The industry of electrical installations and appliances cannot always be seen as straightforward. While there is an involvement of extensive amount of wiring regulations, electrical standards and other factors affecting such businesses, there is always scope of innovation in the business field. This business idea is focused on actively participating to elaborate the scope of innovation in a simple product, extension socket. When considering commercial industrial and domestic plugs, cord extension sets and sockets, the range of choice can be distinguished in terms of quality and choice. The introduction of this new product is to continuously add to this range with exciting and innovative new product range, for meeting the demand of consumer groups with different preferences. This innovative idea will be beneficial for contractors as well. Expanding the scope of innovation, the manufacturing of these products will be done in accordance with the AS/NZS3122, AS3109, AS/NZS3112, AS3100 and other relevant standards. With such an advancement of technology, new comforts will be introduced in a simple innovative extension socket because of the higher level of demand. With respect to applied economic, there are a number of approaches for studying the intention of consumers, among which the most useful and general one is to ask consumers for showing their willingness in the use of product, and the availability of product in the market. This research has considered the opinion of designed groups and experts, which helped in identifying the factors as demanded by the consumers. The four key factors considered in this innovation are educational, green, safety and functionality. It is a well- known fact that functional and safety factor has a positive impact on the willingness of consumers for purchasing extension socket. Other factors are related to the eco- friendliness of the product, as a number of consumers can be seen showing willingness to pay for green products.
In this project portfolio, focusing on the market of extension socket, this paper will be analysing the market and competition for the business. In the next section a brief overview and rationale for the business idea will be provided. Further ahead, there will be an application and discussion on the strategic canvas of the business, specifying the blue ocean strategy that will be used for the marketing and value addition of the innovation. Further ahead, the blue ocean model canvas will be used, crucially providing opportunities in the nine building blocks of business model for being innovative. Based on this discussion and analysis, key points of conclusion will be drafted. For the purpose of competitive analysis, Porter’s five forces analysis will be used.