Business Concepts and Product - SmartHand - Essay Example

Business plan for SmartHand Business plan for SmartHand   Business plan for SmartHand Executive summary Business OpportunityNew technologies have been introduced as teaching strategies. However, most teachers still find it difficult to navigate across the class while trying to make a point on the computers. At times, they face the challenge of moving through the notes that are presented on the screen or even point to a particular position with ease. The time is taken to move to the classroom to accomplish these tasks is massive. As such, there is a need to improve it while making it easier for the teacher to explain different points. SmartHand device remains a significant potential in effective teaching and making good use of the availed time. Business concepts and Product The SmartHand pointing and teaching device is a touch screen instructor that accurately figures commands that include clicking, double clicking, moving the mouse, as well as left and right clicking. It is designed with the aim of enhancing the teaching quality of the instructor. It helps in getting the job done and minimizes the waste of time in lectures since it allows the lecturers to write on the projection screen remotely. The lecturers are also able to change windows as they move away from the computer. It is a great appeal to those who are interested in an incorporate and advanced technology in the educational use. It is made in a way that the computer has a customized action by hand gestures such as the screen, capture; minimize windows and the rotating objects in design software. With this, it is customized for those lecturers who yearn for convenience and portability. The SmartHand is available for sale at most of the electronics retailers such as the Bestbuy, and the software download is available at the company website. The Key design SmartHand is highly in demand because of most of its key features. These include the design patent, the intellectual property and the financial assistant from other capita vendors. Target market About 57% of all the Universities professors, targeted at Architecture, Engineering, Design schools are expected to present content using their computer screens, which help in the illustrations. These include drawings and plans of different structures. There are about 1,267,700 post-secondary school teachers, 5,726,160 individuals employed, by the large, entrepreneurial firms and 211,500,000 individual gamers. 70% of the professors have computers that they use to teach, 27% of them possess projectors while 5% have alternative pointing devices that make their work easier. Very few of them have portable devices that they can use remotely to illustrate from any position in the classroom. Thus, the main target market of the SmartHand pointing device are the lecturers in universities and the tutors who are faced with the challenge of having to move around the classroom in the effort to change the pages on their presentations. It also includes those who desire to have an easier time while pointing to specific areas on their computer screens. In addition, it is highly relevant to those with accessibility problems. This is the potential market that can also be expanded after the company has reached maturity. This information will be provided to all customers through leaflets that they can give to their colleagues. The fair pricing will also be included in the advertisements and the special features of the product. In addition, the regular promotions and discounts will be highlighted to entice customers. From the moment a customer gets to know about the special selling strategy, they will want to buy and even let the other people know about the efficiency of the product. Cost structure It will include the procurement of raw materials, use of R&D and maintenance of the web store. Pricing Owing the need to perform a lot of research and the creation of awareness regarding the SmartHand product, this will form the basis of the pricing strategy. The cost of production will determine the price of the product. As such, the most appropriate price for the product will be $250. This is because there will be a need to set it up so that it can receive signals and respond to the touch. It will be the best pricing strategy in comparison to that of competitors who base their prices on supply and demand as well as the high costs of doing research and production. The major competitor charges the product at $350. With this price, in over six months, the effectiveness and convenience of the gadget will be sufficient payback to the customer. The price is enough to cater for the cost of production and distribution and will increase market share significantly since it is lower compared to that offered by the competitors hence it presents a chance for cost saving. In addition, it is relatively fair based on the high quality of the pointing device and the convenience that it will offer the customers. The main mode of payments will be cash and credit. From the time to time, coupons and discounts will be offered to entice more customers. Competitive advantage The SmartHand bears a great distinction from the other educational presentation materials. It bears a unique form of sensor and touch screen that enables the remote control of material. Some of these features include a multifunctional remote controlling glove that is bundled with the computer software. It makes university professors able to provide touch screen instructions using hand gestures and through figure commands. Therefore, it promises the users to control the computer screen in a remote manner in a Wi-Fi environment. Unlike the use of a mouse and a clicker, the product offers various instructions that are given in a more convenient way. With this, it enables the lecturers to take control of the class on the palm of their hands. Marketing plan The SmartHand business plan aims at making it possible for post-secondary school teachers to be more efficient in their presentation. Sales Tactics The value propositions can be passed on through word of mouth, posters or various forms of advertisements in the respective schools. The company has decided to make the product known to its intended users. This can be done by the lecturers being asked to pass on the positive sides of the device to the other teachers. In addition, they can place posters on the product at various corners of the institutions for the lecturers to see. Moreover, the company is also planning to conduct a number of advertisements through various media options. In order to be able to get the attention of the relevant users, the company will also use a variety of search engines that are visited by the lecturers and other teachers. This will be one of the efforts by Smart Hand to build brand awareness and make it known to the potential buyers. It will also build its reputation by taking part in most of the school activities to interact with the students and the teachers. For instance, they will partner with most of the engineering teams such as the Jeff Que. Some of the other customer relationships will include the establishment of a clear contract with Universities and companies, the provision of a 2 year product warranty, the allowance of customers to review on the website and other top ten reviews, the provision of a sample test model and a show room within the Chicago headquarter. This will also include the dedication of a long term relationship by offering new features on a yearly basis and offering of a one year free trial of the software and making relevant changes in the charge subscription fees after one year. Advertising and Sales Promotions Majorly, awareness and advertising will be done through the use of an Email newsletter by advertising in The Chronicle of Higher Education, by printing the advertisement in Academe and online advertising in the NSTA Digital Journal. Some of the distributions will be made by B2B marketing where it will be necessary to meet with the purchasing officers in the colleges, through direct sales, the distributor of electronics retailer such as best buy, contracts with USPS, after sales, other agreements on sales and the need to upgrade software regularly. There will be a need to compare the competitors, justify the strategy to set prices and give special offers and coupons. Operations Customer service will be measured by the response of the customers and their willingness to purchase the product. Trainings will be provided to ensure consistency in the way that the sales team handles the customers. There will be Warranty and Guarantee period of 1 year. In a case of any problems, the services will be done by dealers and agents. Financial Highlight The revenue stream include Product Sales that are priced at $199.99 Service Fees for the installation in schools and large companies Subscription Fee for Software with a free trial for the first year, $19.99 per year after the first year Financial Need It will be vital to make an investment in R & D and to keep upgrading the products so that more features are added, and the product is made more user-friendly. This is through the conduction of proper market research. Production plants will be built, and relevant machines purchased for manufacturing and keep upgrading our products in order to add more features and make the products user-friendly. Read More