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The objective of this individual assessment submission is to learn how to develop a business idea, complemented by brainstorming and leveraging the insights and skillsets of others.

Assessment comprises two parts: briefing paper of your business idea, its essential business model components, and aspects that will influence its success. A business model canvass can be included as an appendix. 

  1. Effective explanation of the customer/market problem that needs solving and/or the reason the innovation is required. 
  2. Persuasive argument of the benefits to be generated by the idea
  3. Discussion of the proposed business model 
  4. Critical success factors to be managed during execution of the idea 
  5. Evaluation of the feasibility of the idea 

Key Factors in Developing an Innovative Business Idea

With the changing times, the world is witnessing a number of innovative business ideas which are both succeeding and failing. The need of innovative ideas is due to bringing a change and helping people by bringing more convenience into their lives.  The main objective of this assignment is to build a business idea that is innovative. The idea has to conceptualize perfectly with effective strategies and business models and also knowing the feasibility of the idea, thus helping to transform this idea into a real business.

For launching any business idea, there are many different business strategies and models which have to be taken into consideration. But the first most important step towards planning an innovative idea is a deep conceptualizing, which involves various factors which have to be taken into consideration. It is very important to think about the need for delivering fuel at homes, offices and any other place where it is required (Cai & Du, 2018).

The fuel delivering service will end up listing many customers and market problems, which are-

  • The need to go to a fuel station especially, to buy fuel.
  • The wastage of time.
  • The waste of money and consuming more fuel.
  • The issues related to keep a record of bills.
  • The issue which big companies face who have a fleet of vehicles and generators and run out of fuel every now and then.

Like there was a need for food delivery service decades ago now also the world is in the need for fuel delivery services too. The need for the fuel delivery services is to end the traditional way of going to a gas station for getting fuel as it will save a lot of time and money. The process of going to a fuel station and coming back also consumes fuel, but by fuel delivery this will save a person’s time and money. This business idea will help the people who are stuck in offices, homes and any other place and are in need of fuel for their vehicles. So, this innovative business plan fulfills a basic need of saving time and money which can be utilized in other innovative activities (Coleman, 2005).

The process of conceptualization of a business plan also requires attention at various aspects-

There is a need of uniqueness in every business proposal which will help in differentiating an organization from its competitors. There are only a few companies which provide the facility of fuel delivery, but the new company should focus on some factors which will differentiate it from its counterparts. These factors may include extra services like car wash, discounts, personalized customer service and many other (Ebel, Bretschneider & Leimeister, 2016).

The idea should be conceptualized according to the current and the future objectives, and directions of the organization. The factor of differentiating should also be thought with this approach. The process of business alignment should be conducted in a stepwise procedure (Falconer, 2016).

Benefits of Fuel Delivery Services

The idea should be fulfilling the needs and wants of the customer. But, the idea should be well thought as many a times we think there is a need for this product or service in the market. But many a times it backfires. The best way to overcome this aspect is through conducting surveys.

On paper, everything looks simple when the practicality of the idea is completely different. The identification and utilization of resources, the latest technology that is needed, risks, stakeholders, strategies, suppliers and many other things, which has to be executed should be focused on with a microscope.

Every business has certain social and ethical responsibilities which have to be fulfilled. For running a fuel business, there are a number of licenses which have to be taken for the legalized running of the business. For fuel delivery, the most important licenses related to fuel buying and selling and the environment are needed (Hilkevics & Stefenberga, 2010).

There are a number of benefits which are associated with fuel delivery services which are applicable for both personal and professional lives. Some of them are-

The service of fuel delivery provides the customers with the facility to save money. The businesses which involve a large number of vehicles or generates are always in need of fuel and they order fuel in bulk. Now, the bulk price of a commodity is always less than the regular prices of the fuel. Also, bulk fuel delivery helps in planning the budget more effectively, which will also help in saving money.

A person can increase the level of efficiency in his life only when he starts saving time, which can be further utilized in other productive activities. It’s a busy world and everyone looks for opportunities to save time, the facility of saving time by getting fuel delivered is one of that opportunity (Lindgren, 2012).

The fuel delivery service is conducted through an electronic application which is a simple and easy process. The use of technology helps in keeping records of fuel consumption, which is impossible through the traditional ways of purchasing fuel. The fuel records are always available for any future reference.

The idea of fuel delivery service is built around convenience. The convenience to sit back at your home or office with no worries related to fuel needs. The fuel delivery service builds a dependability of the customer on the service.

The unbundling business model is best suited model for launching the business of fuel delivery. According to this model, there are three fundamental rules which have to be followed, which are customer relationship, infrastructure and innovative businesses. All these businesses have different approaches which may vary economically, culturally and in competitiveness. All these three fundaments may be present in a single business which many a times can create conflicts and have to be dealt logically and calmly (Momete, 2018).

Key Partners

The business idea requires a number of stakeholders in establishing a plan and it also distributes the risk. The key partners provide their opinions which helps in knowing about different perspectives, which can be applied for modulating any aspect of the plan. The key partners, who are involved in the fuel business are the stakeholders and the fuel suppliers who are the main partners.

Key Activities

The unbundling business involves activities which are related to deep research and development. These aspects are most important for any innovative business. An innovative business has a higher risk of failing due to the uncertainty of the customers’ mind. This model also focuses on activities related to infrastructure services. In the fuel delivery idea, the research is important and has to be conducted on the present competitors and also the normal fuel stations to acquire knowledge which will help in building better strategies and plan (Peters, 2014).

Value Proposition

The main focus of value proposition is to help the customers by solving their problems and to fulfill the needs and wants of the customer. The ideal value proposition for fuel delivery business should be innovative and should be catered to the needs of different customer segments (Mulyana, Daryanto & Purwito, 2018). For example, fuel just a click away.

Customer Relationships

Under the unbundling business model, the customer relationships are created through B2B intermediaries. The relationships with the customer are built with this focus. For this business of fuel delivery, customer relationship is one of the most important aspects which has to be gradually built from the success of the business (Nikolov & Stoyanova, 2015).

Customer Segment

This type of business model mostly focuses on delivering the product or services to business customers. The fuel delivery business main target market is a business who has a number of vehicles which need excessive fueling or business in which large generators are the core aspect of the business. The fuel delivery business also involves people who are at home or in need of fuel, which is another segment of this business.

Key Resources

The high cost of resources which is involved in this business plan is also due to the innovative plan. The creative ideas which involve a number of resources, which are needed for the launch and the running of the business. The innovative idea of fuel delivery includes high machinery like tankers, resources for transportation and many other different resources which are all very expensive.

Channels

Since launching any business, the channels have to be perfectly selected which will help in informing the different customer segments about the services of the company. The channels chosen should perfectly circulate the value proposition.

Cost Structure

The cost structure is the result of the various elements which are considered in the building of the business model. The fuel delivery business idea is innovative and thus require the high cost of elements. Due to the involvement of high cost, the focus also has to be very detailed oriented, which will help in transforming these high costs into a bit less ones later in the business (Servin & Kreinovich, 2017).

Revenue Streams

The revenues in the unbundling business model are based on low margins which is also generated through high volumes. The innovative business plan of delivering fuel involves purchasing of fuel, which have fluctuating prices and the cost of delivery, so amongst such high volumes, the revenues earning scale is very low. It is due to this reason that certain extra facilities have to be added in the business idea for earning more revenues, like car wash service (Persky & Dubrovskaya, 2012).

Key Elements of Business Model

There are certain factors which have to be taken into consideration for the success of an innovative plan:

The attempt of launching a new plan in the market and the various process which have to be undertaken for the effective working of the plan should not be always traditional. The idea of implementing an innovative idea needs various innovation process which will help in building a strong foundation which will have a huge impact on the customers, stakeholders and the market (Solaimani & Bouwman, 2012).

The approach towards the customers have to be innovative which highlights the important aspects of the idea for a fuel delivery service. The main focus should be made towards safety, and environmental responsibilities, which will help in gaining customers.

There are many examples of businesses where high volume and low margin have got high success. This is due to the way such organizations handled their customers. The high volume and low margins situation build a lot of tension which has to be dealt by focusing on other aspects, which will help in transforming the situation.

The customer service is just not mere a service, it is a lot more and any organization which will understand this will achieve high success. Every interaction with all the customer has to be positive and should build a strong positive impact on the organization. In fuel delivery business, the people who are responsible for delivering fuel have to an expert at handling clients positively, which will help in gaining loyal customers (Teece, 2017).

The feasibility analysis is one of the most important activities which should be performed to the worth of the idea. The feasibility of the business idea fuel delivery can be evaluated through various ways, which include-

The service feasibility of the idea involves a number of aspects, which includes the customers’ needs, the solution to their problems and the current environmental trends. If the service is fulfilling all these requirements, then the idea is feasible.

This can be achieved by focusing on small groups and finding out that the service is providing them with any value or not. The organization should conduct surveys and ask their experience of receiving fuel whenever they want and wherever they want (Welch & Wilkinson, 2002).

Knowing your targeted market is very important for any business idea. The size of the targeted is also of high importance as this will help in knowing the real value of the idea. The target for fuel is high, but do the customers really want the delivery that is different (Oliver, 2002).

Success Factors for Innovative Plans

The business idea should be financially feasible. There has to be certain guidelines which are the main financial goals. The need to know the financial feasibility is also important to know about the idea’s growth and losses which should be examined in details.

The feasibility analysis provides the potential of the idea and in the case of fuel delivery, the feasibility result shows high potential. This analysis covered various aspects which are related to the strength of the idea, market targets, issues related to the industry and financial issues. In most of the category the business idea of fuel delivery was marked high potential.

Conclusion:

The innovative idea of fuel delivery has been examined and according to the current trends and the growing needs of fuel of businesses and people clearly gives the results that there is an urgent need for fuel delivery services. The idea involves a lot of time and patience due to the high volume and low margin circumstances, but the organization will slowly and gradually make a niche if the processes and strategies involve innovation and consider customer service way more than just a service.

References:

Cai, J., & Du, Y. (2018). Innovative Research on Public Sports Service System Based on the Idea of Supply-Side Reform. Destech Transactions On Economics, Business And Management, (eced).

Coleman, J. (2005). The new localism – a new, yet ancient, idea. European Business Review, 17(6).

Ebel, P., Bretschneider, U., & Leimeister, J. (2016). Leveraging virtual business model innovation: a framework for designing business model development tools. Information Systems Journal, 26(5), 519-550.

Falconer, A. (2016). My Idea. London Business School Review, 27(1), 26-26.

Hilkevics, S., & Stefenberga, D. (2010). Business functions approach to innovative and non-innovative business comparison in Latvia. Perspectives Of Innovations, Economics And Business, 14-16.

Lindgren, P. (2012). Business Model Innovation Leadership: How Do SME’s Strategically Lead Business Model Innovation?. International Journal Of Business And Management, 7(14).

Momete, D. (2018). Book review: Engineering entrepreneurship from idea to business plan: A guide for innovative engineers and scientistsSwamidassPaul, Engineering entrepreneurship from idea to business plan: A guide for innovative engineers and scientists, Cambridge: Cambridge University Press, 2016; 241 pp., ISBN 978-1107651647, £24.99 (pbk). International Small Business Journal: Researching Entrepreneurship, 36(6), 734-735.

Mulyana, B., Daryanto, A., & Purwito, A. (2018). Business Model Development Strategy of Padjadjaran University with Canvas Business Model Approach. Asian Business Research Journal, 3(1), 1-8.

Nikolov, K., & Stoyanova, T. (2015). New Public-Private Partnership Management idea in manufacturing business. Perspectives Of Innovations, Economics And Business, 15(3), 95-103.

Oliver, R. (2002). Real?Time Strategy. Journal Of Business Strategy, 23(1), 6-8.

Persky, Y., & Dubrovskaya, J. (2012). From The Idea Of An Innovative Person By Mr. Joseph Alois Schumpeter To A Concept Of Innovative Development Of Socioeconomic Systems. European Journal Of Business And Economics, 6.

Peters, G. (2014). The Big Idea: Balanced Scorecards. Business Strategy Review, 25(1), 68-69.

Servin, C., & Kreinovich, V. (2017). No idea is a bad idea: a theoretical explanation. Journal Of Innovative Technology And Education, 4, 97-102.

Solaimani, S., & Bouwman, H. (2012). A framework for the alignment of business model and business processes. Business Process Management Journal, 18(4), 655-679.

Teece, D. (2017). A Model for Success: A business model is more than just a business plan. Avoid future headaches by reviewing the key elements of good business model design. IESE Insight, (32), 6-6.

Welch, C., & Wilkinson, I. (2002). Idea Logics and Network Theory in Business Marketing. Journal Of Business-To-Business Marketing, 9(3), 27-48.

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My Assignment Help. 'Innovative Business Idea For Fuel Delivery: Essay On Conceptualization And Strategies.' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/nn21-business-entrepreneurship-and-innovation/customer-and-market-problem-identification.html> accessed 26 May 2024.

My Assignment Help. Innovative Business Idea For Fuel Delivery: Essay On Conceptualization And Strategies. [Internet]. My Assignment Help. 2021 [cited 26 May 2024]. Available from: https://myassignmenthelp.com/free-samples/nn21-business-entrepreneurship-and-innovation/customer-and-market-problem-identification.html.

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