GMBA6003 Innovation Management And Entrepreneurship

Introduction

According to previous empirical research, a large number of individuals around the globe have succumbed from cancer disease. In fact, cancer remains the most spreading non-communicable ailments globally. According to statistics, about 610,000 of American citizens have died from chronic cancer disease, which accounts to around a quarter of the national deaths tally (Pinson 2005). In fact, these shocking statistics exert great pressure to the global national health care. With the introduction of the TimeIt heart Rate Monitor, the modern technology will aid in cutting down the number of deaths from cancer. Ultimately, this paper will present a business plan of the new Cancer  TimeIt contemporary and convenient heart device to enhance the victim’s health to suppress the risk of cancer death.

Marketing Plan

In respect to the concurrence of the TimeIt to the market requirements, the target market of the TimeIt heart rate monitor will revolve around patients suffering from cancer diseases and detecting possible cancer infections at an early stage.  The TimeIt cancer cells monitor design and structure will comprise of highly cancer cells electrified sensors, which will be promoted and advertised in televisions including other media platforms (Porters 1998). The chain portfolio will involve distribution to supermarkets and chain stores, with the aim of creating consumer awareness, product affinity and maximising its utility form.

In fact, the utility creation of the TimeIt cancer cells detector the design of the device will be in form of a wrist watch, worn of the palm-count part; that involves the complementary work of electrification sensory fixation process to suit the fast and quick response needed in tracking the early signs of cancer cells availability. Ultimately, the device will provide the much needed satisfactory fast and quick medical information through the accuracy of the TimeIt cancer cells detector in respect to the skin and blood performance recording (Pinson 2005). Ultimately, the cancer cells TimeIt detector designing, structuring, development, distribution, packaging, labelling, and quality concepts must be considered in a bid to meet the consumer/customer preferences and tastes.

Organizational Plan

In respect to the legal requirements of the business guidelines and rules, the invention of the heart rate device will be under Limited Liability Partnership status. In fact, considering the partnership deal opportunity, this legal business invention idea will be utilised as the going concern ideology. Singularly, this limited liability status will require the management to transform and restructure the legal business idea to suit the health needs of the cancer victims (Pinson, 2005). The organizational leadership will register the corporations name as TimeIt Medical Inventions, which in future seeks to register the name as the official trade mark to protect the trading identity.  Moreover, the implementation of the new technological know-how in the medical filed aims to comply with the exit sting national tax laws; through deduction of workers’ national insurance and tax pays (Porters 1998). In fact, in the first stage of the organizational operation, the accounts’ department will submit the abbreviated accounts to be used for accounting and auditing.

Ultimately, since the companies’ management will be aware of the prevalent health and safety laws and regulations, the technological cancer cells detector device will be under managerial scrutiny for its effectiveness and efficiency. The leadership will instill safe and proper employees’ working conditions through assessment of the riskiness of the workers and consumers using and delivering health services in the organizational (Pinson 2005). In fact in respect with the concurrence of the Professional Indemnity and Employers Liability Insurance, the organizational workplace framework covers licensee’s acquirer as well as consumers laws; the Sales of Goods Act enacted back in 1979.

Conventionally, the company’s’ management and executive will be comprised by the vibrant and knowledgeable in connection to employment rules such as Equity Act, National Minimum Wage, Employment Act, and Working Time Regulations. Ultimately, the firm will adhere to the legalities of setting a business within the healthcare stipulated working framework. Thereafter, the firm will seek an approval of the electrification sensory workability from the engineers’ bodies such as FDA, which will provide the ascertained health-related medical guidance (Pinson 2005). Despite the difficulty and complexities that are involved in the devices’ approval, setting the new medical technology, business in health sector, and the governmental approval of the legal processes; the firm is adamant of its sure and reliable contribution to the health sector.

Financial Plan

Initial Product Cost Estimates: With already identified suppliers of the device, from the approved manufacturers, the cost of stocking the heart rate monitor will be relatively low. In fact, the cost of making one wrist watch will be around $65, which includes the cost of labor and is subject to inflationary changes. The marketing expenses are excluded, which will be considered in setting the retail and suppliers market price. 

Break Even Analysis: In respect to the identified global markets, the costs and price setting of the device (Cancer cells detector) will be utilized in determining the breakeven point of the business idea.  In nine months, the set breakeven point by the company; the management will regain its initial capital outlay in the production process as well as the product launch in the market (Porters 1998). Ultimately, proper and timely advertisements and promotions through brand ambassadors will increase the number of clients as well as create awareness of the benefits of the wrist watch cancer cells monitor. Subsequently, the gained and achieved returns will turn to be substantial and productive.

Cash Flow Forecast for the First Year: According to the set financial framework and calendar, the end of the first year will mark the end of a breakeven phase. Then, the existing number of clients will determine the productivity and returns of the business. Graphically, the rate of growth of TimeIt Medical Company will rise consistently.

Analysis of Startup Costs and Funding Opportunities: According to the financial obligations and requirements of the business idea implementation, a large capital start up is required due to the complexity and sensitivity of the business industry.  The technological innovation encompassed in the medical technology required from engineers approval may shoot up the costs of the product launch (Pinson 2005). Approximately, $500,000 capital outlay may be efficient and enough to cater for production costs, advertisements’ costs, legal compliance, as well as building construction expenses. In fact, the company’s’ director will present the idea to the Shark Tank panel for more funding opportunity. Since the impact of the innovation is very outstanding, we are very optimistic about the Shark Tank Funding (Porters 1998). Specifically, the core contingency financing idea is through borrowing of a loan from a financial institution at relatively low interest rates.

Conclusion

Ultimately, the TimeIt cancer cells detector will grasp the global medical attention. The manufactures will use an influential personality such as an athlete like Cristiano Ronaldo, Usain Bolt, Messi or someone like Beyonce as the brand ambassador. This strategy will grasp the devices’ market dominance and create consumer trust and affinity in the innovation of the cancer cells detector device. Constant review of the pricing strategy will help to stabilize the business in the market through the cutting down of the retail price; just like Pepsi strategy. Ultimately, the Heart Rate Monitor device strategy will utilize the Porters Five Forces rationale to curb the inflationary forces in the market.

References

Pinson, L. (2005). Anatomy of a business plan: A step-by-step guide to building a business and securing your company's future. Chicago, IL: Dearborn Trade Pub.