Rohit Garg is presenting a business plan for FINDER, a small gadget that uses voice recognition to activate an alarm if a lost item is called out loud. The key points are:
1. FINDER is a 2cm x 1cm device that can be attached to items and will sound an alarm if the name is called, allowing users to locate lost items using their voice.
2. The presentation outlines the product concept, market opportunity and lack of competition, financial projections showing profitability, and milestones for launching the business.
3. An investment is sought to mass produce and market FINDER, which is projected to sell over 1 million units in the first year and
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When a consumer enters a supermarket/retail outlets/Malls he has to spend a lot of time waiting in the queue for checkout. There is an overwhelming need for businesses to value customers’ time and install more efficient checkout systems to improve the efficiency of queues and waiting lines.Here the proposed product will enable a consumer or buyer shopping in a retail shop/mall/outlets self-shopping so that he can do his own billing the products he bought using self-checkout machine.Here we are targeting at Retail market focusing Malls/Super markets/Retail Outlets focusing India & Middle East market.Customers want fast checkout systems. Retailers are always searching for ways to improve store checkout systems. Super markets in India & Middle east are not equipped with self-shopping facility. This gives us a unique opportunity in positioning the product into the target market.
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Innovation Idea for Lidl supermarket chainArshad TK
new innovation technology formed by our Innovation consultancy for the German global discounted supermarket chain Lidl called ‘Grab and Go’ which aid the shopping easy, quick and convenient by mainly avoiding checkout lines for shoppers in Lidl
When a consumer enters a supermarket/retail outlets/Malls he has to spend a lot of time waiting in the queue for checkout. There is an overwhelming need for businesses to value customers’ time and install more efficient checkout systems to improve the efficiency of queues and waiting lines.Here the proposed product will enable a consumer or buyer shopping in a retail shop/mall/outlets self-shopping so that he can do his own billing the products he bought using self-checkout machine.Here we are targeting at Retail market focusing Malls/Super markets/Retail Outlets focusing India & Middle East market.Customers want fast checkout systems. Retailers are always searching for ways to improve store checkout systems. Super markets in India & Middle east are not equipped with self-shopping facility. This gives us a unique opportunity in positioning the product into the target market.
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A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
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5 Things You Need To Know Before Hiring a Videographer
B Plan
1. Rohit Garg – 12PGP091
FINDER
Indian Institute of Management Raipur
IIM RAIPUR
FINDER
1
2. Agenda
Idea / Concept
Why Should You Invest In Our Business Plan
Market / Competitors
Go To Market Strategies
Financial Management
Milestones
IIM RAIPUR
FINDER
2
3. Idea / Concept
• Product: FINDER
• Idea: to develop a gadget that will activate an alarm on voice
recognition.
• Concept: to develop an affordable and trendy device that could help
our customers to locate the lost items. We use only one sense (our eyes)
of the five senses to find the lost items, this gadget will allow us to use
other senses (our ears) as well to find the lost items.
IIM RAIPUR
FINDER
3
4. Idea / Concept
If you have lost an object and this gadget is attached to the object, all
you have to do it call out the name of the gadget and you will be able to
find the object.
Features:
• The size of gadget is 2 cm x 1 cm
• The gadget can be attached to anything, metallic or non-metallic.
• You will be reminded by the gadget if there is any need to recharge.
IIM RAIPUR
FINDER
4
5. Agenda
Idea / Concept
Why Should You Invest In Our Business Plan
Market / Competitors
Go To Market Strategies
Financial Management
Milestones
IIM RAIPUR
FINDER
5
6. Why Should You Invest In Our Business Plan
The entrepreneur
• We are a group of young entrepreneurs who have excellent
academic and professional background
• We have a proven track record and we have leadership
qualities
The idea/product
• Our product has a high market acceptance
• Our product has global potential
The market
Financials
IIM RAIPUR
• We are creating new markets and not much competition in
first year
• There are established distribution channels
• Positive cash flow from second year onwards
• The project does not require subsequent investments
• Low break-even point
FINDER
6
7. Why Should You Invest In Our Business Plan
People
• Stop searching, start living
• Empowering visually challenged and ageing
populations across continents
• Finder will initiate consumers towards next
generation connected world
Technology
• Finder will help us achieve technology
leadership in miniature home gadgets
• Accumulated domain knowledge will help us
in embedding its current portfolio with
“console free” controls
Profit
• Finder will take us into every household
• Improved brand recognition and
technological leadership via embedded next
generation solutions will lead to sustained
long term profits
IIM RAIPUR
FINDER
7
8. Agenda
Idea / Concept
Why Should You Invest In Our Business Plan
Market / Competitors
Go To Market Strategies
Financial Management
Milestones
IIM RAIPUR
FINDER
8
9. Market / Competitors
Market
• Our customer is each and every individual who is scared
to lose something special.
• In a recent customer survey we came across the idea “to
develop an affordable device that could help our
customers to locate the lost items”. Our survey team
reported that everyone at least once a day says “I don’t
know where I have kept it”.
• Total estimated sales are the sum of the estimated first time sales, replacement
sales and repeat sales.
• We are launching our product in Delhi. The total population of Delhi is 13 Million;
we are expecting families that have an income more than Rs 20,000 per month to
purchase at least one unit of our product
• Our product is a durable good with infrequent repeat purchase. We expect to sell
more than 1 Million units in the first year. .
IIM RAIPUR
FINDER
9
10. Market / Competitors
Competitors
• We understand that no business can escape from
competition. However this is a new idea and our future
competitors will take some time to launch their
products.
• We will protect our product with patents, good customer
service, and excellent product quality.
We will take the following steps:
• We have a company for reviewing our product sign a non-disclosure agreement.
• We have hired a lawyer experienced in our field to write it for us.
• We are very selective about who we share your idea with.
• We have secured referrals from people we trust.
• We have registered our trademark.
IIM RAIPUR
FINDER
10
11. Market / Competitors
RFID
GPS
• RFID tags need a RFID scanners
• GPS chips need a locator
• RFID tags are difficult to remove • GPS chips need Antenna, Band-pass
because some are very small
filter, Host computer to process the
information, Stable crystal oscillator
• RFID tags can be read without your
knowledge
• Accuracy of the locator is 1m X 1m
FINDER
• FINDER is a available at 1/10th the price of GPS chip or RIFD tag
• FINDER does not need a scanner. The scanners for RFID and GPS are very expensive
• FINDER is easy to remove
• FINDER can be used by people suffering from blindness
IIM RAIPUR
FINDER
11
12. Agenda
Idea / Concept
Why Should You Invest In Our Business Plan
Market / Competitors
Go To Market Strategies
Financial Management
Milestones
IIM RAIPUR
FINDER
12
13. Go To Market Strategies
We carried out the concept development and testing and the following results were
recorded:
• Communicability and reliability: our product scored high on both communicability and
reliability. The customers welcomed the new concept.
• Need gap: from the customer feed-back it is clear that there is a latent demand and we
are the first company to bring a product that fills the need gap.
• Perceived value: our prices are welcomed by the customers and our gadget scored high
on perceived value.
• Purchase intention: 95% of the customers interviews answers affirmatively. Our
customer relation executives have informed us that the product inquiry has already
starting coming in.
Our tagline1:
Our tagline2:
Your search ends here
Now you will never say “I have lost it”
Bringing you the latest search tool
Keep it,
Forget it
IIM RAIPUR
FINDER
13
14. Go To Market Strategies
When?
Where?
Whom?
How?
Our company has decided to be the first entry. Initial market research
indicates that there is huge latent demand and being the first entry we
can become market leaders.
Our company has decided to target metro cities in the first few years. If
the reports of subsequent market research are optimistic then our
company would like to invest in distribution channel and target Pan-India.
Our company has decided to target families where the income is more
than Rs 20,000 per month. Our company is particularly interested in
college students and young executives.
The company has decided that our product will be available in all the
electronic stores, retail stores and gift shops
Our company will target the customers (B2C). Our gadget is
a small chip that our customer can place on the object they
“don’t want to lose”. Our product will be available in all the
electronic stores, retail stores and gift shops
IIM RAIPUR
FINDER
14
15. Market / Competitors
Distribution
• Since our product is a low-value item we will
use the traditional supply chain (involving the
wholesalers, distributors, and retailers).
• The initial analysis carried out indicates that
we should go for intensive distribution
(anyone who wishes to stock our product is
encouraged to do so).
• Other Options:
• Going directly to the customer: this option is not feasible since the product is a
low-value product.
• Going directly to the retailer: this option can be worked out later but at present
our team cannot handle logistics at national level.
• Sales agents: this option is not feasible since the product is for B2C market and
not for B2B market.
IIM RAIPUR
FINDER
15
16. Go To Market Strategies
• Product Leadership: Initially we are looking for product leadership as our
company has developed product offerings that we have positioned as
radically new. We will continue with our R&D to upgrade our products and
to make our products trendy.
• Sales Leadership: We will then move to sales leadership because sooner or
later, product leadership erodes. Competitors will come out with their
offerings. Our management team aims at building a highly motivated sales
team. Our sales team will be armed with superior product knowledge and
professional sales skills, and they will stand out.
• Thought leadership: We will finally move to thought leadership. Sales
leadership is hard to sustain because of its inherently high-cost operating
model. The third option is to clearly define the market through a superior
vision that will enable our management team to identify, attract, engage,
qualify and convert more of the right sort of prospects and to develop a
pipeline of opportunities that are predisposed to buy.
IIM RAIPUR
FINDER
16
17. Agenda
Idea / Concept
Why Should You Invest In Our Business Plan
Market / Competitors
Go To Market Strategies
Financial Management
Milestones
IIM RAIPUR
FINDER
17
18. Financial Management
We have come up with the following cost break-up:
• Fixed cost = Rs 50,000,000 (The fixed cost includes the machines. The machines have a life of 10
years).
• Variable cost = Rs 50 per unit (Includes Material and Labour costs)
• Selling price = Rs 101 (We are following a fixed price throughout India. We believe that currently we
are not in a position to go for multiple pricing, as our customers in different geographies may feel
cheated.)
Profit in the first year:
•
•
•
•
•
•
•
Units sold = 1,000,000
Fixed cost per year = Rs 50,000,000 / 10 = Rs 5,000,000
Variable cost = Rs 50 * 1,000,000 = Rs 50,000,000
Total cost = Rs 5,000,000 + Rs 50,000,000 = Rs 55,000,000
Total revenue = Rs 101 * 1,000,000 = Rs101,000,000
Total profit = Rs101,000,000 - Rs 55,000,000 = Rs 46,000,000
Profit% = Rs 46,000,000 / Rs 55,000,000 = 84%
Break-even point analysis:
• BEP = Total fixed cost / (Selling price per unit – Variable cost per unit)
• BEP = Rs 5,000,000 / (Rs 101 – Rs 50)
• BEP = 98,040
IIM RAIPUR
FINDER
18
19. Financial Management
Profit and Loss Statement, Balance Sheet and Cash Flow Statement for 5 years
• Our management has figured out that we need Rs 5.66 crore as initial investment. We are
planning to raise Rs 2.5 crore in the form of secured loan from SBI at a rate of 10% per annum
(under the State Government scheme to support SMEs). Rest of the money will be raised in
the form of equity.
• Sales are assumed to grow at a rate of 10% per annum
• Cost of Goods Sold is assumed to grow at a rate of 10% per annum since sales are growing at
10% per annum
• Monthly rent is Rs. 50,000
• Selling, General and Administrative Expenses is Rs 5,000,000 and are assumed to grow at a
rate of 10% per annum
• Machine is bought in 2014, the cost of the machine is Rs 5 crore, and has a life 10 years. We
have followed straight line depreciation
• The tax rate is 30%
• Deposit for factory (as the factory has been taken on rent) is 1 year of rent
• Inventory is equal to the 10% of COGS and Cash & Cash Equivalents is equal to 1% of the
Revenues
IIM RAIPUR
FINDER
19
23. Agenda
Idea / Concept
Why Should You Invest In Our Business Plan
Market / Competitors
Go To Market Strategies
Financial Management
Milestones
IIM RAIPUR
FINDER
23
24. Milestones
Part
A (0 –
months)
Description
1 Securing Patents, Getting people on Board, Hiring a lawyer for registering our
company and to look into Non Disclosure Agreements and Contracts.
B (1 –
months)
2 Securing contracts from suppliers for chips, speakers, microphones, batteries,
and testing kits. Securing contracts from distributors and retailers. Finalize
logistics.
3 Get factory on lease, hire workforce, train workforce, get clearances, and get
major positions filled.
3 Focus on marketing and advertising. Finalize price, packaging, and major cities to
target.
C (1 –
months)
D (2 –
months)
IIM RAIPUR
FINDER
24
25. Rohit Garg – 12PGP091
Appendix
Indian Institute of Management Raipur
IIM RAIPUR
FINDER
25
27. Industry and Market Analysis
Indian consumer electronics market is estimated at Rs 53000 Cr. It is growing at 14 %
CAGR. Rural India accounts for 35 % share by revenues. It is expected that the market
will grow to Rs 70,000 Cr by 2015. The major players are Sony, Samsung, and LG.
Rural
Urban
Total
2011
14.4
26.7
41.1
2012
16.4
30.4
46.8
2013
18.7
34.7
53.4
2014
21.3
39.5
60.8
2015
24.3
45.1
69.4
Electronic consumer industry includes good from flat panel TV to refrigerators. Hence, a
basket analysis was carried to estimate market size for our product Finder. It was carried
out by focusing on items priced between 300 INR to 1000 INR. The sales & growth rates
were obtained for individual items: USB memory drives, watches, LED Luminaire and
calculators. The results of the analysis indicate that market size for our product is
estimated at Rs 6560 Cr. The results are tabulated below.
USB Memory
CAGR
IIM RAIPUR
20.4
Luminaire
(LED)
51.5
Wrist
Watches
24.0
FINDER
Calculators
Aggregation
15.0
26.9
27
28. Flow Process
India: Research and Development
India: Equipment Design
Chips, speakers, microphone, batteries, and
testing kits are imported from China.
• Step 1: In China we need to hire a local agent to help
represent us.
China: Parts Manufacturing
• Step 2: We will find a manufacturer for our products
in trade shows in China to do this. One of the largest
shows is the Canton Fair that takes place every spring
and autumn in Guangzhou.
China: Front End Assembly
• Step 3: Establish guanxi. In China, establishing
business relationships is much more than surface-level
networking.
India: Back End Assembly
India: Testing and Packaging
India: OEM
IIM RAIPUR
• Step 4: We will insist on meeting and conducting our
business in the direct approach. We will audit the
factory and inspect the products they are making for
us.
• Step 5: We will insist on sea transportation for most of
the orders. The logistics of shipping are complex, so
we might want to use a logistics provider.
FINDER
28
29. HR Policies
As entrepreneurs, the last thing that we want is a
cumbersome HR department to slow us down.
Regrettably, HR has the ability to sink a small
business faster than virtually anything else for
reasons like:
Key points:
• We will invest the money in an employee
handbook
• We will engage an Insurance Agent
• We will have an Employee Review program.
• wrongful termination
• If required we will fire employees and without • violation of payday laws
remorse.
• harassment
• We will create a system for analyzing people who
• discrimination
are applying for jobs in our company.
IIM RAIPUR
FINDER
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