Evaluating TechBoom's Company Business Plan (Essay Sample)

 
 
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The Business Detail
The Weighted Alarm clock is a unique innovation and a highly user-friendly product brought to you by TechBoom. This product is for people who face difficulty in waking up for work or school. As the name suggests, it will be a weighted alarm clock that will assist them in overcoming their problem to wake up on time by not providing any option of a ‘snooze’ button and getting up to stop the alarm from ringing. This fulfills the aim of the product which is to make the desired person get up on time since the snooze option doesn’t exist anymore.
Mission Statement
Our mission with The Weighted Alarm Clock is to streamline your waking up routine and make your days more productive with a modern and quality product that is going to help you wake on time without hitting the button. Because “If you snooze you lose”.
Vision Statement
Our Vision is to strengthen our position in the industry by providing the most advanced products to facilitate a contemporary lifestyle. We aim to be a world-class, innovative and progressive organization and to reach the list of the world's most desirable brands.
Legal Structure
The structure of our business will be Partnership. It will be started by creating a partnership deed which is a legal agreement stating all the terms and conditions of this partnership CITATION Car20 \l 1033 (Kopp, 2020). This partnership will be composed of five members and all the members will be contributing to the business in terms of money, skills, and resources and each partner will have an equal role in the management of the business by dividing different duties among them so that each partner is equally responsible for the business. Each partner will invest an equal amount of equity i.e. 622 USD. The reason for choosing this type of business ownership is because, first of all, the partnership is easy to form. After all, it just requires a legal partnership deed or an oral agreement among the partners, secondly taking into consideration the high taxation policy, the partnership will result in a possible tax advantage for the business because each partner will be paying their income tax only and not the income tax of business. Moreover, this start-up is being initiated by five members so it would be better that each member holds the same ownership and position in the business which is possible by forming a partnership. Furthermore, the profit and loss will be shared equally by the partners since all the partners are investing an equal amount of money in the business and each partner will be fully liable for all the debts owed by the business and if in case business assets are not adequate to repay liabilities then it will be paid off by liquidating personal property and assets of each partner because of unlimited liability in a partnership.
Business Product
Punctuality difficulties are experienced within the student, workers, teachers’ segment which leads to delayed reporting and absenteeism CITATION Tim13 \l 1033 (Keter, 2013). The Weighted Alarm Clock is an alarm clock with a mechanism of a weighing machine. The basic concept is that a person will have to stand on the alarm clock to turn the beep off. It is different from the conventional alarm clock in such a way that the alarm clock placed on side tables was easily snoozed off intentionally or unintentionally by the user which would eliminate the purpose of the alarm clock. With our weighted alarm clock, the person will have to get up and stand on the clock which in return wakes him/her up completely. Hence, the purpose of the alarm clock is served. The key element of this machine is that only the weight of the person with a +/- margin of 2 kilograms will be able to turn it off. The pressure of any other person or thing of varied weight will not turn off the beep.
Macro Environmental Overview
The macro-environment can be studied through PEST Analysis described as follows:
Political Factor
In recent years, the tax rates have significantly decreased which ultimately will have a good impact on the growth of the product we are launching. Moreover, the income of our target market is also risen due to the reduction in income taxes therefore the demand (as being a combination of willingness and affordability) will be adequate to make this project a success.
Economical Factor:
The worldwide economy is recovering from the aftereffects of production shutdowns. The businesses are slowly gaining their pace back. It can be said that the GDP of different economies is increasing at a decreased rate. Yet, the expected growth is positive which gives positive factors for our business to set up.
Social Factor:
As mentioned earlier, we will be targeting the elementary and high school kids to increase our demand and will expand the reach to office employees as well as teachers, we can conclude that the market is huge. Other than the size of the market, the routine for many people has been disturbed since the lockdowns have been implemented in many countries. We believe that the product we are offering will help people have a better sleeping cycle.
Technological Factor:
The updated and new technology has led our way towards developing the business plan for the product, we will be acquiring the latest technological products as input materials combined with internet tools to make and sell the product we are offering.
Market and Industry Analysis
Customer Needs
The entire concept behind the creation of the Weighted Alarm Clock was to meet the market gap. The need for an alarm clock has stayed long in the market however, the requirement has not been fulfilled by the conventional alarm clock or alarm feature on the mobile phone. According to our survey (Appendix 1), almost 90% of people are dissatisfied with the existing solutions of alarms that are available in the market and would want to have a more effective product. The reason for the failure of conventional alarm clocks and mobile alarms is that they can be snoozed easily, wasting the entire purpose. This, however, will not be the case of our Weighted Alarm Clock because once the consumer stands to turn off the beep, it means that he/she has woken up. Hence the purpose of an alarm is served.
Target Market
According to the demographics our target would be house makers and school-going children, college/university-level students, employees, teachers, hostilities. Primarily, people of the age of 16-45 will be our main target. If we spread our target market over the five Ws Questions, it would be as follows:
Where: We will place our product in the supermarkets and electronic shops. However, our product will be available online as well.
When: Our product will be available throughout the year in the market.
Why: A lot of people have difficulty waking up in the morning for their work/classes. It efficiently helps the user to wake up on time.
Who: We will be targeting workers, students, teachers, and everyone who has difficulty waking up early in the morning and often gets late.
What: It is a weighted alarm clock, which requires a person to stand on it to turn the alarm off. It is different from a standard alarm clock, which cannot be snoozed. Only a person, who has the weight set in the alarm clock, can turn it off, however, there is a margin of +/- 2 kilograms.
Competitor Analysis
Fortunately, Weighted Alarm Clock does not have direct competition in its direct target market. However, we may have a threat from indirect competitors which are conventional alarm clocks and mobile alarms. it is reported that around 60% of people in the age group of 16-34 years use mobile alarms for their assistance in waking up CITATION Mic11 \l 1033 (Floyd, 2011).
Marketing and Pricing Strategy
Product
Our product is an alarm clock with the mechanism of a weighing machine. It looks just like a weighing machine but has an alarm clock, which can only be set off when a person with the weight set on the machine (+/-2 range) stands on it, which means that the pressure of another person cannot set the alarm off. It is different from the conventional alarm clocks as they can be easily snoozed, unlike our product. Our product will have everything a weight machine has but there will be a sensor in it, called Arduino, which is readily available from the market that will be used to detect the weight of the person.
Product features
•Size: 300mm x 300mm x 18mm
•Material: Aluminium alloy
•Analog Display
•Pressure Sensor
•Rechargeable lithium-ion polymer battery
•Battery Charger
•Three buttons to set the alarm
•Speaker (90-120 decibels)
•Additional Bluetooth Speaker
•Bluetooth speaker USB charger
Packaging
•Covered in bubble wrap
•Secured in polythene foams
•Corrugated Box