New Product Development: Problem-Solution Set for China's Oppo
PURPOSE
This assignment builds on the pre-assignment and the entire course journey, focusing this time on a particular organization you select and assisting by associating your learning from the course to develop your design thinking and innovation capabilities. The organization can be for-profit, non-profit, or a government agency located anywhere in the world, as long as you prepare for this assignment thoroughly, with the support of relevant literature and external sources, and preferably interviewing someone from the company.
The purpose of the assignment is to associate your newly captured insights with an organization of your choice. Choose an organization you are passionate about that could do with your expertise. Consider this an excellent opportunity to reflect and advise the chosen organization in growing its design thinking and innovation capacity in times of considerable uncertainty.
GUIDANCE
Please complete the following tasks:
Review your pre-assignment, all course materials, and assignment-related materials one more time.
Explore and decide on a target organization you are excited about and want to advise.
Make a deep dive market research based on published materials, observation, and personal email or live interviews to scope a significant problem worth solving in the organization context.
The problem could relate to something the organization could do significantly better.
Based on research findings, proceed to design a novel and intriguing solution by applying design and business thinking described in the course and other materials covered.
Write all this in an executive-level advisory report, which your target company can use as a base for action in their next leadership meeting.
Remember to reference actively written and interviewed sources.
DELIVERABLES
Cover with heading and name, max 6-pages of pure text with page numbering and subheadings as requested: professional document with APA references, unlimited number of complete appendices including relevant and readable tables, graphs, images, etc. Font 12, 1.0 spacing, and standard margins.
Note: executives are busy people who crave evidence to make sound decisions, so ensure you stick to the core, reference, and if you need more pages, refer to relevant appendices in the main text.
Before starting this assignment, check the rubric for what determines a quality contribution.
You are expected to submit a detailed description of your problem-solution set for the chosen organization by referring actively to relevant sources to strengthen your problem argument and then responding to the following critical areas of importance (use these headings):
Introduction and Problem Statement: Introduce the paper by leading the reading to the theme, the problem, and critical findings, along with a brief document flow overview. Remember to introduce your chosen organization briefly and any key stakeholders you plan to advise as an outcome.
Market Research: Identify and define the problem area based on your research findings regarding currency, relevancy, and societal and business significance (actively referenced, both academically and professionally).
Associate to course learnings: Apply the skill of associating as described in the course materials by identifying critical insights from the course and your individual and small group work. Discuss these essential insights and use them as inspiration when describing how they can help develop a solution to the organization's current problem. As you may recall, associating is the idea that you borrow ideas from one area and then use them as inspiration in another.
The Problem-Solution Fit: Describe your solution and provide evidence to the extent possible that it solves the problem as defined in this paper.
Concluding Discussion: Conclude by arguing, based on your newly gathered research and analyzed intelligence, why solving this problem is worthwhile, especially from a business and data collection perspective. Why is it novel and fresh, despite potential competition / alternative solutions? Finally, list concrete actions for your client to proceed and succeed in building a state-of-the-art solution.
Personal Reflection: Discuss critical findings from this assignment and the course at large for yourself; what was most valuable learning? Discuss how you enhanced your knowledge throughout the course.
Reference List
Appendices
Notice. I bought 8 pages, even if the assignment is requiring max 6 because usually you don-t write pages with our spacing and stuff and so i always need a bit more. Should be great if you can already follow my professor instructions, writing just 6 pages max but with the right spacing font etc etc. Thank you very much
New Product Development Assignment
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Introduction
China-based Oppo is a manufacturer of smartphones and other gadgets. It is one of the leading suppliers of integrated solutions for cloud services, smart devices, and information technology. Oppo's products, services, and solutions are competitively priced, secure, and high quality (Jin et al., 2020). Through cooperation with other strategic partnerships, the company wants to enhance homelife, empower individuals, and foster innovation in businesses of all kinds. Oppo's innovation emphasizes customer needs by investing in fundamental research and focusing on technology advancements that enhance society. Enterprises face challenges when implementing and integrating new technologies like big data, cloud computing, and artificial intelligence.
Enterprises must adapt new strategies, operational structures, processes, production, marketing, and solutions to keep up with change, and this is where effective digital innovations come into play. Utilizing new technology and innovating swiftly will be made possible by these platforms, allowing businesses to adapt to transformation and emerging competition forces. A successful digital transition must include mobile payment and digital cards (Chan, 2019). People swiftly acclimate to these cutting-edge digital solutions since they demonstrate that they are mature enough and offer several benefits. Mobile payments are the newest craze among shops, even if traditional payment methods like cash and credit cards continue to dominate the transaction landscape. With a cellular payment app, one can use their phone to send money to others or a transaction machine to make a purchase in a store.
Problem Statement
A cashless financial system might seem like a concept from fiction. However, the world is now close to achieving it, particularly in the U.S. and Europe, where most transactions are done electronically, and their economies are moving in that direction. The goal of several businesses in these regions aim to fully replace cashiers with online shopping carts that let clients use payment systems, such as the Oppo Pay feature proposed in this paper. On the East Coast of the U.S. and other regions of Europe, the practice of cashless commerce is becoming more widespread (Chern, 2018). The transition to a cashless world is gaining momentum, and Oppo should seize the opportunity by incorporating these services into their goods. These solutions are crucial for the population used to internet and cashless transactions. Since Oppo does not support this kind of services commonly used in the U.S. and Europe, they risk shedding the market share and clients.
With cashless alternatives, it may be easier and more convenient to move funds between parties or receive money from many people (Bishnoi, 2022). In addition to gathering the funds in person, one must manage these procedures. Therefore, this takes a lot of time and effort to complete in today's fast-paced world. E-wallets have significantly simplified handling, from sharing supper with friends to raising club charges or membership dues.
Additionally, having to carry numerous physical cards can be difficult. For instance, there are no fully digitized alternatives in place that hold all card details, identification documents, and air tickets in a consolidated platform and allow one to have them without necessitating the use of supporting documentation. Therefore, there is a high likelihood that they will get lost easily (Kanhekar, 2015). Compared to a normal wallet, features like Oppo Wallet may make life simpler and lighter to carry throughout the day. It also eliminates the need to bring as many cards as one could otherwise have and even serves as a legal identity to enter public spaces.
Market Research
The Opportunity
On mobile devices, only calls and text messages were made and received. Nobody could have predicted that debit and credit cards, as well as conventional wallets, would be replaced by mobile wallets. Mobile wallets are gradually becoming popular as a means of payment. Banks and network operations experts predict that mobile payments will swiftly supplant traditional wallets over time. Recent research demonstrates that consumer awareness has increased the use of mobile payments. Some advantages and opportunities for Oppo Pay and Wallet services include numerous costs by royalties and partnerships, increasing the number of people using Oppo smartphones (Jung, 2020). Considerable revenues generated from the interest gained due to the online processes, the two features have the potential to overtake other financial procedures.
The New Product Introduction
This paper proposes that the new Oppo smartphones should primarily focus on resolving payment issues, streamlining how people send and receive funds, and digitizing all card details in one location. This will encourage consumers to switch to cashless systems and keep their cards in a more secure place. All handsets with Oppo's proposed product will offer cashless payment capabilities, elevating payment methods to another height and streamlining the money transfer procedure. The Oppo Wallet and Oppo Pay are the two key components. The latter is simple to operate and works with Oppo smartphones and other devices to make safe store transactions. It is also used in applications and through the internet to send and receive payments or money from relatives and friends and communicate to bring a further streamlined experience. Oppo Wallet is a feature that enables smartphone customers to keep their financial cards, gift cards, travel documents, cinema tickets, vouchers, bonus cards, and much more in one location.
Oppo Wallet
The Oppo Wallet function serializes all cards stuffed into someone's pockets or billfold. All user's permits, tickets, vouchers, card payments, debit, and rewards cards are kept in the Wallet in virtual form. Therefore, they can be easily accessed and used anytime and anywhere. The Wallet is always online as long as the device is on, so it can instantly refresh to provide real-time information and let users know their balance or where to go (Nguyen, 2019).
Additionally, it enables digital ID cards for use as card access to buildings and authentication in public areas like airports. It can be employed as a valid method of identifying someone by easily waving the Oppo phones in front of the scanner. All Oppo devices will come with the Wallet and Pay app installed by standard on the Android OS. This software is used to keep passes and may be used to check into airports, earn and collect awards, enter theatres, and earn discounts. The Wallet conveniently keeps track of vital details like the credit card bill, the time a voucher expires, the event reservations, and much more.
Oppo Pay
Oppo Pay is a product that allows smartphone users to transact money with family members and friends and make secure purchases. Nowadays, being cashless is normal, and using this new product makes it simple. Oppo Pay comes with credit, which can be topped up regularly to facilitate payment convenience. Since paying for things does not require additional time at the checkout, using Oppo Pay on the phone is quicker than doing so with a credit or debit card. It permits transactions in a wide range of apps paying for a cab, a lunch package, or a new pair of shoes by scanning the smartphone to complete the transaction quickly and securely.
Additionally, Oppo Pay enables rapid payment and receipt of expenses using the financial cards already present in Oppo Wallet without the hassle of relying on outside programs. The Oppo Pay card, which is includ...