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TWC Proj1 Presentation4
- 2. Content Process – An Qi Market Research – Xin Min Position – Inez Business Plan – Amanda Projected Finances – Joy Feasibility: SWOT – Benjamin Sustainable Competitive Advantage - Oriel
- 3. Process End Point The Missing Link Week 6 Week 5 Week 4 Find Investors / Buyers / Sponsors Week 3 Prototype 4 Week 2 Current Status Prototype 3 (3D Model) Prototype 2 Market Research / Preliminary Ideas Focus group Explorer Solution Ergoss Prototype 1 Feedback from class / Surveys Brainstorm Starting Point
- 4. Process – Week 2 Prototype 1 Market Research / Preliminary Ideas Brainstorm Starting Point
- 5. Process – Week 3 Focus group Prototype 2 Ergoss Prototype 1 Feedback from class / Surveys
- 6. Process – Week 4 Prototype 3 (3D Model) Prototype 2 Explorer Solution
- 7. Process – Week 5 Prototype 4 Prototype 3 (3D Model)
- 8. Process – Week 6 Current Status Prototype 4 Find Investors / Buyers / Sponsors
- 9. Pain Poor Neck Posture!
- 10. Focus Group Many are unaware of the effects of long term poor neck posture -> Feel the need to create awareness on ergonomics.
- 12. Heavy
- 13. Lack of aesthetic appeal
- 14. Lack of portability- cannot cater to laptop usersProblems raised with Existing Products
- 16. To increase efficiency and productivity
- 17. To promote our product that addresses and alleviates these problems
- 22. Create database with ErgossCustomer Relation
- 24. Remaining 1000 units - $9.90 per unit.
- 25. Investment - $200 X 7 = $1400
- 26. $15 000 to manufacture first 3000 units and plastic moldTotal revenue = [(2000 * $6.00) + (1000 * $9.90) + (7 * $200.00)] - $15 000 = $8 300.00
- 28. Raw materials managed by ExplorerSolutions Pte Ltd
- 31. Approach companies holding functions to be given as a corporate gift (1000 units for $9.90)
- 32. Continuation of online orders
- 33. Variable cost $4 per unit
- 34. Raw materials managed by ExplorerSolutions Pte LtdTotal revenue = $13 250.00 + [(500 * $9.90) + (1000 * $9.90)+ (400 * $12.90)] – (2 000 * $4.00) = $25 260.00
- 35. Strengths Product Design Depth of team Weakness Heavy Books (Hard Cover and very thick) Feasibility: SWOT Analysis
- 36. Opportunities Links with organisations Market Relevance Threats Cost of Patent Market Saturation Feasibility: SWOT Analysis
- 42. Thank you!
Editor's Notes
- We have scraped the lectern idea and have chosen to focus on creating a book stand. Yes you might Say that there exists such products already. But our vision is different. We want a product that sturdy and affordable such that it will be used by every books and notes user.
- Our business plan consists of 3 phases. In each phase our main focus is in finding strategies to broaden our target market. Let me take you through this. In phase 1 our main focus is SMU more specifically, University Events. It was brought to our attention that next year marks SMU’s 10th Anniversary. We will thus market our product as a special during patrons day or maybe during convocation. In this early stage we will also We take a Business to Consumer approach where we use our personal connections to find students willing to invest in this product. Phase 2 which is the next 6months– we want to broaden our influence by targeting secondary and primary schools. We will arrange for ERGOSS to carry out talks as part of a post exam activity to create a basis to launch Sigma. We want to build relationships with the school so that we can be future vendors for events like childrens day and founders day.We are also going to make use of the internet channels such as live journal and blog spot to reach a segment of the population that might otherwise be overlooked. This will however take timePhase 3 – In phase 3 we are going to once again expand our network and tap on the corporate world. We plan to use the already Singapore Gifts and Stationary show. An exhibition that happens every once a year. Here corporation representatives go down to buy office supplies and source for corporate gifts. This will be a good opportunity to asses the reaction corporate organizations take toward our product. In the long run possibly 3 to 4 years down the road, we hope to completely do away with the business to consumer model and function solely on a business to business model. This is for 2 reasons. There will be lesser intermediate processes for us to worry about while our target market benefits as they will be able to buy the products at a lower price.Talking about costs and price, joy will take you through our projected cost and revenue flows.
- We have 8300 balance. - 6900First phase for us is the first 6 months of our project. We spoke to the director of OSL ms Bernadette Toh and she referred us to Ms Grace the director of university events. Ms Toh informed us that there is a very likely possibility university events will invest in this because next year marks their 10th Anniversary and they might want to do something special. We have emailed Grace and are still hopeful abt recieveing a positive response. Total revenue = [(2000 * $6.00) + (1000 * $9.90) + (7 * $200.00)] - $15 000 = $8 300.00
- We have 8300 balance – we will use this for R and D (more colors, more variety for heavier books) and for our This will mark the end of our first year in productionSchools - $4950Total revenue = $8 300 + [(1000 * $9.90) + (300 * $12.90) + (200 * $15.90) ] – [$6 000 + (1500 * $4.00)] = $13 250.00
- Second year – our aim is to introduce this as a corporate gift. So the company will buy in bulk.500 units Take part in singapore gifts and stationary showTotal revenue = $13 250.00 + [(500 * $9.90) + (1000 * $9.90)+ (400 * $12.90)] – (2 000 * $4.00) = $25 260.00
- -Now, to ensure that our product has a Sustainable Competitive Advantage -Through our market research, we found these following factors to be the main concerns of our target group, which is mainly the students. As such, We applied the blue ocean strategy where we considered these factors as measures of whether we had a competitive advantage. Now we will look at our blue ocean strategy.
- -Our strategic competitive advantage lies in the fact that our product is differentiated from our closest competitors. We clearly identified the weaknesses of existing products, and exploited that potential for development.-now we picked one that is most similar to our product i.e. acrylic bookstand, and most common type of bookstand i.e. wood.Let us compare it one by one against our product for a clearer view.
- Now, the first product, a acrylic bookstand.It is selling atS$28, which costs more than twice of ours. It weighs about 900g which 300g heavier than ours.Design definitely looks slightly Less appealing due to the complex mechanism behind.However, it might function better since it has a seemingly more stable stand at the back. Likewise, to give the product the benefit of the doubt, I would rate it as more durable as our product.
- Next we will focus on the most common bookstand in the market i.e. one made of wood.It costs $41, which is about 3 times more than ours. Weight: More than 1 kgDesign: Less appealingFunctionality: Good, as it looks more stable than oursWe would consider it as Less durable since its made of woodThis is evident from the graph you now see before, that shows you the emphasis our group took in the process of creating our product. Clearly, our focus was on portability and affordability. Our belief is that no one should be denied the health benefits that ergonomics can bring due to a lack of affordability.We are confident that with our revolutionary product and detailed business plan, we will be able to sell this sigma successfully.