Identified Problems
On behalf of my company, I can claim that Magnetic Rescue Tube attempts to address several issues. In the first place, one of the problems refers to the fact that effective solutions to increase the safety of the boats have to be introduced. At the same time, another problem is associated with the lack of sufficient navigation, and it questions the possibility of being rescued on time. Lastly, another aspect that Magnetic Rescue Tube wants to focus on is the need to unite people together after the wreckage. It increases the possibility of being found, as gathering people together increases an opportunity for survival.
Value Proposition
The accident with the Titanic was one of the events that triggered the need to develop new solutions and improve the level of safety during sea travel. Nowadays, many companies work on developing finding various solutions to this issue. Consequently, both problems of being rescued and found on time can be discovered, as the main issues from the perspectives of Detective and Explorer (six-stage creative problem-solving process).
For instance, there are different types of lifejackets and tubes that increase the possibility of survival, as it is analyzed from the viewpoints of the Artist. The main intention of these innovations is to keep people floating until they are successfully found and rescued. Nonetheless, the lack of an effective navigation system can be discovered as one of the disadvantages of the proposed resolutions, as people tend to get lost in the ocean or sea. Consequently, it is one of the matters to be considered when discovering these issues from the viewpoint of the Engineer. When referring to the opinion of the Judge, these solutions are not effective, as there is a number of risks to be faced.
To decrease the possibility of this incident, the idea of Network Tube had emerged. The company is relatively new and is represented by a group of designers who may lack expertise and experience in the selected field. In this case, it not only decreases the probability of drowning but also increases the possibility of being rescued. Finding solutions to these issues is one of the causes of the synthesis and development of this idea. In this instance, one of the main advantages of Network Tube is the fact that it uses magnets and GPS navigation to reunite the survivors.
In this case, this innovation attempts to solve one of the major problems that pertain to being lost and increases the possibilities of survival. It could be said that the value proposition of this idea complies with the current needs and demands of the target population (travelers) and has to be implemented, as it is discovered from the position of Judge. This idea has clear benefits when comparing it with lifejackets and tubes without GPS, as it tends to address the current issues and minimize the presence of the existent problems. At the same time, it is costly to manufacture from the perspective of the Producer, as all components are expensive.
Description of the Company
As it was mentioned earlier, Magnetic Rescue Tube was developed by a team of designers who wanted to address the problems depicted above. In this case, a magnetic tube is an innovation, which supplies the tube with GPS navigation. This feature increases the opportunity of being found and rescued on time. At the same time, its magnetic features allow uniting all survivors together. A combination of these matters makes Magnetic Rescue Tube one of the most competitive products in the market, as GPS navigation and magnetism increase the possibility of being rescued.
Problem Statement and Problem Definition
In the context of the existent market, one of the main issues is the fact that it is impossible to ensure safety and navigation at the same time in the case of an accident that takes place in the sea. This solution increases the safety of travelers and their chances of being rescued. Nonetheless, this innovation may face a plethora of challenges since the modern market is highly competitive. One of the major issues pertains to high implementation costs, as it can be viewed as a potential driver for the price increase.
In this instance, it will be questionable whether the boat owner will show interest in purchasing these tubes. Selecting substitute products may be a possible resolution to this target audience, and, as a consequence, this matter will increase the intensity of the rivalry. Introducing Network Tubes to the market will be costly to implement, as there are many components that have to be assembled to ensure high levels of safety. The selected spare parts tend to be expensive. In this case, the company will be required to find additional sources of finance, as, otherwise, it will be impossible to implement this idea from the Producer’s perspective.
Alternatively, when considering the proposed innovation from the viewpoint of the main stakeholders of the company, one of the major concerns is the fact that the product may not find support among the target market and the selected audience. In this case, this matter may question the profitability of the company, decrease its market share, and increase its vulnerability to fluctuations in the market. Overall, it will question the ability to stay competitive in the market and its capability to generate high revenues in order to remain viable and focus on the improvement of the product.
Based on the issues indicated above, it could be said that these problems tend to exist due to the fact that the developers of the idea do not have a set of required competencies and expertise to deliver this product to the target audience. In this case, it is one of the main issues, as not understanding the functioning of the market may be a potential cause of failure and possible loss of recognition and well-developed brand image.
In the context of this case, resolving these issues has to be prioritized, as it tends to affect several spheres of the company’s operations and increase the entrepreneurial opportunity of the company in the existing market. A combination of these factors indicates that finding a resolution to the lack of competencies and expertise will have a positive impact on other aspects and their development.
Solution Proposed
Using the analysis conducted above, it is necessary to propose the solution that will cover different aspects of the company, including protection, value proposition, team, sources of finances, and opinions of the various stakeholders concerning the product. Addressing these matters will have a beneficial impact on evaluating the entrepreneurial opportunity of the company in the existing market. In the first place, protection is one of the most important aspects to consider. In this instance, the lack of competences of the management may require the company to hire professionals to avoid the problems with patents and licenses. It is an important aspect to take into account, as, otherwise, the firm may have issues with the copyrights of other brands with similar ideas.
Another aspect that has to be assessed is the effectiveness of the existent value proposition. In this instance, the current problems in the industry pertain to the lack of safety and absence of navigation of the existent rescue tubes from the viewpoints of Explorer and Detective. To resolve this problem, the main solutions are related to introducing lifejackets, regular tubes, tubes with navigation, and Magnetic Rescue Tubes, as Artist would claim.
Nonetheless, lifejackets and tubes will not resolve this issue from the perspective of the Engineer. In this case, using Magnetic Rescue Tube will be the most suitable solution, as it addresses all the issues of safety mentioned above simultaneously. This analysis indicates the effectiveness of the selected product of the company, but the issues associated with the delivery of the message may take place due to the complexity of the value chain.
In turn, to ensure that the audience will show interest in the delivered product, it will be essential to evaluate the needs, demands, and potential reactions of stakeholders. From the perspective of the community and travelers, introducing this product satisfies their need to be saved and rescued on time. It helps the travelers overcome their fears of traveling by different means of transport and complies with their safety requirements. As for cargos, boats, and other vehicles, their primary goal is to ensure the safety of travelers while generating high revenues. In this case, the companies may consider this product as expensive but explaining to them the associated benefits will help minimize these consequences.
Alternatively, the policymakers will discover this product as beneficial for the safety of the passengers. At the same time, it may be viewed as a potential driver for the development of new policies concerning traveling and its safety. In this case, Magnetic Rescue Tube complies with the main preferences and needs of the main stakeholders, and this aspect underlines the effectiveness of the proposed idea. In this case, hiring or consulting a marketing professional will help address the needs of different stakeholder groups and increase product recognition in the market.
When discovering this problem from the viewpoint of the Producer, the existent business idea may be costly to implement. Its major constituents, such as GPS and magnetic elements, are expensive to purchase and install. As a consequence, a combination of these factors will increase the production costs while shifting the price for the product at the same time. In this case, conducting a cost-and-benefit analysis will help develop a budget successfully.
At the same time, the firm has to consider additional sources of finance, as it will assist the company in spending additional resources on the improvement of the existing product. In this case, consulting a professional from the industry or hiring professionals may be the most effective solution, as it will help avoid mistakes related to the lack of experience.
As for the team, in this case, the solutions presented above state that the management has to fulfill its gaps in knowledge by consulting professionals and finding the answers to the questions with their help. This aspect will increase the effectiveness of learning and understanding of the functioning of the market and organization. Overall, applying this strategy will have a beneficial impact on the efficiency of different operations in various departments and help deliver the right message to the audience. If the issues indicated above are resolved, Magnetic Rescue Tube can become one of the market leaders due to the exceptionality of the offer.