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Innovation Management
ELE00158M Part 2
Individual Assignment (65%) – 2024/25
There are two parts in this module’s assessment:
• Part 1: Group Assignment (35%)
• Part 2: Individual Assignment (65%)
The following is the brief for Part 2: Individual Assignment.
As part of the module, you will be working with an assigned team on the development of a new product- based business idea in an area of engineering and technology in the UK market. The main objective is to explore the real-world market and test the commercial viability of your business idea. You will be using an online concept testing tool called SimVenture Validate to build your business plan including costing and revenue analysis. You will need to complete all the relevant components within this canvas using guidelines from your module coordinator. Following the work on your canvas, the next step is Testing.
As part of your testing in your market research, you will need to address the following:
• Identify a range of critical assumptions from your business canvas in SimVenture Validate. Each group should identify a minimum of 15 critical assumptions and correlate them to the blocks from your business canvas.
• In your critical assumptions, you must also identify some of the Key Performance Indicators (KPIs) wherever applicable and discuss why these might be important for you to analyze at this stage.
As a group, you will need to test your critical assumptions in the real market using relevant research techniques and use the collected data to evaluate the commercial viability of your business idea. Your market research involves using a combination of primary and secondary data and different testing methods.
Please note: You will need to complete the relevant ethics application form and seek approval before collecting any primary data, please use the guidelines from your lectures.
Once your data collection and analysis are complete, as a group you will then finalize the ‘tests’ part of SimVenture Validate as well as your group’sportfolio.
Following the group work, write an individual report using the information from the research undertaken for your business idea addressing the following questions:
|
Component |
Brief |
Marks |
|
Executive summary |
● A one-page summary of your research work, including overview of the business idea, customer segment, USP, market analysis, revenue model, test results and commercial viability. (Suggested word count 350 words) |
5 marks |
|
Contents list |
● Table of content of the overall report |
– |
|
Introduction |
● As part of your introduction, give an overview of your product including its name, tagline, overall features and key features. |
5 marks |
|
Critical Assumptions |
● List all your critical assumptions with KPIs making sure you highlight their links to different blocks from your Business Canvas in SimVenture Validate. (5 marks) ● Explain your rationale for choosing these critical assumptions and KPIs in the context of your business plan. (5 marks) |
10 marks |
|
Market Research and Analysis |
● Discuss your approach for testing your critical assumptions and the rationale behind choosing specific test strategies and data collection. (5 marks)
● Using the data you have collected, evaluate and analyze each critical assumption and KPI and discuss your key findings and the validity of your assumptions. (25 marks) |
30 marks |
|
Commercial Viability Analysis |
• Following your market testing and data analysis, discuss how you can maximize the market potential and brand value of your product. In this context, evaluate the following:
o What do you know about your customer segment and their behaviour following your market testing? What changes will you make to the features of your product so as to align them more efficiently to the needs of your customer segment? (5 marks)
o What changes will you make to your revenue model for your product? What advantages can you get from making these changes to your revenue model in relation to your competitors in the market? (5 marks) o What changes will you make to the pricing of your product and why? (5 marks) |
15 marks |
|
Scrum Product Management |
Using Scrum Framework, you will need to assume the role of Product Owner. You are now responsible for visioning the product’s future development.
● As the Product Owner and using the context of Product Life Cycle and BCG matrix, create a Product Roadmap that reflects your views on the future of this product. Using the Kano model, demonstrate how you will update the product with different variants in your roadmap and deliver new delighters. (15 marks) ● Propose the structure of Product Backlog for at least two of your product variants from your roadmap and your scaling strategies as the product owner. Discuss your strategies for effective Sprint Planning within your team as part of your product management. (10 marks) |
25 marks |
|
Conclusion |
● In your conclusion, reflect on the overall commercial prospects of your business idea using evidence from your research work and your application of Scrum in the Product Roadmap. ● What are the limitations in your research work and your recommendations going forward? |
5 marks |
|
Referencing, appendix, overall report layout and readability |
● List all references cited in the report using IEEE referencing style.
● Your appendix should include a proof of ethics approval for your data collection, your interview/survey guides and a copy of your group portfolio from SimVenture Validate. |
5 marks |
Additional information:
● Suggested word count 3500 (Title page, Executive Summary, Reference list and appendix not included), IEEE referencing should be used. Font size 12, one line spacing.
● Your report should be submitted as a pdf file.
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