Innovation: Customer Satisfaction - Research Paper Example

Name: Task: Tutor: Date: Innovation: Customer Satisfaction Problem: There are numerous challenges facing service delivery in promoting the culture satisfaction among the business premises globally. Customer satisfaction has become an issue of concern among deferent business communities around the world. We believe that we shall provide amicable solutions that will ensure that the businesses around the worlds embrace this new innovation. 1. Personal biases (mental categories) of what to expect in your research: which biases you faced? A. With inadequate resources to build well structured customer satisfaction approach; we thought we find more companies and individuals in the business sector embracing our innovation by frequently visiting our web site B.We thought that with the untapped element of customer satisfaction in the business arena, we believed that we will be opening business avenues for these groups to incorporate or improve the element of customer satisfaction. This we believed that the innovation will boost the company’s profits and meet the customers’ needs adequately. C.We discovered that the companies were not willing to embrace the new innovation since these companies were capitalizing with strategies of boosting the element of profit-making. The companies believed that concentrating on customer satisfaction would decrease their revenue. D.We discovered that there was no strong link between customer care and business strategies, thus our innovation of promoting customer care will provide a success to the company thus benefiting the company and the customer. E.With high cost of running business and meeting customers’ needs, we thought that we could find this being the greatest obstacle of meeting the aspect of customer satisfaction. F.With the lack of proper strategies in promoting the aspect of customer satisfaction, we believed that we will find new strategies of improving customer satisfaction within the business. 2. Provide learning protocol and interview questions in Appendix. Say a few words about them Problem: How to improve the aspect of customer satisfaction in a given company Issues with the problem The ideal method for the research Make-up technique The kind of data to be collected Costly for the company to undertake the element of customer and the same time make profits Visit managers and to management teams in the companies and interviewing them The research will use the company annual reports and journals to figure out the feasibility of the company’s are sustaining customers by meeting their demands. Ideal: Primary source while the make-up were secondary sources Limited opportunity to convince the managers on the importance of customer satisfaction Visit the manager and conducting interview Carry out research to ascertain the number of managers committed to the aspect of customer satisfaction The ideal employs the use of primary source and the make-up uses secondary source The limited time for the interviewing team to meet all the managers and customers Meet and interview customers ands mangers Doing research on how many managers and customers have on the question on the element of customer satisfaction. Ideal: Primary Make-up: secondary Unavailability of standardized grading structure Visit and interview the managers and customers Researching on the database on customer satisfaction and find the strategies done by companies to measure it Ideal: Primary Make-up: Secondary Few strategies to improve customer care Research from the web site the available sites on strategies of customer satisfaction Look for the number of sites having the element of customer satisfaction Both the ideal and make-up are primary 3. Provide a paragraph of secondary research findings with data that shows your problem is a real problem. Cite sources directly to the numbers so they could be verified (don’t use ‘works cited’) The element of customer satisfaction has grown inn the recent decades, however, one element has remained unsolved because many companies has emphasized the aspect of profit making. Companies have in the past concentrated on promoting the customer satisfaction through allocation of extra funds. The articles look at how many companies and individuals strives to balance the element of profit making with the aspect of customer satisfaction. We believe customer satisfaction as a strategy largely depends on the decisions made by the managers and the competition aspect in the business (Knut 67). 5. Provide a short summary of findings across ALL sources of primary research information according to product and service innovation projects requirements (Provide details of evidence of the research in the Appendix). Use VABA (values aspirations and behaviors) for individuals (at least 6 people interviews +any other method you use) and appropriate formats for groups (e.g. for experiments) or other stakeholders (for service, one or two people or secondary research for business and tech insights) Short summary of what each interviewee said. What is their values, aspiration and behavior In the interview, 3 managers and 4 customers were interviewed on the view of the element of customer satisfaction. The three managers expressed their concern that customer satisfaction is not possible to undertake, but according to them there is need to establish viable policies within the business plan. They believe that customer satisfaction is hard to undertake and time consuming. On the hand, clients had different perspective and feeling on the aspect of customer satisfaction. The customer felt that the companies should fully venture on the aspect of customer satisfaction as they believed this has been fully emphasized in the business environment (Faiz 132). 4. Provide key findings, themes and surprises From the research, it is evident that the managers and individuals in the field of business have not fully complied with the principle of customer satisfaction. Many customers greatly desire the need for companies to embrace the idea for better service delivery. The themes that arose in this research are opportunities, satisfaction, and profit-making. The surprises in this research are that many managers are not willing to implement the aspect of customer satisfaction. 5. Which biases listed above in 2 were proven wrong and which were proven right, from the results of the research? The biasness on the strong link between the customer satisfaction and company was proven wrong. The other bias disapproved is that companies have limited resources; this was because many companies showed that they have the resources. The biasness’s approved is the one that companies are unwilling to implement the aspect of customer satisfaction. The other bias approved was the one on the unavailability of the link between customer satisfaction and company’s strategies. 6. Provide a report on your analysis using the team product and service innovation project requirements depending on whether you are working on a product or service innovation (for number and type of analysis tools required for each - provide frameworks in Appendix). Identify the opportunity area for innovation and briefly explain how the analyses pointed to it. Customer has become a leading element that ensures that there is better link between the customer and business enterprise through the element of satisfaction. Customer satisfaction provides opportunities for business to meet the demands of their clients thus improving their service delivery. Many companies despite the importance of the aspect have not explored fully the policy hence diminishing customer relation in the business arena. Customer satisfaction innovation presents an opportunity for improving service delivery and boosting the company’s profits. 7. Describe your innovation and how it works and also, how it solves the problem earlier identified. Also note how it fits with the secondary research you conducted earlier. What is the feature set? Provide illustrations in Appendix. Remember, boxes and arrows will always save you if you can’t draw. Customer satisfaction is an innovation that aims at improving the relation between the customers and companies. The innovation technique has the capacity to increase the sales of the company thus increase the profits of the company. This will ensure that the customers’ needs are made adequately in satisfying their diverse needs. The innovation matches with the secondary sources since they propose that there is the need for companies to embrace the innovation. 8. What are competitive solutions to your idea and why is yours better? Customer satisfaction provides a competitive aspect in the business environment by improving service delivery and increasing customer relation. In the company, this will boost the sales and eventually their proceeds. 11. Concept testing: Describe how you conducted concept testing (check steps in product and service projects) and provide results in the Appendix. Test smart, use boxes and arrows and do surveys – much easier. The concept in this aspect of customer satisfaction has enabled us to understand the importance of customer satisfaction in the business environment. The customers expressed the feeling on the need of the business to embrace the technology. On the other hand, managers expressed their concern that the technology is not easy to implement as it is time-consuming and expensive to undertake. 12. Business model: Provide a list of activities and resources for making, selling and supporting your innovation and put rough cost estimates to them (Google is your friend here). Provide a list of potential customer segments, buying types and channels used to reach the target market. Identify sources of revenue and put rough numbers to them based on target market sizing (e.g. you are targeting students in the Boston area and there are 500k of them so you want to reach 10% - don’t sweat this, it’s all rough estimates. You just need to be a little reasonable, that’s all). In your rough estimation, will this solution survive the market? Will you make money or ever breakeven? Social innovation? No problem. How much impact will you make? 1. Market Research- $ 456 2. Market Testing-$ 367 3. Marketing Campaign-$876 4. Expansion cost- $567 5. Other expenses-$ 432 The innovation is viable and is expected to provide more funds as the innovation at colonizing the market. The innovation focuses on maintaining high customer relation that will in turn boost the company’s revenue. 13.Adoption and diffusion: Identify the second and third generations/edition of your solution (e.g. features A for this year’s launch –e.g. Ipad 1- and feature A+B for the next generation/edition launch–e.g. Ipad 2). What adopter categories are critical to the adoption of your solution today and subsequent generations/editions? Describe the characteristics of these adopter categories in terms of demographics, social status etc. What changes in technology or social systems are needed for the adoption of the second and third generations/editions? To ensure that there is efficient adaptability and adoption of the project, there is need to carry a comprehensive education on the managers and customers on the importance of the innovation thus boosting their awareness (Knut 67).This will enable the two stakeholders to promote the aspect and inculcate the aspect f innovation in the business environment. This in turn will enable customers to win the customers and have higher customer base hence high sales. Creating this culture of this innovation in the business environment will ensure that the same culture of customer satisfaction will diffuse significantly into other generations. 14.Write out the one minute elevator pitch for your innovation solution – remember to include information that investors would find compelling (e.g market size, team, target customers, etc.) Since the innovation promotes a good and favorable business environment, this will attract investors thus increasing the use of the innovation. The innovation will increase the size of the market and at the same time reach more customers. The investors will find it favorable because they always look for bigger markets and large customer base (Barczak 76). 15. Identify elements of your innovation that need intellectual property (IP) protection. What type of IP will you need to protect the elements identified? Why will protecting these elements make your business competitive? The element of the innovation that needs safeguarding is the security of the systems involved in developing the innovation. In addition the database for each customer should protect and protected to ensure confidentiality. 16.In five years after you’ve successfully launched a business on your innovation, which large corporation do you think could express interest in acquiring you because your innovation serves as the next S curve they would like to transition to? How so? Five years, according to the research most of the corporations will embrace the innovation so as to promote service delivery. Many corporations will need one of the modern business-policy in form of S curve that will promote their businesses. 17. In a paragraph or two, reflect on the course (concepts from creativity to corporate innovation). What have you learned in this course? How has the course impacted your perspective on things? One of our readings described innovators as “visitors from the future, living amongst us today”. To what extend do you think your short intro to innovation could get you closer to being described in those terms? What are the key takeaways that you hope will stay with you? The customer satisfaction has become a key concept and innovation that needs to be employed in the business strategy. The innovation has the potential promote and influence business practices and more so improve service delivery thus satisfying the needs of the customers. The concept of this innovation has not been implemented fully by the main players in the business field. These players claim that the innovation is expensive to undertake (Knut 67). 18. Appendix: All materials required above should be put in Appendices as noted in the instructions above. All materials will be available for you to collect back after the course. 1. Market Research- $ 456 2. Market Testing-$ 367 3. Marketing Campaign-$876 4. Expansion cost- $567 5. Other expenses-$ 432 Improved service delivery Innovation Customer Satisfaction Increased sales Worked Cited Barczak, Gloria: Innovation and Marketing in the Video Game Industry: Avoiding the Performance Trap .Cambridge: Gower Publishing, Ltd., 2010. Print. Faiz, Gallaouj. Innovation in the Service Economy: The New Wealth of Nations .New York, NY: Edward Elgar Publishing, 2002. Print. Knut, Holt. Market Oriented Product Innovation: A Key to Survival in the Third Millennium London: Springer, 2002. Print. Read More