental, social, regulatory and economic factors that helps in the development, production and ultimate disposal of the products. According to Gmelin and Seuring (2014) sustainable product development is an integral part of the innovation and product development lifecycle that begins with the induction of the different principles of sustainability to fulfill the different strategic business objectives of the company. The decisions that are made throughout the new product development lifecycle will have an impact upon the sustainability of the product (Luzzini et al. 2015). The factors that determine the sustainability performance of the product includes;

  1. Innovation-Planning- A product is developed after a well planned innovation. The innovation of the product helps to make the organization sustainable in nature. The new 3d glasses to be installed in the London Eye will have a long lasting impact on the minds of the visitors. The innovative new feature will help London Eye to be one of the most sought after destinations not only in London but also in Europe and the globe.  Thus the strategic areas and the opportunities that are pursued to improve the present condition is the basic idea of the innovative planning.
  2. Ideation-Ideation helps to consider sustainability factors that is helpful for the development of new ideas related to the product. The new product ideas will be helpful for the development of the new product idea (Benur and Bramwell 2015). The main idea of the new product is to decongest the long queues for obtaining tickets and rather make the ride a much smoother one. This includes the formation of the new online ticketing platforms and also the establishment of new shops and restaurants close to the iconic structure.
  3. Concept Development- The brand concept of the following service has been developed keeping in mind the use of the resources needed for the formulation and implementation of the following plan (Marion et al. 2015). It also includes the use of the new product and service in an efficient commercial manner so that it can render a good sum of profit. The development of the concept includes the identification of the stakeholders and the sponsors and implementing the strategic plan in the right way and within a short period of time to ensure its success in the market.
  4. Development of the product-The use of the available resources in the right manner and within the specific time limit, selection of the right sponsors, proper communication between the stakeholders of the project, maintenance of the online portals along with the proper and strategic launch of the new 3d glasses combines together to form a new product in the market. The restructuring of the London Eye to give it a new shape will help to ensure the longevity and popularity of the iconic structure (Ye 2015).

The development of the London Eye by installing latest technology for commercializing the structure in an organized way depends on a number of different factors. However there are also negative forces that can limit the development of the new product. These include;

  1. Failure to understand the needs of the customer- There are instances when new development plans have failed just because of the failure to understand the needs of the customers. The visitors form the most important part of the iconic structure of London and failure to understand their exact needs can hamper the new plan (Benur and Bramwell 2015). A market research must be conducted to get an insight into their viewpoints. It is important for the company to identify the needs of the 3d glasses before finalizing their installations in the capsules. It is important to proceed with the plan of implementation after analyzing the demands of the people visiting the structure.
  2. Uncertainty of resource allocation- The allocation of the resources within the proper time is essential to effective planning and access to capital. The implementation of the new plan depends on the timely allocation of the resources (Sosa Gargiulo and Rowles 2015). There have been cases where untimely allocation of the resources has led to the failure of the total project. In this particular case the untimely allocation can lead to major hurdle as because the closure of the London Eye can lead to the downfall in the number of tourists visiting London. The project must be implemented within a short time so that it can be quickly reopened for the visitors.
  3. Poor Access to capital requirements- Capital is the most important resource in the implementation of the plan and thus the implementing agency must be assured of the proper capital allocation (Benur and Bramwell 2015). The absence of a proper capital allocation can hamper the project at any given point of time.
  4. Weak strategies-A well formulated strategy must be in place to efficiently implement the new plan. There should be proper coordination between the implementing agency and the stakeholders who play a major role in the project. The sponsors of the new plan must also be updated with new developments of the project to help them allocate the capital resources at the right point of time.
  5. Prolonged Time Period to complete the project-As said earlier the implementation of the project is one of the most key needs for achieving success. A prolonged time period to complete the project can have a negative impact on the visitors and it will lead to the downfall in the tourism sector considering the amount of tourists the wheel attracts.

The following factors must be considered before the implementation of the project as it will ensure its sustainability (Sosa Gargiulo and Rowles 2015). However the offerings that the plan provides to the visitors have enough firepower in it to attract a large number of international as well as local visitors to the structure.

London in 3D Eyes: The New Product

Conclusions 

The researcher has provided extensive details on the implementation of different process to effectively plan the development of the product within the time limit and the budget as decided before. The plan to implement the 3d glasses has to be done after the positive review from the market research. The researcher has already pointed out to the need for such an implementation as because the existing infrastructure of the London Eye have received negative reviews from a large section of visitors opting for a ride in the capsules to enjoy the London skyline. The most important change that needs to be implemented is the problem of the long queues that has became a menace for the visiting customers. The visitors have to wait in the lines for a long period of time which generally can take over 2 to 3 hours. The visitors find this a tough ordeal as they find it a total wastage of time and energy just for a ride of about seven minutes. The new plans have addressed the problem quite effectively as the formation of online ticketing problem can really reduce the number of people standing for a ticket. The report was able to address the problems found in the feasibility study as the problems with the shortage of space in the capsules have been addressed. The project has also able to attract the attention of leading multinational companies which are trying to utilize the new infrastructure to gain profits. Coca-Cola has been roped in as the sponsors of the project which is really a great achievement.

The analysis of the report will help the readers to get an idea about how a new product is launched in the market and how a company can ensure its sustainability. The induction of the feasibility strategy and the sustainability study of the new product have added a new dimension and scope to the project.

References

Ayuso, S., Rodríguez, M.A., García-Castro, R. and Ariño, M.A., 2014. Maximizing stakeholders’ interests: An empirical analysis of the stakeholder approach to corporate governance. Business & society, 53(3), pp.414-439.

Benur, A.M. and Bramwell, B., 2015. Tourism product development and product diversification in destinations. Tourism Management, 50, pp.213-224.

Carroll, A. and Buchholtz, A., 2014. Business and society: Ethics, sustainability, and stakeholder management. Nelson Education.

Du, S., Yalcinkaya, G. and Bstieler, L., 2016. Sustainability, social media driven open innovation, and new product development performance. Journal of Product Innovation Management, 33(S1), pp.55-71.

Eppinger, S. and Ulrich, K., 2015. Product design and development. McGraw-Hill Higher Education.

Faurel, L., Li, Q., Shanthikumar, D.M. and Teoh, S.H., 2015. CEO Incentives and Product Development Innovation: Insights from Trademarks.

Gmelin, H. and Seuring, S., 2014. Determinants of a sustainable new product development. Journal of Cleaner production, 69, pp.1-9.

Londoneye.com. (2018). London Eye. [online] Available at: https://www.londoneye.com [Accessed 9 Jan. 2018].

Luzzini, D., Amann, M., Caniato, F., Essig, M. and Ronchi, S., 2015. The path of innovation: purchasing and supplier involvement into new product development. Industrial Marketing Management, 47, pp.109-120.  

Marion, T.J., Eddleston, K.A., Friar, J.H. and Deeds, D., 2015. The evolution of interorganizational relationships in emerging ventures: An ethnographic study within the new product development process. Journal of business Venturing, 30(1), pp.167-184.

Mladenow, A., Bauer, C. and Strauss, C., 2014. Social crowd integration in new product development: Crowdsourcing communities nourish the open innovation paradigm. Global Journal of Flexible Systems Management, 15(1), pp.77-86.

Ragsdale, C., 2014. Spreadsheet Modeling and Decision Analysis: A Practical Introduction to Business Analytics. Nelson Education.

Rubera, G., Chandrasekaran, D. and Ordanini, A., 2016. Open innovation, product portfolio innovativeness and firm performance: the dual role of new product development capabilities. Journal of the Academy of Marketing Science, 44(2), pp.166-184.

Rubera, G., Chandrasekaran, D. and Ordanini, A., 2016. Open innovation, product portfolio innovativeness and firm performance: the dual role of new product development capabilities. Journal of the Academy of Marketing Science, 44(2), pp.166-184.

Sosa, M.E., Gargiulo, M. and Rowles, C., 2015. Can informal communication networks disrupt coordination in new product development projects?. Organization Science, 26(4), pp.1059-1078.

Ye, C., 2015. Feasibility analysis of e-textbook and e-reader adoption at a business school: Perspective from information systems students. Academy of Educational Leadership Journal, 19(3), p.345.

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