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Instructions of BUS 400 1-2 Blog
Overview
Raising money to invest in innovation is hard. Companies, both large and small, work to strike a balance between executing an existing business model and thinking ahead to advance their business. As individuals think critically about how their business should move forward, they should first get a 360-degree view of their environment. This journey starts with research on the current state of the business and critical thinking questions that can help leaders drill down deeper.
Prompt
In this blog post, you will take on the role of the recently promoted chief innovation officer (CIO) of an established U.S.-based company of your choosing. It is within your responsibilities to discover new ways to improve an existing product or service in North America, or to introduce a new product or service to the market that will give the company a market edge over competition and fit within the company’s core competencies. For the purposes of this blog post, and for this entire course, you will do the latter.
The new product or service must be something that cannot be easily duplicated and takes into account consumers’ willingness to pay (WTP). If a consumer doesn’t have a problem or need for the product or service offered, they will not be willing to exchange money for the solution.
The first step of such an undertaking requires research and an examination of the selected company’s financials and current resources. Moreover, this new product or service offering must leverage the strengths of the company.
Using MarketLine, Yahoo Finance, and the investor relations page on the company’s website, select and research an established company of your choice. Specifically, look at the company’s 10K Report with a focus on the company’s business in North America. You will continue to research and work with this company throughout this course in the milestones and project.
In your blog post, identify the company you researched and describe its potential new and unique product or service. Include an image of the company’s current SWOT from the Shapiro Library and address the following questions:
Value proposition: What is the company’s main business?
What value does the company deliver to the customer?
Profitability: Is the company currently profitable?
SWOT analysis strengths: What are the company’s main strengths to be leveraged to create a new product or service?
Product or service singularity: What is unique about the new product or service?
New product or service projections: How can the new product or service improve profitability? Note: this is an estimation based on research on the company’s current market position.
What to Submit
Your blog post must be between 400 and 800 words in length and be submitted as a Word document. Your blog post should be written in a professional voice and should be appropriately formatted for a blog. Any sources cited should use APA formatting.
Below are some additional resources for improving your blog:
How to Write a Blog Post for Beginners: This article is an introduction to writing blog posts.
12 Easy Ways to Improve Your Blog: This article examines important elements in developing your own blog.
Blogging Best Practices PDF: This bulleted list gives you a quick summary of the best practices top bloggers use.
Step-By-Step Guide on BUS 400 1-2 Blog: Project Analysis
Introduction to BUS 400 1-2 Blog
This How-To Guide revolves around your understanding of driving business opportunities. I will provide brief and descriptive guidelines for each section to solve the BUS 400 1-2 Blog: Project Analysis and a dummy solution. This Owlisdom How-To Guide will equip you with guidelines to tackle all the queries related to the BUS 400 1-2 Blog questions.
You can look up these websites to learn how to write a blog.
How to Write a Blog Post for Beginners: This article is an introduction to writing blog posts.
12 Easy Ways to Improve Your Blog: This article examines essential elements in developing your blog.
Let us begin with the guide.
Introduction
To start the BUS 400 1-2 Blog: Project Analysis, briefly introduce your roles as a CIO and discuss the importance of balancing current business and innovation. For this Blog, I am choosing Tesla, Inc.
- Start with a brief introduction to the Chief Innovation Officer (CIO) role and briefly explain the importance of balancing current business execution with innovation.
- Choose a U.S.-based company that is well-established.
Example
As the Chief Innovation Officer (CIO) at Tesla, Inc., my role centres on steering the company towards groundbreaking innovations while ensuring the stability of our current operations. This balance is vital for sustaining growth and staying ahead in the competitive automotive and clean energy sectors, where Tesla leads with its commitment to revolutionising transportation and energy solutions.
Value proposition: What is the company’s primary business? What value does the company deliver to the customer? Is the company currently profitable?
Analysing the Value Proposition and Evaluate Profitability
We will analyse Tesla, Inc.’s value proposition for this section of BUS 400 1-2 Blog: Project Analysis. Also, we will evaluate its profitability.
- Describe the company’s main business and the value it currently offers to customers.
- Relate this to how the new product or service will enhance or complement this value.
- Assess whether the company is currently profitable.
- Discuss how the new product or service could potentially impact profitability.
Example
Tesla, Inc.’s primary business revolves around designing, manufacturing, and selling electric vehicles (EVs), battery energy storage products, and solar energy solutions (Matthews et al., 2020). The company delivers significant value to customers by offering innovative, eco-friendly transportation and energy products, emphasising sustainability, performance, and cutting-edge technology. Tesla’s commitment to environmental sustainability, advanced autopilot features, and superior electric performance sets it apart in the automotive and energy sectors.
As of my last update in April 2023, Tesla was profitable, showcasing the success of its business model and the growing demand for clean energy solutions (Boesch, 2023). Introducing a new product or service, focusing on enhancing battery technology or expanding into new segments of the clean energy market could further elevate Tesla’s value proposition. Such innovations could attract a broader customer base, increase market share, and significantly boost profitability by tapping into emerging trends and demands in the global push for sustainability.
What are the company’s main strengths that can be leveraged to create a new product or service?
Conducting a SWOT Analysis
For this section of BUS 400 1-2 Blog: Project Analysis, we will briefly conduct a SWOT analysis of Tesla, Inc. to determine the company’s key strengths in creating a new product.
- Identify strengths, weaknesses, opportunities, and threats related to the company, focusing on North America.
- Use the SWOT analysis to argue how the new product or service leverages the company’s strengths.
Example
Tesla, Inc.’s main strengths lie in its brand reputation for innovation and sustainability, cutting-edge electric vehicle technology, and a strong network of Superchargers (Bredenfeld et al., 2020). These strengths position Tesla ideally to expand its product lineup or venture into new service areas. Leveraging its expertise in battery technology and software, Tesla could introduce an advanced home energy solution that integrates with its vehicles, enhancing the ecosystem of Tesla products. This new offering would capitalise on Tesla’s substantial brand equity and its leadership in energy innovation, providing a seamless, eco-friendly energy management system for homeowners. By tapping into its core strengths, Tesla can address the growing demand for sustainable living solutions, further solidifying its market position.
What is unique about the new product or service? How can a new product or service improve profitability? Note: This estimation is based on research on the company’s current market position.
Assessing Innovation Uniqueness & Impact
The next section of the BUS 400 1-2 Blog: Project Analysis revolves around the product or service singularity and projecting new product or service impact.
- Detail what makes the new product or service unique.
- Explain why competitors cannot easily duplicate it.
- Estimate the potential market impact of the new product or service.
- Discuss possible improvements in profitability and market position.
Example
Tesla, Inc.’s new venture into autonomous, electric-powered public transportation systems represents a significant leap in urban mobility. This service’s uniqueness lies in integrating Tesla’s advanced autopilot technology with its sustainable energy solutions, offering a cleaner, safer, and more efficient public transport alternative. Competitors might find it challenging to duplicate this innovation due to Tesla’s proprietary technology, extensive R&D in electric vehicles (EVs), and a well-established charging infrastructure.
The potential market impact of this service is substantial, addressing urban congestion and pollution issues while meeting the increasing demand for sustainable transportation options. It opens up new revenue streams for Tesla beyond its current consumer base, including city contracts and partnerships with public transport entities. This expansion can significantly improve Tesla’s profitability and enhance its market position by solidifying its role as a leader in the EV market and the broader context of urban planning and sustainability solutions.
Conclusion
For the last section of BUS 400 1-2 Blog: Project Analysis, we will summarize all the key takeaways in a brief paragraph.
- Summarize the findings and projections.
- Reiterate the significance of the new product or service in keeping the company competitive.
Example
In summary, Tesla, Inc.’s exploration into autonomous, electric-powered public transportation systems capitalizes on its core strengths—innovative electric vehicle technology and a commitment to sustainability. This venture amplifies Tesla’s value proposition by addressing urban mobility and environmental challenges and positions the company at the forefront of the sustainable transport revolution. Introducing this unique service, leveraging Tesla’s advanced autopilot and energy solutions, promises significant market impact and profitability enhancement. It underscores Tesla’s ongoing commitment to innovation, keeping the company competitive in the evolving global transportation and energy solutions landscape.
Closing
By following these guidelines of BUS 400 1-2 Blog: Project Analysis, students can create a comprehensive and insightful analysis of their chosen company and its potential for innovation through a new product or service. In the next module of BUS-400, we will explore the 2-1 Assignment Project Outline.
References
Boesch, J. (2023). A Strategic Audit of Tesla Inc. Honors Theses. https://digitalcommons.unl.edu/honorstheses/612
Bredenfeld, L., Cherubim, M., Kellermann, A. C., Lehmann, C., Malberg, S., Rafn, J., Kwon, Y., & Choi, S. (2020). Tesla Moving Forward. 신산업경영저널, 38(1), 47–70.
Matthews, T., Hirve, M., Pan, Y., Dang, D., Rawar, E., & Daim, T. U. (2020). Tesla Energy. In T. U. Daim & D. Meissner (Eds.), Innovation Management in the Intelligent World: Cases and Tools (pp. 233–249). Springer International Publishing. https://doi.org/10.1007/978-3-030-58301-9_15
