1.1 Technology/trend definition
Second Life: It is an internet-based 3-D virtual world. It is the place where people can experience the new life by meet new people, exchange goods and services with own currency and all other social-network through own avatars.
1.2 Key general features of the technology/trend for business
Second Life is not only a game it is the place where business can sell their goods and services to its residents.
1.3 Sector Definition
(Banking, Insurance and Financial services)
We can experience the frontier capitalism and we can actually earn money. We can test new banking and financial services or learn those systems. Since it is web reality programmed we can analysis what is going to happen if we implement new system in real world and what will be the risk and benefits we can get from it.
2.1 Assessment of potential business Benefit (B) and Risk (R) of the technology to the sector
Potential business benefit B5
Potential business risk R3
2.2 Potential Business Benefit/Risk – Discussion
4 millions of residents are in the SL, businesses can use this virtual world as a new business opportunity. By selling their products and also they can test or promote such as brand marketing, holding events, training and simulations. In SL there are some manufactures and brands such as Microsoft, Adidas and much more. These businesses were not specially founded for SL but they involved themselves into this virtual world. Banking, Insurance and Financial services are not much involved in this virtual world but if they do there will be benefits and risks for them.
Banking and those financial services can promote their brand through SL for example they can set up a business in SL and residents will be using their services and as a result the reputation will increase and also businesses can test their new products such as new banking products or insurance products and analyze the result to apply it to real-world. But since SL first introduced in 2002 the number of residents will keep increase as time goes by. Therefore the benefits they might expect for now is not so much but few years later the SL market will get much bigger and there will be much more opportunity for business.
However there are potential risks for business as well as benefits. Although SL is a virtual world businesses will still need set up costs and operating costs, theses expense will be much less than real world but if those businesses fail to satisfy SL residents the reputation and brand name will be disadvantaged from the result.
The first chance a company is a new product may not be what the clienteles want and see it as the necessity. This risk is severe when you base your concepts for new merchandise merely on an impulse, or without conducting sufficient market investigation. Businesses that are not in touch with their clienteles are also likely to issue with the product. One issue that is often met by product designers is determining on what features must be encompassed in the product. There problem that occurs among merchandise because it has too little features and having too much. The second risk is product growth procedure may include mechanical hurdles and functioning risks that must be overcome. The corporation may be developing completely new merchandise that will deliver new and better assistance to clients. The item may also select to adapt its existing product by adding new features that will make it more interesting to the market. The third risk is a financial risk. A new product that you have established may not be able to produce sufficient demand at a price that will transport revenue for the business. The cost of production, as well as the costs of advertising the product, may not be enclosed by the selling value. The company needs first to identify what the risk is how they really will affect everyone involved. The company must do a risk assessment. This assessment will help the company be able to understand the weight of the risk will have on the company. The company will need to prioritize the risk in order of importance. The final step is to mitigate planning, implement, process motoring of the risk that will be affected. The company need create surveys for employees and for customers to see what feature should be offered with the new product. These elements are essential and will show how customer friendly it will be for customers. The company needs to make sure the customers
In the past, college graduates would embark on careers in the business world with book learned business theory. Now the college curriculum can include practical use of real world situations in a web-paged virtual organization. This virtual organization allows students experience to review, analyze, troubleshoot and resolve real business problems. This paper will review the virtual company, Riordan Manufacturing, allowing students to review existing business systems, identify improvements or introduce new business systems to allow the company to thrive in the growing technology of the business world.
Along with the incredible opportunities the Internet has created, this global connectivity also has exposed businesses to an excess of regional issues that can dramatically alter a business' potential for profit or loss and also change the risks and threats to the business.
...s. One strong example is flappy bid! Remember how happy you were when you passed the first stupid pole thing! That sense of achievement! Now let us talk about the recreation theory. You ever think in life, you know what would be cool is if I got married today? What if I did this in real life where would I be? Well that’s what recreation is for. You play games like Sims. You play a life of a in game person and do what you want to do in your life. You basically redo your life or “recreate” it and make this in game person’s life awesome! Well you see people in this game feel happy doing something they might not be ever able to do. Like being able to be a thief in a game because you know in real life you would never do such a thing. Have you ever wanted to be a really fit person? Well in the game you can, so why not? See this is how recreation games appeal to people!
In Tom Boellstorff’s ethnology “Coming of Age in Second Life” the world of second life is explored. Second life is a three dimensional online world in which users interact. The world of second life is created with user-generated content, which means that users design different types of dwellings, and can customize many aspects about their avatars including gender, appearance, and body modifications. Boellstorff also talk about the idea of techne, which is human action, in second life, which engages with the world and thereby results in a different world. Boellstorff states on page 31 that, “it is in being virtual that we are human (Boellstorff, 2008, p. 31).’ He uses his research in second life to present an argument that despite drawing on
Virtual reality is a very new interest of a lot of companies working with technology and gaming industry at it is found to be a gold mine for business that due to the technological explosion over the last century has found a large group of investors into that idea and used to show the public a new experience and an invention that has found a place in history, so love VR some hate it of course but then there are many things that are able to be done with this concept, the potential of it is priceless.
No firm can be a success without some form of risk management. Risk are the uncertainty in investments requiring an assessment. Risk assessment is a structured and systematic procedure, which is dependent upon the correct identification of hazards and an appropriate assessment of risks arising from them, with a view to making inter-risk comparisons for purposes of their control and avoidance (Nikolić and Ružić-Dimitrijevi, 2009). ERM is a practice that firms implement to manage risks and provide opportunities. ERM is a framework of identifying, evaluating, responding, and monitoring risks that hinder a firm’s objectives. The following paper is a comparison and evaluation to recommended practices for risk manage using article “Risk Leverage
...rs and of local infrastructure. It also promotes the technological progress, environmental protection activities, and the financial sector reorganization. The development and restructuring of these fields are prerequisites for the increased traffic of local and international tourists.
.... Also, whether going to parties with friends or playing games alone, the purpose is essentially the same; to have a good time. The advantages of living a Second Life are many. People bring themselves into this virtual world for the freedom to do anything they choose; Second Life presents its residents with many capabilities to be and do anything their imagination will permit them to. There is the originality of creating and building, as well as the ability to perform and simply have fun, yet there are also many relationships and friendships formed in this online world. These are communal attachments that extend outside of Second Life and into the real world, that influence the user's frame of mind long after they have turned off their computer and that they appreciate and hold in high regard as much - if not more - than their relationships in the real world.
As the first step, identify potential risks plays a crucial role in the risk management process. The core purpose of identifying risk is to figure out causes of risk and analyze result caused by the risks and its probability . Hence, risk identification can begin with the source of problem, or with the problem itself. The chosen method of identifying risk may depend on culture, industry practice and compliance. The identification
...ware and Software developers and Web designers are just some of the many new employment opportunities created with the help of IT. Probably new more jobs to come in more years.
The feasibility study of a business’s design comprises of all strengths and weaknesses analyses within a particular business in order to determine whether the design is practicable and potential to benefit that business in a foreseeable future (Trimi, Berbegal-Mirabent 2012). To access this study, the researcher need to have a comprehensive understanding of the business’s resources and their interconnections which are included in the business model Canvas (Stephen, Richard 2014). This model is considered the most effective methodology in the process of supporting innovation and making decisions, thus, to assure the successfulness of a business or a project (Hanshaw 2015). This essay will discuss some central characteristics including customer
It allows the consumers to enter a simulated world or experience by gazing through a specially designed headset. In the reality, we are in right now, we understand it through the main senses we have. The main five senses we have are sight, smell, touch, hearing and taste. The senses allow humans to perceive the world as we know it. So, with virtual reality it involves our senses to understand the computer-generated environment and with that, we can explore that world in some form. VR uses three of the five main senses and the three are sight, hearing, and touch. Many different environments range from horror games to practical working simulations. Nintendo was the first to have some connection to virtual reality. They created a wireless remote which could be wave around in the air and the same action would be displayed on a monitor. The next huge stride was done Oculus. Oculus was a crowd funded company and they were one of the first to develop software for Virtual Reality. Other companies such as Sony, Samsung, Google, and HTC have adopted this and now are selling consoles, games, and equipment to consumers to use and experience VR. The experience is something completely different compared to everyday life. People tend to try and experience new things. If they can try or experience that in a simulation it may full their need or desire. Each person wants to try it
I want to witness or perhaps even be a part of the implementation of virtual reality as the industry grows. One comparison I truly enjoyed was that virtual reality will become what the mobile phone is becoming at the moment. Mobile phones will, if not already, become completely integral in our daily lives, and to think that virtual reality will become that integral is extremely exciting, but also a tiny bit nerve-wracking. There have always been fears that mobile phones will take over our lives, which some may agree has already happened, but virtual reality seems like another step forward from that. It is a system that can create new virtual lives and we may not even have to leave our homes. The pros of the virtual reality system is that it can help progress many industries (medical, military, education), it can entertain us in a new way that current technologies can not, and it has a lot of support backed by big powerful people and companies (Facebook, Google, Amazon, etc.) The cons of virtual reality is it is still a developing platform, the fears of people that it could overtake our real lives, and the expense of implementing for everyone’s use. I am most excited for the implementation of virtual reality into video games; I think it will change how virtual games are created and enjoyed. Whilst I read through the sources for my literature review, I found that many of them advocated for the continual advancement of virtual reality. I think the majority of the population would also advocate for this, since the pros are much more appealing than the downsides of the cons. One concern I have for the integration of virtual reality among the general public is that I don’t think it will spread as quickly as the mobile phone did. The mobile phone was quickly adopted because it is so useful in our daily lives, we basically have a tiny computer in our
The internet is getting bigger and faster everyday, an individual can log on to the internet and buy sell or trade anything, the world wide web can bring the world into your home where anything can be looked up to learn or to amuse. Computer chips are being put in a wide range of things today, from appliances to cell phones to automobiles; an owner can now have their automobile checked for any problems while they are driving down the road via a satellite and find out if they should go in to have it repaired.