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Develop a Business Plan of introducing a completely new product in the market

A well-organized business plan is essential of an organization's success. It helps an entrepreneur to clarify his/her Business idea. It is usually comprised by the description of a business or product, goals and objectives, financial forecasts, economic potential development and marketing plan evaluating the market research( competitors, target market etc). 

You are assigned to develop  a business plan most preferably based on the company you work at and introduce a new product internally (present your idea of this new product to your colleagues and managers) and externally (examine the competitive advantage referring to potential economical development and target market). Take into consideration all the steps of a Business Plan.

Mission and Objectives

Imagine Audio is a family owned company comprising of a passionate team. The immense love for music and sound led to the initiation of the business of manufacturing the Wireless Bluetooth Audiogram for the music enthusiast. The company will apply its skills in creating music and radio systems having a wider appeal that sounded and looked fabulous with a particular space.

The company will have the mission of designing products that not only appealed to the heart but also to the head. In other words, the company will aim at manufacturing products that they themselves will be proud to own.

The company possesses the goals and objectives of creating iconic designs for the future. The products put forward comprise of advanced control systems that will not only make the product recognizable but also unique. The company will also look forward to intuitive function and operation that acts beneficial

The business philosophy of the company will focus on marketing, product development, customer service and sales (Christopher, Payne & Ballantyne, 2013). In fact, it is the ability of adaptation, learning newer things and doing many things that differentiates a successful business from the unsuccessful. The products will come with an outstanding quality of design and sound will be marketed to the music lovers.

The company will belong to the music equipment manufacturing industry. It defines a growth industry. The rising urbanization has brought about changes in the industry in both the long and the short term. Besides, the countries with a richer musical heritage witness a shift in demand for the musical instruments. The company will take advantage of the situation in designing their products.

The strength of the company lies in its highly skilled engineers and designers who possess knowledge on how the sound works and how the sound is made right (Drucker, 2016). The core competencies of the company lie in the highly efficient enthusiasts and skilled engineers who put in immense passion in giving a shape to the products. My skill of creating music systems and radios are brought in for ensuring wider appeal and making the business venture successful.

However, the legal form of ownership of the firm is a corporation. This particular form is selected because in a corporation the shareholders does not hold any liability for the incurred debts or the judgments handed against it. Corporation is capable of raising funds through selling of shares and this form of ownership deducts cost of benefits provided to the officers and the employees (Blasi, 2016).

Business Philosophy

  The Wireless Bluetooth Audiogram is a ground breaking sound system that satisfies the music lovers. It will be a modern piece of the art and its will reflect re-mastering radiograms of the yesteryear thereby putting forward an updated iconic ideology. Further, the audiogram will also be available with a TV mount that would transform it into an audio visual system. This would also make the system the centerpiece of the homely entertainment needs.

 The Audiogram will be available with Rotodial controller that provided a slick control system that would not only be intuitive but easier to use.  There would be a matching remote control that would mirror in function and form similar to main controller. The audiogram would be available at a price of $1000. However, the features of the Wireless Bluetooth Audiogram that would give it a competitive advantage include:

  • It  would be available with a FM tuner
  • It would have higher contrast OLED display along with larger format clock
  • It would be available with a Wi-Fi radio functionality
  • It would be multi room ready
  • There would be separate slots for loading the CD player
  • The Wi-Fi capability would allow music streaming and wireless networking
  • Availability of Bluetooth with the aptX HD that would allow quality streaming with the compatible devices
  • It is available in two finishes.

Thus, the product would be available with certain sensible additions and would come with an amazing quality of design and sound.

Market Research

Market research is necessary for effective marketing (Babin & Zikmund, 2015). The market research would involve primary research and gathering of the own data through identification of the competitors and conduct interviews of the focus group in order to learn about the preferences of the customers.

  1. Size of the market: The target market will comprise of the people belonging to all the ages and races especially within age group 15 to 65
  2. Percentage share of market that small business will have: Imagine Audio would aims at creating a fan growth of about 30 percent through aggressive marketing tours and campaigns
  3. Current demand in the market: The current demand in the market has been growth in the lifestyle of the people. Music is considered an attitude as well as the fashion statement and everyone catches on the latest music.
  4. Trends in the Target Market: In the present economy people have turned towards various options for survival and there has been good reception of the music lovers in the country (Wikström, 2013).
  5. Growth Potential and Opportunity: Imagine Audio will try to take advantage of present market and create a fan growth of 20 percent.  
  6. Barriers to Entry: The main barriers to entry have been production cost, marketing cost and the consumer acceptance and the brand recognition.
  7. Ways of Overcoming the Barriers: The production cost can be overcome through reduction of the supply expenses and lowering financial expenditures (Richter, 2013). The marketing cost and consumer preference can be overcome by modernizing marketing efforts (McDonald & Wilson, 2016). However, brand awareness can be enhanced through using branded packaging and doubling down on the various social media platforms.
  8. The impact of the following on the Industry:
  9. Change in technology: Advanced and new manufacturing technology has helped in better meeting the customer demand (Eason, 2014).
  10. Change in the government regulations: Changes in the taxation policy directly affect business since taxation depends on amount of the money earned by all the business (Doppelt, 2017).
  11. Change in economy:This impacts business by bringing about a change in wage rate, interest rate and rate of the inflation (Hannah, 2013).

The Wireless Bluetooth Audiogram will be a state of the art product that will help the customers in understanding the synergy of the amplifier, cabinet and drive unit design in the creation of a beautiful sound. It will also come with hand crafted enclosure that will be tuned for providing optimal conditions for the drive units and the electronics. Besides, the product will also have bespoke stereo speaker units that have the higher and the lower frequency components combined into singular point driver. This will help in providing an extended natural frequency response that would provide a lifelike soundstage to the customers.

The products will have free after sales service and with come with a warranty of six months. The customers will also be provided with a refund policy where the customers can refund the products within 30 days from the date of the purchase.  

  1. Age: 13 to 65 years
  2. Gender:  Both male and female
  3. Income Level: Middle and higher income group
  4. Social Class and Occupation: Loyal listeners of music and purchase a new gadget the moment it hits the market. They are mostly the work or the home listener
  5. Education: Mostly educated with a cultural background.

Some of the competitors of Wireless Bluetooth Audiogram have been Bluetooth Deluxe Radio, Integrated Music System, Streaming Music System, Connected Wireless Speaker and Speaker System with Bluetooth. The competitive analysis is presented in a tabular form.

Competitor

Sound

Bluetooth

Connectivity

Price and Dimensions  

Bluetooth Deluxe Radio

Bass reflex hand crafted  damped and tuned enclosure

Built in Bluetooth and audio receiver

 3.5 mm switchable line output for connecting to the other audio devices

Price: $ 209. 99

Dimension

H170 × W130 × D135mm

Integrated Music System

 3D stereo sound

Integrated Bluetooth  along with aptX  for quality CD sound with the compatible devices

Two line inputs which are switchable

Price: $ 599.99

Dimension

H140 × W440 × D250mm

Streaming Music System

Reflex tuned twin and damped enclosures

Possess aptX enabled Bluetooth receiver that provides quality sound with the compatible devices.

Have two switchable line inputs for connecting with the other devices

Price: $ 419.99

Dimension

H120 × W360 × D185mm 

Connected Wireless Speaker

Damped enclosures which are reflex tuned

Have V4.0 Bluetooth, A2DP, AAC, SBC and audio receiver which is aptX enabled for providing quality CD sound with the compatible devices.

Combination of  3.5 mm  optical and analogue input for connecting with the other audio devices

Price: $299.99

Dimensions:

Landscape:

H180 × W300 × D180mm

Portrait:

 H320 × W160 × D180mm

Speaker System with Bluetooth

Have tuned and  damped enclosures  with hand crafted bass reflex

Have  higher quality Bluetooth based audio receiver having aptX that provided quality sound  with the compatible device

Have optical as well as digital TOSLINK input having adjustable attenuation

Price: $ 359.99

Dimension:

H170 × W130 × D135mm each


Figure 1: Competitive Analysis

Source: By Author

Niche:  Imagine Audio aims at putting forward products with state of the art technology by paying attention to the customers, educating the clients about the product or expressing desire before, during and after sale. The company also aims at offering creative programs for rewarding the customers repair service and loyalty.

Industry Analysis

Strategy: Imagine Audio aims at each avenue available for reaching music listeners.

Promotion: Imagine Audio aims at carrying out the promotions through advertisements on television, radio, newspaper and social media.  

Promotional Budget: The Company is willing to spend closer to $2000 in promotions related to advertising and having a target of selling close to 200 units that would generate closer to $ 40,000 in sales. .

Pricing: The industry moves through period of adjustment in regard to the pricing. There have been manufacturers who instituted the minimum advertised price (MAP) pricing for stabilizing the margins (Nagle & Müller, 2017). Imagine Audio would follow similar footsteps for stabilizing margins and sell at low prices to big box stores that would initially place the dealer at distinct disadvantage. It is also done to convince the consumers who hunt for lower prices.

Proposed Location: It would be built on a proposed land owned by the company.

Distribution Channels: The product would be distributed through retailer, wholesaler and independent representatives

Imagine Audio can meet the expected sales figures for first year and might be a bit conservative in the projections in the following year. The fact that there exists only limited number of instrument dealer within the targeted territory and they being weak should put forward a path of greater opportunity for immediate credibility within the market served by the company. The sales forecast of the company is as follows:


Sales Forecast

  Year 1

Year 2

Year 3

Wireless Bluetooth Audiogram

$105,000

$ 250, 000

$ 275,000

Orchestral Instruments

$ 58,100

$ 75,000

$85,000

Keyboards, Amplifiers etc

$ 25, 600

$ 25,200

$27,500

Accessories

$196,274

$ 240,000

$250,000

DVDs

$ 14, 500

$ 13,000

$ 13,500

Rentals

$ 4500

$ 4500

$ 5500

Labor

$15, 260

$17, 260

$21, 260

Total Sales:

$324,784

$624,960

$677,760

 
Figure 2: Tabular Representation of Sales Forecast for the First Three Year

Source: By Author

Production: It will take place in five different steps which includes creation of the prototype, adoption of the accurate manufacturing facilities, quoting for the project, starting the process of production and placement of the order and taking the delivery of the goods.

Location: The location should be such where the raw material required for manufacturing should be easily available. It should also have availability of power and fresh water supply, better transport facilities and labor supply. Thus, the location chosen would fulfill all the criteria.

 Number of employees: 500

Type of labor: It will comprise of both skilled and unskilled labor  

Imagine Audio will initially start off with ten full time employees along with a substantial number of part time employees. The philosophy of the company would be to empower each of the employees in making crucial on spot decisions. This particular staffing approach calls for the need of a single manager for carrying out the day to day operations thereby keeping the hierarchy to minimum. The main divisions would include service, sales and administration.

Company Strengths and Core Competencies

Professional and Advisory Support: It will comprise of the store manager, operations manager and the manager of the service department.

Balance Sheet before the Loan

Assets

Owner’s Equity and Liabilities

Cash   $ 3200

Current Liabilities $ 1850

Inventory  $ 0

Long term liabilities and Loans $ 0

Prepaid Insurance $ 2500

-

Fixtures and Machineries $  8,500

Owner’s Equity

Total  Assets $ 14,200

Total Owner’s Equity and Liabilities $ 14, 200

Assets

Owner’s Equity and Liabilities

Cash $ 3200

Current Liabilities $ 1850

Inventory $ 35,000

Long term liabilities and Loans $ 45, 000

Prepaid Insurance $ 2500

-

Fixtures and Machineries $  18,500

Owner's Equity $12,350                          

Total  Assets $ 59,200

Total Owner’s Equity and Liabilities $59, 200


Figure 3: Personal Financial Statement

Source: By Author

Start up Expenses

Logo

$ 50

Legal

$ 1600

Promotional materials

$ 100

Contractors

$ 850

Insurance

$ 200

Computer

$ 250

Other

$ 200

Total Start up Expenses

$ 3250

Capital

Owner

$ 3200

Investors

$0

Total Capital

$ 3200

Total Start up Funding (Assets)

$ 59, 200

 
Figure 4: Tabular Representation of Start up Expenses and Capitalization

Source: By Author

The sales and the revenues are expected to dramatically rise between the first and third years of the operation (Schaper et al., 2014). After a substantial higher growth period, a steady and stable growth is expected for the foreseeable future. However, the industry remains susceptible to the judgment of the consumers regarding the brands, inventory, products, staff and pricing.

Profit and Loss

Year 1

Year 2

Year 3

Sales

$324,784

$624,960

$677,760

Direct Cost of the Sales

$256,011

$320,570

$330,075

Gross Margin

$ 68,773

$ 304,390

$347, 685

Pay roll

$ 48,150

$100,950

$150,850

Accountant Expense

$3,200

$5,500

$6,000

Insurance

$2,800

$5,200

$5,700

Website Maintenance

$ 200

$335

$350

Total Operating Cost

$54,350

$111,985

$162,900

Profit Before Taxes

$ 14, 423

$ 192, 405

$184,785

Figure 5: Tabular Representation of Profit and Loss

Source: By Author

Figure 6: Break Even Analysis

Source: By Author

The running cost per month is mentioned below. Payroll comprises a major portion of the cost (Suarez, Cusumano & Kahl, 2013). The assumptions for the break even however depend on personal and actual experience of the manager for determining the average need of the month.

Monthly Break Even Revenue

$42, 200

Assumptions :

Percentage variable cost ( average)

Fixed Monthly Cost ( estimated)

50 %

$20,064

 
Figure 7: Tabular Representation of Breakeven Analysis

Source: By Author

References:

Babin, B. J., & Zikmund, W. G. (2015). Exploring marketing research. Cengage Learning.

Blasi, J. R. (2016). Employee ownership through ESOPs: Implications for the public corporation. Elsevier.

Burns, A. C., Bush, R. F., & Sinha, N. (2014). Marketing research (Vol. 7). Harlow: Pearson.

Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.

Christopher, M., Payne, A., & Ballantyne, D. (2013). Relationship marketing. Routledge.

Doppelt, B. (2017). Leading change toward sustainability: A change-management guide for business, government and civil society. Routledge.

Drexler, A., Fischer, G., & Schoar, A. (2014). Keeping it simple: Financial literacy and rules of thumb. American Economic Journal: Applied Economics, 6(2), 1-31.

Drucker, P. (2016). The effective executive. Routledge.

Eason, K. D. (2014). Information technology and organisational change. CRC Press.

Hannah, L. (2013). The rise of the corporate economy. Routledge.

McDonald, M., & Wilson, H. (2016). Marketing Plans: How to prepare them, how to profit from them. John Wiley & Sons.

Nagle, T. T., & Müller, G. (2017). The strategy and tactics of pricing: A guide to growing more profitably. Routledge.

Richter, M. (2013). German utilities and distributed PV: How to overcome barriers to business model innovation. Renewable Energy, 55, 456-466.

Schaper, M. T., Volery, T., Weber, P. C., & Gibson, B. (2014). Entrepreneurship and small business.

Suarez, F. F., Cusumano, M. A., & Kahl, S. J. (2013). Services and the business models of product firms: An empirical analysis of the software industry. Management Science, 59(2), 420-435.

Ward, J. (2016). Keeping the family business healthy: How to plan for continuing growth, profitability, and family leadership. Springer.

Wikström, P. (2013). The music industry: Music in the cloud. Polity.

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