Assure Company: Providing Wireless Chargers For All Your Devices. #Essay

• The product (or service) and why it is valuable to customers
• The focused and detailed description of the target market
• The positioning of the product or service – how it should be perceived by customers
• The pricing strategy with specific price points at which the product or service will be sold
• The sales and distribution channels that will be used to get the product or service to the customer
• The promotion strategy including public relations activities, specific promotions, advertising and intended viral marketing activities
• A description of the operating cycle that describes what the organisation will do to deliver its service or create and sell its product
• A description of where all the necessary skills and materials will be sourced
• What will be outsourced, what relationships are in place and how those relationships will be managed
• The cash receipts and cash payment cycle of the business

• Start-up expenses and capitalisation: a description and explanation of what it will cost to launch the business and where you expect to get this money
• 12-month profit and loss projection (month-by-month) and a three-year profit and loss projection (quarter-by-quarter)
• A 12-month cash-flow projection and a three-year cash-flow projection (quarter-by-quarter)
• A projected balance sheet at start-up and at the end of years one to three
• A break-even calculation

Assure Company is a United Kingdom based company, which is planning to launch its first wireless chargers by the first week of July, this year. The company has understood the issues of the consumers and how they have encountered problems with messy cables and less charging points, while travelling. Wireless charger comprises two different parts that is a central distributer and various small receivers. The unique selling proposition of the company is that the wireless chargers are compatible with almost all wireless devices. It can charge up to three devices at a time within five meters, by using environmental friendly materials.

Charles Simpson is the sole proprietor of the company who came up with the idea of wireless chargers, by understanding the needs and demands of the target customers. He understood how individuals face problems with charging their phones and thus, ended up in finding a way out. The wireless chargers will hit the electronic stores of United Kingdom by the first week of July and solve the phone-charging problems of many people, especially smartphone users. The company is under the ownership of Charles Simpson, who has invested $20,000 and taken a loan of $150,000 from the Royal Bank of Scotland with an annual interest rate of 4%.

Vision Statement

• The vision statement of Assure Company is to provide the users with economical, user-friendly and ecological tools for the users to access sophisticated and complex technology.
• Assure Company’s solutions are being designed to help the users enjoy and enhance their lives along with the convenience of hi-tech and innovative products.
• Their vision is to make remote charging become inseparable part everyday lives.
• The technology will enable explosion of wireless devices and mobile phones, which are finally free of power cords.

Mission Statement

• The mission statement of Assure Company is to create a society by building a new revolutionary way of charging electronic devices and phones at home, at places people travel and on the palm of their hands.
• Assure Company is committed to provide innovative connectivity solutions as well as support for its users.
• The goals and objectives of the company are to establish their business in United Kingdom by the end of 2018 and introduce the wireless chargers to their potential customers by the first week of July.
• In addition to this, their goal is to surpass the break-even point by the end of 2019.
• The short term objectives of the company are to increase their brand and product awareness among the target market by 30%, this year.

The strengths and core competencies of the company are its fixed objectives and targets, which can increase its market share to around 10-20% this year. Moreover, it has already started promoting its products on Assure Company’s official website and several social networking platforms. Informing the target market regarding the benefits and features of their products or services will also help them in gaining competitive advantage. In addition to this, it will help in building strong customer relationships as well as enhance customer satisfaction. Therefore, it can be assumed that the market share will increase up to 20%, in one year.

The Opportunity, Industry and Market

The Opportunity

The product is almost new in the market and even though, some companies have launched a similar product, their prices are much higher. Thus, this is the potential market gap which the company can utilize as their opportunity. This gap can be identified properly by conducting a thorough market research. The market research should include target demographics, geographic descriptions as well as company profiles, in order to understand the customers’ demands and desires.

In addition to this, it is important to understand on which segment of the market, the company needs to focus on. Moreover, gaining an understanding regarding the population as well as spending levels and habits of the customers will prove to be beneficial for the company in filling the gaps of the markets. Furthermore, as the company is new in the market, it can fill the gaps of opportunities, by providing the customers with initial offers and discounts as well.

Mission Statement

The Industry

The barriers to entry generally refer to the existence of the high start-up costs and other obstacles, which prevent new businesses from entering their business area, easily. Taking the case of Assure Company, it can be said that the common barriers are its start-up costs and bank interests. In addition to this, the company can get highly affected from the existing businesses or firms, which is already operating in the same industry. The bargaining power of the customers refers to the amount of power the customers have to negotiate prices of the commodities sold by the company.

In this case, the bargaining power of the consumers is comparatively on the lower side, as the company is already offering high quality products at much lower prices, with initial offers and discounts. However, the bargaining power of the suppliers is relatively higher as the suppliers may try to negotiate prices as they serve the raw materials. Moreover, there are substitute products and services, which have already built its customer base. This can get resolved to some extent as the company will be providing their products at lesser prices. The major competitors of the company are Chargifi, Samsung Fast Charging Wireless Stand, WoodPuck and others, which provides equally great services to its customers and the competitive rivalry is quite strong. Therefore, the company needs to identify these major forces affecting the industry and conduct a market research on the basis of that.

The Market

The age structure of United Kingdom is as following

The maximum number of phone users belongs to the age group of 15-44 years. The Assure Company needs to focus on this segment of the market and promote their products in accordance with that. Moreover, the maximum number of smartphone users who faces problems with charging their phones, belong to the age group of 21-44 years. Therefore, Assure Company needs to gain an understanding regarding their customer preferences, product development and demographic shifts in order to keep a track of these major trends.

Strategy

Initially, the focus of the business will be a specific market that is mainly the smartphone users. Successful start-up marketing techniques include a great marketing strategy and equally great products. The business will succeed in the new markets only if it focuses more on its product quality. It needs to set its prices accordingly, keeping its competitors in mind. The company will be focusing on its unique selling proposition, that is, the way it has set product prices. It will assist the company in creating a unique as well as valuable position along with the different set of activities.

Strengths and Core Competencies

The product offerings are unique as well as different from that of its competitors. The company has kept the quality of its products high and prices, low. The wireless chargers will be able to charge three phones at a time, within a distance of five meters. Moreover, the company needs to keep in mind that the feedback from target customers is very important. The faster Assure Company will resolve customer allegations or objections, the faster they can improve their products or services in order to match up to the market demands or desires. The more the company gets these factors clear, the more they are expected to win on the long run.

In addition to this, the company needs to get a clear idea of its competitors. It is important to set the unique selling proposition of the company’s products or services in the minds of the consumers. It is true that the company’s competitors have already built a set of loyal customers and therefore, it can be a major challenge for the company. However, the company can promote its products on the basis of their pricing strategy. Assure Company is determined to sell its products at lowest prices possible, without compromising its quality. This is the major unique selling proposition of the company.

Therefore, before hitting into the markets, the Assure Company needs to gain an understanding regarding the new trends, changing consumer preferences, product development and demographic shifts. A customer value proposition comprises the sum total of the benefits that a vendor promises to his/her customers in return for a customer’s associated payment, that is, value transfer. Thus, it can be said that the value proposition for the customers is that the company will be selling its high quality products at much lower prices, giving direct competition to its competitors.

Business Model

Team Management and Organization

Charles Simpson is the founder of the company, who has a degree in mechanical engineering and has sound experience of ten years with ABC Technologies. In addition to this, he has interned with several reputed companies and gained valuable work experience in team oriented environments. After completing his masters from Harvard University, he started interning at various organizations, which also helped him in gaining certain entrepreneurial skills. He is skilled in sold works along with high knowledge in Mechanical Engineering, Fluid Mechanics, Thermodynamics, Mathematics and others subjects. Independent and a fast learner, Charles Simpson has strong leadership skills along with critical thinking abilities.

Opportunities in the Market

Charles hired a manager to work under him as it is a start-up company. The manager has the responsibility of managing the day to day business. She is required to supervise the areas of the project and the staff members. Moreover, she has great leadership and entrepreneurial skills, which helped Charles to a great extent. In addition to this, she is responsible to motivate and encourage her subordinates, in order to get things done. She also knows how to overcome issues, with the limited resources of the company. Furthermore, the manager of Assure Company is responsible to organize the whole department and assign tasks to the staff members. With her good interpersonal and relationship building skills, the company has managed to set up its objectives and targets on the long run.

The employees of the company serve the major functionalities of problem solving, administrative and financial issues and others. The managers are required to communicate with each department, jot down their tasks and job roles. The business development department manages the operations on how the business can be developed. The operations department operates the employees’ day to day activities and monitors them. The employees of the technology department work together on how innovative technology can assist in grabbing the attention of the most number of customers. Lastly, the marketing or sales department manages the sales and promotional activities of the Assure Company.

Marketing Plan

Product

The product of the Assure Company is Wireless phone charges, aimed for mobile phone users and those who face charging issues. The product of the company will fit the consumers’ desire and demands and it should work, fulfilling the expectations of the target consumers of the company. Moreover, the company has kept the quality of the products high and prices low, in order to cater to the most number of customers.

Place

The product will be available at every electronic stores and supermarkets of United Kingdom. It will hit the stores by the first week of July and be available where the target customers will find it easiest to shop. From high street shops to mail order, the company is planning to promote its products by undertaking the option of e-commerce as well.

Price

The product must always be seen as something that represents good value for money. That does not mean that the products will be available at cheaper rates, but the consumers will be happy to pay a bit more for something which is worthy. The company has managed to keep its product prices lower but the quality high. The minimum price for the products is kept $20, as per the customers’ choices. The pricing strategy is done keeping in mind the competitive advantage it can gain in this ever increasing competition, within the business environment of United Kingdom. In addition to this, the company will be giving initial offers and discounts to its customers.

The Industry

Promotion

The promotional strategies undertaken by the company include advertising, public relations, personal selling, sales promotion and the social media. These are the basic communication tools, Assure Company has undertaken for promoting its products to a large extent. In addition to this, these tools along with the organizational message will help the organization in grabbing the most number of audiences, whether be appealing or informative to them.

Operational Plan

The operational plan forms a part of the Assure Company’s business strategies plan. It is highly important to carry out the business leadership in an effective, yet efficient manner. Moreover, the operational plan for the Assure Company describes how the overall work of creating and delivering the products will be done. It will also contain a brief overview of all the necessary skills as well as materials that will be sourced. The company will be delivering its products to all the supermarkets and electronic stores of United Kingdom. Moreover, skilled workers from Information Technology background are being hired in order to manufacture and assemble the products. The raw materials are of high quality and supplied by the suppliers, which are being handpicked and chosen by Charles himself, along with the assistance of his manager.

Some of the raw materials are being imported from foreign countries and Charles has managed to build a relationship with the suppliers for future purposes. The operational plan of Assure Company also gives a detailed overview of how the operations will be carried out, the flow of work to end results, resources required and others. All these factors are required for the success of the business. In addition to this, Charles has also kept a track of the upcoming risks, which will come along. The competitors are also there in his lists. In addition to this, with the assistance of his manager, he has jotted down the risk assessment procedures and how to ensure sustainability for the success of the final project. The company has undertaken several marketing strategies in order to grab the attention of the consumers and cater them the best.

Financial Plan

Sources of Funds

Breakeven Analysis

The breakeven of the company will take place at the end of 2 years and specifically after 1 year and 6 months.

Profit and Loss Projections

Balance Sheet Projections

Projected Cash Flow Statement

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