To complete this Assignment:
Submit your approximately 1,500-word Business Plan Overview and Vision and an initial bibliography of 8 to 10 resources. Your text should include:
• A clear, concise vision statement outlining the parameters of your frugal innovation;
• A description of the target market, including relevant characteristics of the business environment;
o What political and cultural considerations will more affect the success or failure of your business endeavour?
o What is the economic environment of this emerging market and how does it help or hinder your business model?
• Risks and plans for risk mitigation
o Analyse any potential institutional voids. Might these voids create opportunities or hindrances for your frugal innovation?
o Analyse expected risks and explain how you might manage unexpected risks as they arise.
Your bibliography should list 8–10 quality academic and professional articles and papers, and links to websites and other sources (e.g. reports from government and non-governmental organisations). These sources should represent multiple perspectives and bodies of research that have influenced your frugal innovation idea so far and will help you to develop your Module Project draft over the next few weeks. This may include weekly resources provided in the syllabus but should also incorporate resources that you find independently. All references must be compiled in accordance with the Harvard Referencing guidelines.
These solutions may offer step-by-step problem-solving explanations or good writing examples that include modern styles of formatting and construction of bibliographies out of text citations and references. Students may use these solutions for personal skill-building and practice. Unethical use is strictly forbidden.Following the feedback, I felt that I needed to change both the market and the frugal innovation. Hence, I selected Egypt, which indeed fits within the definition of an emerging market. According to Cavusgil, Ghauri, and Akcal (2013), one of the primary characteristics of an emerging market is that the purchasing power among the consumers is often on an upward trend. This is indeed true in Egypt. The Oxford Business Group (2018) presents that in 2013; the household retail spending stood at $90.3 billion and is expected to increase over years. If the consumer spending power was low or poor in Egypt, it follows that such a surge in household spending would not be experienced. Another characteristic of an emerging market is that the income growth is often higher than in the developed nations (Cavusgil, Ghauri, & Akcal, 2013). According to the World Bank (2018), the rate of income growth in Germany, which is among the developed nations in the world, stood at 1.0% in 2016 while that of Egypt was at 2.2% in the current year.
According to Gardiner (2013), frugal innovation often referred to as Jugaad, refers to the art of creating ingenious products from limited resources and targeting the low income communities as a market. A frugal innovation that fits this particular definition and could target an emerging market is solar bottle bulbs. At the core of the idea is a 1-liter plastic soda bottle that has been filled with a mixture of bleach...
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