Discuss about The Report for Munch of An Integrated Business Plan.
Proposed business idea is a Walky Stick for the Blind People.
Problem: One of the major problems among the American is that the older people have to stay alone. They do not get proper attention from their children. In case of physically challenged people, a lone stay is risky (Barton, 2016). The security reason of the elderly people is the main problem or concern faced by the people.
Solution: The solution to this problem is the introduction of a new product, The Walky Stick. It shall have the facilities of a GPS system in the stick, by which the location of the elderly people can be easily tracked. Apart from this, there will be a button directly connected to the mobile phone. If the person just presses the button, an emergency number can be connected within a few seconds.
Explanation: This is a fruitful business idea because concerns related to the security of elder people have been increasing among the people and they are looking for better ways for their safety. The usefulness of the particular product shall attract people who are concerned about their parents or grandparents. Therefore, this business idea has a high chance of gaining better results.
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Business Partners The proposed business shall be conducted solely and there is no requirement of any business partner. |
Key Activities The main purpose of the product is to provide opportunity to the people who are concern about their parents and grandparents or any other members who are physically challenged. The product shall be equipped with a Bluetooth that will be directly connected to the personal mobile phones of the users. With just one click, an emergency call can be made and a person can be contacted easily. The product shall be available in both retail stores and online. |
Value Proposition The targeted customers can be attracted by the means of offering them good packages and discounts (Blank, 2013). An offer that shall give discount if two persons makes advanced booking of the product. Good marketing and promotion has to be conducted. The prospected customers are to be made aware about the usefulness of such equipment. If employee value proposition is to be considered, the employees can be given incentives apart from their fixed salary to boost their energy to work towards the workplace. |
Customer Relationship To maintain a better customer relationship it is advisable to maintain a personal customer relationship. It is important to listen to the queries of the customers and remain at help whenever required. There shall be a customer servicing outlet at major locations where the buyers can easily come up with their queries if they had one (Ghezzi et al. 2015). The product manufacturing company shall undertake certain activities related to social responsibilities that might create a better image of the business among the local people. |
Customer Segment The targeted customers are the people suffering from any kind of defect in their eyes. It has to be understood that the customers could be both the one who shall use the product themselves and others who shall purchase the Walky Stick for their relatives or family members. The main targeted customers are the ones between the age group of 16 and 45 years or above. Teenagers who are high school goers or college goers fall under the target customers because they might think of gifting the product ton their grandparents. The price of the product shall not be very high and therefore, people belonging to mid-waged salary are also the targeted group of people. |
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Key Resources Major resources required are place for the set up of the factory of manufacturing the product. Capital resources are also required to set up the complete business. Investment has to be made on marketing and promotional strategies as well (Kiznyte, Welker & Dechange, 2016). |
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Channels Different channels of communications that can be used to reach the consumers are by personal means. People can be informed by sending emails or by personally contacting them. Social media sites like Facebook and Twitter can be used rigorously for reaching the targeted people (Ghezzi et al. 2015). Traditional media such as Television commercials can also be a tool of promotion for the product. Other channels might include distribution of pamphlets or handouts to the people to make them aware about the new health centre. |
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Cost Structure
Cost Structure Source: Created by the author
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Revenue Scheme
Fig 2: P/L Statement Source: Created by the author Start-Up details
Fig 3: Start-up estimation Source: Created by the author |
The above discussion puts forth the entire financial structure of the intended firm. The management is willing to invest USD 1,000,000 initially. The overall start-up expenditure amounts to USD 867,000. The Net Profit for the first year is estimated at USD 290,610. Slowly with time the firm should amass USD 3,044,520 and USD 11,721,600 in subsequent years. The firm is expected to gain USD 1,225,000, 4,934,000 and 14,741,000 in the following years since inception.
References:
Barton, A. (2016). The Munch: An Integrated Business Plan.
Blank, S. (2013). Why the lean start-up changes everything. Harvard business review, 91(5), 63-72.
Ghezzi, A., Cavallaro, A., Rangone, A., & Balocco, R. (2015). A Comparative Study on the Impact of Business Model Design & Lean Startup Approach versus Traditional Business Plan on Mobile Startups Performance. In ICEIS (3) (pp. 196-203).
Kiznyte, J., Welker, M., & Dechange, A. (2016). Applying Project Management Methods to the Creation of a Start-up Business Plan: The Case of Blendlee.
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