Feasibility Studies for Bookstore and Coffee Shop

I would define innovation as the ability to apply this creative thinking to an existing product, solution or approach that improves the outcome of a solution to a problem or usefulness of a product. Innovation is the ability to put creative thoughts to use in a way that is beneficial to a person, product, object, problem or situation. .

Alongside the entrepreneur spirit, Innovation is the process of taking new ideas and implementing them into the market. Key word being “new”, an innovation can be sometimes viewed as the application to better solutions that meet new demand-requirements, inarticulated needs or existing market needs. Innovative ideas range from: goods, services, products, processes, services, technologies or ideas that create value for which customers will pay for. For an idea to be an innovation, it must be replicable at an economical cost and must satisfy a specific need. This means is that one must be ready and willing put their new idea to the test. On the other hand, there is recognition that “innovation is also critical to cultural, environmental, social, and artistic progress as well” (Bullinger, 2006). With this stated, high-tech innovation is ultimately the reason why we can be thankful for the many new conveniences of the 21st century. Although we might see the forefront of innovation being very prominent in today’s world, innovation is truly nothing new. From the start of modern man times, innovative ideas have paved the way for civilization to advance and develop into what we are today and at the same time, we have barely begin to chip away at the tip of the iceberg of our true human potential. Some scholars believe that innovation is a

Inventory is the biggest investment of the business and the performance of the inventory can determine whether the store succeeds or fails. We have chosen a different supply strategy as a method to save on cost. This method will require our publishers to ship books directly to the store which will save on our shipping expenses.

However, Amazon.com made this chain or supply useless. At amazon.com, unlike traditional bookstores, there are no bookshelves to browse. All contact with the costomer is either through its web site or by email. At the firm’s web site, customers can search for a specific book, topic and etc. Customers can browse, fill up a virtual shopping basket, and then complete the sale by

The company I have chosen to investigate for this assignment is Barnes & Noble, Inc. Originally founded in Illinois, USA, in 1873, this business has risen to become a Fortune 500 company. This bookstore chain boasts over 600 physical locations (cite source) in the United States, as well as a strong online presence. The success of its stores, and of its subsequent web and mobile applications, is proof of its dedication to offering a wide range of quality products and providing an excellent customer experience at all times.

Paulus & Nijstad (2003) defined creativity as “the development of original ideas that are useful or influential”(p.3). That is to say,

Innovation is an idea that must be cost-effective and must gratify a precise need. Innovation includes careful application of information, imagination and creativity in stemming greater or different values from resources, and includes all processes by which new ideas are generated such as brainstorming and converted into useful products.

Apart from my professional commitments, exalting success stories of E-Commerce platforms propelled me to go for my own online shopping venture “BookJugad”. The idea was to sell used internationally-authored books in good condition at the cheapest price. We established an end to end business

There are numerous explanations for the term creativity. Here are some of the most distinctive points of view. The first point, according to Lehrer (2012, pp. 18-19),

Indigo’s objective to enrich Canadian lives through books has taken a turn due to the growing influence of the digital era. The company is reforming their corporate strategy to adapt to the new realities of the market place. Indigo addresses their new ambition to “create a cultural department store;” their strategy is evolving to meet the emerging needs of the customers. The company strives to increase physical book sales by adjusting their merchandise mix, in order to maximize profits. As a part of their strategy reformation, Indigo is shifting their primary focus away from the core offering of books and is instead emphasizing on the customer experience within the store. Indigo now offers a wide variety of products that compliment the readers

The term creativity is used for the purpose of describing the ability that is concerned with the process of creating something new or valuable. This ability allows a person to surpass the rules, practices, methods, forms or similar kind of activities that the traditional society may be performing at that time. Creativity is one of the most important things that have allowed the people of the society to move forward and urge for development. All the development that has been made in various aspects of human life can be directly connected with the creativity. All the industry leaders of the world have secured this place because of the level of creativity and innovation that they showed. They used this creativity for creating something new that has allowed them to develop completely new methods for this purpose.

Government has introduced some policies to protect the publishing industry. According to National Book Policy which adopted in 1985, it proposed that the book industry should be recognized as an essential industry and, therefore, support must be given for its development. Moreover, the Government policy towards local printing and publishing industry was meant to give ‘protection’ to the industry.

Creativity is one of the most important when it comes to innovation as it is a process. Creativity is about creating new ideas and the process of innovation is making these ideas come to reality. Creativity cannot be a waste of time, if there is no process in place to make these ideas and turn them into something that has market potentials.

Innovation is the process of creating new value using advance knowledge produced as a result of invention.

Innovation is normally used to denote the process that takes place when a product or a process is developed, from idea to market; the concept of invention only denotes the process that takes place when new ideas or solutions are generated. Baumol (2002) argues “is it possible to have lots of inventions and still lack innovations. Nevertheless, inventions are a necessary precondition for innovation”.