Most of the parents in the recent world have to carry their babies when they are catching a flight or are in an office meeting. The major challenge for them is that they have to look after their children in a proper manner so that they can look clean. It is therefore important for the parents to use baby bibs so that it can keep the baby healthy and clean. The baby bib that will be designed recently will serve the purpose of keeping their children clean as well as the parents do not have to carry many clothes for changing their baby (Zhao, 2013). The main aim of this report will be to provide an idea in business and the benefits that the product will have along with the business canvas model and the success factors. The report will also provide the idea feasibility as well as the recommendations for the product.
The use of baby bibs is increasing within the industry and the major challenge that is being faced is that it has to be cleaned on a constant manner. This has resulted in carrying more number of clothes by the parents and also ensure that they are being cleaned every time on a periodic manner. The idea of making these baby bibs will therefore help the parents in not carrying too many clothes, which is an effective solution for them as well as ensure that the children are clean (Schnitzlein & Haralambopoulos, 2014). The bibs will come in small sizes so that it can decrease the weight of the luggage when the parents are travelling with their children. Most of the materials that will be required for the baby bibs can be sourced directly from the stores that are available locally so that it can be modified and used in the new baby bibs. This will result in decreasing the level of cost of the business, as the funds can be sourced directly from the fundraisers and the product can be supported through the various financial institutions that are present in the area (vorn Hofe et al., 2017).
The use of baby bib also help in providing many benefits, as it can be disposed of after being used. It also helps in keeping the children clean, as it is very difficult for the child to understand what they are doing. This is due to the fact that their habits of feeding is different from that of the adults and they tend to spill their food on the clothing materials as well. The baby bibs that are disposable in nature will help in maintaining the level of cleanliness of the children, as it can be disposed at an easier rate without cleaning it (Zuccarello, 2014).
Another major benefit that the use of disposable baby bibs provide is that the parents do not need to carry the extra clothes for their children. It has been seen that the parents carry almost 4 to 5 clothes on a daily manner so that it can help in cleaning the child as well as disposing the materials. This is due to the fact that the child needs to be provided with frequent meals, which will damage the clothes and needs to be changed on a frequent manner (Monoson & Monoson, 2017). The new baby bibs are light and can be disposed, which will help the parents in reducing the chances of carrying bulk materials. The other benefits of using this baby bibs are as follows:
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Key Partners The company will be partnering with local stores so that the materials can be priced at a lower amount |
Key Activities The use of the product will help in keeping the baby clean by ensuring that the parents do not have to carry extra clothes in keeping their babies clean |
Value Proposition It will help in increasing the level of loyalty among the customers, as the product will be beneficial in keeping their child safe |
Customer Relationships The product is user-friendly in nature and will help the customers in maintaining a direct relationship with the company due to the sales and marketing techniques . |
Customer Segments The major customers of the company will be the parents who have children aged between 2-9 months and are frequent travelers in flight . |
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Key Resources The company will be using the advanced technologies so that it can help in improving the service provisions |
Channels The company will be advertising its product through the social media as well as the print media |
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Cost Structure The price of the product will be $30 per packet, which is nominal. It has to be paid by the customers so that they can purchase it. This will also provide the opportunity to the company in generating the funds that will be required in carrying out its operations |
Revenue Streams The major revenue of the company will be the amount that the customers will pay for purchasing the product. This will help in increasing the revenue of the company as well |
The major factors that will help the product to be successful in the market are as follows:
It is important for the company to market the product in a proper manner so that its reach can be maximized within the customers. The products will be advertised with the help of posters and billboards so that it can spread more information regarding the product that is being provided by the company. This style of marketing will allow the company in gaining more level of popularity among the customers as well (Bollig, 2015).
It is very essential for the brand to ensure its popularity so that it can be successful in the market. It is also essential for the company to meet the needs of the customers. This will help the company in understanding the choices of the customers so that it can help in increasing the level of purchase. This will also help in increasing the level of production for the company so that the level of profit can be increased as well (Leung & Su, 2014).
The product that will be provided by the company will be highly differentiated in the market due to the fact that it can help in keeping the children safe from skin rashes and the parents do not have to bear the burden of carrying extra clothes for their wards. It will also help in providing overall protection to the babies when they will eat their food (Rimmer, 2017).
The company needs to do a proper research of the market so that it can help in understanding the needs of the customers. This will ensure that the company does not face a loss while manufacturing baby bibs. The company will also gain a competitive advantage over the rival firms that are operating in the market so that it can ensure its success (Martinez & Abedin, 2014).
The company will be using the latest technologies so that it can help in increasing the level of production of the firm. This will also help in keeping the cost of production to a lower level; so that the profit level can be increased as well. The latest technologies that will be used by the company will also provide in sourcing the local materials and transforming the products in to a finished product. It will also help in increasing the level of trust among the customers as well (Davidson, 2018).
The use of the new business idea will also attract large amount of risk that the company needs to mitigate so that it can be sustainable with its business operations. The contingency plan needs to be developed by the company in a proper manner so that any risk in relation to technology can be mitigated at a faster rate (Bollig, 2015).
The feasibility for the company has come to be positive, which shows that the Cost-Benefit Analysis (CBA). The point of break-even for the company will be achieved by the company within the first year of its operation. Moreover, the Net Present Value (NPV) will also remain positive for a consecutive number of years, which shows that the business will be sustainable in nature in the future as well.
Conclusion
The analysis that has been done above shows that the business will be sustainable in nature and the profit levels of the company will also increase to a greater level. The idea of the business will also be positive in nature, as the company can earn better level of benefit by operating in the market.
Reference
Bollig, C. J. (2015). U.S. Patent Application No. 29/445,300.
Davidson, S. (2018). U.S. Patent Application No. 15/648,195.
Leung, K., & Su, N. (2014). U.S. Patent No. 8,683,614. Washington, DC: U.S. Patent and Trademark Office.
Martinez, W. P., & Abedin, S. J. (2014). U.S. Patent Application No. 13/791,487.
Monoson, V. A., & Monoson, R. (2017). U.S. Patent Application No. 29/567,037.
Morgan, H., Hoddinott, P., Thomson, G., Crossland, N., Farrar, S., Yi, D., … & Rothnie, K. (2015). Benefits of Incentives for Breastfeeding and Smoking cessation in pregnancy (BIBS): a mixed-methods study to inform trial design.
Rimmer, A. (2017). Sixty seconds on… baby boxes. BMJ: British Medical Journal (Online), 358.
Schnitzlein, A. M., & Haralambopoulos, C. (2014). U.S. Patent Application No. 14/169,873.
vom Hofe, M., Samulewicz, C., Heix, S., & Ruffer, S. (2017). Retailers’ Resistance Towards Radical Innovations in the Baby Nutrition Market—An Empirical Study: An Abstract. In Creating Marketing Magic and Innovative Future Marketing Trends (pp. 911-912). Springer, Cham.
Zhao, Y. (2013). Development of Free Gift Based on People-Oriented Concept. In Proceedings of 2012 3rd International Asia Conference on Industrial Engineering and Management Innovation (IEMI2012) (pp. 159-167). Springer, Berlin, Heidelberg.
Zuccarello, J. (2014). U.S. Patent No. 8,881,312. Washington, DC: U.S. Patent and Trademark Office.
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