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Team Chester Final
Process Book F67657
BUS 480: Strategic Management & Design
Thinking for the Next Economy
Malachi Gibson, Ricardo Gradilla, Anthony Thurston, Lena
Tunkers, Moses Yao
4/27/2015
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Table of Contents
Section 1: Articulating the Context ......................................................................................................2
Section 2a: Secondary Research ..........................................................................................................4
NAICS Code/5 Forces Analysis .......................................................................................................5
Competitive Analysis ......................................................................................................................5
Market Analysis..............................................................................................................................6
Trend Analysis ...............................................................................................................................7
SWOT Analysis..............................................................................................................................8
Section 2b: Primary Research............................................................................................................10
Section 3: Defining Your Offering.....................................................................................................13
Name of Venture ..........................................................................................................................13
Elevator Pitch...............................................................................................................................13
Section 4: Business Templates...........................................................................................................14
Value Proposition .........................................................................................................................14
Draft 1: Business Model Canvas ....................................................................................................14
Section 5: Pivot!...............................................................................................................................15
Section 6a & b: Vision & Mission Statements ....................................................................................17
Vision Statement...........................................................................................................................17
Mission Statement ........................................................................................................................17
Section 7: Our Story .........................................................................................................................18
Section 8: Branding & Prototype .......................................................................................................20
Brand Personality .........................................................................................................................20
Service.........................................................................................................................................21
Section 9: The Final Business Model Canvas......................................................................................23
Section 10: References......................................................................................................................24
Section 11: Appendix........................................................................................................................25
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Section 1: Articulating the Context
It is well known that the United States is a “wasteful” country. But just how wasteful are we?
According to (http://public.wsu.edu) Americans constitute 5% of the world's population but
consume 24% of the world's energy. On average, one American consumes as much energy as:
o 2 Japanese
o 6 Mexicans
o 13 Chinese
o 31 Indians
o 128 Bangladeshis
o 307 Tanzanians
o 370 Ethiopians
The U.S. population is projected to increase by nearly 130 million people - the equivalent of
adding another four states the size of California - by the year 2050. This rate of energy
consumption cannot be maintained. Our venture will aim to solve how to reduce the average
amount of energy consumption the American household uses on a daily basis.
Based on the World Bank Development Indicators the world’s richest 20% consume over 75% of
the yearly household energy consumption. This will be our target market. Our objective will be
to reserve resources, offer climate protection and cost savings, while the users still has permanent
access to the energy they need. We will launch initially in hardware and technology stores the
United States’ most wealthy areas. Our venture will also have a virtual market launch on
Amazon. The goal will be to raise the awareness about our product and services to the country’s
wealthiest individuals and households. We will entice them by offering to lower their energy
bills and by the GREEN aspect of our services. Our product will be integrated into all forms of
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energy consuming devices (switches, power outlets, bulbs, televisions, etc.) and be able to
communicate with the utility supply company in order to effectively balance power
generation and energy usage. Our devices would also offer the opportunity for users to remotely
control their devices, or centrally manage them via a cloud based interface, and enable advanced
functions like scheduling, remotely powering on or off heating systems, controlling ovens, and
changing lighting conditions. (http://en.wikipedia.org/wiki/Internet_of_Things)
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Section 2a: Secondary Research
We have decided to focus on energy consumption within wealthy households. We came to this
decision based on the fact that the World Bank Development Indicators the world’s richest 20%
consume over 75% of the yearly household energy consumption. In narrowing our focus even
more we have specifically decided to integrate the IOT into household breaker boxes. We
believe that there is much room for optimization within this product. Breaker boxes control
electricity to almost everything within the home. We want to a way for your smartphone, or other
device, to monitor the energy consumption in each sector of the home controlled by a breaker.
When you see that one area is using more energy consumption than necessary you can simply
switch the breaker off straight from your phone. Also, for breakers that need to be constantly
kept on you can reduce the energy used by the sector instead of completely turning it off. This
“smart breaker box” will be a complex system, meaning that it will learn your habits and monitor
where you use the most energy within the household and start diminishing energy consumption
in other not as frequently utilized parts of the home automatically. In other words the system can
monitor the home’s overall electricity consumption, as well as that of some individual circuits
and devices plugged into wirelessly communicating modules. It can also turn on and off circuits
and the devices plugged into the modules at preprogrammed times or in response to utility
pricing if smart grid services are offered. In addition, current transformers (CTs) measure the
amount of electrical current from the two mains (for whole-house) and individual circuits. The
CTs are also wired to the Smart Load Center near the electrical panel, which sends and receives
wireless signals straight to your smartphone. (greentechadvocates.com)
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NAICS Code/5 Forces Analysis
The NAICS code most relevant to our product is 444110 Home Centers. This industry comprises
establishments known as home centers primarily engaged in retailing a general line of new home
repair and improvement materials and supplies, such as lumber, plumbing goods, electrical
goods, tools, housewares, hardware, and lawn and garden supplies, with no one merchandise line
predominating. The merchandise lines are normally arranged in separate departments. The size
standard is $38.5 million, (NAICS.com) meaning that this industry is large and competitive.
However, for our product specifically the competition is somewhat smaller. The suppliers of
these products have considerable amounts of power. Most installed in home by electricians are
bought at large consumer hardware stores and thus infused to the price of the overall work.
However, the price to install a new breaker box, standard not “smart”, is roughly $1000. It is not
easy to enter this market for lower or mid-priced consumers because the main thing driving their
decision is the price point. This is another reason why we have decided to focus on the high end
market because price is not as much of a concern as quality. In terms of substitute products the
only real substitute is the standard breaker box, those with no capabilities to remotely control
energy use. However, these are the ones that come standard in homes after the 1960s.
Competitive Analysis
As of now there are only a very few companies making “smart breaker boxes”. The most
prominent now is a company by the name of Eaton (http://www.eaton.com). They offer a similar
product priced at about $1000, but their product lacks the capability to control the energy
consumption via a smartphone. This is what differentiates our product from theirs and justifies us
selling our product at a slightly higher price point. Our product size and speed make it a higher
quality product than anything currently on the market. General Electric is another direct
competitor in the market. They offer a wide array of load centers for residential buildings from
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indoor to outdoor enclosures with meters and thermoplastic, but they currently do not offer a
product that can be programmed and controlled by a smartphone or tablet. As a world leader in
technology solutions who does not have a product for the IoT, in this particular market, there is
opportunity to leap ahead of competition and secure our place as the leader in Smart Boxes.
Market Analysis
The number of firms in the current market is 15,317. The Home Centers industry captures $933
in sales per personal income earning unit within the market area, representing local demand
below US national levels of $1,444. Local industry sales are about 1.4% of gross personal
income, below the US national level of 2.5%. The industry location quotient of 0.65 indicates
market area employment concentrations below the industry employment concentration nationally
(where the US concentration equals 1.00). The market area Home Centers industry transacts
$9,344 in sales per private sector business establishment, representing local demand below US
national levels ($12,971). Locally generated industry sales represent 0.70% of the total volume
of sales generated in the market area by businesses of all types, a 0.71 multiple of the national
average share. Over the 24 month period year-end 2011-2013, 21.0% of US business
establishments in the industry, and 26.4% in its small business segment, ceased independent
operation. By contrast, the cessation rate in the market area was 23.76% industry wide and
38.32% for small businesses. On the new business vitality side of the equation, 11 independent
industry startups and new branch operations were identified in the market area, creating a new
operation rate of 5.91% in the most recent analysis year, less than the national rate of 6.87%.
Unusually low new operation rates can indicate market saturation or lack of perceived
opportunity, while high rates suggest both opportunity and the recognition of it. Due to the
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limited number of new operations at any given time, this indicator is often less useful in small
local market areas. (Bizminer)
Trend Analysis
The concept of a smart home, aka home automation, has been around for several decades. With
the advancement of technology, especially mobile devices and the IOT, the practicality of a
smart home is even more of a realistic possibility. Major home-improvement stores such as
Home Depot and Target now have smart home products on their shelves, which means there is
an increasing awareness and acceptance of home automation products. Giant technology firms
such as Apple and Microsoft are also investing heavily in smart home industry, signaling not
only more technological innovation, but also a rising trend in popular culture. Other online stores
provide unique products and solutions, ranging from energy saving to home security. There are
also beginning to be media coverage of smart home products. Many sites, such as CNET and
digitaltrends.com, publish articles about recommendations and reviews of home automation
products, while others predict technological trends in this field. The market revenue forecasts
also seem promising. Some sources predict a CAGR over 29.5% from 2014 - 2020. Based on
these trends, it is likely the home automation market will continue to expend. Major retailers and
other companies’ involvement will further increase customer awareness and buying tendency.
The rising attention of sustainability issues will increase the urgency for energy saving
applications and devices. The concept of internet of things also gives home automation
tremendous potential. The popularity of mobile technology, especially smart-phones and
networks, makes it easier and more convenient for customer to utilize advancement in smart
home technology.
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SWOT Analysis
A “smart breaker box” is an innovative and modern product and yields many strengths. It has a
high performance due to its ability to learn, improve and communicate. The strengths we focus
on and the advantages our customers gain from using our product include maintaining climate
protection and cost savings. As mentioned in the competitor analysis, there are only some firms
which have already sold smart breaker solutions so far. We would be the first one supplying
smart breaker boxes with a mobile communication solution. This would make our product
unique, competitive and rare. Opportunities such as the lack of real competitors and a new field
of utilization of sensors help make it easier to insert our product to the marketplace. Furthermore,
there is an increased trend of following an environmental conscious lifestyle
(environmentalleader). The value of reducing electrical consumption would support this trend
and would push our product into the market. However, it could likewise generate a high risk. If
wealthy end market customers don’t need to reduce their costs and don’t even care about the
environment, that could be the threat of the market we focus on. Also, it could influence the
competitors who sell the standard normal breaker boxes to compete against us.
The biggest weaknesses are the high price and the need to keep the quality of the service at a
high level, besides being impacted by high technical challenges and safety. Furthermore, it is a
new product so we would need to spend a great deal of money to create awareness in the target
market. Certainly, there will be firms who simply copy our product or at least add the mobile
solution to their smart breaker box. We will be ousted from the market as soon as someone
supplies a similar product for a better price. Therefore, the aim should be to set quality and new
innovation as the highest priorities. Additionally, we have to standardize our product. If a new
house is to be built including our smart breaker box solution should become the standard.
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S W
- Unique and innovative functions
- Innovation
- High Quality & Stylish product
- Sustainable product
- New start-up with low awareness
- Easy-to-imitate products
- High R&D cost
O T
- Trend to sustainable lifestyle
- New Market & Lack of competitors
- Other interact-able IoT products
- Growing trend of home-automation
- Advancement of technology in general
- Wealthy customers don’t care about bill
saving
- Potential entries
- Lack of standard in IoT industry
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Section 2b: Primary Research
For our primary research, we have decided to focus on surveys and interviews. We decided on
these methods because we believe they are the most feasible to receive feedback. Home breaker
boxes are something most adults, especially adult males, have had some contact with in their life.
We hope to get some diversity in our responses, but will mainly focus on the male demographic.
In our surveys, Google Forms will be our channel. We will ask people about their background
knowledge with their current breakers. We will also ask how receptive they would be to utilizing
new technology. We realize that we are going to be marketing primarily to the upper middle and
upper class, but we believe a sample of other income classes may be able to translate to what we
would hear from the upper class population. It will also give us a picture on whether or not this
product has potential for market penetration into new segments in the future. Also in our surveys
we will ask how receptive consumers would be to a breaker box that could automatically
decrease the energy levels in their house based on utilization.
We will attempt to interview upper middle and upper class women and men. We will define
these classes by households making more than $100,000 a year. This is the same methodology
that U.S. news and other business magazines use. Our interview questions will be conversational
so as to allow freedom of though and keep possible responses open-ended. However, we will
work in them telling us about their experiences with their breakers. When do they access it? Is
there anything about it you like? Don’t like? Location of their breaker? How much is their
average electric bill? All of these questions will benefit us in forming a product that is most in
line with what customers from these segments desire.
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The data we retrieved from our survey has given us insight as to what potential customers of our
JUICE BX product think regarding the potential and interests. We have a sample size of 23
respondents with 56.6% of them being either homeowners or renters who pay utility bills. These
next two paragraphs will analyze data obtained from this bill-paying sample from the overall
pool of respondents. 69% of bill-paying respondents were actually unaware of how much energy
was being consumed in their homes, leading to the potential of positioning our product as a
solution to energy consumption awareness.
An unsurprising 92% of bill-paying respondents said they try to minimize the amount
they pay for their energy bills while 85% admit to adopting an energy-saving lifestyle. These
results back up the idea that there are people who want to actively reduce their energy
consumption. All relevant respondents pay less than $180 for their monthly electricity bill which,
compared to the state of Illinois average as of 20131, is a bit higher. The last question asked
about their interest in a product that would help reduce energy consumption and cost and 92%
rated 3 or higher from a 1-5 scale, with 69% rating it a 5. This shows that demand for our
product, amongst those who pay their own utility bills, is there.
This paragraph analyzes peoples’ knowledge on general fuse boxes. 74% of all
respondents expressed that are either somewhat concerned or concerned about privacy with
smart home solutions. Although our product is not intended for converting a home into a smart
home, it may well serve as the backbone to linking, enabling and monitoring all other smart
home appliances. Given the data on peoples’ concern with privacy, we will cater to their needs
with our product. Only 26% of people use their smartphones to remotely control any products or
appliances at home and when asked what else they could control, many items were mentioned
1 http://www.eia.gov/electricity/sales_revenue_price/pdf/table5_a.pdf
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but a fuse box was not, proving that our product is truly unique and something people wouldn’t
expect to be able to control, as do our competitors think. 74% of people also are aware of
standard fuse boxes and what they can do so there should not be a huge learning curve for those
who start to use our product. 57% of respondents admit to have forgotten to turn off electrical
appliances at home from every once in a while (30%) to more often than not (27%).
The last page of questions went into specifics about our product and what it can do for
them. After reading a little about JUICE BX, 95% of respondents admit to be willing to use it,
however they may do so. A surprising 87% of people said that they would actually spend money
to have their own JUICE BX in their home. A solid figure like 87% is statistically significant
and depicts the demand that exists for such a product, however without taking into account
marketing factors such as accessibility and price.
When people were asked about how much they liked the idea of JUICE BX being able
to help track budgeted spending and monitoring real-time bill accrual to be able to track their
energy expenditures, 100% of all respondents expressed interest ranging between a modest to a
great interest! After postulating scenarios where the mobile app aspect of our product could be
useful from remote switching to convenience, 96% of people showed interest with that respect.
Based solely off these last two figures, we can not only tell that people see how JUICE BX can
be of useful help to their lives at home, but more so that people are slightly more interested in
saving money in the long run.
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Section 3: Defining Your Offering
Name of Venture
Elevator Pitch
Our product will enhance homeowner’s ability to control their home energy consumption, while
simultaneously allowing construction firms to increase the value of newly developed projects.
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Section 4: Business Templates
Value Proposition
Buyer to Buyer Buyer to Customer
For: Construction Firms For: Homeowners
Who:
Construction firms developing smart homes
Who: Consumers who are seeking to reduce electricity
consumption and save money on electric bills
We do this by: JUICE BΩX uses software
programming to allow management of electricity
consumption by connecting breaker boxes with the
internet
We do this by: JUICE BΩX uses software
programming to allow management of electricity
consumption by connecting breaker boxes with the
internet
Differentiation:
1) Will add value to projects thus enabling the
construction firm to charge a premium in residential
buildings installed with JUICE BΩX.
2) This will allow construction firms to form
partnerships with app developers to enhance the
experience with JUICE BΩX
Differentiation:
1) Unlike traditional fuse boxes JUICE BΩX grants
you full control of your home’s power from anywhere.
Including your Smartphone
2) Our JUICE BΩX can connect with weather service
centers to automatically set your in home appliances
and heat/air to optimal efficiency levels (Temperature
preferences can be preset by the user)
Draft 1: Business Model Canvas
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Section 5: Pivot!
Our startup has changed through the research process and based on feedback from the class. We
determined that our product could be slightly more related to the internet of things. For that
reason we have decided to incorporate the ability of our product to connect with the National
Weather Center. This will allow JUICE BΩX to automatically set your home’s thermostat and
other appliances to levels that will be optimal in terms of energy consumption. However, we are
not cutting the ability for the user to manually control the system as well. Features that involve
automation and sensors can be adjusted in settings in case someone, for example, has to leave the
house on a business trip or vacation. In this case the feature can be turned off and replaced with a
“Not Home” mode to allow minimizing consumption. This dual functionality will make JUICE
BΩX an even more valuable tool. Additionally, JUICE BΩX will be able to be programmed
with other applications through their API. An example of this may be a JUICE BΩX pairing with
Pandora. The user will be able to control in home energy levels as well as control the music in
their speakers in an all-encompassing way. This will open to the door for construction firms to
partner with app designers thus increasing the value they receive from the product.
Aside from this, much of the energy waste is due to people leaving the appliances on/plugged
when falling asleep or leaving the house. Our JUICE BΩX allows user to connect their
wristbands or smart-phones, so that when the user falls asleep or leaves the house, the JUICE
BΩX will know to turn off certain appliances.
Our researched has shown that there is not a product on the market quite like ours. We believe
with effective marketing there will be JUICE BΩX within every upper middle and upper class
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American home. We hope that that can be extended to EVERY home within the foreseeable
future.
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Section 6a & b: Vision & Mission Statements
Vision Statement
In the next 10 years, JUICE BΩX will revolutionize energy management for exciting residential
homes while simultaneously opening the door for home construction firms to create additional
value in their projects.
Mission Statement
JUICE BΩX’s mission is to be the preferred partner of home owners and residential construction
firms, by setting the standard for in-home energy management. We do this by providing
customers with unparalleled real time consumption statistics and other valuable information. Our
customers will take control back from utility companies and help create a more sustainable living
environment.
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Section 7: Our Story
Meet Michael Black. He is a 42 year old Senior Consultant with a wife a 15 year old girl and a
12 year old boy. Michael lives in Baltimore, Maryland and pays on average $156 per month on
his electric bill. Maryland happens to have the second highest electricity rates of any state in the
US. His two kids love to watch television and often leave their set and lights on, even after
leaving the room. His wife is a stay at home mom who loves to cook. She often leaves kitchen
appliances on, or sets them at energy consumption levels higher than necessary.
Michael is looking for a way to reduce his bills. Michael and his wife are considering moving
because they pay just too much for utilities. However, their kids love their school and current
friends and they know a move would be tough on them. Michael had heard about “Smart Homes”
and “Smart Appliances” but had never seriously considered updating his 25 year old home with
any of this latest technology. It wasn’t until Michael received a phone call from a sales
representative at JUICE BΩX did he really consider the idea.
Michael was asked if he wanted a way to gain control back from his utility provider. Of course
that peeked his interest. When he asked for more information, the JUICE BΩX representative
detailed exactly how much he could save per month by installing a new fuse box. It would also
grant him control of all of his home’s utilities even on the go. The part that really sweetened the
deal was that JUICE BΩX offered a lifetime warranty and a money back guarantee if there
wasn’t a reduction in energy bills within the very first month!
Now, Michael pays a mere $95 per month on his electric bill. He raves about JUICE BΩX to his
family, friends and colleagues. He and his wife can continue staying in the home and city they
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love, and his kids don’t have to make an unwanted move. This is all possible from making the
switch to JUICE BΩX: because at JUICE BΩX, customer satisfaction is the number one priority.
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Section 8: Branding & Prototype
Font: Optima, 18
 Controlled
 Clear
 Concise
Color: Green,72F009
 Environmental,natural
 Fresh,innovated
 Adaptationtosurrounding (weather,temperatures)
Symbol (released in presentation):
 Omega= electrical resistance
 Bulb= energyconsumption
 Outercircle = the whole picture (whole house/connectionbetweenhouse andsurrounding)
 IE 5010 = poweron-off symbol (linewithacircle) devicesswitchbetweenstates
As an energy management device, JUICE BΩX offers convenience, sustainability, and economical
savings as its most distinguishable features. It offers a number of functions that enables users to take
control back from utility companies and help create a more sustainable living environment. It will be a
model of standard for home energy management, and thus be the first choice of construction firms.
Our two target customer segments are the middle and upper class home owners and construction firms.
The product is designed especially in order to meet the needs and wants of the users.
Brand Personality
Convenience: One major need of the smart home customer is convenience. Like any standard home
automation device, JUICE BΩX offers the remote control function for home appliances. Unlike most
similar that still uses remote controllers (which are usually hard to find), JUICE BΩX features a mobile
app that achieves the same function, and offers much more. Customers can use the app anywhere with
internet connection to control JUICE BΩX.
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Economical & Sustainable: Our customers also have strong incentive for a reduction in electricity bill.
While the awareness of sustainability issues is growing, protecting the environment has become a
lifestyle. Many customers will choose sustainable products, which are,in our industry, the efficient
products. JUICE BΩX is designed perfectly to satisfy both. It has severalfunctions working together to
achieve such goal. It uses the pricing policy to make optimal plan of electricity usage based on the time-
based-pricing of the local electricity company. Also, it connects with other devices such as smartphones
and wearables to automatically/manually turn off or cut power certain home appliances. All these
functions together will satisfy the customers’ needs to save money and boost efficiency.
Empowered: JUICE BΩX is also designed to satisfy the emotional needs of the customers. JUICE
BΩX’s features will make customers feelempowered by our technology. Unlike many electronic
products that require much relevant knowledge to operate, our extremely user-friendly product will make
sure that every customer can exploit JUICE BΩX to 100% of its potential, regardless of their skills with
technology. Instead of feeling confused and ignorant, customers can feelthey are empowered that they
have full control of their home.
Premium: The innovative and unique features will also make customers feel a sense of premium. R&D is
constantly emphasized for our product so that it always offers functions that others do not have. Our
customers will have the feeling that they are the elite, the wise ones who chose the best product available.
The aesthetic design and packaging of our product will reinforce such feeling. There will be a number of
designs to satisfy different style of homes, but regardless of the style, the product will always give an
expensive impression. The packaging will also be very well designed with good quality, to match the
image of our product.
Service
Trust & Transparency: In terms of service, we will also work on establishing trust and transparency.
Customers should always be aware of where the data is going. Besides the term of agreement,if the app
Page 22 of 26
sends out any data,it should notify the customer of what the data is and where the data is going.
Customers should be able to review data in an understandable way so they can decide whether if he
should allow it to be sent. Our lifetime warranty will also let the customers be sure that the quality of our
product can be trusted.
Convenient:Convenience also a feature of the service we provide. The product should be available in
most major hardware/home-improvement stores and online retailers, as well as our own online
distribution channel. We provide free installation with any purchase of our product.
We also provide 24/7 technical support and emergency services. The customer should be able to reach us
for help at any given time of the day. This is not only about convenience and quality, but also an
emotional support. Whenever anything goes wrong with our product, or they do not understand what is
going on, they should always feel they are always supported by us, and form a family-like emotional bond
with our brand.
Page 23 of 26
Section 9: The Final Business ModelCanvas
Page 24 of 26
Section 10: References
2013 Average Monthly Bill- Residentia. (2014). Retrieved from U.S. Energy Infomration Administration:
http://www.eia.gov/electricity/sales_revenue_price/pdf/table5_a.pdf
Bizminer. (2014, December 1). Industry Financial Report. Retrieved from Bizminer:
http://www.bizminer.com/reports/samples/industry-financial.pdf
Brennan, M. (2013, October 10). House Of The Future: How. Retrieved from FORBES Magazine:
https://drive.google.com/drive/#folders/0B8sFUgAFgA7ffkFMR1ByUHlDN0t2SjhiRUxnSlNmS
mtzQ1VfcDViWDJEdnVLMmozWkkyenM
Castle, S. (2011, September 14). Eaton’s Smart Energy Management Could Be a Mid-Market Winner.
Retrieved from GreenTech Advocates:http://greentechadvocates.com/2011/09/14/eatons-smart-
energy-management-could-be-a-mid-market-winner/
ComEd. (2014). Meet Our Smart Home Showcase Winners.Retrieved from ComEd Official Website:
https://www.comed.com/technology/smart-meter-smart-grid/see-for-yourself/smart-home-
showcase/Pages/default.aspx
Environmental Leader. (2008, March 16). Trends in Consumer Actions to Protect the Environment.
Retrieved from Environmental Leader:http://www.environmentalleader.com/2008/03/16/trends-
in-consumer-actions-to-protect-the-environment/?graph=full
Goldman Sachs. (2014, September 3). The Internet of Things: making Sense of the Next Mega-Trend.
Retrieved from IoT Primer:
https://drive.google.com/drive/#folders/0B8sFUgAFgA7ffkFMR1ByUHlDN0t2SjhiRUxnSlNmS
mtzQ1VfcDViWDJEdnVLMmozWkkyenM
Griffith, E. (2014, December 4). How To Invest in the Internet of Things. FORTUNE Magazine,pp. 112-
116.
Hassan,Q. F. (2011, February). Demystifying Cloud Computing. Retrieved from
http://static1.1.sqspcdn.com/static/f/702523/10181434/1294788395300/201101-
Hassan.pdf?token=z8xbbhdut3YghlShdMIfxlMNx48%3D
North American Industry Classification System Codes. (2012, January 1). Table of Small BusinessSize
Standards. Retrieved from U.S. Small business Administration:
http://www.naics.com/naicswp2014/wp-content/uploads/2014/10/2014-Size_Standards_Table.pdf
Postscapes. (2015,February 5). WiFi Home Energy Monitor:Neurio. Retrieved from Postscapes:
https://drive.google.com/drive/#folders/0B8sFUgAFgA7ffkFMR1ByUHlDN0t2SjhiRUxnSlNmS
mtzQ1VfcDViWDJEdnVLMmozWkkyenM
Wood, A. (2015, March 31). The internet of things is revolutionising our lives, but standards are a must.
Retrieved from The Guardian: http://www.theguardian.com/media-network/2015/mar/31/the-
internet-of-things-is-revolutionising-our-lives-but-standards-are-a-must
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Section 11: Appendix
Page 26 of 26

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Team Chester Final Process Book_67657 v2.1

  • 1. Team Chester Final Process Book F67657 BUS 480: Strategic Management & Design Thinking for the Next Economy Malachi Gibson, Ricardo Gradilla, Anthony Thurston, Lena Tunkers, Moses Yao 4/27/2015
  • 2. Page 1 of 26 Table of Contents Section 1: Articulating the Context ......................................................................................................2 Section 2a: Secondary Research ..........................................................................................................4 NAICS Code/5 Forces Analysis .......................................................................................................5 Competitive Analysis ......................................................................................................................5 Market Analysis..............................................................................................................................6 Trend Analysis ...............................................................................................................................7 SWOT Analysis..............................................................................................................................8 Section 2b: Primary Research............................................................................................................10 Section 3: Defining Your Offering.....................................................................................................13 Name of Venture ..........................................................................................................................13 Elevator Pitch...............................................................................................................................13 Section 4: Business Templates...........................................................................................................14 Value Proposition .........................................................................................................................14 Draft 1: Business Model Canvas ....................................................................................................14 Section 5: Pivot!...............................................................................................................................15 Section 6a & b: Vision & Mission Statements ....................................................................................17 Vision Statement...........................................................................................................................17 Mission Statement ........................................................................................................................17 Section 7: Our Story .........................................................................................................................18 Section 8: Branding & Prototype .......................................................................................................20 Brand Personality .........................................................................................................................20 Service.........................................................................................................................................21 Section 9: The Final Business Model Canvas......................................................................................23 Section 10: References......................................................................................................................24 Section 11: Appendix........................................................................................................................25
  • 3. Page 2 of 26 Section 1: Articulating the Context It is well known that the United States is a “wasteful” country. But just how wasteful are we? According to (http://public.wsu.edu) Americans constitute 5% of the world's population but consume 24% of the world's energy. On average, one American consumes as much energy as: o 2 Japanese o 6 Mexicans o 13 Chinese o 31 Indians o 128 Bangladeshis o 307 Tanzanians o 370 Ethiopians The U.S. population is projected to increase by nearly 130 million people - the equivalent of adding another four states the size of California - by the year 2050. This rate of energy consumption cannot be maintained. Our venture will aim to solve how to reduce the average amount of energy consumption the American household uses on a daily basis. Based on the World Bank Development Indicators the world’s richest 20% consume over 75% of the yearly household energy consumption. This will be our target market. Our objective will be to reserve resources, offer climate protection and cost savings, while the users still has permanent access to the energy they need. We will launch initially in hardware and technology stores the United States’ most wealthy areas. Our venture will also have a virtual market launch on Amazon. The goal will be to raise the awareness about our product and services to the country’s wealthiest individuals and households. We will entice them by offering to lower their energy bills and by the GREEN aspect of our services. Our product will be integrated into all forms of
  • 4. Page 3 of 26 energy consuming devices (switches, power outlets, bulbs, televisions, etc.) and be able to communicate with the utility supply company in order to effectively balance power generation and energy usage. Our devices would also offer the opportunity for users to remotely control their devices, or centrally manage them via a cloud based interface, and enable advanced functions like scheduling, remotely powering on or off heating systems, controlling ovens, and changing lighting conditions. (http://en.wikipedia.org/wiki/Internet_of_Things)
  • 5. Page 4 of 26 Section 2a: Secondary Research We have decided to focus on energy consumption within wealthy households. We came to this decision based on the fact that the World Bank Development Indicators the world’s richest 20% consume over 75% of the yearly household energy consumption. In narrowing our focus even more we have specifically decided to integrate the IOT into household breaker boxes. We believe that there is much room for optimization within this product. Breaker boxes control electricity to almost everything within the home. We want to a way for your smartphone, or other device, to monitor the energy consumption in each sector of the home controlled by a breaker. When you see that one area is using more energy consumption than necessary you can simply switch the breaker off straight from your phone. Also, for breakers that need to be constantly kept on you can reduce the energy used by the sector instead of completely turning it off. This “smart breaker box” will be a complex system, meaning that it will learn your habits and monitor where you use the most energy within the household and start diminishing energy consumption in other not as frequently utilized parts of the home automatically. In other words the system can monitor the home’s overall electricity consumption, as well as that of some individual circuits and devices plugged into wirelessly communicating modules. It can also turn on and off circuits and the devices plugged into the modules at preprogrammed times or in response to utility pricing if smart grid services are offered. In addition, current transformers (CTs) measure the amount of electrical current from the two mains (for whole-house) and individual circuits. The CTs are also wired to the Smart Load Center near the electrical panel, which sends and receives wireless signals straight to your smartphone. (greentechadvocates.com)
  • 6. Page 5 of 26 NAICS Code/5 Forces Analysis The NAICS code most relevant to our product is 444110 Home Centers. This industry comprises establishments known as home centers primarily engaged in retailing a general line of new home repair and improvement materials and supplies, such as lumber, plumbing goods, electrical goods, tools, housewares, hardware, and lawn and garden supplies, with no one merchandise line predominating. The merchandise lines are normally arranged in separate departments. The size standard is $38.5 million, (NAICS.com) meaning that this industry is large and competitive. However, for our product specifically the competition is somewhat smaller. The suppliers of these products have considerable amounts of power. Most installed in home by electricians are bought at large consumer hardware stores and thus infused to the price of the overall work. However, the price to install a new breaker box, standard not “smart”, is roughly $1000. It is not easy to enter this market for lower or mid-priced consumers because the main thing driving their decision is the price point. This is another reason why we have decided to focus on the high end market because price is not as much of a concern as quality. In terms of substitute products the only real substitute is the standard breaker box, those with no capabilities to remotely control energy use. However, these are the ones that come standard in homes after the 1960s. Competitive Analysis As of now there are only a very few companies making “smart breaker boxes”. The most prominent now is a company by the name of Eaton (http://www.eaton.com). They offer a similar product priced at about $1000, but their product lacks the capability to control the energy consumption via a smartphone. This is what differentiates our product from theirs and justifies us selling our product at a slightly higher price point. Our product size and speed make it a higher quality product than anything currently on the market. General Electric is another direct competitor in the market. They offer a wide array of load centers for residential buildings from
  • 7. Page 6 of 26 indoor to outdoor enclosures with meters and thermoplastic, but they currently do not offer a product that can be programmed and controlled by a smartphone or tablet. As a world leader in technology solutions who does not have a product for the IoT, in this particular market, there is opportunity to leap ahead of competition and secure our place as the leader in Smart Boxes. Market Analysis The number of firms in the current market is 15,317. The Home Centers industry captures $933 in sales per personal income earning unit within the market area, representing local demand below US national levels of $1,444. Local industry sales are about 1.4% of gross personal income, below the US national level of 2.5%. The industry location quotient of 0.65 indicates market area employment concentrations below the industry employment concentration nationally (where the US concentration equals 1.00). The market area Home Centers industry transacts $9,344 in sales per private sector business establishment, representing local demand below US national levels ($12,971). Locally generated industry sales represent 0.70% of the total volume of sales generated in the market area by businesses of all types, a 0.71 multiple of the national average share. Over the 24 month period year-end 2011-2013, 21.0% of US business establishments in the industry, and 26.4% in its small business segment, ceased independent operation. By contrast, the cessation rate in the market area was 23.76% industry wide and 38.32% for small businesses. On the new business vitality side of the equation, 11 independent industry startups and new branch operations were identified in the market area, creating a new operation rate of 5.91% in the most recent analysis year, less than the national rate of 6.87%. Unusually low new operation rates can indicate market saturation or lack of perceived opportunity, while high rates suggest both opportunity and the recognition of it. Due to the
  • 8. Page 7 of 26 limited number of new operations at any given time, this indicator is often less useful in small local market areas. (Bizminer) Trend Analysis The concept of a smart home, aka home automation, has been around for several decades. With the advancement of technology, especially mobile devices and the IOT, the practicality of a smart home is even more of a realistic possibility. Major home-improvement stores such as Home Depot and Target now have smart home products on their shelves, which means there is an increasing awareness and acceptance of home automation products. Giant technology firms such as Apple and Microsoft are also investing heavily in smart home industry, signaling not only more technological innovation, but also a rising trend in popular culture. Other online stores provide unique products and solutions, ranging from energy saving to home security. There are also beginning to be media coverage of smart home products. Many sites, such as CNET and digitaltrends.com, publish articles about recommendations and reviews of home automation products, while others predict technological trends in this field. The market revenue forecasts also seem promising. Some sources predict a CAGR over 29.5% from 2014 - 2020. Based on these trends, it is likely the home automation market will continue to expend. Major retailers and other companies’ involvement will further increase customer awareness and buying tendency. The rising attention of sustainability issues will increase the urgency for energy saving applications and devices. The concept of internet of things also gives home automation tremendous potential. The popularity of mobile technology, especially smart-phones and networks, makes it easier and more convenient for customer to utilize advancement in smart home technology.
  • 9. Page 8 of 26 SWOT Analysis A “smart breaker box” is an innovative and modern product and yields many strengths. It has a high performance due to its ability to learn, improve and communicate. The strengths we focus on and the advantages our customers gain from using our product include maintaining climate protection and cost savings. As mentioned in the competitor analysis, there are only some firms which have already sold smart breaker solutions so far. We would be the first one supplying smart breaker boxes with a mobile communication solution. This would make our product unique, competitive and rare. Opportunities such as the lack of real competitors and a new field of utilization of sensors help make it easier to insert our product to the marketplace. Furthermore, there is an increased trend of following an environmental conscious lifestyle (environmentalleader). The value of reducing electrical consumption would support this trend and would push our product into the market. However, it could likewise generate a high risk. If wealthy end market customers don’t need to reduce their costs and don’t even care about the environment, that could be the threat of the market we focus on. Also, it could influence the competitors who sell the standard normal breaker boxes to compete against us. The biggest weaknesses are the high price and the need to keep the quality of the service at a high level, besides being impacted by high technical challenges and safety. Furthermore, it is a new product so we would need to spend a great deal of money to create awareness in the target market. Certainly, there will be firms who simply copy our product or at least add the mobile solution to their smart breaker box. We will be ousted from the market as soon as someone supplies a similar product for a better price. Therefore, the aim should be to set quality and new innovation as the highest priorities. Additionally, we have to standardize our product. If a new house is to be built including our smart breaker box solution should become the standard.
  • 10. Page 9 of 26 S W - Unique and innovative functions - Innovation - High Quality & Stylish product - Sustainable product - New start-up with low awareness - Easy-to-imitate products - High R&D cost O T - Trend to sustainable lifestyle - New Market & Lack of competitors - Other interact-able IoT products - Growing trend of home-automation - Advancement of technology in general - Wealthy customers don’t care about bill saving - Potential entries - Lack of standard in IoT industry
  • 11. Page 10 of 26 Section 2b: Primary Research For our primary research, we have decided to focus on surveys and interviews. We decided on these methods because we believe they are the most feasible to receive feedback. Home breaker boxes are something most adults, especially adult males, have had some contact with in their life. We hope to get some diversity in our responses, but will mainly focus on the male demographic. In our surveys, Google Forms will be our channel. We will ask people about their background knowledge with their current breakers. We will also ask how receptive they would be to utilizing new technology. We realize that we are going to be marketing primarily to the upper middle and upper class, but we believe a sample of other income classes may be able to translate to what we would hear from the upper class population. It will also give us a picture on whether or not this product has potential for market penetration into new segments in the future. Also in our surveys we will ask how receptive consumers would be to a breaker box that could automatically decrease the energy levels in their house based on utilization. We will attempt to interview upper middle and upper class women and men. We will define these classes by households making more than $100,000 a year. This is the same methodology that U.S. news and other business magazines use. Our interview questions will be conversational so as to allow freedom of though and keep possible responses open-ended. However, we will work in them telling us about their experiences with their breakers. When do they access it? Is there anything about it you like? Don’t like? Location of their breaker? How much is their average electric bill? All of these questions will benefit us in forming a product that is most in line with what customers from these segments desire.
  • 12. Page 11 of 26 The data we retrieved from our survey has given us insight as to what potential customers of our JUICE BX product think regarding the potential and interests. We have a sample size of 23 respondents with 56.6% of them being either homeowners or renters who pay utility bills. These next two paragraphs will analyze data obtained from this bill-paying sample from the overall pool of respondents. 69% of bill-paying respondents were actually unaware of how much energy was being consumed in their homes, leading to the potential of positioning our product as a solution to energy consumption awareness. An unsurprising 92% of bill-paying respondents said they try to minimize the amount they pay for their energy bills while 85% admit to adopting an energy-saving lifestyle. These results back up the idea that there are people who want to actively reduce their energy consumption. All relevant respondents pay less than $180 for their monthly electricity bill which, compared to the state of Illinois average as of 20131, is a bit higher. The last question asked about their interest in a product that would help reduce energy consumption and cost and 92% rated 3 or higher from a 1-5 scale, with 69% rating it a 5. This shows that demand for our product, amongst those who pay their own utility bills, is there. This paragraph analyzes peoples’ knowledge on general fuse boxes. 74% of all respondents expressed that are either somewhat concerned or concerned about privacy with smart home solutions. Although our product is not intended for converting a home into a smart home, it may well serve as the backbone to linking, enabling and monitoring all other smart home appliances. Given the data on peoples’ concern with privacy, we will cater to their needs with our product. Only 26% of people use their smartphones to remotely control any products or appliances at home and when asked what else they could control, many items were mentioned 1 http://www.eia.gov/electricity/sales_revenue_price/pdf/table5_a.pdf
  • 13. Page 12 of 26 but a fuse box was not, proving that our product is truly unique and something people wouldn’t expect to be able to control, as do our competitors think. 74% of people also are aware of standard fuse boxes and what they can do so there should not be a huge learning curve for those who start to use our product. 57% of respondents admit to have forgotten to turn off electrical appliances at home from every once in a while (30%) to more often than not (27%). The last page of questions went into specifics about our product and what it can do for them. After reading a little about JUICE BX, 95% of respondents admit to be willing to use it, however they may do so. A surprising 87% of people said that they would actually spend money to have their own JUICE BX in their home. A solid figure like 87% is statistically significant and depicts the demand that exists for such a product, however without taking into account marketing factors such as accessibility and price. When people were asked about how much they liked the idea of JUICE BX being able to help track budgeted spending and monitoring real-time bill accrual to be able to track their energy expenditures, 100% of all respondents expressed interest ranging between a modest to a great interest! After postulating scenarios where the mobile app aspect of our product could be useful from remote switching to convenience, 96% of people showed interest with that respect. Based solely off these last two figures, we can not only tell that people see how JUICE BX can be of useful help to their lives at home, but more so that people are slightly more interested in saving money in the long run.
  • 14. Page 13 of 26 Section 3: Defining Your Offering Name of Venture Elevator Pitch Our product will enhance homeowner’s ability to control their home energy consumption, while simultaneously allowing construction firms to increase the value of newly developed projects.
  • 15. Page 14 of 26 Section 4: Business Templates Value Proposition Buyer to Buyer Buyer to Customer For: Construction Firms For: Homeowners Who: Construction firms developing smart homes Who: Consumers who are seeking to reduce electricity consumption and save money on electric bills We do this by: JUICE BΩX uses software programming to allow management of electricity consumption by connecting breaker boxes with the internet We do this by: JUICE BΩX uses software programming to allow management of electricity consumption by connecting breaker boxes with the internet Differentiation: 1) Will add value to projects thus enabling the construction firm to charge a premium in residential buildings installed with JUICE BΩX. 2) This will allow construction firms to form partnerships with app developers to enhance the experience with JUICE BΩX Differentiation: 1) Unlike traditional fuse boxes JUICE BΩX grants you full control of your home’s power from anywhere. Including your Smartphone 2) Our JUICE BΩX can connect with weather service centers to automatically set your in home appliances and heat/air to optimal efficiency levels (Temperature preferences can be preset by the user) Draft 1: Business Model Canvas
  • 16. Page 15 of 26 Section 5: Pivot! Our startup has changed through the research process and based on feedback from the class. We determined that our product could be slightly more related to the internet of things. For that reason we have decided to incorporate the ability of our product to connect with the National Weather Center. This will allow JUICE BΩX to automatically set your home’s thermostat and other appliances to levels that will be optimal in terms of energy consumption. However, we are not cutting the ability for the user to manually control the system as well. Features that involve automation and sensors can be adjusted in settings in case someone, for example, has to leave the house on a business trip or vacation. In this case the feature can be turned off and replaced with a “Not Home” mode to allow minimizing consumption. This dual functionality will make JUICE BΩX an even more valuable tool. Additionally, JUICE BΩX will be able to be programmed with other applications through their API. An example of this may be a JUICE BΩX pairing with Pandora. The user will be able to control in home energy levels as well as control the music in their speakers in an all-encompassing way. This will open to the door for construction firms to partner with app designers thus increasing the value they receive from the product. Aside from this, much of the energy waste is due to people leaving the appliances on/plugged when falling asleep or leaving the house. Our JUICE BΩX allows user to connect their wristbands or smart-phones, so that when the user falls asleep or leaves the house, the JUICE BΩX will know to turn off certain appliances. Our researched has shown that there is not a product on the market quite like ours. We believe with effective marketing there will be JUICE BΩX within every upper middle and upper class
  • 17. Page 16 of 26 American home. We hope that that can be extended to EVERY home within the foreseeable future.
  • 18. Page 17 of 26 Section 6a & b: Vision & Mission Statements Vision Statement In the next 10 years, JUICE BΩX will revolutionize energy management for exciting residential homes while simultaneously opening the door for home construction firms to create additional value in their projects. Mission Statement JUICE BΩX’s mission is to be the preferred partner of home owners and residential construction firms, by setting the standard for in-home energy management. We do this by providing customers with unparalleled real time consumption statistics and other valuable information. Our customers will take control back from utility companies and help create a more sustainable living environment.
  • 19. Page 18 of 26 Section 7: Our Story Meet Michael Black. He is a 42 year old Senior Consultant with a wife a 15 year old girl and a 12 year old boy. Michael lives in Baltimore, Maryland and pays on average $156 per month on his electric bill. Maryland happens to have the second highest electricity rates of any state in the US. His two kids love to watch television and often leave their set and lights on, even after leaving the room. His wife is a stay at home mom who loves to cook. She often leaves kitchen appliances on, or sets them at energy consumption levels higher than necessary. Michael is looking for a way to reduce his bills. Michael and his wife are considering moving because they pay just too much for utilities. However, their kids love their school and current friends and they know a move would be tough on them. Michael had heard about “Smart Homes” and “Smart Appliances” but had never seriously considered updating his 25 year old home with any of this latest technology. It wasn’t until Michael received a phone call from a sales representative at JUICE BΩX did he really consider the idea. Michael was asked if he wanted a way to gain control back from his utility provider. Of course that peeked his interest. When he asked for more information, the JUICE BΩX representative detailed exactly how much he could save per month by installing a new fuse box. It would also grant him control of all of his home’s utilities even on the go. The part that really sweetened the deal was that JUICE BΩX offered a lifetime warranty and a money back guarantee if there wasn’t a reduction in energy bills within the very first month! Now, Michael pays a mere $95 per month on his electric bill. He raves about JUICE BΩX to his family, friends and colleagues. He and his wife can continue staying in the home and city they
  • 20. Page 19 of 26 love, and his kids don’t have to make an unwanted move. This is all possible from making the switch to JUICE BΩX: because at JUICE BΩX, customer satisfaction is the number one priority.
  • 21. Page 20 of 26 Section 8: Branding & Prototype Font: Optima, 18  Controlled  Clear  Concise Color: Green,72F009  Environmental,natural  Fresh,innovated  Adaptationtosurrounding (weather,temperatures) Symbol (released in presentation):  Omega= electrical resistance  Bulb= energyconsumption  Outercircle = the whole picture (whole house/connectionbetweenhouse andsurrounding)  IE 5010 = poweron-off symbol (linewithacircle) devicesswitchbetweenstates As an energy management device, JUICE BΩX offers convenience, sustainability, and economical savings as its most distinguishable features. It offers a number of functions that enables users to take control back from utility companies and help create a more sustainable living environment. It will be a model of standard for home energy management, and thus be the first choice of construction firms. Our two target customer segments are the middle and upper class home owners and construction firms. The product is designed especially in order to meet the needs and wants of the users. Brand Personality Convenience: One major need of the smart home customer is convenience. Like any standard home automation device, JUICE BΩX offers the remote control function for home appliances. Unlike most similar that still uses remote controllers (which are usually hard to find), JUICE BΩX features a mobile app that achieves the same function, and offers much more. Customers can use the app anywhere with internet connection to control JUICE BΩX.
  • 22. Page 21 of 26 Economical & Sustainable: Our customers also have strong incentive for a reduction in electricity bill. While the awareness of sustainability issues is growing, protecting the environment has become a lifestyle. Many customers will choose sustainable products, which are,in our industry, the efficient products. JUICE BΩX is designed perfectly to satisfy both. It has severalfunctions working together to achieve such goal. It uses the pricing policy to make optimal plan of electricity usage based on the time- based-pricing of the local electricity company. Also, it connects with other devices such as smartphones and wearables to automatically/manually turn off or cut power certain home appliances. All these functions together will satisfy the customers’ needs to save money and boost efficiency. Empowered: JUICE BΩX is also designed to satisfy the emotional needs of the customers. JUICE BΩX’s features will make customers feelempowered by our technology. Unlike many electronic products that require much relevant knowledge to operate, our extremely user-friendly product will make sure that every customer can exploit JUICE BΩX to 100% of its potential, regardless of their skills with technology. Instead of feeling confused and ignorant, customers can feelthey are empowered that they have full control of their home. Premium: The innovative and unique features will also make customers feel a sense of premium. R&D is constantly emphasized for our product so that it always offers functions that others do not have. Our customers will have the feeling that they are the elite, the wise ones who chose the best product available. The aesthetic design and packaging of our product will reinforce such feeling. There will be a number of designs to satisfy different style of homes, but regardless of the style, the product will always give an expensive impression. The packaging will also be very well designed with good quality, to match the image of our product. Service Trust & Transparency: In terms of service, we will also work on establishing trust and transparency. Customers should always be aware of where the data is going. Besides the term of agreement,if the app
  • 23. Page 22 of 26 sends out any data,it should notify the customer of what the data is and where the data is going. Customers should be able to review data in an understandable way so they can decide whether if he should allow it to be sent. Our lifetime warranty will also let the customers be sure that the quality of our product can be trusted. Convenient:Convenience also a feature of the service we provide. The product should be available in most major hardware/home-improvement stores and online retailers, as well as our own online distribution channel. We provide free installation with any purchase of our product. We also provide 24/7 technical support and emergency services. The customer should be able to reach us for help at any given time of the day. This is not only about convenience and quality, but also an emotional support. Whenever anything goes wrong with our product, or they do not understand what is going on, they should always feel they are always supported by us, and form a family-like emotional bond with our brand.
  • 24. Page 23 of 26 Section 9: The Final Business ModelCanvas
  • 25. Page 24 of 26 Section 10: References 2013 Average Monthly Bill- Residentia. (2014). Retrieved from U.S. Energy Infomration Administration: http://www.eia.gov/electricity/sales_revenue_price/pdf/table5_a.pdf Bizminer. (2014, December 1). Industry Financial Report. Retrieved from Bizminer: http://www.bizminer.com/reports/samples/industry-financial.pdf Brennan, M. (2013, October 10). House Of The Future: How. Retrieved from FORBES Magazine: https://drive.google.com/drive/#folders/0B8sFUgAFgA7ffkFMR1ByUHlDN0t2SjhiRUxnSlNmS mtzQ1VfcDViWDJEdnVLMmozWkkyenM Castle, S. (2011, September 14). Eaton’s Smart Energy Management Could Be a Mid-Market Winner. Retrieved from GreenTech Advocates:http://greentechadvocates.com/2011/09/14/eatons-smart- energy-management-could-be-a-mid-market-winner/ ComEd. (2014). Meet Our Smart Home Showcase Winners.Retrieved from ComEd Official Website: https://www.comed.com/technology/smart-meter-smart-grid/see-for-yourself/smart-home- showcase/Pages/default.aspx Environmental Leader. (2008, March 16). Trends in Consumer Actions to Protect the Environment. Retrieved from Environmental Leader:http://www.environmentalleader.com/2008/03/16/trends- in-consumer-actions-to-protect-the-environment/?graph=full Goldman Sachs. (2014, September 3). The Internet of Things: making Sense of the Next Mega-Trend. Retrieved from IoT Primer: https://drive.google.com/drive/#folders/0B8sFUgAFgA7ffkFMR1ByUHlDN0t2SjhiRUxnSlNmS mtzQ1VfcDViWDJEdnVLMmozWkkyenM Griffith, E. (2014, December 4). How To Invest in the Internet of Things. FORTUNE Magazine,pp. 112- 116. Hassan,Q. F. (2011, February). Demystifying Cloud Computing. Retrieved from http://static1.1.sqspcdn.com/static/f/702523/10181434/1294788395300/201101- Hassan.pdf?token=z8xbbhdut3YghlShdMIfxlMNx48%3D North American Industry Classification System Codes. (2012, January 1). Table of Small BusinessSize Standards. Retrieved from U.S. Small business Administration: http://www.naics.com/naicswp2014/wp-content/uploads/2014/10/2014-Size_Standards_Table.pdf Postscapes. (2015,February 5). WiFi Home Energy Monitor:Neurio. Retrieved from Postscapes: https://drive.google.com/drive/#folders/0B8sFUgAFgA7ffkFMR1ByUHlDN0t2SjhiRUxnSlNmS mtzQ1VfcDViWDJEdnVLMmozWkkyenM Wood, A. (2015, March 31). The internet of things is revolutionising our lives, but standards are a must. Retrieved from The Guardian: http://www.theguardian.com/media-network/2015/mar/31/the- internet-of-things-is-revolutionising-our-lives-but-standards-are-a-must
  • 26. Page 25 of 26 Section 11: Appendix