Jumbo Digitized Wallet - Environment and Sustainability - Case Study Example

Jumbo Digitized Wallet Student’s Name Institution Affiliation Jumbo Digitized Wallet 1.0. Paradigms The Jumbo digitized Pocket will provide an extension by financial and document management prospects. It will create a proficient communication through enhanced connectivity between individual wallets and their mobile devices. Essentially, the wallet industry has been manifested through various modern developments including the establishment of new methods of managing liquid cash. In the industry, there have been numerous developments such as the creation of digital wallets with enabled online payment systems. Other wallet categories are passive and lack the digitalized components. This product will spur a significant shift in the market as it does not necessitate Near Field Communication Technology hence can be used with diverse phone models. In particular, the following changes will occur in the industry: Enhanced location of lost wallets and documents enhancements through installed buttons and speakers to facilitate location of the components in case of loss. Installation of new Symantec cyber career connection (SC3) will also reinforce the component and its security capacity beyond any current product. Its personalized car noise also provides a new experience in the use of the product with regard to its capacity for retracement when lost. 1.1. Target Customers. This product is geared towards enhancing travelling experience. In essence, most travelers are prone to losing essential documents and money. In this regard, travelers will form the main target clients. On transit, customers will be able to retrieve their wallets in case of loss in the cars or the holiday destinations thereon. This will not only enhance comfort of travelers but also promote their capacity to maintain a smooth stay. This product will also provide travelers with the capacity to pay for essential services in the restaurants and other destinations using their Smartphone connected to the wallet. The blue tooth enhancement also adds the comfort of devoid of wire connection in transfer of essential details besides ensuring the remote sensing is enabled for the identification and re-surfacing of both money and documents in case of loss. This component will also ensure that the owner can accommodate different file packages with access to details from the phone. Although there have been developments of different wallets with cloud-based backup and self-charging capabilities, the Jumbo Digitized Wallet will create an enhanced model for ensuring enhanced data storage and subsequent retrieval. Other potential clients include office personnel and field workers including humanitarian services providers who need well-enhanced wallet products for effective management of both essential documents and money. 1.2. Adaptability of the Society to the Product While the product will create a revolutionized wallet experience, the society is highly sensitive to new technology and is likely to face new challenges while tapping the benefits attributable to the product use. For instance, its cloud-based backup and self-charging capabilities are essential components of the product that is likely to receive overwhelming reception from the society. However, its manipulation of radio-active elements for connectivity is likely to spur a debate regarding the potential hazards that it may have on users both in condition and out of condition as it may be prone to unfriendly disposal into the environment causing significant damages to the environment. In addition, the pursuant of production standards that enable a long battery life coupled with the recharging capabilities is likely to attract a larger audience who will also form a considerable group of loyal clients. 1.3. Society’s Expectations One of the main aspects that the society expects from the product is its ability to foster high efficiency in the use of debit, credit and loyalty cards among others. Besides, it’s capacity to convert data into barcodes for scanning by travelers and field workers. Besides, the society may also be expecting products that are easily disposable without dire environmental consequences. Besides, the society also anticipates that the Wallet will enable them to connect payments cards to their banks in order to facilitate checking of balances and other transactions thereon using the developed app. In addition, the society anticipates the development of a security mechanism by which the product is guaranteed of secure transactions without subjecting users to critical incidences of potential losses with connections to individual banks and other financial entities. These expectations must be factored into the production of this unit as it will form the basis for reception and adoption of the technologically devised product to spur a revolution in the wallet industry and potential market share in the long-run. Due to the persistent development in technology that define wallet market from major corporations such as Apples, the Jumbo Digitized Wallet is likely to receive a positive reception in the market owing to its ability to enhanced personal financial management capacity (Hardiman, 2009). As a result, firms are unlikely to reject this innovation. As a result, no innovation dilemma is expected from the launch of this product. 2.0. Environment and Sustainability There are various issues surrounding the production of the Jumbo Digitized Wallet. For instance, the type of energy and its effect to the environment is a major issue of concern. However, this product aims at using electricity energy which is a clean energy. The recharging capacity of the component will also provide an essential conservational advantage as it will not require subsequent recharging from hydro or wind-generated powers. Besides, there are potential fears of the presence of rare earth elements such as the glass displays and the magnets contained in speakers requires careful disposal after use or after breaking up the component. While these products might be perceived as essential for development of sustainable product used sparingly in the production, they may pose environment hazards is disposed ineffectively. Essentially, the Jumbo Digitized Wallet is produced from a combination of different elements including metals and the rare elements that provide reinforcements to glasses and other important functions. The mobile screens are also cleaned using toxic solvents that pose a significant challenge to the environment shared by the production plant and the community in general (Miettinen, 2009). The use of rare earth elements is a process that recurrently generates potentially harmful and radioactive waste products. The rare earths and other components will be purchased from domestic production quarters along the Mountain Passes. These domestic supplies will compose of minor traces of local production as well as imported products. Indeed, the physical inputs of the Wallet production includes rare earth elements, leather components for better handling, Plastic insulators during heating of the rare elements (Polythenes) Glasses Outputs include: Washed Screen displays Loose enhancement by mobile app for integrated wave correspondence between the wallet and mobile device. Automated alerts from locations from wallet retrieval locations. Product Life Cycle In the introduction stage, the Jumbo Digitized Wallet will define its market through promotional offers characterized with free samples. The installation on the first few customers (1 month) will be the immediate entry point. The wroth will be characterized with extending its market scope beyond the local segment via print and audio-visual media advertisement (Miettinen, 2009). In the maturity stage, it will be marked by the establishment of a concrete market framework. However, due to the recurrent innovations by other competitors such as woolet companies and the Apple, the level of market growth is likely to face a declining position as depicted after the peak section at maturity point beyond which the market share may begin to shrink relative to its operational size. The product may be reinforced to withstand the current competition with enhanced capacity to tap sunlight rays and convert them into electric energy for use. Its alignment with all individual’s intimate financial elements such as debit cards, mobile money transfer identities, individual identity cards for easy identification and others form the bases for the establishment of a routine, compulsory use in daily activities in line with other essential mobile services. In future, there may be possible development of multiple elements of technology as far as wallets are concerned. In particular, there might be introduction of strict legislation s across the globe on matters pertaining to environmental pollution arising from noble production activities. In order to resolve this problem, the company should establish a waste disposal strategy. This may take the following prototypic procedure: 3.0. Implications of Innovation in Society From the above timeline, this innovation sits at the segment one on product development proceeding to the Growth. In essence, the innovation is propelled by multiple forces that act from the central management point of view deduced from the insight of producing units that are defined by mobile capability to establish connections in case of loss. This is the ultimate innovative product that has been fueling the innovations. Due to its aggregate potential to increase secure handling of data and petty liquid cash, this innovation is very essential to the sustainability of the product in the market through regular enhancement depending on technological advances that occurs in the process. Active subscription to innovative daily approaches is fueled by stiff competitions from other producers in the market (Lessig, 2004). These elements can also be deduced from the fact that organizational capacity to serve the current market amidst souring demands. The primary sector involving the actual production of the Jumbo wallet will form the main employment source from the workforce of this innovation. However, in subsequent development after the completion of the project development involving the introduction of the product into the market, the workforce will be employed in the tertiary or service sector mainly, in the sale of the innovations in the integrated mobile integrated jumbo wallets. This sector will form the basis upon which the widening demand will be tracked and necessarily innovative approaches tapped to complement the demand. Eventually, the industry will not have to change the entire market and production. On the contrary, the industry will only alter the production process guided by the mobile technology enhancement that wills spearhead the development of mobile connectivity to the digitized wallet product in order to promote secure handling of data, documents and money in general. References Hardiman, G. (2009). Microarray innovations: Technology and experimentation. Boca Raton: Taylor & Francis. Lessig, L. (2004). Free culture: How big media uses technology and the law to lock down culture and control creativity. New York: Penguin Press. Miettinen, R. (2009). Dialogue and creativity: Activity theory in the study of science, technology and innovations. Berlin: Lehmanns Media. Read More