New Product or Service development – Research Proposal for Final Project

PART 1

Hi, I will attach you the main topic of this Final project under “Idea”. For this, I already made a Draft for a research proposal. I got some comments from my tutor. It has to be modified and some more things added for the final research proposal, please work on this. I will attach you his comments under “comments”.

PART 2

Please prepare a structure for this Project (as detailed as possible). Please include bullet points under the topics, what information could be mentioned and please add some links for literature in this structure. Feel free to also add some other ideas if you have! 🙂

New Product Service Development
Task: This Master’s final project option will be attractive for creative students,
especially those studying marketing. A proposal for an original, new product or service,
or a substantial modification of an existing product or service. A convincing rationale for
the new product, a strategic plan for its development, and a clear focus on its targeted
market. Students should use their creativity techniques and imagination to develop a
new product or create a unique modification of an existing product. The work on this
final project consists in conducting research to identify information that helps to
develop and position the new product/service and writing the new product proposal.
My idea:
– Smart stores
– Digitalization in retail
– Automated shops through smart vending machines
– Converting to an automated shop allows the shop owner to extend opening
– hours, significantly reduce costs and increase sales as customers appreciate the
– added flexibility of 24/7 access. – Replacement for retail?
Title:
Beyond Traditional Retail: Examining the Shift towards Automated Stores and Customer
Flexibility
1
Beyond Traditional Retail: Examining the Shift towards Automated Stores and Customer
Flexibility
2
Beyond Traditional Retail: Examining the Shift towards Automated Stores and Customer
Flexibility
Abstract
This research proposal focuses on the increasing impact of self-feed stores, which is really
transforming the retail segment. It will explore how automation and machine learning stand to
influence the strategic implications as well as the included market adjustments of intelligent
vending machines. New technologies such as digitalization and automation used in such retail
formats extend operating hours beyond usual limits, cut down on operational costs, and create a
better shopping experience for customers. This study, as a whole, performs a profound inspection
with the aim of capturing their (automated stores’) reformatory capacity in reshuffling the
traditional retail models and the roller coaster of modern consumers’ tastes.
Keywords: Automated Stores, Retail Innovation, Digitalization, Customer Flexibility, Market
Disruption.
Introduction to the Topic
The modern retailing scene is undergoing a very significant transformation, which is brought about
by technological changes and new consumer behaviors (De-Juan-Vigaray & Seguí, 2019). Typical
brick-and-mortar institutions see the raised level of danger that they have to reevaluate their plans
in order to adapt to the modern era; otherwise, they face the possibility of sliding from the
competitive world. Additionally, automated stores represent a golden opportunity to fill the void
in some of these changing market conditions. The free flow of customers and the timely and
seamless operations are the hallmarks of the technology. Moreover, customers enjoy friendly and
rich interactions within the automated stores. This dissertation aims to explore the strategic vendors
and macroeconomic implications that showcase the role of automatic stores in the marketplace.
3
While it is due to the fact that the toddler in the research project shows that this retail format is
trying to anticipate and cover the needs of the sophisticated current customer, the paper aims to
clarify how it can do this. Through the analysis of the intertwining of automation, consumer
behavior, and market dynamics, this study seeks to demonstrate how automation in retail can bring
about such huge changes that the meaning of the retail experience is entirely new.
Aim
This research aims to investigate the transition towards automated stores and assess its influence
on conventional retail frameworks. Through comprehensive analysis, the study seeks to understand
the implications of this shift and its potential ramifications for traditional retail paradigms.
Objectives
i.
To analyze the market trends driving the adoption of automated stores.
ii.
To evaluate the strategic advantages and challenges associated with implementing
automated retail solutions.
iii.
To assess consumer perceptions and preferences regarding automated shopping
experiences.
iv.
To identify opportunities for retailers to leverage automation to enhance operational
efficiency and customer satisfaction.
Research Questions
i.
Why are consumers increasingly gravitating towards automated shopping experiences?
ii.
How do automated stores differ from traditional retail formats in terms of cost,
convenience, and customer experience?
iii.
What are the key drivers and barriers influencing the adoption of automated retail
solutions?
4
iv.
What strategies can retailers employ to successfully integrate automation into their
business models and remain competitive in the market?
Relationship with Specialization Area
Key Final Project Elements
The final project will employ multiple methods, market research, comprehensive independent
study of industrial reports, and expert discussions about the industry over a wide range of
companies. They are these sorts of studies that gather a holistic perspective on how automated
stores are perceived and valued throughout the field of retail. Furthermore, the project will be
centered on exploring the advantages and disadvantages of robotized retail and traditional models,
clarifying strategic implications for retailers. While processing the wide range of information, the
aim of the final project is to offer some comprehension of the challenges and opportunities that are
brought by automated stores to the retailers and enable them to make well-informed decisions with
the strategy in their businesses in the changing market environment.
5
Personal Interest in the Topic
As an experienced professional in the industry, I deeply stay updated on emerging trends and
understanding of consumer behavior. As a result, the invention of automated stores draws great
attention as far as I’m concerned. The viability of a potential change of traditional trade in the retail
sector amazes my curiosity and ignites my interest in investigating radical innovative solutions.
Not only does this study venture inspire us to give a chance to the unique models of business,
which can be a building brick to the new flexible deal in the retail industry. Through my foray into
brick-and-mortar stores, I hope to discover exciting transcendental moments that could serve as a
foundation for future industry development and equip me with the essential skills necessary to face
the mercurial challenges of a complex market.
Viability
The feasibility of this project is based on the availability of solid resources, including academic
articles, industry databases, and interviews with potential stakeholders. Another crucial aspect is
that I already have experience in this industry, which will serve as a foundation for my ability to
conduct this study competently. To mitigate potential risks such as limited access to primary data
or unexpected changes in the retail environment, I will prepare contingency plans and be able to
quickly adapt my research methodology while remaining flexible. This adaptive strategy ensures
that the project remains resilient to challenges and contributes to the overall success of the project.
6
References
De-Juan-Vigaray, M. D., & Seguí, A. I. (2019). Retailing, consumers, and territory: Trends of
an incipient circular model. Social Sciences, 8(11),
300. https://doi.org/10.3390/socsci8110300
Denuwara, N., Maijala, J., & Hakovirta, M. (2021). The impact of unmanned stores’ business
models on sustainability. SN Business &
Economics, 1(10). https://doi.org/10.1007/s43546-021-00136-8
Comments for draft research proposal
The topic should be narrowed down. It is impossible in the individual student’s work to cover the topic. Localize
industry, or location, or target audience, etc. For example, you write below about “strategic vendors” – mention this
and focus on mentioned vendors.
Abstract is fine
The problem area is fine.
The aim – I would recommend re-writing. Investigating is a process, not the aim. Aim/goal should be reachable and
measurable.
The objectives and questions are good, will be evaluated across the re-formulated aim.
Relationship with Specialization Area – this section should align the topic with Your specialization area. (My master
is a general master’s in management)
Other sections are well-done for the draft version.