Table of Contents for PH 5 Assignment 1 3 Assignment 2 4 Assignment 3 6 Assignment 4 9 Assignment 5 12 Assignment 6 14 Assignment 7 16 Assignment 8 18 Assignment 9 20 Assignment 10 23 Assignment 11 25 Assignment 12 27 Assignment 13 29 Assignment 14 32 Assignment 15 33 Assignment 16 35 Assignment 17 38 Assignment 18 39 Assignment 19 41 Assignment 20 41 Assignment 21 42 Assignment 22 44 Assignment 23 45 Assignment 24 46 Assignment 25 47 Assignment 1
1. Briefly explain your business idea and how you arrived at it.
The concept of IoT (Internet of Things) are implemented everywhere. Devices are getting interconnected to be capable of more things. If we combine the big screen of the smart TV with the convenience of the smart phone, it would be promisingly popular.
2. If you are still considering what business to plan to enter review the options outlined in this chapter in particular:
1. Can you identify a market gap that you could meet?
There’s no smartphone synchronized smart TV in the market. Our TV will fill the gap.
2. Is there a new twist that you could put onto an old business idea?
That would be the idea of getting smartphone work with a smart TV and other smart features.
3. Do you have an idea for an innovation or novel product?
Yes. We make the TV work perfectly with the smartphone.
4. Is there a franchise or network marketing proposition that you could plan for?
Yes. We’ll specify it in our business model.
5. Have you explored the possibility of buying out a business?
We are new entrants with unique differentiation. This industry has got history. We are not planning to buy out a business.
1. Using Porter’s five forces, analyze the factors at work in your industry.
Porter’s five forces：
1. Competitors in an industry: Apple TV, Amazon Alexa; Samsung; LG；Sony
2. Threat of new entrants to the industry: Hisense; TCL-Chinese low-price rivals.
3. Threat of substitute products：Personal Computer, Home theater center, projectors
4. Bargaining power of Suppliers: Foxconn; BOE—Medium
5. Bargaining power of customers: Weak
2. If you are expecting to be first to market, what other advantages for your proposition can you expand on in your business plan?
Since smart TV is not a brand-new concept product, we are not the first to the market.
Our smart TV have its unique differentiation compared with the ones in the market. It has very user-friendly interactions especially when paired with smart phones. Using that advantage, we have unique selling point.
3. Describe the strategic direction being pursued by the business you are/will be competing with, ie focus, differentiation, cost.
We are going to appeal our smart TV particularly in online and offline shops with its unique smart features to the potential users to let them know that it’s more than convenient to use our products.
4. What strategic option will you be going for and why?
Smart TVs in the market have some smart features but young users are using more of smartphones because it’s more convenient to the information source. For example, photos and videos taken by phone, smart phone games that can be played once they had time. They will have better experience to have a big screen to do these things. If they can easily put the images onto the big screen and operate on either screen, they would have much better experience.
5. Explain how you arrived at your proposition.
It’s a trend to have traditional home appliances into smart and interconnected ones. IoT has been developing fast and leading the industry onto another level. Our smart TV get users better experience at home. Whatever you do on your smartphone can be done simultaneously on the smart TV.
6. What makes you believe it will succeed?
We have market information about the existing TVs and our product have the chance to fill the blank part for its unique smart features.
7. Write a mission statement linking your product or service to the customer needs it is aimed at.
Mission statement: Addition to traditional smart TV, we aim to help our uses get extremely convenient in using smart services with great experience.
8. Write vision and values statements.
Vision and value statement: We can have your images displayed and processed synchronized anywhere with your smart device.
9. What are your principal objectives: short term? long term?
Short term objective: To get our products into the market and cooperate with major distributors in 2 years.
Long term objective: To have competitive market share and continuously provide users with more convenient experience.
10. List your tasks and action plans as you see them at present.
Tasks and action plans: Test the reliability and start the market investigation. Advertise through multiple ways. Establish cooperation with distributors. Make sure the products in mass production.
1. How did you arrive at this new Idea?
Every household or institution requires television, and with the steady advancement of technology, most of our tasks have been digitalized and are growing more expensive in the modern era. Our smart TV will not only have advanced capabilities, but we also want to equip the community and give environmentally friendly materials by offering durable and inexpensive everyday pricing to everyday people.
2. What is your business name and why have you chosen it?
· This brand name symbolizes unity, uniqueness, unlimited, interconnection and it’s easy to remember.
3. What experience and skills do you have and are they particularly relevant to this venture?
· A marketer by profession and specialized in sales risk assessor.
· Four years of international market experience in electronics gadgets and three years of experience in brand management.
· These experiences and skills of Risk assessors will aid in overseeing the possible risks involved in company transactions and decisions making.
· Conduct market research to evaluate and manage the severity of potential risk and forecast market trends.
· Knowledgeable in international legislation to provide trade guidance in government regulations, policies, political and economic trends.
· Also, skills in drafting contingency plans will be useful in an event of a business emergency.
4. Who else will be working with you and what relevant skills and experience do they have?
· Skilled in business management with 5 years of experience in tech industry.
· Experiences gained will aid to define business requirements and streamlining internal and external reporting.
· Conduct variance analysis for the company.
· Conduct research on effective product pricing for the market.
· Develop new models that underpin sound business decisions.
· A market researcher by profession and with 5 years of experience in the statistical data analysis area in the retail industry.
· Analyze data on consumers, competitors, target market and consolidate data to develop an action plan.
· Create a visual representation of industry developments and rivals to help the organisation forecast how items will perform in the market.
· Evaluate the success of marketing campaigns and tactics.
· Moderating focus group.
· Skilled in export and import business transactions with five years of experience working with the electronic manufacturing industry in global supply chain management.
· Facilitate conformance customs rules and regulations.
· Advise the board of directors on possible savings on taxes and duties.
· Provide expertise in product package designing for transporting purposes
· Facilitate effective supply chain, logistics and account management.
· Skilled in accounting and finance and with 5 years of experience in the banking industry.
· Produce financial statements and reports that summaries and forecast the company’s operations and financial situation.
· Prepare, maintain, and examine the accuracy of all financial documentation.
· Create internal rules and processes for the administration of the business budget, cash and credit management, and accounting functions.
· Develop improvements strategies for operational efficiencies through costs reduction and increased revenues.
5. What professional advisors have you used, or do you intend to use?
· Legal Expects drafting contracts and legal documents, protecting intellectual property, settling disputes, debt, and bankruptcy, patent agent/attorney.
· Human Resource Personnel
· Hardware and Software engineers
· Financial Advisors: developing financial strategies
· Licensed Custom Broker
· Sales Representative
· Public Relation Manager
· Outsourcing Manufacturing Advisor
6. Under what legal form will you trade and why?
· A CRA business number and import account form. CRA will use this to process customs documents, avoiding delays and confusion at the border.
· Global Affair Canada import permit. Controlled goods are available in Canada. Obtaining a license stipulates the volume of imports permitted and serves as a guideline to avoid exceeding quota.
· Declaring or reporting goods to the Canada border services agency to make certain that all relevant taxes and duties are paid.
7. If your business is already trading give a summary of financial and marketing results and achievements to date?
· Our business has not commerced yet.
1. What is the geographic scope of the market you intend to serve and why have you so chosen?
Well, Smart TVs are having the geographical scope of Mexico and the United States of America. We have decided on these areas because of the growing popularity of digital media and the introduction of improved recreational technologies. Moreover, the widespread adoption of the rising internet and the use of smart gadgets by customers are expected to accelerate market expansion throughout the region. So, that is why the TVs are demanded more in North America region.
2. What customer needs will your product or service satisfy?
Our smart TV will offer different types of features to the customers which are as under:
A) Surfing the Internet
B) Broadcasting on the internet
C) Connections via smartphones
D) Apps and gaming
E) Communicating over the Internet
F) Controlling Movement
G) Link to a keypad
H) Size of the screen can be changed
I) Uses environmentally friendly material.
J) 90-degree rotation of the screen
3. List and describe the main different types of customers for your product/service.
TV is watched by many age, lifestyle, and population groups such as:
A) Tech Savvy People
B) Early Adopters
4. Which of these market segments will you concentrate on and why?
To sell smart TV’s we would like to concentrate on medium and high-end income segments. We would sell them because by selling them we can have a good reputation in the region. Moreover, the chances of debt can be reduced. And there will be less bargaining power, as a result, the profits can be maximized.
5. Match the features of your product/service to the benefits on offer to customers in each of your chosen market segments. Provide proof, where possible.
A). Tech Savvy People: Tech people watch TV so as to have the latest knowledge regarding technology.
B). Early Adopters: Early Adopters watch TV so as to equip themselves with the latest knowledge.
C). Families: Families love to spend quality of time with their family members. They watch movies, comedy shows for their entertainment. They also get the latest news of the world.
6. Who are the innovators in each of your market segments?
For our product they are two types of innovators namely:
Consumers: It is said that consumers are the lifeline of businesses. The demands of consumers change rapidly from time to time. In order to meet their demands, the innovation of the product is done so as to maximize the profits.
Competitors: In the modern era competition is increasing in every field of life. In order to beat the competition, the product should have unique features as compared to the competitor. As our company is offering the TV in which the size of the screen can be altered according to the requirement.