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Business Report of Optus - Enterprise Innovation and Markets

University: University of Chester

  • Unit No: 5
  • Level: Undergraduate/College
  • Pages 6 / Words 1500
  • Paper Type: Business Plan
  • Course Code: LSBM306
  • Downloads: 1
Organization Selected : Optus

INTRODUCTION

Innovation is process which is used by any organization to bring any change into their existing or upcoming products and services to increase their productivity and customers rate as well. This process has to be done very carefully by the organization get effective results. Present report will focus on Optus which is the second largest telecommunications companyin Australia and its innovation process. It will include topics like, market and economic analysis. Problems related to innovation process and its solution as well. It will also discuss about commercialization of the whole process in organization and its impact om them.

TASK

1. Research Findings

Part 1: Market Analysis

This is the most important task for the organization to understand their business more precisely. Market research can be done my implementing various model in company, such as,

  • SWOT Analysis

SWOT analysis for the study of their internal environmental factors which will give them information related to their strength, weaknesses, opportunities and threats. From this process it becomes easy for Optus to analyze the areas where they need to bring innovation in their products and services. SWOT analysis a highly interactive process and requires effective coordination among various departments within the organization such as – marketing, finance, operations, management information systems and strategic planning (Optus SWOT Analysis / Matrix,2015).

Opportunities

Threats

Favorable

Unfavorable

Strengths

Weaknesses

Internal factor

·Optus has strong brand portfolio which is very useful for them to sustain their customers.

·They have poor financial planning.

·High level of customer satisfaction.

·Does not have a good command on product demand forecasting which leads to decrease in customer rate.

·Superb Performance in New Markets

·High attrition rate in work force compared to their competitors.

·Strong dealer community.

·Poor marketing department.

External factor

·Great chance of market development.

·The Greatest threat for Optus is that there is no regular supply of innovative products or services.

·Implementation of innovative processes to introduce new services (Epifanova and et.al., 2015, p.137).

·Intense competition.

·Shortage of skilled workforce.

·Changing consumer buying behavior.

  • Perceptual Mapping

Perceptual mapping is a process which is used by company to visually display their perceptions of potential customers, which includes basically, the current position of a company's product, product line or how its brand is displayed to their competition in the market. It can be highly useful for Optus to identify their current position in the market (Hall and Roelich, 2016, p. 286-298).

  • Target Market and Segmentation

This process is used to identify their respective market and can deliver their services according to their customers needs and preferences. It can be done by implementing the 4 P's of marketing mix, which is

  1. Product: This can be very useful for them to evaluate the effectiveness of their products to bring any innovation in them.
  2. Price: They should set their pricing strategies according to their customers which they can easily afford (La Rocca and Snehota, 2014, p. 441-447).
  3. Place: It should be carefully analyzed the places where they are delivering their services. It should be easily accessible by their customers.
  4. Promotion: It should be very effective which can reach to maximum number of customers. It will also increase their productivity as well.

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Part 2: Economics Analysis

It is a process which is used to analyze the optimum use of their resources which involves comparison between two or more alternatives in order to achieve their objective in the given assumptions and constraints (Rosca, Arnold and Bendul, 2017, p. S133-S145).There are various factors which has affected the telecommunication industry in so many ways, for example, evolution of 4G and 5G services has a huge impact on this industry. Severalfundamental changes that have far-reaching impacts onthe consumption of communications servicesand on firms in this sector:

  • The Internet of Things: The Internet of Things or IoT is the collection of smart devices that talk to each other (and to us) through wireless technology. IoT is going to be the future of telecommunication industry which will connect everything to everyone.IoT is a newarea for telecommunication companies and mobile operators, it can prove to be a challenge as well as an opportunity for customers who depend heavily on telecommunication companies for reliable and high-speed internet connection (Latest trends in the telecommunication industry,2018).
  • 5G Wireless: Due to the ever-growing demand for faster internet, every major telecommunication company is competing hard among themselves to win the race for dominance over the 5G network which is probably one of the hottest telecom trends of this year. 5G is important because it is essential to meet the ever-increasing demand for higher data rates and capacity.
  • Platform based Services:Another big trend of this year which got everybody into talking is the rise of platform-based services. Since one of the challenges, today faced by the telecommunication industry is that of stagnating revenues, more and more operators are shifting from connectivity providers to platform providers in order to generate greater value.
  • Cloud Computing:Cloud services have enabled telecom industry that offer call center services to deliver cloud capabilities, manage connectivity and leverage network assets in order to enhance computing capacity, cloud offerings, and deliver-on-demand applications. Telecommunication sector is keenly interested (and therefore have heavily invested) in this technology due to its efficiency, convenience and pay-per-use models from geographically independent third-party suppliers.

2. Problem Statement

From the above analysis it can be concluded that there are various area in which company needs to bring innovation in their system to increase their customer rate as well as its profitability. The first area in which they have to work on is their financial planning. Without having proper financial support it can not be possible for them to implement all the changes they want. Apart from this they have to get a good command over their service demand forecasting which can help them to increase their customer rate (Teece and Leih, S., 2016, p. 5-12). They also have to improve their marketing process to make aware their customers about their services and products. Also, whenever you face problem in dissertation writing, you can avail our dissertation help services from a team of professional academic writers.

3. Commercializing the Innovation

By the implementation of the process like market analysis to understand the choices and preferences of their customers can have a huge positive impact on the overall performance of the organization. By this they are able to implement all the required changes to bring innovation in their services. It can be achieved by following process,

  • Market assessment and target customers: This is a very useful method for Optus to apply into their system to enhance their services related to the required change. This process can be used for the evaluation of the potential of their new product, new business idea or new investment in the market and its impact on them. It includes factors, like, environment forces, market trends, barriers, competition, risks, opportunities and the company's resources, etc. Targeting their customers can also be very useful to deliver right service to right customers. This process will also help them to bring innovation into their products and services (Winterhalter, Sauer and Csik, 2015).
  • Commercialization of the Idea:To bring change in their products and service, market analysis plays an important role to understand all the requirements which their customers are seeking from the organization. It will help Optus to increase their customer rate in the business. By analysing all the steps of marketing mix, it will become easy for them to implement all the changes in their services.

CONCLUSION

From the above report it can be conclude that for any organization it is very important to bring innovation in their existing products and services which can be very useful to increase their customer rate. For this company has applied various models, for example, SWOT analysis, target marketing and segmentation, etc. By evaluating all the strength and weaknesses of Optus, it became easy for them to bring innovation in their services which will help them to increase their customer rate.

REFERENCES

  • Epifanova, T. and et.al., 2015. Modernization of institutional environment of entrepreneurship in Russia for development of innovation initiative in small business structures. European Research Studies.18(3). p.137.
  • Hall, S. and Roelich, K., 2016. Business model innovation in electricity supply markets: The role of complex value in the United Kingdom. Energy Policy.92. pp.286-298.
  • La Rocca, A. and Snehota, I., 2014. Relating in business networks: Innovation in practice. Industrial Marketing Management.43(3). pp.441-447.
  • Rosca, E., Arnold, M. and Bendul, J. C., 2017. Business models for sustainable innovation–an empirical analysis of frugal products and services. Journal of Cleaner Production.162. pp.S133-S145.
  • Teece, D. and Leih, S., 2016. Uncertainty, innovation, and dynamic capabilities: An introduction. California Management Review.58(4). pp.5-12.
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