Assignment Help on Innovation Opportunities using Facebook

EXECUTIVE SUMMARY

The purpose of this business plan is to bring innovation; through fulfilling an unmet need NBC Television network present here a plan to have a business partnership with the leading social networking based website Facebook, which acts as a profile and communication forum. This business plan will also showcase the expected financials and operations over the next three years.

INTRODUCTION AND BACKGROUND

The Social Networking Website, called Facebook. Inc. Is a New York based corporation that will sell advertising space alongside providing a community forum through its online platform (www.Faceoff.com) to facebook online users.   Facebook was founded by Mark Zuckerberg in February 2004. NBC T.V is in collaboration with Facebook in its partnership venture which focuses to capitalize on the 500 million weekly users of Facebook services worldwide. The online TV network specifically targets millions of Australians with internet connection in their homes or offices. These people spend a lot of time on the internet either at their work place, shopping, or connecting with friends via online social networks such as Facebook. The revolutionary internet has already replaced conventional means of leisure entertainment such as television, FM, DVDs and radio, as a variety of exciting media content is available online for free, just by the touch of a button.

Business Opportunity for Innovation:

When we talk about planning innovation, be the idea a Product, Service or a Concept, we normally think about the end result, not the process, as if the idea was born out of nowhere. Innovation is not getting something NEW to market; it’s getting the right product or service to marketplace. This requires a dedication to the consumer, not exclusively to your company’s in-house capability. It is the awareness of what your customers needs and wants, that hold importance, not just speed to exploitation. Factual innovation takes a lot of planning.

Role Model Innovators

We’re all too well-known with celebrated innovators such as: Bill Gates and Steve Jobs and who can forget, Facebook’s own Mark Zuckerberg, but the fact is we are all innovators in our own right. It is about having the right attitude, the will to make it happen and a bit of luck. Necessarily, it’s about problem solving, understanding how to ask the right questions, and be considerate and alert (Jakobsen, 2011).                                                                               

SWOT

Strengths

Faceoff TV is connected to the largest video site on the web, with a weekly traffic of an estimated 500 million users a week (Forbes, 2010). This ensures that internet TV has access to a big market in Australia and potentially across the globe when the network decides to expand its offering.  Faceoff T.V Live is the first internet TV channel with exclusive football content in Australia.  By its leading the way status will enable the channel to shovel a large share of the market.

Weaknesses

Faceoff Live TV does not contain any original content or productions as most of its programs will be borrowed from its affiliate station Faceoff. Other content will be purchased from sports production channels and major news networks. Providing 24 hour content will not be easy, which means the channel will have to re-run its content quite often. This could lead to viewers fatigue and boredom, which might cause a drop in user traffic and lack of interaction.

Opportunity

Currently, Faceoff Live is only available in Australia. The internet TV channel has an opportunity to expand first in the Australasian region within the first 3 years due to broadcasting rights. This will then be followed by an expansion to rest of the world. Such an expansion will enable the internet TV channel to attract more advertisers and grow its revenue. There are also opportunities for e-commerce via Faceoff Live TV. In partnership with internet vendors, internet shoppers etc.

Threats

The biggest threat to SBS You Tube TV is that of new entrants into the internet Sports TV market which might increase the cost of broad casting rights. Another threat is that of equipment and software failure which one may not foresee at times. This could cause an interruption in content streaming and potentially lose the company millions in revenue. It is important to conduct proper maintenance of all equipment at regular intervals to guard against such Failures.

Management Feasibility and Operating Plan

Faceoff Live TV will be incorporated as a department in the already existing NBC TV Corporation. The department will be managed by the Head of Internet TV, an individual well acquainted with internet media as well as business management. The new department will make use of the already existing legal structure, and will be under the management of the overall management team of Faceoff. The department will be located within the NBC T.V building. The company will purchase broadcasting equipment for use by the internet TV broadcasting unit, which will have a total of four technicians operating it in shifts of two people each. The unit will also employ two producers and a social media marketing executive to oversee all interaction with viewers.

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