DETAILS ? Pick a real company that you would like to work for in an industry sector that particularly interests you (for example: the media, arts, fashion, energy, food, information tech, healthcare, manufacturing, finance or engineering). ? Identify an emerging trend that is impacting the company/industry. The trend can be national and/or global, political, economic or simply a consumer shift. Examples might be the advances in virtual reality technology, the growing role of robotics, on-line learning through MOOCs (massive online open courses), the emergence of Big Datas, the expansion of apps beyond the smartphone, non-traditional loans like crowdsourcing. Originality will be rewarded. Avoid older, well-established trends such as the rise of cord-cutting or the death of bookstores. Base your research on at least 2 credible sources. ? Research the trend and its impact on your company and the industry sector. Identify the most critical problems, challenges and opportunities that the trend presents and narrow them down to the most significant. Make sure your analysis is based on in-depth research of the firm’s current and past performances vis-à-vis the competition. Explore the future outlook for the sector in general and your specific company in the context of this trend. Consider an array of potential strategies to manage/exploit the trend. Identify and evaluate the merits of potential adjustments to company operations and goals that could help exploit the trend to achieve maximize growth and profits. 2. Trend Analysis and Research You are a corporate strategist. Your job is to identify and analyze a new trend disrupting an industry sector and articulate a credible strategy that positions your company to profit from the emerging trend. The goal is to inform your audience about your findings and to persuade your readers to initiate specific actions. Your task is to sell your ideas by making full and convincing arguments. OBJECTIVES This assignment will help develop the ability to: a. Write effectively in a business environment; b. Perform high quality research and analysis of complex ideas; c. Identify and differentiate effective and ineffective business communications; d. Write clear, correct, well-structured communications DETAILS • Pick a real company that you would like to work for in an industry sector that particularly interests you (for example: the media, arts, fashion, energy, food, information tech, healthcare, manufacturing, finance or engineering). • Identify an emerging trend that is impacting the company/industry. The trend can be national and/or global, political, economic or simply a consumer shift. Examples might be the advances in virtual reality technology, the growing role of robotics, on-line learning through MOOCs (massive online open courses), the emergence of Big Datas, the expansion of apps beyond the smartphone, non-traditional loans like crowdsourcing. Originality will be rewarded. Avoid older, well-established trends such as the rise of cord-cutting or the death of bookstores. Base your research on at least 2 credible sources. • Research the trend and its impact on your company and the industry sector. Identify the most critical problems, challenges and opportunities that the trend presents and narrow them down to the most significant. Make sure your analysis is based on in-depth research of the firm’s current and past performances vis-à-vis the competition. Explore the future outlook for the sector in general and your specific company in the context of this trend. Consider an array of potential strategies to manage/exploit the trend. Identify and evaluate the merits of potential adjustments to company operations and goals that could help exploit the trend to achieve maximize growth and profits. • Chose the solution/strategy that you believe has the best chance of success. Support your argument with solid evidence. Anticipate problems or weaknesses in your proposal and answer potential criticism, i.e. counterclaims. • Communicate your analysis and conclusion in a persuasive argument. Make recommendations and outline necessary steps to initiate and implement your strategy. • Include properly sourced evidence like graphs or charts to support your claim. TASK: Write a detailed full outline. The outline should start with an introduction and include an overview of the industry, the company and its performance, the disruptive trend, your solution, counter arguments/risks to your strategy, conclusion and next steps. Document your sources accurately and appropriately with MLA format parenthetical source citations. Include a Works Cited page in MLA format at the end. Length: Write what you deem necessary. The completed essay should be 1000-1600 words, but again, you are only required to write an outline. I also included a sample of a completed assignment for reference. Let me know what grade you will give for this one and provide insights why you think it deserves the grade. Requirements: • Full detailed outline. • Citations in MLA format, references page if necessary. • Reflection and grade on sample paper provided (1page). Bringing Realities to Reality One of the hottest topics in the technology industry today would arguably be research and development in Virtual Reality (VR) and Augmented Reality (AR). Putting these two terms into a search engine will yield millions of results but the majority of the focus is placed in the entertainment industry. After all, the idea of creating virtual reality or augmenting the current reality is particularly enticing for game developers and film makers, garnering a tremendous amount of attention from the public. Games and films made with VR and AR allows the audience to interact with the product in a revolutionary way. Innovative ideas flock to VR/AR development within the entertainment world such as viewing sports games, social media interactions and horror games. Yet, VR/AR should not only be labelled for entertainment and has more ‘serious’ applications such as healthcare, retail and education industries. Successfully adopting the VR/AR trend can revolutionize and transform industries while being able to garner interest and investment. However, the process to implement VR/AR requires not only a sound business mind, but a formidable team in both software and visual design. What is VR/AR? Virtual Reality (VR) is the creation of a virtual world that is seemingly real and fully immersed where users can interact with. The current most common application of VR is through the use of a VR helmet or Goggles such as the Oculus Rift, Samsung VR, etc (McKalin 2014). On the other hand, augmented reality is designed to blend the virtual and the real world. Users are ‘able to interact with virtual contents in the real world and are able to distinguish between the two’ (McKalin 2014). The most notable AR gear would be the Google Glass where users can interact through glasses, helping them achieve daily tasks. Both VR and AR currently are most notable for their applications in the gaming and entertainment industry. Most recently, blockbuster games such as Resident Evil 7 released VR versions of their games which critics have praised it as one of the most terrifying VR game on the market (Conditt, 2017). The VR component can dramatically enhance the user experience as users feel fully immersed in the game environment. Meanwhile, the Microsoft Hololens has received a lot of attention recently for its immersive and realistic experience as game developers have focused on showcasing gameplay with the Hololens. It is without a doubt that VR/AR industry is on an upward trajectory in popularity. The chart below depicts the virtual reality hardware market size worldwide from 2016 to projected in 2020. At $3.2 billion market size in 2016, it is estimated that it will reach $7.3 billion in 2018. In addition, this is only the hardware market size, the overall market size is much greater as it includes software design, visual design, marketing etc. The overall VR/AR revenue is forecast to hit $120 billion by 2020 (Digi-Capital, 2016). Not only does the VR/AR industry hold a tremendous level of promise for developers but the trend has also pervaded into more ‘serious’ applications such as healthcare, retail and education industries. (Source: Statista.com) Healthcare The healthcare industry, as Goldman Sachs put, is one of the first industries to be disrupted by VR and AR technologies (Goldman Sachs, 2016) and has a current market size of $5.1billion. There are several ways currently in which healthcare has implemented VR and AR technologies. Sensation of pain is relieved through special healthcare applications designed to distract patients from painful procedures. VR is also utilized to treat and conquer phobias as a virtual scenario of the phobia can be created and slowly expose the patient to their phobias in a controlled environment. The most advance technology would arguably be robotic surgery where a robotic device performs the operation but controlled by a human through the VR interface. (Katona, 2017). Retail Applications The retail industry is another popular industry slowly being targeted by VR and AR developers with a current market size of $1.6billion. Harvard Business Review surmises that VR and AR ‘offers retailers the opportunity to transform how people shop. One customer might try on shirts without having to travel to the store. Another might order furniture on the spot, confident that it’s right for the house’ (McKone, 2016). The retail industry will be transformed by VR/AR technologies because they will change the fundamental way in which people shop. Online shopping currently leaves a lot for the imagination but VR/AR will allow people to purchase items that will provide a more accurate visualization. However, VR/AR retail is still an emerging industry, leaving lots of opportunities as there lacks many fully developed retail VR/AR products. The opportunities are more tantalizing as the investment in the sector is rampant with ‘AR and VR startups raising $658 million in equity financing last year. Some projections put AR and VR investment in retail at close to $30 billion by 2020′(McKone, 2016). Education The third popular industry is in education. Despite of its smaller market size of $0.7billion, a lot of focus has been placed in improving and revolutionizing education through VR and AR. Jain (2017) cites the use of VR to create an immersive classroom experience where ‘students are allowed to explore subject related matter in virtual environment, aimed providing them a better understanding and an engaging experience’. The implementation of these technologies have begun as VR and AR has become more practical and more affordable. However, researchers expect that AR will be implemented first because VR creates challenges of wearing headgear where ‘students won’t be wearing VR headgear for two hours’ (Dignan, 2017). Then, similar to retail, VR/AR is still in the process of maturing, with plenty of opportunities and investors. Taking Action The advantages of VR/AR can then be summarized into being able to attract younger customers that are interested in the newest technology as well as improving the overall customer experience as it improves the customer is able to interact better with the services. For startup firms and individuals seeking to take advantage of VR/AR, be warned that it requires not only a sound business mind but a formidable team in both software and visual design along with a capable network. • The Business Mind Without diving into specific industries of healthcare, retail or education, there are several points that needs to be considered when implementing VR/AR. First, one needs to make a decision between VR and AR. Although both provide an immersive experience for the customer, the way in which they are mounted is entirely different. VR has potential complications with consumers reported difficulty in wearing the VR helmet for prolonged periods of time and motion sickness. Second, decisions need to be made regarding where the device is being used. Having the device to be used in stores or at home impacts the way in which consumers interact with the merchant. In the example of a retail industry, customers can choose to come into the store to experience the device or would need to purchase the products to use at home. This would incur higher cost for the customers as they would need to buy the device. Third, a lot of thought and planning is needed for the way in which consumers will interact with the device. Perhaps the most important question of all is does implementing VR/AR actually enhance their experience? Rather than simply choosing to adopt VR/AR simply for the trend itself, the choice to use VR/AR should seek to actually provide a solution to problems that consumers currently have. • Team Forming As VR and AR are emerging industries, the level of technological capability is considerably higher. The team needs to be knowledgeable in both software, hardware and graphics design. Software design ensures that the application is ran smoothly. Hardware design is important as they would need to work with the software team in determining the • most efficient method of implementation. The graphical design team is required to ensure that the consumer is utilizing the device in the most comfortable way possible whilst ensuring that the graphics are realistic. The biggest issue with current VR devices is the cartoonish graphical design, as can be seen from Facebook VR where social interactions are very cartoonish and unrealistic. The decision to have graphics to be cartoonish or not, is entirely dependent on the idea. If the idea required realism in order for the user to have a mind-bending experience, then cartoonish virtual reality will not be the right application. Networking Finally, networking is perhaps the most important skill of all. As VR/AR is an emerging industry, innovation and development occurs very frequently with developer constantly inventing new methods of coding that can be more efficient. It is strongly encouraged for developers to attend conferences and technology fairs in order to both build their own professional network but also to be educated in the latest development in VR/AR. Improvements are being constantly made to the processing speed, hardware and overall design. It is crucial for any startup to be utilizing the latest, cutting edge technology rather than outdated design that would only hinder user experience. For example, an idea that requires the highest level of realism would need to be using the Oculus Rift as development platform rather than Google Cardboard where the former requires a powerful processor and the latter only needs a smartphone. Conclusion Virtual Reality and Augmented Reality is without a doubt one of the hottest and most invested technology trend of this year. The upward trend in its popularity is undeniable as not only is it popular in the entertainment industry, signs of transformation in healthcare, retail and education industry is also showing. For any startup firms or individuals who wishes to capitalize on the VR/AR trend, they would need to ensure that they have a sound business mind, a formidable team and a solid network in order to bring their realities, to reality. Sources McKalin, V. (2014). Augmented Reality vs. Virtual Reality. Tech Times. Retrieved Feb 6, 2017, from http://www.techtimes.com/articles/5078/20140406/augmented-reality-vs-virtual-realitywhat-are-the-differences-and-similarities.htm Conditt, J. (2017). Resident Evil & is the most terrifying VR game on the market. Engadget. Retrieved Feb 6, 2017, from https://www.engadget.com/2017/01/28/resident-evil-7-vr-ps4-psvrreview-video/ Statista. (2016). Virtual Reality Hardware Market Size Worldwide from 2016 to 2020. Statista. Retrieved Feb 6, 2017, from https://www.statista.com/statistics/550461/virtual-reality-marketsize-worldwide/ Digi-Capital. (2016). Augmented/Virtual Reality Revenue Forecast Revised to hit $120 billion by 2020. Digi-Capital. Retrieved Feb 6, 2017, from http://www.digicapital.com/news/2016/01/augmentedvirtual-reality-revenue-forecast-revised-to-hit-120-billionby-2020/#.WJod5hsrKiM Goldman Sachs. (2016). Virtual and Augmented Reality. Goldman Sachs. Retrieved Feb 6, 2017, from http://www.goldmansachs.com/our-thinking/pages/technology-driving-innovationfolder/virtual-and-augmented-reality/report.pdf Katona, R. (2017). How Will Virtual Reality Change the Healthcare Industry? Forbes. Retrieved Feb 6, 2017, from http://www.forbes.com/sites/quora/2017/02/06/how-will-virtual-realitychange-the-healthcare-industry/#661964f8274e McKone, D. (2016). Virtual and Augmented Reality Will Reshape Retail. Harvard Business Review. Retrieved Feb 6, 2017, from https://hbr.org/2016/09/virtual-and-augmented-reality-willreshape-retail Jain, R. (2017). VR Trends 2017: Education, Fitness, Entertainment, Healthcare, Food and Beverage, and Other Applications. International Business Times. Retrieved Feb 6, 2017, from http://www.ibtimes.com/vr-trends-2017-education-fitness-entertainment-healthcare-foodbeverage-other-2482647 Dignan, L. (2017) Academics, researchers ponder how quickly VR and AR will impact education. ZDNet. Retrieved Feb 6, 2017, from http://www.zdnet.com/article/academicsresearchers-ponder-how-quickly-vr-and-ar-will-impact-education/ Purchase answer to see full attachment Tags: Fashion energy food User generated content is uploaded by users for the purposes of learning and should be used following Studypool’s honor code & terms of service.