Humanities
Team Project Business Plan Assignment

Question Description

Hello, I have a team project that I am assigned to complete some parts of it, and I want you to help me with that.


I'll attach the document for you so you can get a brief idea about it, and so you can complete it for me.



The parts I am assigned to complete are:


Market research - Why?

No matter how good your product and your service, the venture cannot succeed without effective marketing. And this begins with careful, systematic research. It is very dangerous to assume that you already know about your intended market. You need to do market research to make sure you’re on track. Use the business planning process as your opportunity to uncover data and to question your marketing efforts. Your time will be well spent.



research - How?

There are two kinds of market research: primary and secondary.

Secondary research means using published information such as industry profiles, trade journals, newspapers, magazines, census data, and demographic profiles. This type of information is available in public libraries, industry associations, chambers of commerce, from vendors who sell to your industry, and from government agencies.

Start with your local library. Most librarians are pleased to guide you through their business data collection. You will be amazed at what is there. There are more online sources than you could possibly use. Your chamber of commerce has good information on the local area. Trade associations and trade publications often have excellent industry-specific data.

In your marketing plan, be as specific as possible; give statistics, numbers, and sources. The marketing plan will be the basis, later on, of the all-important sales projection.



Niche

LoadNGo is a one of a kind business and product. The world hasn’t seen a product of such and even though some may view this as a disadvantage, we enjoy the challenge and look forward to making life easier for people, one person at a time.



And I'll attach the whole document in the attachments.

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LoadNGo. Business Plan OWNERS: Sam Wambold, Sergio Quijano, Yuga Yanagisawa, LoadNGo Street Address: 1200 Lynch Street Saint Louis, MO 63118 (314) 577-2626 Page 2 of 11 I. Table of Contents I. Table of Contents......................................................................................................................................... 2 II. Executive Summary.................................................................................................................................... 3 III. Company Description ....................................................................... Error! Bookmark not defined. IV. Products and Services ........................................................................ Error! Bookmark not defined. V. Industry and Market Feasibility including Marketing Plan .................................................................. 4 VI. Operational Plan................................................................................. Error! Bookmark not defined. VII. Management and Organization ...................................................... Error! Bookmark not defined. VIII. Financial Plan .................................................................................... Error! Bookmark not defined. IX. Loan or Investment Proposal .......................................................... Error! Bookmark not defined. X. Appendices ........................................................................................... Error! Bookmark not defined. Page 3 of 11 II. Executive Summary Write this section last. We suggest that you make it two pages or fewer. Include everything that you would cover in a five-minute interview. Explain the fundamentals of the proposed business: What will your product be? Who will your customers be? Who are the owners? What do you think the future holds for your business and your industry? Make it enthusiastic, professional, complete, and concise. If applying for a loan, state clearly how much you want, precisely how you are going to use it, and how the money will make your business more profitable, thereby ensuring repayment. Page 4 of 11 V. Industry and Market Feasibility including Marketing Plan Industry and Market Feasibility including Porter’s Five Forces and SWOT Analysis Market research - Why? No matter how good your product and your service, the venture cannot succeed without effective marketing. And this begins with careful, systematic research. It is very dangerous to assume that you already know about your intended market. You need to do market research to make sure you’re on track. Use the business planning process as your opportunity to uncover data and to question your marketing efforts. Your time will be well spent. research - How? There are two kinds of market research: primary and secondary. Secondary research means using published information such as industry profiles, trade journals, newspapers, magazines, census data, and demographic profiles. This type of information is available in public libraries, industry associations, chambers of commerce, from vendors who sell to your industry, and from government agencies. Start with your local library. Most librarians are pleased to guide you through their business data collection. You will be amazed at what is there. There are more online sources than you could possibly use. Your chamber of commerce has good information on the local area. Trade associations and trade publications often have excellent industry-specific data. In your marketing plan, be as specific as possible; give statistics, numbers, and sources. The marketing plan will be the basis, later on, of the all-important sales projection. Economics Even though there is currently no market for the clothing folding machine, we are certain that industry of washing and drying machine is well-developed and there is solid demand from people. So we would like to expand and share the market by connecting those industry of washing and drying machine. Also, as we want to focus our target market on not only just personal consumers but also organizational consumers which includes business organizations and government, we believe that we will be most likely to fascinate those wide-ranged customers, and we have a positive potential to be on the dominant position in the new market. However, to dominant in the market, there will be also some barriers that we will face. One Page 5 of 11 of the examples is high capital costs which includes high production costs and technology charge. Also, since we will need to have a factory that build our products, we need to consider and invest to its property and our employees who work there as top priorities. We expect this advance investment will pay off in long-term along with executing our marketing plan and gaining ground from customer support. In terms of “trends”, we analyze that more people are focusing on time-saving for any daily activities. Especially, for the organizational consumers, their priority is efficiency compare to its looks. Thus, it will be challenging and key for us to produce the products which can complete the folding tasks surely but rapidly in this market. Perhaps, for the personal consumer, they desire to have stylish and well-designed products, which matches with modern furniture and fit in even a small space. So, we would also like to focus on products’ design and its compactness for those personal consumers. Customers There are two types of consumer groups that we’re focusing our target market on and these are “Personal Consumers” and “Organizational Consumers. ” We want all of our consumers satisfied with LoadNGo. The goal is for this product to make its way into every household to free up the average person’s day. LoadNGo is also inclined for getting into businesses and government organizations that have the need for a drying machine in their work area. LoadNGo is going to start selling through distributors and retailers across the United States and then expand internationally. The company has successfully connected with retailers across the nation including; Los Angeles, Denver, Phoenix, Minneapolis, Dallas, New York, and Miami. This product will start to be seen in both Target and Costco and also be available through ecommerce on LoadNGo.com, Amazon, and Jet when released. Personal Consumers: LoadNGo is for anybody! Our target market focuses on the age range of 30-50 and making a household annual income of $100,000+ to both families and a single-family home. LoadNGo wants to make sure the marketing demographics are getting to the people who will find this product useful and the finances to afford it. Business Customers As for other businesses, we are going to focus on luxury hotels first around the New York City area. New York City is always driving busy business men and women to the area that have meetings after meetings and just want to relax and check up on emails at night. LoadNGo will free up time for them to do just that. Page 6 of 11 SWOT Analysis Strengths Weaknesses -Offering a unique “one of its kind” product. -Startup expenses are going to high. -Having a reputation of innovating the laundry - Not knowing the demand of this product. process. - No market research available. - Having an excellent Research and Development team that work tirelessly to develop an exceptional - Customers don’t have loyalty with LoadNGO yet. product. -Retail stores we connected with are in highly populated areas across the nation. -Selling through e-commerce have the potential to drive sales. Opportunities Threats - Patent pending for utility and design. - Sensitive price. - Enhancing and updating our product to - Substitute products could be developed in develop different versions. - A “boring” product can bring creativity and well-design skills within the work area. the coming years. - Healthcare coverage for all of our full-time employees will be very costly the first few years. One of the biggest advantages LoadNGo has is that there are no similar products on the market of its kind. Not that many people have looked at the laundry market the way this company has. With hundreds of thousands of dollars spent on research and development, LoadNGo is making sure that this product is mastered so our customers are satisfied. The machine is going to be offered through e-commerce Page 7 of 11 and retail stores, this will hopefully be able to drive the sales up. Some opportunities that LoadNGo has for the future is a patent pending for both utility and design. The utility and design patent is strictly for the robotic hand of the product inside and on the top of a dryer. Competitors won’t be able to have a robotic arm in that location. The company already has big ideas planned ahead for the next version. A lot of people see this type of business field to be “boring”, LoadNGo’s philosophy is brining creativity and well-designed skills into this area of study. There are obstacles that the company is going to have to overcome. Some weaknesses are the expenses that come along with a technologically advanced product. Luckily, we’ve had very professional private investors whose names were told to keep confidential. They’ve been really helpful with understand how expensive some of the costs are going to be considering there’s no research out on a product like this. Another downfall is LoadNGo has no customer base, we’re going to make sure to have an expediential customer service line, prosperous employees, and easy-to-use website to bring customer loyalty. Some threats we might have to face is the sensitive price. Our prices are going to be higher than an average dryer because there’s more to it. Once consumers see what the product can successfully do, heads will start to turn the direction LoadNGo wants them to. Competition could arise in the coming years but the company’s goal is to stay one step ahead always working to better the product. The last big concern the company has is Healthcare coverage for employees. This is going to be costly, taking in all the other expenses for this year. The company is going on the stock market as an OTC, this will help to give them some capital for the starting years. Competition Our company is going to be in competition with other laundry appliance companies like Samsung, LG, Kenmore, and Electrolux. These companies aren’t necessarily going to be direct competitors to LoadNGo because what differentiates us from them is simply the technology and features that come with our product. There is no other dryer that can fold your clothes after the drying cycle is done and competitors will need to go around our Page 8 of 11 Porters Five Forces Threat of New Entry: • The time and cost • Economics of scale • The cost advantage Supplier Power: • • • Number and size of suppliers Buyer Power: Competitive Rivalry: Uniqueness of service • Indirect Competitors • Brand Loyalty Ability to substitute Threat of Substitution: • Number of substitute products • Perceived level of product • Low cost of substitution • Number of anticipated customers • Difference between competitors • Price sensitivity Page 9 of 11 Niche LoadNGo is a one of a kind business and product. The world hasn’t seen a product of such and even though some may view this as a disadvantage, we enjoy the challenge and look forward to making life easier for people, one person at a time. Marketing Strategy Now outline a marketing strategy that is consistent with your niche. Promotion LoadNGo will focus heavily on promoting its product and company to the public. We plan to advertise and promote in many ways, but we will put a huge emphasis on social media, TV commercials and in family and home magazines. Social media is a low-cost source of advertisement that we believe will have a huge impact for our company. Facebook is an avenue that we will focus heavily on as it is able to reach a great deal of people. Our target age is 30-50 and many individuals in this age range are very active on Facebook. Putting our name and product out on TV commercials makes sense due to the fact that most people watch television. We plan to target the basic cable channels; therefore, it is seen by as many people possible. Also, a variety of family orientated channels as well. Eventually, LoadNGo plans to team up with a laundry detergent company. Gain and Tide are two major laundry detergent companies that we aim to target and develop a relationship with. Both Gain and Tide are heavily respected companies that are reaching the same target audience as we are. Here at LoadNGo we will be viewed as we are. A company that is friendly and approachable, a business that serves to everyone and is dependable. At LoadNGo we value and acknowledge the importance of our customers. When a customer purchases our product, they are fully warranted and guaranteed for 10 years. It is required that we upload their contact information into our database and they will receive emails systematically. These emails are every 3 months, looking for feedback on how our product is holding up and to see if the customer is happy. Repeat customers will also get emails of promotions and deals going on. Promotional Budget How much will you spend on the items listed above? Page 10 of 11 Before startup? (These numbers will go into your startup budget.) Ongoing? (These numbers will go into your operating plan budget.) Pricing Explain your method or methods of setting prices. For most small businesses, having the lowest price is not a good policy. It robs you of needed profit margin; customers may not care as much about price as you think; and large competitors can under price you anyway. Usually you will do better to have average prices and compete on quality and service. Does your pricing strategy fit with what was revealed in your competitive analysis? Compare your prices with those of the competition. Are they higher, lower, the same? Why? How important is price as a competitive factor? Do your intended customers really make their purchase decisions mostly on price? What will be your customer service and credit policies? Proposed Location Probably you do not have a precise location picked out yet. This is the time to think about what you want and need in a location. Many startups run successfully from home for a while. You will describe your physical needs later, in the Operational Plan section. Here, analyze your location criteria as they will affect your customers. Is your location important to your customers? If yes, how? If customers come to your place of business: Is it convenient? Parking? Interior spaces? Not out of the way? Is it consistent with your image? Is it what customers want and expect? Where is the competition located? Is it better for you to be near them (like car dealers or fast-food restaurants) or distant (like convenience-food stores)? Distribution Channels How do you sell your products or services? Page 11 of 11 Retail Direct (mail order, Web, catalog) Wholesale Your own sales force Agents Independent representatives Bid on contracts ...
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