University of Memphis Marketing Great Innovations Tasks

Part1.

Great innovations ALWAYS begin with solving someone’s problem in a new or unique way.

Given that our economy is increasingly dominated by services, more and more innovations are service innovations, which may change how the company interacts with its customers or in how it delivers its service. This is particularly true in the COVID-19 era.

Let’s see if we can brainstorm a little and come up with some great service innovation ideas. If any of you make millions of dollars on any of these ideas, I hope you will remember your Principles of Marketing professor!

1) Pick a mundane task that most of us do at least once every other week or so. For instance, something like going to the gas station to fuel up your car or buying groceries.

2) What is YOUR problem? What problems, issues, or inconveniences do you as a consumer commonly experience when performing this task (this might be as a result of COVID-19 OR have existed before the pandemic even began)?

3) Think of how an existing company that you are familiar with might take advantage of emerging technologies (e.g., AI, drones) to introduce new innovations that solve the problem you previously identified?

Part 2.

Use this forum to complete your weekly discussion post. Make sure to watch the video completely before posting. Make sure to create your own thread before commenting on others’ threads. Make sure to answer each question below in your post:

1. What was the speaker’s main point?
2. What do you think? Do you agree with the speaker? Why or why not?
3. What connections can you make between the presentation and the content from our course?Business Organization.

Video link: https://www.ted.com/talks/martin_reeves_how_to_build_a_business_that_lasts_100_years