Business plan of locate wide co (Research Paper Sample)

Title
Name
Institutional Affiliation
Business Plan
Locate Co.
Contact:
Address:
Telephone Number:
Approved by: (name), (position), on (date)
Update status: (amendment number), on (date)
Part A: Executive summary
Locate Wide Co. is a company that specializes in the production of Locate advanced devices and a monitoring app for locating and tracking luggage. Its production is enhanced with management capabilities that offer more security features than any ordinary GPS tracking system on compatibility and interface comparisons. Besides, the organizational system is supported by experienced managers, technicians, and engineers acquainted with controlling, customizing, expanding, and productively deploying the device and any app. Locate Wide Co’s vision is to significantly improve location tracking by providing devices and apps to outcompete those currently occupying the market. Consequently, this can save time and expenses, allow maintenance, and irritate free solutions in transportation, delivery and courier services, and security. To add, the company will directly export its products and services into the market, and its distributors will be the face of the company in the respective regions. Initially, the market will be penetrated by providing unique location devices and apps that will solve location difficulties than other existing products hence creating awareness of the business to people through promotions and advertisements. Further, the business is to be differentiated from Safe Life, and Gigoproof which are main competitors, by ensuring a steady supply of outstanding products and services that are premium priced because of the unique location and tracking capabilities held to meet customer satisfaction.
In contrast, all this broad expedition is in position to be completed by locating and inviting investors to fund the business. The company has qualified staff with exceptional experiences, and it is done by fulfilling all legal Regulations and Acts. Also, qualifications are considered while recruiting more employers to form an organized structure that will perform excellent production operations. Locate Wide Co.'s marketing plan involves detecting sector opportunities, expanding awareness of tracking technology, and providing solutions to shortcomings. For example, they are innovating compatible track systems to be used in various fields or people. In comparison, shortcomings include; missing features in-app, which are also difficult to use and bulky devices incompatible to apps. And awareness is done through providing a variety of marketing functions to make the product are readily available to customers.
Locate Wide Co.'s financial plan of 3 years can support a business as it considers assumptions of expenses and assets like costs of sales, revenue generated, inflation, labor costs, Selling, general, and administrative expense (SG&A). It can reduce production costs and increase contributions from each sector to fully obtain a sum of capital required to run the business. For example, the sales cost is to be determined following the strategies laid in the technology and operations plan.
TABLE OF CONTENTS
Part /Section Page
Part A: Executive summary
Part B: Proof of Concept
Part C: Business concept
Part D: Management team
Part E: Market analysis
Part F: Operational analysis
Part G: Organizational plan
Part H: Marketing plan
Part I: Technology and intellectual property plan
Part J: Financial plan
Part K: Growth plan
Part L: Appendices
Part B: Proof of concept
Generally, the increased advancements in technology have led to numerous innovations in manufacturing, drug discovery, engineering, software, and telecommunications industries. All these businesses run on concepts that are later implemented in their organizations to compete actively (Rouse 2018).Locate Wide Co.'s business plan idea is worth feasible, and it will function. Globally, people and goods and services are characterized by moving from one place to another and can be interfered. It is witnessed by loss of possessions, people being under emergencies like the vulnerable, getting lost in the wilderness requiring immediate support and response. Therefore, tracking systems are highly valued to solve these changing situations. Presently, there is competition in the market, and to fully combat this, improved products and services have to be provided (Porter & Millar 1985). For example, the company's specialization in producing unique and compatible location devices, and software app in locating and tracking luggage can function efficiently. Although this is possible, certain logistical and technical issues can interfere with the business's success, such as poor labor management, lack of effective coordination internally, lack of connection with end customers, and lack of enough knowledge in maintenance of technology equipment. Never the less, Locate Wide Co products and services can improve the standards of living of people, save resources like time, improve emergency responses, and build strong relationships with its customers. The company can also obtain feedback from customers with issues of its products, which reduces future risks that can be used in future designs. As a result, the company will reach its organizational goals and objectives with ease as investors and stakeholders are easily drawn to the idea as it is worth pursuing to full-scale production.
Part C: Business concept
In particular, Locate Wide Co is aimed to produce Locate devices and Locate App globally, and the purpose of this innovation is to track luggage for socializes, sports fans, caregivers, and also luggage for people traveling or living in unsafe countries. Also, the devices and app targets medium and other small companies that require tracking assets like vehicles or mobile teams. It consequently reduces scenarios of loss of property and saves time and resources. In other words, the company’s core value is to provide an improved location through its advanced devices and apps in a more demanding environment. Locate GPS devices are smarter devices with more speed, and they are also smaller and lightest to collect more data through communicating to satellite and covering approximately 100% of the globe. Similarly, the locate App offers a perfect interface with better free features like unrestricted tracking history, easy linking to GPS tracker, and no subscription fees. So, there is a need for the company to put more effort into innovating more devices and applications because of increased technological advancements in the world, and only relying on luggage, vehicles, and people will yield less.
Part D: Management team
Since the company is purported to be running a vast contribution to the whole world in technology and tracking system, it is acquainted with a supportive management team that holds relevant qualifications, and these perhaps require reduced needs. Besides, the team includes promoters and advisors to provide technological or financial sense to facilitate connections and entrepreneurship advice to shift the company from the current state to expected performance. Matthew Fredrick, the founder of Locate Wide Co., has a Degree in Computer Science and Computer engineering and a Degree in Social Ethics. Lorenzo Gracia, the CEO, has a Degree in Computer Science and 20 years of experience in Internet, Databases, and Communication networks; created more than 100 web portals and developing a monitoring and location system for drone toys. Charles Peters, the Chief Financial Officer, has a Degree in Business Administration, ten years of experience in financial departments in several media, large and small enterprises. Lorient Mark Brown, the Chief Technology/technical Officer, has a degree in Computer Engineering and a Diploma in Project Management and a Certificate in Mobile Application Development. Advisors are Campo David, with 20 years of experience in Telecommunications Engineering, and Richard Pascal having a Degree in Entrepreneurship and ten years of experience in telecommunications.
Part E: Market analysis
The technology of using GPS tracking has been around and only affordable by the largest and wealthiest companies. Recently, GPS tracking has been changed and developed to be applied in various concepts like tracking wild animals in game parks, tracking luggage, and even vehicles (Porter & Millar 1985). This shift has led to small and medium-sized enterprises to afford these services because GPS tracking is effective in reducing costs and increasing efficiency and control. Besides, the global fleet of GPS track management is expected to grow rapidly and financially following past years and trends. For example, in 2013, the industry’s finances were approximately $9 billion, but by the end of 2018, it rose to 28.45 billion, implying a compounded annual growth rate of around 20%, increasing the potential to earn large profits (Mapon 2014). Particularly, Locate Wide Co. devices and application primarily targets tracking people's luggage and secondary markets future advancements are to be implemented to innovate and develop tracking systems for fleet, vehicles, and animals. Besides, locate devices are to be distributed globally in its prominent branches to sell to wholesalers who meet customers. On the other hand, the Locate app is to be made available by ensuring high quality, convenient, and well-branded applications that can easily be accessible and connected with minimum interference.
Conversely, direct exporting is implemented to ...