Innovation and Entrepreneurship of The Real Trial †Free Samples

Question: Discuss about the Innovation and Entrepreneurship of The Real Trial. Answer: The Real Trial is an online site for shopping, which is an innovative business initiative located at Singapore. The business location offers easy accessibility and in turn helps in promoting the online products purchasing goals in the country. People can easily purchase their favorite products anytime and anywhere, as per their convenience (Drucker, 2014). The company is purely technology based and helps customers order their favorite products and delivering those at their doorsteps. With the advent of digital media, people can purchase products, order food, book cabs anywhere and at any moment. Millions of customers shop online. However, there are certain issues which arise due to this. Majority of the consumers face problems regarding the size, quality and design of the product. The Real Trial enterprise offer solutions to all these problems by enabling the consumers to view the product by resizing it. Moreover, it also has return policy for the customers who want to return their products after receiving it (Tidd Bessant, 2015). It is important to define the problem first to the consumers, before moving to the next step of defining the solution. The Real Trial enterprise makes sure that they solve the real problem to their customers, before presenting or defining the solution. It is important to clearly define the problems which need to be solved. They have a unique option which enables the customers to upload their picture and place it on the product they like. This gives the customers a visual idea of how they will look in that particular product, without actually buying it. This helps the company in gaining their trust and faith (Crumpton, 2012). It is very important to know the target market for any business. The Real Trial enterprises target market is the online shoppers of any gender, age or interest. The website provides all items such as clothes, accessories, footwear, bags and more. The target market is divided into small groups or segments. They price each and every item, after having an idea of each segment to which the particular product is catering to (Onetti et al., 2012). Each and every business have competitors, be it small or big. The Real Trial has lots of competitors in the market which includes companies like Zalora, Lazarda and more. It is important to keep an eye on the competitors marketing approach and style. Customers prefer shopping on The Real Trial because of its unique feature of real life trial which other companies dont provide (Crumpton, 2012). Team effectiveness also helps in business growth and progress. It is important to choose the right business partners and associates. Effective team members help the company to grow. The Real Trial hires the right employees who have great knowledge and skills. The company also understands themanagement gaps and recognizes the right talent. Hiring of right employees is very crucial for any business and it is an important quality which helps a business to grow (Drucker, 2014). Any company must a perfect business model which defines the expenses and profitability of the business. It helps in setting a budget of the business. The Real Trial is a small business which does not require huge amount of investment. The companys expenses are mainly on the electricity, taxes, salaries and others. Digital marketing is done to aware more customers, which however requires comparatively higher investment but it also generates profit (Onetti et al., 2012). The final one is conveying or setting the business milestone. It is regarding the upcoming plans and goals of the business and how to achieve those. The Real Trial enterprise is adopting new and innovative strategies to cater more and more customers on the global platform. They are focusing on the social media platform to increase their popularity (Tidd Bessant, 2015). References Crumpton, M. A. (2012). Innovation and entrepreneurship.The Bottom Line,25(3), 98-101. Drucker, P. (2014).Innovation and entrepreneurship. Routledge. Onetti, A., Zucchella, A., Jones, M. V., McDougall-Covin, P. P. (2012). Internationalization, innovation and entrepreneurship: business models for new technology-based firms.Journal of Management Governance,16(3), 337-368. Tidd, J., Bessant, J. (2015).Innovation and entrepreneurship(No. 3). Wiley.