Business Ideas and Opportunities - Coursework Example

BUSINESS IDEAS & OPPORTUNITIES This report highlights performance of a team in developing a new product and launching the product in the target market. The paper deals with performance of a team building new business idea. The contribution of employees has been mentioned in this report. Customer development model and theories of creatively are also been discussed here. Team works have been emphasised in this report. Many members are involved in a team who contribute a lot in fulfilling the business objectives. Their creative approach towards the work has facilitated Oxoxvector in developing and marketing its Power assisted bike. Good coordination among the team members has been focused in here. The coordination helped them to implement the business plan perfectly. New ideas were properly developed by them. This research report highlights the efforts of team members in generating, implementing and presenting the business idea of Power assisted bike. As per this report the team members have strong contribution in making the business plan successful. Contents Abstract 2 Contents 3 Introduction 4 Literature review 4 Methodology 5 Results 6 Discussion 6 Conclusion 8 Recommendations 9 Introduction In a team, different organizational members are involved for achieving goals and objectives of a company. Strong bonding is established among the team members while working together in a team. This report will focus on the contribution of the team for developing a new product and launching it into the target market. The new product is Power assisted bike, designed by Oxoxvector. This is a very useful and cost effective mode of transport. For launching this bike organizational members of Oxoxvector have contributed a lot. Literature review According to the authors Polzer, Milton and Swarm, team work is one of the best possible ways for achieving goals and objectives of a company. Efficiency level of employees increases when they work together in a team. These authors believe that small teams perform good quality of work. These teams contribute a lot in the growth and development of an organization. Initially when a company is setting up its business then it must influence the employees for working in teams. This will help them in enhancing their skills and capabilities by learning many things from each other (Polzer, Milton and Swarm, 2002). As per the authors, Morgeson, Reider and Campion the teams made of small numbers of people work very effectively. The amount of problems and conflicts become low with the presence of less number of members. In small teams each member gets the chance in explaining their views and opinions clearly. Therefore they do not feel neglected while working in a team. As a result they feel motivated for giving their best performances which will benefit the company in developing new product ideas. Creativity is always encouraged in team works. This helps the organization in knowing different views and ideas of its employees (Morgeson, Reider and Campion, 2005). The authors, Sole and Edmondson state that in large teams many organizational members are involved. Often it becomes difficult for the team leaders or the managers to handle many team members. For this reason confusion and chaos increase within the team which hamper the productivity and performance of the company. In many cases it has been observed that in large teams, work is not properly distributed among the team members and for that one team member performs huge amount of work and rest of them just assist him. For this unequal distribution of work, satisfaction and motivation level of team members decreases which hampers their performances (Sole and Edmondson, 2002). According to the author, Molyneux, in small teams the team leaders can guide the team members efficiently which help them to know and understand the company’s objectives in a detailed way. This facilitates them in developing innovative products and creative approaches for marketing any product successfully. This author believes that in the modern business environment most of the companies are now focusing on developing creative ideas for producing new types of products. Creative ideas will facilitate the companies in enhancing their position in the competitive market (Molyneux, 2001). Methodology There are two types of research methodologies. One is qualitative and other one is quantitative. In qualitative research method opinions of various authors regarding a specific topic are analysed. This type of research methodology mainly focuses on the information which is gathered from secondary sources. In quantitative research, methodology is conducted by analysis of data with the help of various statistical tools. By collecting raw data from the field research report is prepared. In this research paper qualitative research methodology has been used. Data have mainly been collected from various secondary sources like books, journals etc. The researchers have preferred this research method because it is less time consuming than the other research method. Results This research has helped me to understand the performance of my team members in developing and launching the new product, Power assisted bike. I am able to know how much they have contributed in implementing this new business idea. By conducting the research I became aware of the theories of creativity and their importance in the process of development and launching a new product. Strengths and weaknesses of individual team members are understood by conducting this research which helped me in guiding my team members effectively. Based on these understandings I can find suitable opportunities for growth and development of my team. I have also realised how much my team members are interested in developing new products. Discussion Power assisted bike is a unique product for the Oxoxvector. I am a team leader of Oxoxvector. For developing this product my team members have given huge efforts. Before the development of this product all of my team members were focusing on innovating something which will help the company in establishing their strong position in the market and also benefiting their target customers in various ways. After a lot of brainstorming my team members were able to develop the idea of Power assisted bike which was granted by the Oxoxvector. Each and every member of the team presented different ideas for developing this product. Some of my team members were not competent enough to suggest practical ideas for launching the product (Armstrong, 2009). As a result responsibilities of other team members increased for selecting proper idea for launching the product. My team members followed 8 stages for designing and developing the product. I distributed different responsibilities among my team members based on their skills and capabilities. At the initial stage most of the team members focused on developing the concept of power assisted bike and testing the products as per the development. Some team members focused on analysing the prospect of business after launching this product in the market. As per the market trends the product was enhanced by the team members by implementing many technical things and commercializing the products (Price, 2011). At the final stage my team members suggested the price of this bike after analysing various factors. My team members followed lean start up methodology for creating the product power assisted bike. This scientific approach helped my team members in managing the various things which are related with the development of this bike. With the help of this methodology my team members understood how to perform their jobs and what to perform for growing the business at the maximum possible limit (Schneider, 2007). As per this methodology, my team members contributed huge amount of time for making the bike as a desirable product for the customers. Figure 1: Customer development model With the help of customer development model the team members discovered the target customer for Power assisted bike. This facilitated them in developing the product effectively. The team members designed the product in such a way by which it will be able to meet the needs and requirement of the customers. By testing Power assisted bike in target market my team members attracted customers for this product (Sparrow, Harris and Brewster, 2004). The business plan of Power assisted bike was successfully implemented by all of my team members. As a team leader I always assist and guide my team members. Their six basic needs are fulfilled by the Oxoxvector which help them to express their ideas in creative ways. Humanistic theory of creativity is practiced in my team for encouraging my team members for developing new business ideas. By following this theory of creativity the Oxoxvector is able to manufacture and launch Power assisted bike successfully (Mondy, 2008). I have evaluated the contributions of my team members with the help of Belbin team role model. As per this model there are nine roles which team members need to perform for working in a team. My team members implemented the business plan successfully by analysing the business environment. They designed the business plan by giving a proper shape. My team members solved various problems and inspired each other for performing their jobs (Moon, 2013). Conclusion Employees play vital role in developing new products and launching that product successfully in the competitive market after analysing the needs and demands of targeted customers. For developing innovative products and creative ideas most of the organizations believe in team work. Organizational members perform well when they work in a team. In this report the performance of a team for developing and marketing Power assisted bike was discussed in details. They have designed and performed the business plan in such a way which has helped them to deliver perfect product. Recommendations The firm needs to incorporate new technologies for increasing its productivity. This will help my team members in developing more innovative products. For increasing creativity and innovation among the team members’ proper training should be given to them. This will facilitate them to know and understand various things about the business and as per their knowledge they will develop interesting business plans. References Armstrong. M., 2009. Armstrongs Handbook of Performance Management: An Evidence-Based Guide to Delivering High Performance. Philadelphia: Kogan Page Publishers. Molyneux, J., 2001. Interprofessional teamworking: what makes teams work well?. Journal of interprofessional care. 15(1), pp. 29-35. Mondy, 2008. Human resource management. New Delhi: Pearson Education India. Moon, J.A., 2013. A handbook of reflective and experiential learning: theory and practice. New York: Routledge. Morgeson, F. P., Reider, M. H. and Campion, M. A., 2005. Selecting individuals in team settings: The importance of social skills, personality characteristics, and teamwork knowledge. Personnel psychology. 58(3), pp. 583-611. Polzer, J. T., Milton, L. P. and Swarm, W. B., 2002. Capitalizing on diversity: Interpersonal congruence in small work groups. Administrative Science Quarterly. 47(2), pp. 296-324. Price, A., 2011. Human resource management. UK: Cengage Learning. Schneider, B., 2007. The People Make the Place. Personnel Psychology, 40 (3), pp.437–456. Sole, D. and Edmondson, A., 2002. Situated knowledge and learning in dispersed teams. British journal of management. 13(S2), pp. S17-S34. Sparrow, P., Harris, H. and Brewster, C., 2004. Globalising Human Resource Management. London: Routledge. Read More