PM100 Innovative Business Idea - AGE Pass

usiness structures, such as service re-development, charity, sole proprietorship, or social
Several
could be utilised when developing AGE Pass (refer to Figure 1). Service re-development or
enterprise,
investigates the internal organisational structure of a business and identifies issues requiring
redesign
based on the consumers’ changing needs (Kindstrom 2010). This type of business structure
change,
solely on solutions for needs rather than introducing new services as competitors into the
focuses
which improves customer fulfilment and satisfaction as well as negates price and profit
market,
between businesses (Tukker and Tischner 2017). Nevertheless, Reijers and Mansar (2005)
competitions
that focusing internally on pre-existing services, service re-development models could be
determined
time-consuming and difficult to implement new practice within pre-existing frameworks. Therefore,
very
service re-development structure for AGE Pass would prove to be significantly difficult to redesign
a
NHS community programmes, due to the fact there will be multiple environments explored and
current
involvement.
intergenerational
contrast, non-profit organisations, such as charities or social enterprises, exist due to government
In
being unable to provide certain services (Dart 2004), avoiding the difficulties of attempting to
markets
frameworks already established. Additionally, sole proprietorships also involve more freedom
redesign
design and decision-making (Burns 2016). For this reason, both of the aforementioned business
in
could suit AGE Pass more appropriately than a service re-development model. However,
structures
enterprise and sole proprietorship structures are typically functional alternatives to purely
social
models because they are not as restricted with resources and funding (Dees et al. 2001).
philanthropic
Dees (2003) argued that income-focused businesses, such as sole proprietorships, will
Furthermore,
have reduced social impacts and often become less innovative due to markets’ competitive
likely
and severe liabilities taken with such businesses. Similarly, Dart (2004) expressed that
environments
enterprises are a tactically better choice for pro-social businesses. Thus, AGE Pass most suitably
social
into a social enterprise business structure because their mission is focused on being a significant
fits
influence for older adults, providing the consumers an innovative service with the sole intentions
social
enhancing their health and well-being.
of
conceptual diagram
A
the decision-making
showing
for choosing an
process
business model
appropriate
B U S I N E S S
S T R U C T U R E
for AGE Pass.