Virtual Systems and Multimedia †Free Samples to Students

Question: Discuss about the Virtual Systems and Multimedia. Answer: Introduction Technology coupled with globalisation has led to tremendous completion and emergence of opportunity. With growth and development of various industries around the world almost all industries stands to benefit(Guidi, 2010). Virtual Reality and Augmented Reality development has been the most prominent innovation of all time in technology. Fashion industry stands to benefit from tremendous opportunities created by virtual reality and augmented reality. In Australia innovations in this domain with their application has led to development of tremendous opportunities with leading fashion retailers adopting such trends(Altberg, 2007). Large fashion Companies are integrating various types of VR along with AR trends such as to extend core competencies within their industry. These technologies are enabling competitive advantages for these companies such that they are able to attract larger consumers towards their products. The scope of this report deals with various strategies with variable and static product line(Spreer, 2014). It deals with short term along with variable business model along with certain recommendations for the business plan. Strategy needs to be developed and accommodated for creation of product lines in the new fashion business. Cost calculation and product road map is integral for understanding the success of the business plan and its value creation(Castronova, 2008). VR and AR integration for a Company needs to be strategized such that appropriate product development can be attained. Success of a fashion firm while integration VR and AR has to be done in accordance to developed strategic fit to generate greater customer attention. In order to launch a MVP for validating and generating demands, a short term strategy needs to be created. The short term strategy needs to be aimed at virtual commerce strategy(Dholakia, 2009). For each application a differentiated personal customer experience needs to be created. The primary focus is to advertise and attract people towards transformation of their experience. Mission: The primary mission of the organisation will be catering to customer satisfaction Vision: The vision of the Company is focused on rendering unique product interface. Goals: Goals of the Company are focused on creation profitability, employee engagement and customer engagement. Objectives: Primary objective for the Company are focused on high quality product with AR and VR technologies. Strategies: All strategies of the Company will be focused in blending customer experience into VR and AR technologies. Tactics: There will be various tactics implemented by the Company for extending their capabilities and core competencies. In order to develop achieve goals for the study, it becomes critical to apply hypothesis for the study. There will be two hypothesis that will be assumed for the study, one comprises of Null Hypothesis (H0) and another is Alternate Hypothesis (H1). Null Hypothesis for this study encompasses that AR and VR does not impact retail sales in fashion of the firm and Alternate Hypothesis aims at establishing VR and AR impacts retail sales of fashion industry(Edeker, 2007). For success of any product, it becomes essential to establish cost benefit analysis for the product. The following includes cost benefit analysis for integrating AR and VR into fashion products of the firm for short term activities(Gaos, 2008). Month Cost Benefit January 50,000 450,000 February 80,000 500,000 March 90,000 290,000 April 110,000 330,000 May 95,000 310,000 June 120,000 410,000 July 105,000 340,000 August 130,000 350,000 September 60,000 210,000 October 70,000 260,000 November 80,000 310,000 December 130,000 510,000 Longer Term Strategy to iterate the product with additional features and to develop a viable business model The longer-term strategy for the firm will be to iterate products with features that become trends in the industry. Including new features with functionalities will allow greater customer attraction(Guven, 2009). There is tremendous amount of competition in the fashion industry with VR along with its sister technology AR offering opportunities for shoppers in their retail experience. It might offer application with technologies, which have capacities to reduce elimination of customers pain and increasing customer service for a greater personalized experience. Long term strategic fit will be focused on changing retailers towards the future(Mackenzie, 2009). The business model will aim at deciding on a technology application. Mission: The mission of the organisation will be to incorporate long-term sustainable strategic product innovations. Vision: The vision of the Company is focused on creation of fast fashion trends augmented with AR and VR. Goals: Goal for the Company will be focused on developing consistently innovative products that cater to market tastes of customer segment. Objectives: Objective of the Company will be multifarious that will include divergent product creating opportunities. Another objective will be to attract significant shareholder investments into innovation as well as product development. Strategies: Strategic endeavors for the Company will be aimed at keeping pace with integrated technologies along with market demands which are key focus of competitors. Tactics: Tactics deployed by the Company will be focused at enhancing speed and efficiency across all its operational processes. In order to accomplish long term strategic fit, the hypothesis will be developed for the study. Null Hypothesis (H0) will aim at establishing technological integration as mobile devices cannot create a customer satisfaction platform. On the other hand, alternate hypothesis will aim at establishing mobile technological integration casing an impact of ease of customer service(Glazer, 2010). In order to establish cost benefit approach for the study with a long-term focus there will be integration of extensive analysis. The following is the cost benefit analysis for the long term strategic fit accordance to deliverables in month wise data(Ciptawilangga, 2009). Month Cost Benefit January 60,000 250,000 February 90,000 650,000 March 40,000 310,000 April 80,000 450,000 May 100,000 330,000 June 95,000 120,000 July 65,000 170,000 August 70,000 230,000 September 50,000 280,000 October 40,000 310,000 November 30,000 290,000 December 150,000 400,000 Product Roadmap and minimal viable product for Virtual Reality and Augmented Reality With advent and integration of AR and VR with that of technological trends a product roadmap for retail products is designed(Kinateder, 2014). This product roadmap includes several features and functionalities that are integrated into making of the product. The firm will aim at developing products for home dcor, utensils, other decorative furniture and fixtures that consumers can easily purchase while sitting in comfort of their homes. The product roadmap in this case has been divided into four quarters in the year where a step will be achieved in each quarter. Initially the firm will be focusing of short term strategies and then later there will be a focus in regards to long term strategies. Short Term Strategy Long Term Strategy 2018 Q1 Q2 Q3 Q4 Jan Feb Mar Apr May June July August September October November December Product Development Idea Launch Product Development Integration with VR Integration with AR Product Delivery Marketing Competitive Strategic Inputs Customer Analysis Marketing and Idea Building Advertising Technology AR Integration VR Integration Technological Updation At every step of product development, a integration effort will be made in order that the products can be presented in VR and AR arrangements. Technological fit for the products such that customer can have an unique experience from various products can easily be determined. VR and AR technologies which can easily adapt to and be responsive in mobiles can deliver significant competitive advantages for the Company. Integrations of Virtual Reality and Augmented Reality in the selected industry In Australia there has been significant incorporation of VR and AR technologies with that of various products across the retail industry(Vrechopoulos, 2009). While the firms products may be deemed to be attracting customers and highly profitable in nature it will not be able to extend core competency associated with that of the firm. The firm has to first decide technology that it will adapt for each of its application. VR makes consumers experience a simulated world which can be made use of by way of headsets and controller. Easier technologies are more popular amongst consumers compared to others which are not(Pantano, 2012). The firm has to realize that consumers in retail Australian segment purchasing home dcor items are not very familiar with VR integrated platforms. The firm has to decide if it will offer its products across mobile telephony devices and such platform will be available within the stores or out-of-store usage(Ruppert, 2011). This will allow the firm recognize gre ater challenges and identify the environment in which it might be facing diversified constraints. Budget and time related constraints is another aspect which the firm has to realize while integrating in VR and AR related technologies. All application integration needs to be centered around resolving customer related challenges such that they are able to understand value proposition(McGray, 2008). The product offered and launched by the Company needs to be different from available category of products such that it is able to curve a niche and competitive advantage for the Company. Then integrating in VR and AR might be a value addition for further extension of product related scopes. Conclusion In order that the firm is able to develop its product and extend technological application successfully it needs to adopt various steps. The following recommendations will allow the firm to overcome its pertinent challenges and grow in the future. The firm needs to identify products that have high demand in the market and are retail once. Retail products offered by the firm have to be highly differentiated from various products available in the market. The firm needs to price its products at an attractive levels such that it is able to attract significant number of customers. Often pricing strategy of the firm decides its capability to emerge as successful or as a failure. In this case selecting a highly priced product for launch can lead to tremendous losses for the Company hence, it should adopt a competitive product. With technological adaptation as well as with various developments, the firm needs to aim at setting concrete financial goals. Financial engagement goals or engagement can help create value as well as opportunity for the current business. Financial goals of the Company coupled with AR and VR technologies has to be evaluated frequently in order to achieve targeted outcomes. AR and VR technologies into retailing have to match business model for generating greater revenues or profitability. At every point a match has to be made such as to establish a fit between business models and developments in this field. The firm should aim at attracting equity financing for its technologies. Investment in this sector is growing at a rapid rate, hence making investments in this domain will help retailers establish competitive advantage within the industry. Reference Lists Altberg, E. F. 2007. U.S. Patent Application No. 11/738. 170. Castronova, E. 2008. Exodus to the virtual world: How online fun is changing reality. Palgrave Macmillan. Ciptawilangga, Y. 2009. U.S. Patent Application No. 12/474 . 202. Dholakia, R. R. 2009. Retail web site interactivity. . International Journal of Retail Distribution Management, 821. Edeker, A. M. 2007. U.S. Patent No. 7,269,632. Washington, DC: U.S. Patent and Trademark Office. Gaos, M. 2008. U.S. Patent No. 7,319,992. Washington, DC: U.S. Patent and Trademark Office. Glazer, E. H. 2010. U.S. Patent No. 7,680,694. Washington, DC: U.S. Patent and Trademark Office. Guidi, G. M. 2010. Virtual reality for retail. In Virtual Systems and Multimedia (VSMM), 2010 16th International Conference on . IEEE, 285-288. Guven, S. O. 2009. Social mobile augmented reality for retail. In Pervasive Computing and Communications, 2009. PerCom 2009. IEEE International Conference on. IEEE, 1-3. Kinateder, M. R. 2014. Virtual reality for fire evacuation research. In Computer Science and Information Systems (FedCSIS), 2014 Federated Conference on (pp. 313-321). IEEE, 313-321. Mackenzie, K. B. 2009. A framework for evaluating business management lead users virtual reality innovations in Second Life. Electronic Commerce Research, 183-202. McGray, F. A. 2008. McGray, F., Adorable, A. T., Yabot, J. T., Pestelos, C. P. 926. Pantano, E. . 2012. Innovation in retail process: from consumers experience to immersive store design. Journal of technology management innovation, 198-206. Ruppert, B. 2011. New directions in the use of virtual reality for food shopping: marketing and education perspectives. Spreer, P. . 2014. Augmented reality in retail: assessing the acceptance and potential for multimedia product presentation at the PoS. Transactions on Marketing Research, 20-35. Vrechopoulos, A. A. 2009. Virtual reality retailing on the web: emerging consumer behavioural patterns. The International Review of Retail, Distribution and Consumer Research, 469-482.