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© Insight Academy RTO Code 41393 CRICOS 03467G iGrow BSB50120 Diploma of Business CRICOS Course Code 105208M iGrow FAILING FAST, Assessment 2 Project Book BSB50120 Diploma of Business BLOCK: FAILING FAST Assessment 2 Project Book

BLOCK: FAILING FAST Assessment 2 Project Book Table of Contents ....................................................................................................................................... 1 Assessment Overview ........................................................................................................ 3 About your Assessment .................................................................................................. 3 Units Assessed in this Block ............................................................................................... 3 Performance Objectives ..................................................................................................... 3 Assessment information & schedule .................................................................................. 3 Required Resources ............................................................................................................ 3 Submission of Assessments ............................................................................................... 4 Late or incomplete Assessments ........................................................................................ 4 Assessment Workbook Requirements ............................................................................. 4 Reasonable Adjustment ..................................................................................................... 4 Cover Sheet & Summary .................................................................................................... 5 Assessment 2 Project Book ............................................................................................. 5 Summary ........................................................................................................................ 5 Specific Resources ............................................................................................................. 5 What, when and how do I submit? ..................................................................................... 5 Your State/Territory ......................................................................................................... 6 Task 2: Applying Creativity and Problem-solving ................................................................ 6 Task 3 – Retrospective Knowledge ...................................................................................... 8 Coach/Assessor Feedback & Comments ........................................................................ 15 iGrow FAILING FAST, Assessment 2 Project Book Date Created 1 Feb 2021 iGrow BSB50120 Diploma of Business Date Modified 25 Aug 2023 © Insight Academy RTO Code 41393 CRICOS 03467G Version 2.2 Page | 2

BLOCK: FAILING FAST Assessment 2 Project Book Assessment Overview About your Assessment This assessment workbook includes a series of assessment tasks. You are required to address each task as instructed. In order to complete this workbook satisfactorily, you are to complete each and every one of the assessment tasks. Units Assessed in this Block BSBCRT511 Develop critical thinking in others BSBCRT512 Originate and develop concepts BSBSTR501 Establish innovative work environments More information about this unit of competency and the evidence requirements can be found at: https://training.gov.au/Training/Details/BSBCRT511 https://training.gov.au/Training/Details/BSBCRT512 https://training.gov.au/Training/Details/BSBSTR501 Performance Objectives  Assess individual and team critical and creative thinking skills  Establish an environment that encourages the application of critical and creative thinking  Monitor and improve thinking practices  Scope issue  Generate and present solutions  Refine solutions for implementation Develop an environment for an organisation or work area that supports the application of critical and creative thinking methods. In the course of the above, the candidate must:  Develop questions and prompt questioning to broaden knowledge and understanding of the team member cohort Assessment information & schedule Below is the suggested schedule of assessment to be completed within this workbook Task About this Task Scheduled completion Task 2 Weeks 5, 6, 7 Task 3 Weeks 5, 6, 7, 8 Required Resources Students are required to have access to their own laptop and smartphone with internet access.  Computer  Microsoft Word or similar word editing software  Access to Microsoft Excel or similar spreadsheet software  Learning material through Insight Academy’s Learning Management Software iGrow FAILING FAST, Assessment 2 Project Book Date Created 1 Feb 2021 iGrow BSB50120 Diploma of Business Date Modified 25 Aug 2023 © Insight Academy RTO Code 41393 CRICOS 03467G Version 2.2 Page | 3

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BLOCK: FAILING FAST Assessment 2 Project Book Submission of Assessments This assessment is a log-book exercise and should be filled out and handed in at the end of the Term along with your other assessments. Late or incomplete Assessments In line with our Late and Incomplete policy (outlined in our student’s handbook and the Block guide). Please make sure you attempt, check, and complete all your assessments. Where possible, contact your Coach or the Academic department at academic@insightacademy.edu.au Assessment Workbook Requirements Each part of this assessment has specific instructions; please read them carefully.  Fill out ALL boxes before submitting, and make sure you answered ALL parts of the tasks .  If you are missing one small part of any question, it will be marked as unsatisfactory.  Please turn on auto-correct to Australian English (Microsoft Word  Tools  Language) or download the “Grammarly” plug-in to correct grammar mistakes. Reasonable Adjustment Reasonable adjustment will be provided for learners with a diagnosed disability or learning difficulty in accordance with the nature of the disability or difficulty. This is to ensure that the participant is not presented with artificial barriers in demonstrating achievement in the program of study. Reasonable adjustment will need to be discussed with your Coach and Academic Manager prior to assessment. iGrow FAILING FAST, Assessment 2 Project Book Date Created 1 Feb 2021 iGrow BSB50120 Diploma of Business Date Modified 25 Aug 2023 © Insight Academy RTO Code 41393 CRICOS 03467G Version 2.2 Page | 4

BLOCK: FAILING FAST Assessment 2 Project Book Cover Sheet & Summary Assessment 2 Project Book Students: Please fill out this cover sheet clearly and accurately. Make sure you have kept a copy of your work. Student Declaration: þ None of this work has been completed by any other person. þ I have not cheated, plagiarised the work, or colluded with any other student/s. þ I have correctly referenced all resources and reference texts throughout these assessment tasks. þ I understand that if I am found to be in breach of policy, disciplinary action may be taken against me. Summary Fill the different sections of the assessment: Impact of Your Own Emotions to the best of your ability throughout the Block and refer back to it to see how you have evolved over the Block. Specific Resources - FAILING FAST – Learning Resource - FAILING FAST – Lesson Slides - Your Coach and own research/study What, when and how do I submit? Submit this task through Canvas online; make sure you complete it and save a copy for yourself. You will need to submit this document in week 8 of the Block. iGrow FAILING FAST, Assessment 2 Project Book Date Created 1 Feb 2021 iGrow BSB50120 Diploma of Business Date Modified 25 Aug 2023 © Insight Academy RTO Code 41393 CRICOS 03467G Version 2.2 Page | 5 Student name: Student ID: Date Completed: Student Declaration Signature:

BLOCK: FAILING FAST Assessment 2 Project Book Your State/Territory Some tasks in this Practical Assessment require you to refer to legislative and regulatory requirements relating to business applications to the state/territory where the workplace where you will conduct this practical assessment is located. For your assessor’s reference, indicate below which state/territory your workplace/organisation is based or located in by ticking the box corresponding to your answer. When completing these tasks, refer to the legislative and regulatory requirements for business applications to the state/territory you ticked below. The state/territory in which your workplace/organisation is based or located. ☐ Australian Capital Territory ☐ South Australia ☐ New South Wales ☐ Tasmania ☐ Northern Territory ☐ Victoria ☐ Queensland ☐ Western Australia Task 2: Applying Creativity and Problem-solving Task 2.7 Seek Feedback & Document Feedback It is time to test your prototype with your potential users. You or your team must select 5 relevant users, stakeholders, or customers on which it will test the prototype. Attached are the online survey answers below. (Google Forms recommended) This is the survey feedback analysis of the responses; add the summary, tables, statistics, or feedback capture grid in Miro. The answers must cover the following: • Screening • Before the test • During the test • After the test Attach the Google Forms as a PDF, Picture Format, or Miro Board Direct Link below. RESPONSES iGrow FAILING FAST, Assessment 2 Project Book Date Created 1 Feb 2021 iGrow BSB50120 Diploma of Business Date Modified 25 Aug 2023 © Insight Academy RTO Code 41393 CRICOS 03467G Version 2.2 Page | 6

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BLOCK: FAILING FAST Assessment 2 Project Book Question Result: Satisfactory Not yet satisfactory Assessor Comments and Feedback Task 2.7.1 After gathering your feedback from the task above and discussing it with your team, summarise the main things you learned from testing your LOW-FIDELITY PROTOTYPE with your colleagues and users. This is your analysis of the understanding of the major findings from the responses to your surveys. Describe these discoveries in bullet point format. Certainly, here are the major findings from testing the low-fidelity prototype: User Profiling: We successfully screened and selected relevant users based on specific criteria. The screening process helped ensure we had the right participants for the test. Expectations: Participants had varied expectations before the test. Some expected a simple and intuitive design, while others were hoping for advanced features. Understanding these expectations was crucial. Usability Issues: During the test, several users encountered usability issues. These iGrow FAILING FAST, Assessment 2 Project Book Date Created 1 Feb 2021 iGrow BSB50120 Diploma of Business Date Modified 25 Aug 2023 © Insight Academy RTO Code 41393 CRICOS 03467G Version 2.2 Page | 7

BLOCK: FAILING FAST Assessment 2 Project Book included difficulties navigating the interface, understanding the functionality, and performing certain tasks. Positive Feedback: Despite usability issues, some users expressed positive feedback about the design, especially regarding its visual appeal and simplicity. These insights helped us identify design elements that resonated with users. Constructive Criticism: Users provided valuable constructive criticism related to specific design elements, layout, and user flow. This feedback was instrumental in pinpointing areas that needed improvement. Post-Test Impressions: After the test, participants' overall experiences were mixed. Some were enthusiastic about the potential of the prototype, while others expressed reservations. This reinforced the need to address usability issues. Design Preferences: We learned that users had diverse design preferences. Some preferred a clean and minimalistic look, while others favored a more colorful and visually stimulating interface. This highlighted the importance of considering different user preferences. Functionality Insights: Participants provided insights into the functionality they found most valuable. This guided us in refining and prioritizing certain features that were crucial for user satisfaction. Iterative Development: The feedback received emphasized the iterative nature of the design process. We recognized that the low-fidelity prototype was a valuable tool for early testing and validating ideas, but further refinement was needed. User-Centered Approach: Testing the prototype with real users reaffirmed the importance of a user-centered design approach. Their feedback was invaluable in shaping the direction of the project. Team Collaboration: Collaborative discussions with the team were essential in interpreting the findings and prioritizing design improvements. The team acknowledged the significance of addressing usability issues promptly. Question Result: Satisfactory Not yet satisfactory Assessor Comments and Feedback Task 2.8 Refine and finalise the solution in response to feedback and in accordance with your original HMW problem statement. These are your conclusions, recommendations, or specific actions to develop after the responses to your surveys. Describe these improvements in bullet point format. What are the main changes or improvements that you or your team had decided to take action and make to your product or service to develop the High-Quality Prototype ? iGrow FAILING FAST, Assessment 2 Project Book Date Created 1 Feb 2021 iGrow BSB50120 Diploma of Business Date Modified 25 Aug 2023 © Insight Academy RTO Code 41393 CRICOS 03467G Version 2.2 Page | 8

BLOCK: FAILING FAST Assessment 2 Project Book After analyzing the feedback and considering the original "How Might We" (HMW) problem statement, here are the main changes and improvements to be made in the development of the High-Quality Prototype: Usability Enhancements: Address the usability issues identified during testing, such as improving navigation, simplifying complex tasks, and ensuring a more intuitive user interface. Feature Prioritization: Refine the feature set based on user feedback and prioritize those that align most closely with users' needs and expectations. Customization Options: Introduce design customization options to accommodate varying user preferences, allowing users to personalize the interface. Visual Consistency: Ensure consistent visual elements, such as color schemes, typography, and iconography, throughout the product to provide a cohesive and professional look. User Flow Optimization: Streamline the user flow and create a more straightforward and efficient path for users to accomplish their tasks and goals. Accessibility Considerations: Incorporate accessibility features to ensure the product is usable by a broader range of individuals, including those with disabilities. Testing Continuation: Continue testing with a broader user base to gather additional feedback and ensure the prototype aligns with diverse user needs. Documentation and Help: Provide clear and accessible documentation or help resources within the prototype to guide users on how to use the product effectively. Performance Optimization: Ensure the high-quality prototype functions smoothly and efficiently, addressing any performance issues. Feedback Mechanism: Implement a feedback mechanism within the prototype to encourage ongoing user feedback and gather suggestions for future improvements. Quality Assurance: Conduct thorough quality assurance testing to identify and rectify any potential bugs or issues that could impact the user experience. Collaborative Review: Engage in frequent reviews with the development team, considering user feedback, design changes, and improvements in a collaborative and iterative manner. Maintain User-Centered Approach: Continue to prioritize the user's perspective in all development decisions, with a focus on meeting their needs and expectations. iGrow FAILING FAST, Assessment 2 Project Book Date Created 1 Feb 2021 iGrow BSB50120 Diploma of Business Date Modified 25 Aug 2023 © Insight Academy RTO Code 41393 CRICOS 03467G Version 2.2 Page | 9

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BLOCK: FAILING FAST Assessment 2 Project Book Question Result: Satisfactory Not yet satisfactory Assessor Comments and Feedback iGrow FAILING FAST, Assessment 2 Project Book Date Created 1 Feb 2021 iGrow BSB50120 Diploma of Business Date Modified 25 Aug 2023 © Insight Academy RTO Code 41393 CRICOS 03467G Version 2.2 Page | 10

BLOCK: FAILING FAST Assessment 2 Project Book Task 3 – Retrospective Knowledge Task 3.1 You can use the elements of the Business Model Canvas (BMC) to test the feasibility, desirability, and viability of your potential business idea. Explain how certain elements of the BMC will help you test each of these in reference to your selected business venture’s main product or service. Which elements of the BMC will help you test this, and how Desirability (suitability for the target audience) Customer Segments: This element helps identify your target audience. By defining customer segments clearly, you can test if your product or service is tailored to meet their specific needs and preferences. Value Proposition: The value proposition is a key element that directly addresses the question of desirability. It outlines the unique benefits your product or service offers to your target audience. Testing your value proposition with potential customers can provide insights into whether your solution resonates with them. Customer Relationships: Understanding the type of relationship your target audience expects with your business can help you test if your approach aligns with their preferences. For example, some customers may prefer self-service, while others may want personalized support. Feasibility (how to implement) Key Resources: This element helps you assess what resources are required to implement your business idea. It allows you to determine whether you have or can acquire the necessary assets, such as technology, physical infrastructure, or skilled personnel. Key Activities: This section outlines the essential tasks your business needs to perform. By defining these activities, you can evaluate the operational feasibility of your venture. It's important to test whether you have the capability to carry out these activities efficiently. Cost Structure: Analyzing the cost structure helps assess the financial feasibility of your business. Testing this element allows you to determine whether your cost projections align with the available budget and revenue expectations. iGrow FAILING FAST, Assessment 2 Project Book Date Created 1 Feb 2021 iGrow BSB50120 Diploma of Business Date Modified 25 Aug 2023 © Insight Academy RTO Code 41393 CRICOS 03467G Version 2.2 Page | 11

BLOCK: FAILING FAST Assessment 2 Project Book Viability (commercial and monetisation potential) Revenue Streams: This element outlines how your business plans to generate income. By testing your revenue streams with potential customers, you can gauge whether they are willing to pay for your product or service and at what price point. Channels: Examining your distribution and sales channels is essential to test the viability of reaching your target audience efficiently. It helps ensure that you have a practical strategy to monetize your offering. Partnerships and Key Suppliers: Testing your partnerships and relationships with key suppliers is crucial to evaluate the viability of your supply chain and collaborations. It helps assess if these arrangements contribute to your business's commercial potential. Question Result Satisfactory Not yet satisfactory Assessor Comments and Feedback iGrow FAILING FAST, Assessment 2 Project Book Date Created 1 Feb 2021 iGrow BSB50120 Diploma of Business Date Modified 25 Aug 2023 © Insight Academy RTO Code 41393 CRICOS 03467G Version 2.2 Page | 12

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BLOCK: FAILING FAST Assessment 2 Project Book Task 3.2 SCAMPER technique for Creative Thinking Develop a SCAMPER technique for Creative Thinking for your selected Product or Service . S Substitute Substitute traditional light bulbs with energy-efficient LED bulbs to reduce energy consumption. Substitute physical remote controls with voice-activated commands for hands-free operation. C Combine Combine the home security system with the automation system to create a comprehensive smart security solution. Combine the thermostat control with weather data to optimize energy use based on upcoming weather conditions. A Adapt Adapt the system to integrate with wearable devices like smartwatches for even more convenient control. Adapt the system to accommodate elderly or disabled individuals by incorporating voice commands and simplified interfaces. M Modify Modify the smartphone app to include more customization options for user preferences. Modify the system to be solar-powered, reducing the dependence on electricity. P Put to Another Use Put the automation system to another use by integrating it with a smart garden system for automated plant care. Put the security features to another use by creating a monitoring service for small businesses. E Eliminate Eliminate the need for a separate remote control for each device by centralizing all controls in one app. Eliminate the need for a manual setup process by using artificial intelligence for device pairing. R Reverse Reverse the typical energy consumption monitoring by showing users how much money they're saving with the system. Reverse the system's user interface by allowing users to customize and design their own control panels. Question Result: Satisfactory Not yet satisfactory Assessor Comments and Feedback Task 3.3 iGrow FAILING FAST, Assessment 2 Project Book Date Created 1 Feb 2021 iGrow BSB50120 Diploma of Business Date Modified 25 Aug 2023 © Insight Academy RTO Code 41393 CRICOS 03467G Version 2.2 Page | 13

BLOCK: FAILING FAST Assessment 2 Project Book You had to analyse, synthesise, and evaluate information during your Design Thinking process. These are key components of critical thinking. Explain the 4 Core Values of the Agile Methodology Individuals and Interactions Over Processes and Tools: This value highlights the significance of people and their interactions within a project. Agile recognizes that while processes and tools are essential, they should not hinder the effective collaboration of team members. It encourages open communication, cooperation, and teamwork among individuals to drive the project's success. Working Solutions Over Comprehensive Documentation: Agile places a higher priority on delivering functional, working solutions over extensive documentation. While documentation is necessary, Agile acknowledges that excessive paperwork can impede progress. It emphasizes that the primary goal is to create a product or service that fulfills customer needs and delivers value. Customer Collaboration Over Contract Negotiation: Agile prioritizes collaboration with the customer throughout the project's lifecycle. Instead of relying solely on contractual agreements, Agile encourages an ongoing partnership where customer feedback and involvement are integral. This approach ensures that the product or service aligns with customer requirements and evolves as those requirements change. Responding to Change Over Following a Plan: Agile acknowledges that change is inevitable, and it values the ability to adapt and respond to change more than sticking rigidly to a predefined plan. While planning is necessary, Agile recognizes that plans may need to be adjusted as the project progresses. This flexibility enables teams to remain responsive and deliver valuable solutions in dynamic environments. Question Result Satisfactory Not yet satisfactory Assessor Comments and Feedback Task 3.3.1 What are the 7 stages that compose an Agile Sprint? Sprint Planning: This is the initial stage where the team, including the product owner, Scrum master, and development team, collaboratively plan the work for the sprint. Daily Standup (Daily Scrum): Each day during the sprint, the team holds a short daily standup meeting to discuss progress, issues, and plans. Development: This stage is where the bulk of the work occurs. The team works on the user stories or tasks committed to during sprint planning. Code Review and Testing: As the team develops features, they perform code reviews to ensure the quality and maintainability of the code. Demo (Sprint Review): At the end of the sprint, the team holds a sprint review or iGrow FAILING FAST, Assessment 2 Project Book Date Created 1 Feb 2021 iGrow BSB50120 Diploma of Business Date Modified 25 Aug 2023 © Insight Academy RTO Code 41393 CRICOS 03467G Version 2.2 Page | 14

BLOCK: FAILING FAST Assessment 2 Project Book demo. During this meeting, the team showcases the completed work to stakeholders, such as the product owner and other team members. Retrospective: After the sprint review, the team conducts a retrospective to reflect on the sprint's performance. Sprint Backlog Grooming: Throughout the sprint, the team may engage in backlog grooming or refinement to prepare the product backlog for upcoming sprints. Question Result Satisfactory Not yet satisfactory Assessor Comments and Feedback iGrow FAILING FAST, Assessment 2 Project Book Date Created 1 Feb 2021 iGrow BSB50120 Diploma of Business Date Modified 25 Aug 2023 © Insight Academy RTO Code 41393 CRICOS 03467G Version 2.2 Page | 15

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BLOCK: FAILING FAST Assessment 2 Project Book Task 3.4 One thing is to develop a product or service; it is another thing to bring it out into the world and commercialise it. Commercialisation is the process of introducing it into commerce and making it available on the market. Identify 3 issues or requirements you might have to consider for commercialising the product or service you have developed. Market Research and Validation: Before commercialization, thorough market research is crucial. It's essential to validate that there is a demand for the product or service. This involves understanding your target audience, their needs, preferences, and pain points. You should also assess market size, competition, and potential pricing strategies. Market validation helps ensure that there is a viable market for what you've developed. Business Model and Monetization Strategy: Determine the most appropriate business model and monetization strategy. This includes deciding how you will generate revenue from the product or service. Consider whether it will be a subscription model, one-time purchase, freemium, or based on advertising. Additionally, evaluate pricing strategies to ensure they align with your target audience's willingness to pay while covering your costs and generating profits. Regulatory Compliance and Intellectual Property Protection: Depending on your product or service, you may need to comply with various regulations and standards. Ensure that your offering adheres to all relevant laws and industry-specific regulations. Moreover, consider intellectual property protection, such as patents, trademarks, or copyrights, to safeguard your innovation from competitors and potential legal issues. Question Result: Satisfactory Not yet satisfactory Assessor Comments and Feedback Task 3.5 The revenue stream is how you can make money selling your selected Product or Service. Key Revenue Describe what revenue stream you have chosen for your selected Product or Service. For the selected product or service, which is a "Smart Home Automation System," I have chosen the following key revenue streams: Product Sales: The primary revenue stream will come from selling the smart home automation hardware and equipment. This includes devices such as smart iGrow FAILING FAST, Assessment 2 Project Book Date Created 1 Feb 2021 iGrow BSB50120 Diploma of Business Date Modified 25 Aug 2023 © Insight Academy RTO Code 41393 CRICOS 03467G Version 2.2 Page | 16

BLOCK: FAILING FAST Assessment 2 Project Book thermostats, smart lighting systems, home security cameras, voice-controlled assistants, and other IoT (Internet of Things) devices that make up the smart home ecosystem. Subscription Services: To provide ongoing value to customers and generate recurring revenue, I plan to offer subscription services. This may include premium features, cloud storage, remote monitoring, and automation customization. Subscribers will pay a regular fee for access to these additional services. Installation and Setup Services: Many consumers may require professional installation and setup of their smart home systems to ensure they function seamlessly. Offering installation and setup services for a fee can be a significant revenue stream, especially for those who prefer a hassle-free experience. Maintenance and Support Contracts: To provide peace of mind to customers, I will offer maintenance and support contracts. These contracts would cover ongoing technical support, software updates, and hardware maintenance. Customers can opt for different levels of support based on their needs. App and Ecosystem Integration: If the smart home system integrates with third- party applications and ecosystems, I can establish partnerships and generate revenue through integration fees or revenue-sharing agreements with those third- party providers. Data Analytics and Insights: Smart home systems generate valuable data about user behavior, energy consumption, and more. By offering data analytics and insights services, customers can gain valuable information about their home and lifestyle, which can be monetized through subscription-based analytics packages. Partnerships and Alliances: Collaborations with other companies, such as utility providers or insurance companies, can result in revenue-sharing partnerships. For example, utility companies might offer incentives for homeowners who adopt energy-efficient smart home solutions. These key revenue streams are designed to provide a diversified income model for the smart home automation system, catering to various customer segments and ensuring long-term sustainability and profitability. Question Result: Satisfactory Not yet satisfactory Assessor Comments and Feedback iGrow FAILING FAST, Assessment 2 Project Book Date Created 1 Feb 2021 iGrow BSB50120 Diploma of Business Date Modified 25 Aug 2023 © Insight Academy RTO Code 41393 CRICOS 03467G Version 2.2 Page | 17

BLOCK: FAILING FAST Assessment 2 Project Book Task 3.5.1 Pricing Description or in Dollars, what price or price range have you chosen for your selected Product or Service? For the selected "Smart Home Automation System," the pricing would typically vary based on the specific components, features, and level of automation offered. However, to provide a general price range, the cost of a basic smart home automation system might start at around $300 to $500. This range includes essential components like a smart hub, a few smart plugs, and a basic security camera. For more comprehensive and feature-rich systems with advanced automation capabilities, including integrated smart lighting, heating and cooling control, and security features, the price could range from $1,000 to $3,000 or more, depending on the complexity and the number of devices integrated. It's important to note that pricing can vary significantly depending on factors such as brand, the number of devices included, and the degree of integration. Additionally, subscription services, professional installation, and support packages can add to the overall cost. Keep in mind that the pricing for smart home automation systems may evolve over time as technology advances and competition in the market increases. It's essential to conduct market research and competitive analysis to determine the most appropriate pricing strategy for the product to meet customer expectations and achieve profitability. Question Result: Satisfactory Not yet satisfactory Assessor Comments and Feedback Task 3.6 Key Costing Description or in Dollars, what are the key, most relevant or major costs related to your selected Product or Service? For the selected "Smart Home Automation System," the key costs would include: Hardware Costs: The cost of manufacturing or sourcing the smart devices and components that make up the system. This includes expenses for smart iGrow FAILING FAST, Assessment 2 Project Book Date Created 1 Feb 2021 iGrow BSB50120 Diploma of Business Date Modified 25 Aug 2023 © Insight Academy RTO Code 41393 CRICOS 03467G Version 2.2 Page | 18

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BLOCK: FAILING FAST Assessment 2 Project Book thermostats, lighting systems, security cameras, sensors, smart locks, and other IoT devices. Software Development: The expenses related to developing the software and applications needed to control and manage the smart home system. This includes costs for app development, firmware updates, and cloud-based services. Research and Development (R&D): Investment in research and development is crucial to staying competitive in the smart home technology market. This includes costs associated with innovation, testing, and prototyping. Marketing and Promotion: Costs for marketing the product to the target audience, including advertising, promotions, and public relations efforts. Sales and Distribution: Expenses related to selling and distributing the smart home system, including sales commissions, distribution agreements, and retail partnerships. Installation and Support Services: If offering installation and support services, costs associated with hiring and training professionals to install the system and provide customer support. Customer Acquisition: Costs related to acquiring new customers, including lead generation, advertising, and sales team expenses. Maintenance and Software Updates: Expenses for maintaining the software, providing regular updates, and addressing customer inquiries or issues. Professional Services: If the business contracts with third-party providers for services like data analytics or cloud hosting, these costs should be considered. Overhead and Operating Costs: General overhead expenses, including office space, utilities, insurance, and administrative costs. The specific dollar amounts for these costs can vary widely depending on the scale of the business, the complexity of the system, and the chosen business model. It's essential to conduct a detailed cost analysis to understand the specific financial requirements and ensure the product's profitability. Question Result: Satisfactory Not yet satisfactory Assessor Comments and Feedback iGrow FAILING FAST, Assessment 2 Project Book Date Created 1 Feb 2021 iGrow BSB50120 Diploma of Business Date Modified 25 Aug 2023 © Insight Academy RTO Code 41393 CRICOS 03467G Version 2.2 Page | 19

BLOCK: FAILING FAST Assessment 2 Project Book Task 3.7 Choosing the pricing strategy for your business requires research, calculation, and a lot of thought. What pricing strategy have you chosen for your selected Product or Service and why? For the selected "Smart Home Automation System," I have chosen a "Value-Based Pricing" strategy. This strategy involves setting prices based on the perceived value of the product to the customer, taking into account the benefits it offers and how it addresses specific customer needs. Here's why: Customer-Centric Approach: Smart home automation systems offer a wide range of features and benefits, such as convenience, energy savings, security, and peace of mind. Value-based pricing allows us to align pricing with what customers are willing to pay for these benefits, considering their unique needs and preferences. Diverse Customer Segments: The smart home market includes various customer segments, each with distinct requirements. Value-based pricing allows us to tailor pricing to different segments, ensuring that customers in each category perceive the price as fair and justifiable based on the value they receive. Competitive Advantage: Value-based pricing can provide a competitive advantage by positioning the product as a premium solution that delivers substantial value. This approach allows us to avoid engaging in price wars with competitors and maintain a focus on quality and customer satisfaction. Flexible Pricing Structure: Value-based pricing allows for a flexible pricing structure, enabling us to create different pricing tiers based on the features and services included. Customers can choose the level of automation and customization that best suits their needs and budget. Revenue Maximization: By setting prices based on the perceived value, this strategy can help maximize revenue. Customers who see significant value in the product are often willing to pay more, contributing to higher profit margins. Long-Term Customer Relationships: By delivering value at a price that aligns with customer expectations, this strategy fosters long-term customer relationships, loyalty, and repeat business. Value-based pricing is well-suited for a product like a smart home automation system, where the value derived from convenience, security, energy savings, and customization is significant and varies from one customer to another. It enables us to capture a fair share of the value we provide while maintaining customer satisfaction and market competitiveness. Question Result: Satisfactory Not yet satisfactory Assessor Comments and Feedback Task 3.8 iGrow FAILING FAST, Assessment 2 Project Book Date Created 1 Feb 2021 iGrow BSB50120 Diploma of Business Date Modified 25 Aug 2023 © Insight Academy RTO Code 41393 CRICOS 03467G Version 2.2 Page | 20

BLOCK: FAILING FAST Assessment 2 Project Book AFTER YOUR PRESENTATION Reflect on your findings, your pitch, and your prototype to conclude how viable the selected business opportunity is: You might consider the following: • What did you discover? • What did you confirm? • What can you conclude? Your own personal reflection on the selected product or service. In reflecting on the selected business opportunity, which is the "Smart Home Automation System," several key findings and conclusions stand out: Discoveries: Market Demand: Through market research and customer feedback, I discovered a significant demand for smart home automation systems. Consumers are increasingly seeking ways to enhance convenience, security, energy efficiency, and overall quality of life in their homes. Competitive Landscape: The smart home technology market is competitive, with various players offering different solutions. This competition underscores the demand for such systems and the need to innovate and differentiate to stand out. Customization Matters: Customers highly value the ability to customize their smart home systems to meet their specific needs and preferences. This customization includes the ability to choose devices, set up automation routines, and integrate third-party applications. Value-Based Pricing: Value-based pricing is a suitable strategy for this market. Customers are willing to pay for the benefits and value that a smart home automation system provides, and they appreciate flexible pricing options that align with their perceived value. Confirmations: User-Centered Design: The user-centered design approach was confirmed to be crucial. It's essential to put the user at the center of product development, focusing on usability, simplicity, and personalization. Iterative Prototyping: The iterative prototyping process confirmed the value of gradually refining the product based on user feedback. Each iteration brought about improvements that aligned more closely with customer needs. Market Validation: The market research and the prototype testing confirmed that the business opportunity is viable. The market demand and positive user feedback are indicators of the opportunity's potential success. iGrow FAILING FAST, Assessment 2 Project Book Date Created 1 Feb 2021 iGrow BSB50120 Diploma of Business Date Modified 25 Aug 2023 © Insight Academy RTO Code 41393 CRICOS 03467G Version 2.2 Page | 21

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BLOCK: FAILING FAST Assessment 2 Project Book Conclusions: Based on the discoveries and confirmations, I can conclude that the selected business opportunity to offer a Smart Home Automation System is indeed viable. There is a real market demand, and customers value the convenience, security, and customization options provided by such a system. The iterative design process and value-based pricing strategy are effective approaches to address customer needs while ensuring long-term profitability. To succeed in this market, it's essential to continue refining the product based on user feedback, ensuring it remains user-centric and adaptable to evolving customer needs. Furthermore, maintaining a customer-focused and value-driven approach is critical for long-term success in the competitive smart home technology industry. Question Result: Satisfactory Not yet satisfactory Assessor Comments and Feedback Question 3.9 In order to present your solution in a relevant format to the relevant users, stakeholders, or customers, you will create a HIGH-FIDELITY PROTOTYPE . Describe your prototype below, or insert a picture, illustration, or image of it or the Miro Board. Attach the Miro Board as a PDF, Picture Format, or Direct Link below. Develop a HIGH -FIDELITY PROTOTYPE for your selected product or service. iGrow FAILING FAST, Assessment 2 Project Book Date Created 1 Feb 2021 iGrow BSB50120 Diploma of Business Date Modified 25 Aug 2023 © Insight Academy RTO Code 41393 CRICOS 03467G Version 2.2 Page | 22

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BLOCK: FAILING FAST Assessment 2 Project Book Coach/Assessor Feedback & Comments Feedback may be given through Canvas. End of Assessment If you have fully met the requirements of each assessment task, you will be marked as SATISFACTORY . An UNSATISFACTORY result indicates that you have not fully met the requirements of that assessment; hence, you must resubmit after reading and applying the feedback provided. You must submit and obtain a SATISFACTORY result for all assessment tasks to complete each Block. iGrow FAILING FAST, Assessment 2 Project Book Date Created 1 Feb 2021 iGrow BSB50120 Diploma of Business Date Modified 25 Aug 2023 © Insight Academy RTO Code 41393 CRICOS 03467G Version 2.2 Page | 24 Coach, write here. Result Date Was this a resubmissio n? Assessment Task 1 Satisfactory Not yet satisfactory YES NO Coach/ Assessor Name: Coach/ Assessor Signature:

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