As a result, we expect to hit the market with premium pricing. The price point will also be set in accordance with the data gathered from our target market research.
A promotional message will need to be finalized and an advertising agency selected in order to help us build our promotional campaign. The promotional message will vary depending on the target market, focusing on different elements of the product. Two main features of all promotions, however, will be building brand awareness and promoting the product's innovative technology. Building brand awareness is critical because the brand is unknown at this time. By developing a brand, we will be positioned to extend that brand in the future. The main selling point of the device will be the technology. This message will be positioned more in light of what this technology allows the customer to do -- the coolness of the device is not in the algorithm but in the power it gives the user. This aspect will be heavily emphasized. The finer points of the promotional message will be solidified on the basis of the marketing research that we will be conducting in the months prior to launch.
We will need to determine our distribution strategy as well. Our existing channels are likely sufficient, but this product may be more specialized than our usual products. There are also likely to be additional channels for this product that we do not currently utilize (book stores, for example). As a result, we will need to undertake a careful analysis of the potential retail channels for this device. Once we have a sense of our retail strategy, we will need to focus on the distribution channels that will allow us to access those retail outlets. We must also determine our Internet marketing and sales strategy -- do we offer the device on our website or do we go through a third party retailer such as Amazon?
The funding needs of this project are significant. We feel that the software will be fully ready in about six months' time, and we will need a development team working on that. Developing the marketing plan will also be costly, due to the extensive amount of research needed for this new product. It is estimated that the total development costs of the Babelfish are going to be between $1.5-$2.0 million. After six months of development, it is expected...
This process will require a further six months to iron out the production and distribution functions, and to begin our marketing campaign. The cost during this process is expected to be a further $1 million, bringing the total estimated cost of development to $2.5-$3.0 million.
There are no serious competitors to the Babelfish. All current devices in the market are dramatically inferior to our groundbreaking technology. Current handheld translation devices will need to respond by competing on the basis of price, as they will all be immediately relegated to low-end status. This will allow us the high end niche to ourselves. A company like Google is a more major threat as it is believed that they have the capability to develop a speech algorithm as sophisticated as our own. They operate in portable devices through their Nexus One product. As such, they represent a significant threat to our business. The lead time for such a response is expected to be upwards of one year, however, giving us time to build our business.
There may be potential threats from companies not currently in this space. Companies that are designing translational software for devices like the iPhone or iPad may be able to eventually emerge as competitors. Essentially they would be mimicking our strategy except using another company's device whereas we have a proprietary device.
In the next three to five years, we see significant product development and brand extension. In order to head off potential competition utilizing established portable devices, we expect to create variants of our software that we can sell as applications on Apple, Blackberry, Nexus One and Palm devices. This would allow us to corner the market, and save competitors from the expense of developing their own software.
It is also believed that improvements in nanotechnology will allow us to shrink our device. It is very much conceivable that the Babelfish, within three to five years, could resemble a device not much larger than the fictional babelfish that lives in the person's ear. The device would be little more than a Bluetooth-style earplug with high-powered translational capability.
The other potentiality is that within the outer end of the three-to-five-year timeframe, we will see many other uses develop for the speech recognition software that we are close to finishing. This could represent for the company entirely new lines of business, and if we move quickly enough we can gain first mover advantages in the speech recognition market.
As part of the research triangle, Raleigh has a significant portion of its population that fits the target market. For the Farmery to succeed, it only needs to capture a small portion of the market share. This is especially true because the store has a small footprint, and has the flexibility to set up on vacant lots without the costs of either renting or developing fixed real estate. The
Business Plan: Bridal Salon Business Products and services Keys to Success Company description Vision Statement Mission Statement Company background Products and Industry Product Description Industry Description The Market Market and Target Customer Market Segmentation Target Market Strategy Competition and Competitive Advantage Curbing Local Competition Curbing Regional Competition Marketing Strategy Overall Strategy Sales Plan Competitive Plan Research and Development (Growth Plan) The Organization Legal and Organization Structure Key Personnel Related Service Providers Location The Financials Critical Risks Income Statement Cash Flow Projection Balance Sheet Assumptions References Executive Summary Introduction Pace-setter is a bridal salon that rides on the theme of 'experience'. It creates an environment in which
Business Plan for a Concrete Polishing Company Business plan for establishing concrete polishing company in Sydney Australia Concrete polishing company, Sydney, plans to become a leader in providing concrete polishing services in the city. The company plans to do this by having the best facilities and human resource with experience in the industry. Plans are set to counter competition from existing companies by a continuous improvement of processes. Measuring standards of performance
[2: www.med.govt.nz/business/business.../structure-and-dynamics-2011.... ] The primary research of the Auckland market presents the following sectors for consideration for the new venture: The demographics in the target market include: college going and married women with children who either are working mothers or stay-at-home mothers; this makes the age group anywhere between 25 to 55; the overall annual income of the household is more than AUS $100,000; the property owned by the target individual
Business Plan GBSGreen Building Solutions Company Description Product & Service Description Marketing Strategy & Plan Environmental Analysis (SWOT/PEST) Competitive Analysis Products and Services Pricing Promotion People Financial Analysis & Projections Profit and Loss Risks and Assumptions GBSGreen Building Solutions Business Plan According to the Environmental Protection Agency (EPA) the impact of commercial buildings on the physical and social environment are such that there is "not questioning the vast impact…" (Environmental Protection Agency, 2006) Commercial Buildings are reported by the U.S. Department of Energy's Energy Information Administration
Business Plans Marketing Plan and Evaluation The marketing plan should revolve around the marketing mix. The mix encompasses the four Ps of marketing, each of which will be addressed in turn in this business plan. The four Ps are product, price, place and promotion (NetMBA, 2010). With respect to product, the coffee shop will be a premium example of a coffee shop. Australia has an exceptional coffee culture, so good that it