Project 3 Value Innovation

Project 3 Value Innovation - Looking across the six...

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Looking across the six approaches to value innovation - substitute industries, strategic groups within industries, the chain of buyers, complementary product/ service offerings, functional/ emotional appeal to customers, and time - we can find ways in which to position our company. As we research our competition and use the six approaches to value innovation to assess where we can create a new market space for ourselves, we find that there are a few voids or gaps that exist that may represent good opportunities for us to carve out our own market share by both creating new space and raising current quality as well as eliminating any unnecessary features. The first lies in looking across substitute industries and assessing their offerings. One weakness that stands out immediately is the quality of the content. We have found that the competition does not reach their potential because they do not offer high enough caliber products. These above average documents are what people are really looking for. In this case we use the raise method to create value as we “raise” the quality from mediocre to excellent. Secondly, we look across strategic groups in the industry and see a few different trends on price. The strategic groups include those that offer payment for notes via a point or incentive system, those that do not offer any point or incentive program but instead charge a fee for access, and those that do not offer an incentive and are free. We can innovate in this area by creating a hybrid of these pricing and incentive plans. Students want to make money off their content and to do this we pay both for uploading and for people downloading the user’s content. So our users get paid twice. As for the cost, free is not favorable because it puts no perceived value on the content and it also doesn’t give an incentive for uploading. If you put a value to something,
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Project 3 Value Innovation - Looking across the six...

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