In the current business scenario, excessive uses of non-renewable energy have started creating the market crisis (De Massis et al. 2015). Due to this reason, fuel cost is also increasing in a rapid way. In order to deal with the situation, demand for substitute energy resources has increased in the market (Slater, Mohr and Sengupta 2014). In this study, the new idea which has been mentioned is about the introduction of a solar printer in the market. The company named Power ltd. has decided to bring the product to the market for controlling the energy cost as well as the carbon emission in the global energy industry. Uses of energy in the school, office mall and different paces have increased. Due to this reason excessive rate of energy consumption, it has become very expensive. In this situation the company named Powered ltd. has introduced the solar printer in reasonable ranges with carbon emission free features. It is portable and can be carried easily.
As stated by Tan and Chua (2018), before developing any business model, the company needs to focus on its Customer segmentation. As the product will be developed for school, college, offices, hotels and different institution, therefore this can be said that from the demographic segmentation, the company will focus on income level and age. The people who mostly visit in the public places are being targeted by the company. On the other hand, depending on the income level, middle class and lower class people are being targeted by the company.
If the value proposition of the product is being analysed, it will be identified that the company will provide the portable solar printer with the zero carbon emission (Wagh and Walke 2017). The main feature of this product is it will be able to print 3 papers at a time, which is quite unique in the market. As the organization has decided to provide this product in the reasonable range in the market, therefore, with its reasonable price it will be able to grab the attention of the customers.
Customer relationship is very important in the case of introducing any product in the market (Arafa, Said and Elwany 2017). Due to increasing consumption as well as its increasing cost, people have become worried about the situation (Tsalikis and Martinopoulos 2015). On the other hand, due to various campaign from government and nongovernmental organizations, people have become conscious about the environmental pollution. In this situation, this kind of initiatives will help to attract the customers towards it.
Market research can be considered as the major activity of the company (Kannan and Vakeesan 2016). Before developing any product on the market, the company needs to focus on analysing the competitive products in the market. In this situation the concept, which will be developed in the market needs to be tested before introducing in the market. By analysing the current market situation the product will be commercialized by the company so that people will be informed about it (Eicker, Demir and Gürlich 2015).
Key resources of Power Ltd. is its employees. By using the modern technologies in its products the company has got the chance to increase the quality of its product. On the other hand, this can be said that the manufacturing cost of the product is low, this will be helping the company in the case of dealing with the financial risks. Brand value, partnerships, employees, customer database and technological resources are the major strength of the company.
In the energy industry, the key partners of the company are the local news channel, suppliers and stakeholders are the key partners of the company. If the business revenue structure of the company is being analysed, it will be identified that
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Key Partners · Energy meter manufacturer · Solar installation organizations · Research centers depending on sustainability · Advertisers · Associates · A cluster of brands and many more · Subsidiaries |
Key Activities · Webservice device · Sales · Direct purchasing · Supply chain management · Merchandising · Refresh stores |
Value Propositions · Carbon emission free product · Advanced and portable technological device · Great range of promotions and discounts · Availability in supermarkets · Commercial energy audits · Leed certification |
Consumer Relationships · · Long term service · The organizational culture of consumer first · Price based · Users community · Various discount offers for the loyal customers · Customer satisfaction |
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Key Resources · Analytic engine · Existence · Recognising trends in order to observe scope for new products · Brand value · Superior technological knowledge |
Channels · Smart Appliance Service and Repair product stores · Websites · Supermarkets · Discounts · Social media |
Consumer Segments · Huge potential market · price sensitive |
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Cost Structures · Assets · Offices rent · Cost of goods · Existence · Rent · Vehicles · Promotion of solar printer and marketing · Wages · Licenses · Logistics expenses · Taxes · Maintenances |
Revenue Streams · Online sales · Door-to-door repairing services sales · Onetime installation charge |
Source: created by author
Market size is an important element in order to develop any business. As the product solar printer is being introduced for public uses in daily life, therefore this can be said that the market size of the company is large (Good, Andresen and Hestnes 2015). This product is going to be introduced with the features of portability and zero carbon emission. As the study has repeatedly discussed that due to increasing the energy consumption in the market the demand for solar energy has increased, therefore, this can be said that the demand for solar printer in the market has increased. If the growth rate of solar energy industry, it will be identified that within the last 5 years the industry has grown up in the noticeable way (Bernechea et al. 2016). It has been analysed in this study that the company needs to focus on the process of managing the business properly. In the industry with the increasing rage of demand, the number of solar energy producing organizations have also increased. However, it has been also identified that the products, which consumes electricity are quite faster than the solar energy consuming products. On the other hand in the case of climatic disturbances, these products cannot work properly. Hence, this can be said that this is the biggest threat for the company to run with the competitors. If the current business trend in the entrepreneurship is being analysed, it will be identified that the near about 60% of total GDP is being contributed by the small business organization (Iwan et al. 2015). If the global solar trend is being analysed, it will be identified that the last year sola market has grown up 26%. In the year 2018, the demand for solar products have increased in the market (Aman et al. 2015). Therefore, this can be said that, in this situation the carbon emission free product in lower range can grab large number of customers’ attention. As the product, which will be introduced in the market is being provided for school, college and office use, therefore, this can be said that it has large market segmentation. In the energy industry, it has targeted the customers who have already influenced by the solar products and its effectiveness. This product will be introduced in the market in reasonable price. Therefore, this can be said that the middle class and lower class people are being targeted by the company. On the other hand, the people who are found of technology, they are also in the target list of the company. Depending on the geographic segmentation, it has targeted the people who lives in urban areas.
The company has decided to sell its products through online stores. On the other hand, it will also sale its products through the different super markets and malls. In the current market scenario, solar printer will be the unique product in the market, which has not been introduced by any organization in the Australian industry (de Souza et al. 2018). Therefore, this can be said that the company will not face any kind of threat regarding the similar products in the market. However, it has also been identified that there is a large number of organizations in the market, which are popular for producing solar energy in the market such as the Little sun, Tindo solar, Solar Australia and many more. These organizations can create tough competition for the organization. On the other hand, there are many organizations, which have gained the customer’s satisfaction by producing effective products, which can also impact on the organizational development. The business has been developed in Sydney. This can be said that the product will be able to grab the attention of a large number of customers.
In the current business scenario, demands for technology has increased in the market. People have become choosy for selecting the brand and technology (Margraf et al. 2016). Therefore, this can be said that in order to go with the flow, the organization needs to focus on bringing the changes in its promotion and marketing practices. This can be said that if the modern instrument is included in the company, it will be helping the company to grab the attention of the customers. On the other hand, this can be said that through this process, the efficiency of the employees increased. With the rapid technological development and changing demand of the customer, can bring the challenges to the company (Islam et al. 2016). In order to produce the product, the company needs to focus on convincing the investors. There are various legal operations such as licencing, permission, vehicle registration and many more. All the activities are being done by maintaining the financial budgeting. In the case of marketing, the company has invested in advertising, online promotion and left lates. As the product will be introduced for grabbing the attention of the customers who mostly visit the public places, therefore this can be said that this will be the effective process for attracting them. In order to develop the business in the market, the company will adopt the merge and acquisition strategy. By following this strategy, the company will be able to get the large customer base. It will appoint many sales executives in different parts of the country for promoting its products. As the study has repeatedly discussed that uses of modern technology have increased in the current business industry, therefore, this can be said in order to compete in the industry, the company needs to focus on bringing the development in its internal structure. In order to improve the kills of the employees’ different training and development programs needed to be introduced in the workplace. On the other hand, by developing a healthy relationship with the suppliers, the company needs to focus on managing the supply chain management process in the better manner. Different transport and safety facilities needed to be provided, for making a smoother distribution process.
In order to maintain the legal formalities, the company needs to focus on maintaining the employee rules and regulations in the organization. The employment Act 1955 and employment safety act 2002 are being maintained in the organization for managing the internal situation. On the other hand, for maintaining waste management the Environmental Act 1986 is being maintained by the company. It has been identified that the company maintains the ethical standard as the partnership rules and regulations properly. After analysing the entire study, this can be said that any kind of ethical issues has not been found in this study. The company proper follows all the legal procedure in order to develop its business.
It has been identified that the projected revenue which has been identified that in the first month 30000, in the second month 80000. The product price has been selected $4000per unit. From the market research this can be said that the projected sales volume will be $3000 in the first month. The selling price of the product is $4200. The total expected revenue is $20000. It has been identified that the total start-up cost of the company is 149670. From the profit loss statement this can be sad that it with in last three years the cost will be $2988941744. The company will take the loan from the bank. The EMI and taxation charges will be included in this charge. This can be said that the company needs to focus on bringing the changes in its financial structure. Proper budgeting can be very influencing in the case of dealing with the situation.
As the company has decided to bring the innovation in the market, therefore, it needs to focus on introducing modern technology in the workplace and provide training for making the employees efficient in their work. Information technology, mathematical skill, programming language and mechanical equipment need to be managed in the workplace. It has been also suggested that if the interpersonal skills will be developed, this will be beneficial for the company. Leadership skill is also required ion the case of managing the employees (Bernechea et al. 2016). The three major skills such as human skill, conceptual skill and technical skill is required in the case of developing a strong management team. In the organization the entrepreneur, manager and technical expert have their different responsibilities. The employees are being hired by the manager and training and development process are being done by the supervision of the manager. This is the responsibility of the manager is to clarify the goals and objectives of the company to the employees. On the other hand, the entire organizational operation is being handled by the manager. The role of a technical expert is to develop the management tool so measuring the performance of the employees. Different innovation and programs are being introduced by the technical expert. Organizational software and hardware related matters are being handled by the technical expert (Bernechea et al. 2016). The entrepreneur develops the new business ideas and implement through the manager in the organization. This can be said that in order to implement the plan, the company needs to recruit 1000 employees in the first year. After that it can be increased as per the demand for production. For measuring the performance of the employees, the proper monitoring process is needed to be developed in the organization. In order to motivate the employees different and compensation needs to be provided in the organization. Holiday trip can be provided to the employee and their family members after achieving a specific target. This will increase the employee engagement in the company. In order to maintain the performance quality in the organization, the employees are required to be providing technical training. The company mainly focuses on providing the good quality of products in the market. By providing the efficient quality of service, it aimed to grab the attention in the market. It has also focus on recruiting large number of employees, for contributing in the employment rate of this country.
Conclusion
In the above study, it can be concluded that solar printer is one of the creative business ideas in the current business industry.in order to bring the idea to the market the company named power ltd. needs to focus on grabbing the attention of the customers. On the other hand, it has also analysed that if the company needs to increase the rate of profitability, an appropriate business idea needs to be developed. As the product is the combination of creativity and innovation, therefore, this can be said that it will be able to bring the changes in the current business industry. As the demand 9f solar products have increased in the market, hence by bringing the innovative product in the reasonable range, power ltd. Will be able to increase its’ rate of profitability.
Reference list
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Arafa, M.I.A., Said, E.S.S.A. and Elwany, M., 2017, December. An optimized design criteria of non-outage and power reduction for hybrid solar-grid system (residential homes—case study). In Power Systems Conference (MEPCON), 2017 Nineteenth International Middle East (pp. 59-62). IEEE.
Bernechea, M., Miller, N.C., Xercavins, G., So, D., Stavrinadis, A. and Konstantatos, G., 2016. Solution-processed solar cells based on environmentally friendly AgBiS 2 nanocrystals. Nature Photonics, 10(8), p.521.
De Massis, A., Frattini, F., Pizzurno, E. and Cassia, L., 2015. Product innovation in family versus nonfamily firms: An exploratory analysis. Journal of Small Business Management, 53(1), pp.1-36.
de Souza, J.D.S., de Andrade, L.O.M., Müller, A.V. and Polo, A.S., 2018. Nanomaterials for solar energy conversion: dye-sensitized solar cells based on ruthenium (II) Tris-heteroleptic compounds or natural dyes. In Nanoenergy (pp. 69-106). Springer, Cham.
Eicker, U., Demir, E. and Gürlich, D., 2015. Strategies for cost efficient refurbishment and solar energy integration in European Case Study buildings. Energy and Buildings, 102, pp.237-249.
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Islam, M., Mun, H.S., Bostami, A.B.M., Park, K.J. and Yang, C.J., 2016. Combined active solar and geothermal heating: A renewable and environmentally friendly energy source in pig houses. Environmental Progress & Sustainable Energy, 35(4),
Iwan, A., Boharewicz, B., Tazbir, I., Malinowski, M., Filapek, M., K??b, T., Luszczynska, B., Glowacki, I., Korona, K.P., Kaminska, M. and Wojtkiewicz, J., 2015. New environmentally friendly polyazomethines with thiophene rings for polymer solar cells. Solar Energy, 117, pp.246-259.
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