Business Idea Assignment: Thermal Scanner & Sensor

Question

Task: The objective of this individual assessment submission is to learn how to develop your own business idea, complemented by research and observational insights that detail why the need is compelling. Please submit a 1500-word business report of your idea, a detailed business model (BM) canvas, discussion of the interrelationships among the BM components that are essential to success, critical risks and assumptions, and overall feasibility. The business model canvas must be discussed in the report and included as an appendix.
The assessment criteria are detailed below.
Assessment Criteria:
1. Effective explanation of the customer/market problem that needs solving and/or the reason the innovation is required. (15%)
2. Persuasive argument of the customer/client benefits to be generated by the idea (10%)
3. Discussion of the proposed business model (15%) ( not Business Model Canvas)
4. Identification and discussion of the key interrelationships in the BM that will support success of the idea (10%)
5. Critical success factors to be managed during execution of the idea (15%)
6. Identification of critical risks and assumptions (10%)
7. Evaluation of the overall feasibility of the idea (15%)
8. Quality of written submission, minimum 8 peer-reviewed journals, and APA referencing format (10%).

Answer

Executive summary:
The main purpose of the report on business idea assignment is to establish the new innovative business idea of thermal scanner and sensor in the door for various public places. It will help to detect if anyone who comes through that door has any fever or flu and their health condition. The company selected in the business idea assignment needs to do a market survey before investing in the new business concept about how to detect the body temperature of the people who are entering into the premises. The technical team will develop the product after going through the survey report. The owner of the place or the authority will about the health condition of the people which will very significant in this pandemic situation. But to apply the concept in the real world the company needs to make strategies with the business model to make the business operation profitable.

Introduction:
The following case study developed in the business idea assignment will discuss a new innovative idea that the company is going to form after analysing the market and making a proper business plan. The idea is to make a door with a thermal scanner and sensor for public sectors. It will help to detect and protect the spread of infectious diseases like malaria, respiratory illnesses and measles from person to person. The main symptoms of viral diseases are having a fever and flu. In public places like shopping malls, pubs, cinema halls, offices and other educational as well as cultural institutions, the possibility of spreading diseases are very high. In this situation, the thermal sensor and scanner door will make their job a little bit easier. The door will be able to identify the health condition of the people, who are passing through it and in case of positive; the authority will suggest the person go to the near-by healthcare centre. It will stop the diseases from the root and save others from getting affected by it. The business idea assignment examines that this advantage is alluring enough for any organization to purchase the technology and save their employees or in case the government to save its citizens.

The current needs for this type of technology:
From the end of 2019, we are fighting against the COVID-19 or coronavirus. It is affecting the world and it is highly contagious though not airborne. It can spread from one human body to others and also it can spread from the dead objects (Baig et al., 2020). With the rapid spreading, it is impossible to provide healthcare services uninterruptedly for stopping any spreading of disease. The doctors and nurses are also getting affected by the patients they are treating. Therefore, to stop the contamination, the government may be forced to apply the strategy of lockdown (Bin et al., 2020). People will be at their homes, only will be out to buy the essentials, and where anyone has been reported affected, the whole area and every person who has been in contact with the patients will go for the quarantine. This situation portrayed in this segment of business idea assignment is affecting the regular life of people as well as the economy of the affected countries (Fernandes, 2020). To take a hold of this situation the governments need this type of new innovative business idea that is capable of putting a stop in the process of spreading. People are using masks and gloves, but with thermal detector doors, the detection will be accurate and fewer doubts.

The advantages of the innovative concept:
Like a war situation, the government and the citizens need to fight together to overcome from the pandemic and get back to their regular life as soon as possible. But the deathly disease is too contagious to fight; only one mistake can affect many people. If anyone ignored the rules, set up by the government for this special situation then he can single-handedly spread the coronavirus among a huge number of people (Chinazzi et al., 2020). According to medical scientists, asymmetric symptoms are observed among people and some are silent carriers of the disease. Therefore, a door with a thermal scanner and sensor can bring some relief for the authority. They do not have to ask the person about their health condition, but the sensor will inform the authority. That also will be a more effective precision for prevention the virus from spreading more. Here are some benefits of technology outlined in the below section of business idea assignment:

• By installing the door, the organisation will know about the health condition of the person immediately who will pass through the door.
• This technology will help to stop the contamination from the very beginning like entering the organisation. The door will inform the authority if the newcomers have any symptoms of flu or fever.
• The technology will scan the body of the newcomer before granting permission for the person to enter.
• The use of technology is very simple and effective in the pandemic.

In the future as well, the door will be able to detect the health conditions of people and consequently, the government can take immediate steps if they observe that any unnatural health issues among people.

The applicable business model:
Through forming a structured business model within this business idea assignment, the company can start its business by adopting required business and marketing strategies. The company needs to do some market survey to understand and determine the criteria of the thermal sensor. The company will know exactly in which condition the person can be detected as a possibility of being flu or coronavirus patients. To make the business successful they need to make strategies following the business model (Floerecke & Lehner, 2020). The different features of the model are described below within this business idea assignment:

Consumer segment:
This segment of business idea assignment mentions that the target consumer of the thermal sensor and scanner door will be the owner of the various organisations, establishments, etc. and also the government of the country. Not only the native country but also with the success in the technology it grows a demand in the whole country.

Major activity:
The door will scan and sense anyone who comes through the door along with detecting the body temperature and the health condition of the person. It also sends a report to the authority as soon as possible and the authority will take necessary steps immediately.

Main partners:
The partners will be the manufacturer of the door as they will be supplying the main successful role. With a single mistake, the disease will be started to spread. The sensors and scanner developer company will also be the partners, who will develop and install the software into the door.

Key resources:
The main resources outlined in the business idea assignment will be the manufactured doors that will detect the body temperature and also the software developers.

Value proposition:
The door technology will detect the body temperature and send it to the authority to make the appropriate decision. These will encourage others to maintain the rules applied by the government (Wirtz, 2016).

Customer relationship:
The company is willing to develop a long-term relationship. Therefore, they need very effective and faster customer care services (Massa, Tucci & Afuah, 2017). Also, collecting feedbacks will help to upgrade the product as well as build a strong relationship with the customers.

Cost structure:
This block stated in the business idea assignment signifies that the initial cost will be divided with the purchasing of the manufactured doors, developing the technology, and marketing and distribution of the final product.

Stream of revenue:
With the selling of the doors to the organisations the revenue will be earned. Not only will the buyer be from this country. The company can sell its products all over the world. So, it can be said that with effective marketing the demand will be increased in the current scenario all over the world. 

Key relationships among the factors of the business model:

By considering all the elements of the business model illustrated in the context of business idea assignment the company can stabilise the value propositions and increase the revenue. To run the business properly along with the operation, the elements of the business model are very helpful. The company needs to select the raw materials providers carefully so that they can run the business operation effectively. The business model will help by Customer relationship will be determined by particular rules. The stronger customer relationship will increase the value proposition of the company in the market.

The major success factors:
The success factors of the innovative business idea are discussed below within the business idea assignment:

• The company will apply effective marketing strategies and on-time customer services to maintain a good relationship with the customers.
• The company will select a business strategy with the proper mission, vision, developing plans, and policies along with an efficient form of leadership.
• They need to employ experts to get the best result out of it.
• To gain sustainability, the company will increase the base of customers as well as market share within a short period.

What are the crucial assumptions and risks associated with the scenario of business idea assignment?
The possible risk factors regarding the business idea are:

• Lack of customers due to the higher costs of the product in the market.
• Faults in the technology which may hamper the main function of the door

To get rid of the risks, the company has considered these assumptions:

• To capture the market initially company can apply the policy of penetration pricing (Kienzler & Kowalkowski, 2017).
• Appointing experts in their fields can reduce the chances of faults in the technology.

Feasibility of the innovative business idea:
By collecting data from the real world and analysing the market, the feasibility of the innovative business idea can be interpreted.

• Performing market research to fathom the possible demand for the product.
• Analysing the competitors’ market strategies to gain more profit and create a customer base.
• Use the policy of price penetration to enter the market and creating market shares.
• Planning strategically to fulfill business objectives (Bergmann, 2017).
• Create a revenue statement with the analysed market information for better understanding.

Conclusion:
The study developed in the business idea assignment analyses the possibility of the innovative business concept through the business model. In this current situation, a thermal sensor and scanner door can be the answer to prevent the coronavirus. Moreover, this door will be helpful in detecting any further health-related issues among common people. Therefore, the market for the product will be huge and international. For establishing the idea, the report on business idea assignment evaluates the feasibility of the innovation along with probable risks after forming a brief business model with the business model interpretation.

References:
Baig, A. M., Khaleeq, A., Ali, U., & Syeda, H. (2020). Evidence of the COVID-19 virus targeting the CNS: tissue distribution, host–virus interaction, and proposed neurotropic mechanisms. Business idea assignment ACS chemical neuroscience, 11(7), 995-998.

Bergmann, H. (2017). The formation of opportunity beliefs among university entrepreneurs: an empirical study of research-and non-research-driven venture ideas. The Journal of Technology Transfer, 42(1), 116-140.

Bin, M., Cheung, P., Crisostomi, E., Ferraro, P., Myant, C., Parisini, T., & Shorten, R. (2020). On Fast Multi-Shot Epidemic Interventions for Post Lock-Down Mitigation: Implications for Simple Covid-19 Models. arXiv preprint arXiv:2003.09930.

Chinazzi, M., Davis, J. T., Ajelli, M., Gioannini, C., Litvinova, M., Merler, S., ... & Viboud, C. (2020). The effect of travel restrictions on the spread of the 2019 novel coronavirus (COVID-19) outbreak. Science, 368(6489), 395-400.

Fernandes, N. (2020). Economic effects of coronavirus outbreak (COVID-19) on the world economy. Available at SSRN 3557504.

Floerecke, S., & Lehner, F. (2018). Success-driving business model characteristics of IaaS and PaaS providers. Int. J. Cloud Comput.: Serv. Arch.(IJCCSA), 8(6), 1-22.

Kienzler, M., & Kowalkowski, C. (2017). Pricing strategy: A review of 22 years of marketing research. Journal of Business Research, 78, 101-110.

Massa, L., Tucci, C. L., & Afuah, A. (2017). A critical assessment of business model research. Academy of Management Annals, 11(1), 73-104.

Osterwalder, A., & Pigneur, Y. (2010). Business model generation: a handbook for visionaries, game changers, and challengers. John Wiley & Sons.

Wirtz, B. W., Pistoia, A., Ullrich, S., & Göttel, V. (2016). Business models: Origin, development and future research perspectives. Business idea assignment Long range planning, 49(1), 36-54.

Appendices:

Appendix 1: The Business Canvas Model (Osterwalder & Pigneur 2010)

Appendix 2: Business Idea

Appendix 3: Target Market

Appendix 4: Financial Issue