Critically evaluate theoretical and practical issues

Assignment Help Marketing Management

Reference no: EM133858492 , Length: word count:3000

Digital Innovation

Assessment - Viable Product & Investment

This document provides you with information about the requirements for your assessment. Detailed instructions and resources are included for completing the task. The Criterion Reference Assessment (CRA) Rubric that markers use to grade the assessment task is included.

Task overview

Learning Outcome 1: Critically evaluate theoretical and practical issues in the integration of the latest developments in ICT and the digital space.

Learning Outcome 2: Communicate effectively to relevant specialist and non-specialist stakeholders organising and leading innovative initiatives, and the impact of interpersonal communication.

Learning Outcome 3: Identify and explore contemporary challenges for the implementation of such innovation in a business environment.

Task Rationale: The third assessment focusses on defining, prioritising, designing, validating and prototyping a minimal viable product for a digital innovation/transformation you have covered in the previous assessment itmes. The assessment builds on the workshop activities which have been introduced rom Topic 2 through to Topic 6.

The assessment and the main report of the assessment will be in the form of a business report summarising, explaining and describing your digital innovation idea.

Section 1 -
The work completed in Topic 5 through to Topic 7 should be included as Appendices within the assessment and the main report of the assessment will be in the form of a business report summarising, explaining and describing your digital innovation idea.

Appendix
Using the previous Workshop activity, you will now transform your prototype into a minimal viable product with a product backlog and product roadmap.

Instructions
Convert your customer journey into stories and place them into a product backlog.
Develop a product roadmap using the product backlog clearly identifying the different release versions of the product including the minimal viable product.
Using a low code, no code platform develop your minimal viable product.

Appendix 2 - Topic 6 - Persevere or Pivot
Now you have a minimal viable product you need to determine if this is viable. Undertake a user survey of at least 5 individuals to determine if you should persevere or pivot your digital innovation.
Create a survey to solicit feedback on your minimal viable product?
Identify any pain points with the current version?
Identify any positive feedback with the current version?
Solicit ideas for new features or enhancements?

Based on the user feedback undertake a decision process to determine whether to persevere or pivot. Based on the decision update your product backlog and product roadmap.

Appendix 3 - Topic 7 - Pitching, financing, selling and marketing innovation
Value your Digital Innovation
Using your business model as the basis for your cost and revenue categories develop a financial projection for the next 60 months with the following assumptions:
Customer growth 10% per year
Revenue projection
Estimated number of customers x Amount customers willing to pay (from surveys previously done)
Use the return-on-investment method to calculate value with:
Period - 5 years
Return on investment - 25%
The anticipated breakeven will be at 60 months.
Initial sales of product are at month 18
Determine the amount of funding you will need to support the business for 5 years.

Marketing plan
Using the template from (Australian Government 2023a) develop a marketing plan for your digital innovation.

Develop a pitch deck
Develop a pitch deck, PowerPoint presentation, for your digital innovation. You have set up a meeting with several investors to discuss the opportunity.
Audience: Technical investors
Interests
Technology, provide a demo (video) and screenshot of a walk though of your minimal viable product.
The potential size of the Australian market for your digital innovation.
Potential Revenue Forecast from the Australian Market over the next 5 years.
What features and enhancements do you require to incrementally develop for your minimal viable product to ensure you meet your customer projections.

Business Report

Provide an introduction to the product, its value and the plan to market and finance the development.

Provide a summary on the customer journey, product features, product roadmap and the minimal viable product by summarising information

Provide an overview of the financial needs and potential revenue which could be earned from the digital innovation. by summarising information from Appendix 3 / Topic 7.

Guidelines for the business report:

The business report is to focus on the minimal viable product, valuation of the idea, how it will be marketed and then providing an overview of the pitch to acquire funds.

There is a significant amount of work which should be completed as part of the weekly topics within Miro. It is recommended that the work is consolidated into a single board and a View link is included into the report to enable the reader to access the detailed information.
A minimal viable product is developed as part of this assessment. This is not a technical course and the focus of this is to provide a visual outline of the digital innovation. It is expected that all students attempts to create a minimal viable product but there is no expectation that this will be a complete functioning product ready for launch.
The business report needs to abide by the referencing guidelines at UniSQ (UNISQ 2023).
Please ensure you are familiar with the Plagiarism guidelines at UniSQ and follows this for this report (UniSQ 2023).

"Critical thinking is a complex skill which utilises evidence to create an informed viewpoint that can be demonstrated to be valid." (UniSQ 2021). This skill is required to complete this report. The expectation is that you will research, review, and provide references for evidence which is appropriate for this assessment. From this research and evidence an informed analysis to address the requirements outlined in the assessment.

The report covers a lot of content with limited word count. Information should be concise and written in a way that concepts are easy to understand for the reader. A business report assumes the reader has little knowledge or background on the topic.

Reference no: EM133858492

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