3. Table of Contents
Executive Summary
Business Description and Vision
Definition of the Market
Description of the Products and Services
Marketing and Sales Strategy
Financial Management
4. Executive Summary
The following presentation was created for an application which will
be named “What Am I?”. The name of this application is in conjunction with its
intended purpose. “What Am I?” is an idea that was thought of one day when I
came across an insect in my home that I did not recognize. I remember
thinking,“I wish I could take a picture of this, upload it to the internet and get
responses as to what type of insect it is”. Right then, the application’s plan
began to take shape.
Applications are very popular among wireless device users. The best
thought of applications are most popular and those which are not free must
have a great concept for a consumer to be willing to purchase them. “What Am
I?” will be innovative and beneficial and simplify a consumer’s life. It will take
the guess work out of recognizing an object by allowing customers to upload
pictures of unrecognizable things and receive relative information about
them. Consumers will be able to upload simple pictures like food and animals,
or complex picture like rashes and other visible conditions. When applicable,
the consumer will be told what steps should be taken next. For example: in the
case of a skin condition the consumer may be told if they can treat it with an
over the counter remedy or visit a physician. If the picture is of an insect, the
consumer will be told what household remedy can be used or that
professionals are needed to resolve the problem.
5. Executive Summary
The target area for “What Am I?” is unlimited because it can be used
by anyone who has a wireless, camera ready device here in America and
worldwide. It will be priced between three and four dollars (USD) and sales are
projected to be enormous based on the extreme popularity of mobile
applications. Projected first year sales are well into millions of dollars and
expected to have a great run for the five years following release.
This project will be put together by Applico, a well known application
creating company located in Manhattan, NY. The cost for Applico to create an
application of this caliber is $60,000 with completion in six months.
Advertising will be done via internet (such as news sites like MSNBC, CNN, &
FOX and urban sites like WorldStarHipHop.com, Forbezdvd.com, TMZ.com and
MediaTakeOut.com), social media (Facebook, twitter, etc.), television and
newspapers. The costs for advertising is around $10,000. Based on projected
profits initial investments can be returned within 30 to 90 days after
application release. “What Am I?” is the next big application that will change
the application world as we know it.
6. Business Description and
Vision
"What Am I?" is a proposed smart phone and tablet
application which will be designed to simplify life and
provide a new necessity for cameras and recording devices
on phones and tablets. The vision for this application is
that it will integrate the convenience of a smart phone with
appropriate internet sites to help consumers associate with
items they do not recognize, without physically contacting
a source.
7. Definition of the Market
This application is geared for the technological market. With
the continuing improvements and upgrades being made to
wireless devices, this application will be a great addition to
electronic technology. This application will target consumers
who own smart phones, tablets and any other wireless
electronic device which has a camera and internet connection
ability. This application will fulfill the needs of consumers who
want the ease of knowing what an item is without directly
contacting the source.
8. Description of the
Products and Services
An example of how a consumer will use "What Am I?"
is: If you notice an unrecognizable bug in your home
and would like to know exactly what it is, you will
simply send the picture using the "What Am I?"
application, which will route the photo to an
appropriate internet site and identify the bug along
with its history. This process will be used for any
photo from foods to skin rashes/ailments to plants
and animals. This application will be priced between
three and four dollars and is competitive because
there is no other known application of this caliber.
9. Marketing and Sales
Strategy
The target market for this application as previously mentioned is
wireless electronic devices with camera attachments and
consumers who own those devices. Though there is no current
demand for this particular application, applications in general are
highly popular and the most useful ones are purchased most
frequently. Based on the schematics and uses of this application I
anticipate there being a very high demand for this product once it
is marketed. This application will be advertised via every media
outlet including television, internet, radio, billboards, social media,
etc. It will be reasonably priced at three or four dollars and be seen
as a smart and innovative way of acquiring information through
pictures, which consumers take frequently just for fun and sharing.
I am aware that there are hundreds of applications available to
consumers but this application will stand above the rest because of
its unique features and uses. Therefore competition will not be as
fierce as it is with game applications, for example.
10. Financial Management
The company which will be responsible for creating What Am I is
Applico located at 220 East 23rd Street New York, NY 10010; phone
number: 877-688-7567. Through talks with representatives from
Applico, it was determined that the start-up costs for an application
such as "What Am I?" is about fifty to sixty thousand dollars.
Advertising costs will run around ten thousand dollars. Based on
the projected popularity of this application, I have created and
attached a chart showing the projected sales/costs/profits expected
within the first year. The initial investment can be returned within
the first ninety days of the application being launched.
