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Strategies Augmented Reality Virtual Reality

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Question:

Discuss About The Strategies Augmented Reality Virtual Reality?

 

Answer:

Introduction

Any business without a well-set strategies including aims, goals, and objectives may not do that well as compared to those with the may elaborated strategies both for the short term and long term.  In this report, we will critically analyze the mission, goal, vision, and objectives that any business needs to put in place to ensure that they succeed in both long term and short term. We will also discuss the short-term strategies for Minimum Viable Product (MVP) and some of the cost Benefit analysis (Davido, 2013). The significant importance of this report is to analyze the technology advancement in starting and managing business to help compete with other existing ones effectively

Before starting any business industry, the founders need to evaluate accurately on the strategies to help make them make their business prosper.

A mission designates the organization's straightforward function in society, in terms of the products and services it produces for its customers.  Having the strategies will ensure a business highly perfume and avoids failure of any business which is still an infant (Bos, 2004).  The mission should be highly concise, inclusive and outcome –oriented. Some of the mission for short-term strategies may include the following;

  1. To develop a safe and healthy society where the industry is set via collaborative planning, community action and also the policy advocacy
  2. To create a flourishing society via development of jobs, housing, education and cultural pride
 

To promote working staff and development of skill in the industry stated

The vision of employing the short term business strategy is actually the dream for the business in the society (Christophuos, 2012). Through developing a vision statement, the organization makes the beliefs and governing principle of the organization clear to higher society, participants, volunteers and even the own staffs. Some of these visions include;

  1. Easy to communicate
  2. Fully understood and shared  with  the members of the societyUplifting and inspiring to everyone involved in the company's effort in starting a business.

Objectives

 After an organization has developed its mission, the next step is to come up with the objectives which will actually focused on realizing the mission (Davido, 2013). Some of these objectives include;

  1. To enable the industry to operations effectively without any failure
  2. To help the industry prevent some common mistakes  which can lead realizing of losses

To enable the industry to compete effectively in the market with the existing strong business firms

  1. To enable the industry make the products more appealing to the consumers hence, realizing a lot of profit(Denish, 2013).

Goals are more related to the objectives, the company needs to set clearly these goals to enable the industry start and operate effectively. Some of the short-term goals for this industry may include

  1. To minimize the risk in the industry
  2. To reduce the time it takes for the industry's staff to understand the working of the industrial machines.

Strategies and tactics

 Strategies help the newly developed industry to operate effectively, these strategies are just the guideline in which the company will operate upon. Some of the short-term strategies for Minimum Viable Product (MVP) are discussed below (Edward, 2013);

  1. Perform an initial market study
  2. Listing all the features which you envision for your application
 

Finding the right partner to develop your MVP

  1. Separate features in two lists: Core and add-ons
  2. The company should define clearly  on the target to ensure success

The validation of short-term strategies includes some of the experimental hypothesis employed to ensure the successful operation of the new started industry. This hypothetic approach includes the following;

  1. Write down your client hypothesis clearly

This will entails understanding the problem the client is faced with (Gerald, 2015).

  1. Write down your problem hypothesis
  1. Validate solution/ problem fit
  2. Validate your solution through an MVP

MVP is a real product which attempts to deliver real value to customers, in most cases, this does not have to be a software app.

Cost-Benefit Analysis

This is a technique which is employed to compare the total cost within the industry's benefits with the help of common metrics. This will enable the calculation of the benefit associated with the program or even the calculation of the net cost. This technique is employed more often at the start of the program of starting the business organization (industry). It can be employed to evaluate the general effect of the program in quantifiable and monetized terms (Giovanni, 2013).  This program includes the following steps;

  1. Selecting scenario and architectural strategies
  2. Assessing quality attribute benefit
  • Quantifying the benefits of the architectural strategies
  1. Calculating desirability
  2. Making decisions

These selected strategies moreover represent the maximum set of architectural investments.  They are maximum based on consideration of cost, schedule, and benefit.

Long-term strategies are those which are set aside by the industry to enable the industry to operate effectively and these need to be achieved after a long period of time. The goals, objectives and even the mission and vision are set for the industry after a long period of time. 

These are the missions which are set aside for the business for a long period of time, just as in short term, the missions designate the organization's straightforward function in society, in terms of the products and services it produces for its customers (Hart, 2011).  Long-term mission may include the following;

  1. Keeping company's profits in perspective
  2. Increasing company’s sale from its present customers.
  3. The company to build a mentor relationship
  4. The company should value every relationship

The vision of the long-term business strategy is actually the dream for the business in the long-term operation of any business based industry.   For the long-term, these visions may be the following,

  1. To become the best ever leading the best consumer firm for innovative products
  2. To be a company which understands and satisfies the clients, products, and self-fulfillment globally.
  3. To create a better everyday life for the clients and many other people.

These are the desired results or even possible outcomes that a business organization anticipates to realize over a long period of time. It is the organizational desired endpoint in many presumed development (Hiroshi, 2015).  Some of these long-term goals which our industry need to realize are fully illustrated below;

  1. Improve communication. This ensures that the industry on the feedback from their customers regarding their consumption of their products.  If there is some mistake and complains then the industry amend them effectively.
  2. Obtain Trackable results. Our company needs to ensure that it think of issues which will eventually help it to obtain the trackable outcomes. And this is done without making it problematic for the industry to still be able to obtain the future envisioned.
  3. Preserve a balance. Every time an industry is thinking of a long-term, it needs to be aware of the fact that since it is not something it will immediately accomplish. Encouraging the business managers on the calculation of exactly how much they think their company can achieve regardless of the issue it may go through.

Objective

These are like aims of the business which the company is looking into over a long period of time.  These objectives are set to make the business company operates effectively. It is not obvious that these objectives are met but they act as guidelines to enable the organization operates perfectly. Some of the long-term objective for this organization may include the following;

  1. To expand sales to the existing royal clients among other customers
  2. To introduce new products in the market which is having higher demand but less supply in the market.
  3. To develop incentive plans for a research and progress workers who are very slow to the creation of new products. This simply helps to correct the weakness of the workers
  4. To reduce cost relative to a key competitor to the industry(James, 2016).
  5. To be recognized as the leader in technology and the innovation of the products.
 

Strategies and tactics

The strategies and tactics employed in long-term are similar to those employed in short terms. Strategies help the newly developed industry to operate effectively, these strategies are just the guideline in which the company will operate upon. Some of the long-term strategies for Minimum Viable Product (MVP) are discussed below (Edward, 2013);

  1. Perform an initial market study
  2. Listing all the features which you envision for your application
  3. Finding the right partner to develop your MVP
  4. Separate features in two lists: Core and add-ons
  5. The company should define clearly  on the target to ensure success

The hypothesis of the experiment which was applied for this part is similar to those of short-term hence, the validation of short-term strategies includes some of the experimental hypothesis employed to ensure the successful operation of new started industry (Sharon, 2011). This hypothetic approach includes the following;

  1. Write down your client hypothesis clearly

This will entails understanding the problem the client is faced with.

  1. Write down your problem hypothesiValidation of client’s proble
  2. hypothesisValidate solution/ problem fit
  3. Validate your solution through an MVP

Cost-Benefit Analysis

Just like the short term, in long-term, CBA is a technique which is employed to compare the total cost within the industry's benefits with the help of common metrics (jamleck, 2011). This will enable the calculation of the benefit associated with the program or even the calculation of the net cost.  There are some given key parameters that which prevail for this analysis. There is five basic procedure to undertake a cost-benefit analysis. These include;

  1. Instituting a framework to give a rough idea on the considerations of the analysis.
  2. Pinpointing costs and benefits such that the firm can be classified by intent and type.
  3. Calculating cost and benefit for the assumed life of a project and other constructed structure in the company
  4. Calculating cost and benefit by applying the aggregate info.
  5. Examine outcomes and make a conversant and final commendation.

And while performing this long-term CBA, the following are some of the cost and benefits which should be taken into account;

  1. Indirect cost. These are costs which are usually fixed in nature and in most cases obtained from the overhead of the department of the firm.
  2. Direct costs. These are in most cases linked to the production of the cost of any product purchased for the starting the company(Brown, 2013).
  3. Tangible cost. These usually linked to an identifiable source or some case the assets in the company like purchased tools used in the smooth running of the company.
  4. Real cost. These are expenses related to the production of an offering like raw materials used in the company in renovation and in the production.

 Product roadmap and minimal viable product for Virtual Reality

 The Product roadmap and minimal viable product for Virtual Reality can be best understood as put on the below points.

Lead With the problematic

As appealing it could be to pitch virtual reality as a solution, hence the company needs to finance fathom what the problem the company will have to solve just by setting up their structure and their operations. For instance, we consider the use of virtual reality the company, it may sense to take a considerable time to interview the general public (Thomson, 2015). There is a niche in the general public in which the VR will help to handle difficult problems where the public (clients) may be faced with the problem of obtaining the goods and services which created gaps for this company.

  1. Generating a Minimum Viable Product

VR in some cases seem as a probable space to generate MVP’s and if we take an example of times just afore Cardboard we had the genesis for the whole Lean Startup movement originate from MVP’s.

Pivoting on the solution

The company will have to be willing to pivot the result which will help the virtual reality space, like the platforms and marketplaces. The company may still contribute to the virtual reality public in a significant method without the expenditure of all the company finance on tech which is swiftly made outdated (Tomas, 2011).

Product roadmap and minimal viable product for Augmented Reality overlaps the Information onto the ideal world.  From the technical view, many technologies may emerge in some cases with social media which greatly help for advertising the company where the company will meet most audience and clients. Augmented Reality does not require any additional equipment. With the augmented reality through the social media, the general public has a thought of lack of experiencing ideas but they learn as well as of understanding and progress due to the ways which interact within the forces of the market. With the both AR and VR, the product set by the newly started company will have to meet its clients and customers.   This will make the company compete with its competitor effectively.

Technology is evolving at a higher rate, particularly in augmented reality and virtual reality. The company desires to provide exclusive value in the area of the Virtual reality and augmented reality based on the company’s breadth and depth technical expertise. The company is as well interested in collaborating with other organizations. The AR and VR standards can be grouped where each focus on several areas of critical work and these includes;

  1. Device Taxonomy and Definitions
  2. Immersive Video Taxonomy and Quality metrics
  3. Immersive File and Stream Formats
  1. Personal identity
  2. Environmental Safety
  3. Immersive User Interface
  4. Map for virtual objects in the real world
 

Conclusion

For a newly established company which will mostly focus on realizing the profit, there is a need for setting clear objectives, aims, goals, missions, vision and even the strategies for both in the short term and long term (Mathew, 2014). These will ensure that the company succeeds in the business by effectively compete with other established firms.  Hence, it is highly recommended too highly adopt the Augmented and Virtual reality techniques as well as the CBA (Cost Benefit Analysis) techniques.  All these will ensure that the newly established will have short-term objectives and the strategies which help to meet them and also the same for the realization of the long-term objectives. As an infant company, it will not be able to effectively compete with other newly established company. However, when the above strategies are put in place then they in some cases can even outdo the newly established company, that is to say, the new company will do very well in the market with the strategies put in place.

 

References

Abraham, J., 2014. Technology: Virtual Reality and management reality. 1st ed. Hull: Oxford Newnes.

Bos, A., 2004. The business technology. application of strategies in a business. 2nd ed. Paris: WEDC, Loughborough University.

Brown, J., 2013. Business writings: starting a business company successful. 2nd ed. Hull: Adventure press.

Christopher, 2012. Internet things; Virtual Reality and Augmented Reality. 3rd ed. Amsterdam: Kluwer academics.

David, 2013. The digital innovation of a business. 4th ed. London: Lulu.com.

Denish, 2013. Integrations of Virtual Reality and Augmented Reality. 1st ed. Chicago: ISBN.

Edward, 2013. Digital innovation: Organisational Integrations. 2nd ed. New york: Springer Verlag.

Gerald, L., 2015. Creative theory: Organisational Integrations. 2nd ed. Washington DC: Newnes.

Giovanni, 2013. Organisational Integrations: Innovation and business. 2nd ed. London: IEEE.

Hart, 2011. Starting a business company: Organisational Integration. 2nd ed. London: Longman.

Hiroshi, 2015. Successful business: Strategies put aside to ensure a business succeed. 4th ed. Yokohama: The Furukawa electric co. ltd.

James, 2016. Organisational structure of a company. 2nd ed. London: Springer,

jamleck, 2011. Digital business: Strategies of Augmented reality and Virtual reality. 2nd ed. new york John Wiley & Sons.

Mathew, J., 2014. How to succeed in small business. 3rd ed. Manchester: accounting.

Sharon, 2011. The business innovation: digital innovation. 3rd ed. Michigan: Macmillan Education AU.

Thomson, D., 2015. Developing business company. 2nd ed. New York: Newness.

Tomas, K., 2011. Digital Innovation: Augmented Reality and Virtual reality. 1st ed. Chicago: Business work the press.

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