Invent a Product or a Service: Smart ToolsCorp Inc. (Essay Sample)

INVENT A PRODUCT OR A SERVICE
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Introduction
Successful entrepreneurs create new products and services to satisfy the changing customer needs and wants (Secher et al., 2018). The first step to product and service development involves identifying the product or service that may steer the organization towards meeting its overall objectives (Secher et al., 2018). Therefore, the entrepreneur should do thorough market research of the product idea before venturing into it to avoid product failure. This paper reports on a furniture business plan overview in line with the 7 Domain Model for a start-up business based in the UK market.
Concept Statement
The proposed business is Smart ToolsCorp Inc., a furniture industry based in London, UK. The firm aims to build an image of specialized plastic furniture tools for consumers through a "flat packing" method (Komsiyah et al., 2018). Smart ToolsCorp Inc. intends to avail quality and light plastic furniture items, such as seats, tables, chairs, doors, and cupboards. The company plans to solve customer needs for quality, environmentally friendly, light, and less bulky furniture tools.
Business Model
Smart ToolsCorp Inc. adopts a physical and virtual operation business model. Customers may visit the business stores for physical shopping or the corporate website for online shopping. The firm intends to design and sell plastic furniture in pieces so that customers may easily transport them and assemble them at home (Komsiyah et al., 2018). The "flat packing" method also helps the business to reduce transportation, assembling, and inventory costs (Komsiyah et al., 2018).
Figure SEQ Figure \* ARABIC 1
Consumer Segment
Smart ToolsCorp Inc. targets young adults aged between 18 and 35 years. This population comprises people with simple lifestyles and space-saving needs (Othman et al., 2017). Most of them need light and less bulky furniture to meet their studentship lifestyle. Others are graduates or young adults starting