A missing child is every parent's nightmare. When that nightmare happens, the most useful thing a parent can do is to provide law enforcement with up to date information regarding the location of their child that help them locate their missing child. It is one that can truly make a difference in the world. Taking this in mind we develop a business plan of developing a bracelet that helps in making this possible. A bracelet that tracks the child is a thing that every parent wants. This device generates a feeling in parent's mind that their child is not away from their eyes. This device not only tracks the child but also give latest information regarding the health of the child.
A medical alert bracelet is a necessity for many individuals with autism and other health concerns. Communication and social skills as well as behaviour are usually problem areas for individuals with autism. These problems become more apparent in stressful situations. Some autistic individuals shut down emotionally and physically. Others may become violent or aggressive.
In today's world where kids have gone really smart and try to evade their parents by moving out of the house without their prior permission, Our Company has come up with a GPS device that will help parents know where exactly their kids are.
The Company has tried and tested the device in every possible mishap or situation. This device is very helpful in case of small children as they generally roam out of their houses and might get into any mishap. The Parents are really worried and they are generally busy with their own things and can't keep a constant eye on their kids, just to make their life easy and make their kids feel safe our company is getting this technology in India.
The Product is an imported technology that is manufactured in Taiwan and assembled in India. Assembling of the device and packaging is done according to the Indian customers and their needs. San Jose Technology is a company based in Taiwan that is into manufacturing of such GPS devices. It is the smallest GPS tracker in the world.
NVI is the governing body that will help us in providing technical assistance as well as financial support. They will help us with all the possible recourses to start-up with this business.
The Industry for child security is still evolving in India. So there is a major area for the company to overtake and rule the market as there is not much of a competition.
This device and service is a revolution and will be a good business scheme for Indian public. We can target the working families where elderly people have to take care of children when they are home. This device and service will help people feel safe for their children.
INDUSTRY ANALYSISFUTURE OUTLOOK & TRENDS
We are sure that our product will definitely proves successful in this market. As this product is regarding the security of the child suffering from autism so we are sure that this product will become successful. This product will also show our company attachments towards our society. At start up of venture we are not following much different trends in our product as we are very cautious about our product price but afterwards we definitely brings some interesting trends in our product.ANALYSIS OF COMPETITORS
At this time there is not much competition in this business but it is sure that after came in to existence our business will definitely face competition from various companies such as The DIGIKIDS franchise, Doeren Mayhew that launches new Website that offers free Child ID kits to parents. These companies at present are attracting various customers through their services in foreign countries & their next target is to capture Indian market, but we are sure that they will not be able to match our services.MARKET SEGMENTATION
We are segmenting the market on the basis of children suffering from autism & the children who are normal & healthy one. This will help in knowing our target market.INDUSTRY & MARKET FORECASTS
As we daily saw child's photo in newspaper & on T.V that this chid is missing from that place or that child is missing from somewhere else. These types of thing create afraid in parents mind that there can be their child photo also. These types of news forces parent's to buy the product & will automatically helps in creating the market for the product. As we know that there is no such company in India that is providing this kind of services, so this is a big opportunity for us & we decided to grab it.
DESCRIPTION OF VENTUREPRODUCT DETAILS
As we are very cautious about the price of the product so we decided to do our project related operations in a building that we take on lease basis. We manufacture our gadget, make sale as well as provide services to the customers, all this is done at the same place in same building.
Manufacturing cost of gadget will amount to Rs.6500per unit
Services cost Rs.4500 per customer for 3 year.
Warranty= 2 years
After purchasing the gadget the customer will get the authentication of registering in company's profile. The customer will be authenticated for 3 years i.e., he will get company services for a period of 3 years.SERVICE DETAILS
- After purchasing the gadget the customer will get the authentication of registering in company's profile. The customer will be authenticated for 3 years i.e., he will get company services for a period of 3 years.
- If after 3 years customer wants to continue our services, he can do so by just visiting our site www.csgsb.org & than clicking at 'reregistered me' icon. After that he has to enter other information present on the screen. We have decided to charge little amount of charges i.e., Rs. 4000 for 3.5 years.
- Company will provide 24*7 hr services.
- Parents can check any kind of data related to their child of any particular date on our website.
- Company will also provide ambulance & police facility if something miss-abuse happens to the child.
- We are running the business on national level. There are less competitors in India.
- The office will be located at model town street no 2. shyam complex first floor, where employees will have direct access to transportation and customers will be able to approach easily and conveniently request any service.
- The office will contain a storage space for delivery items. There will be a special cell which will respond to customer queries and take their feedback so that we come to know our loopholes and take the required actions to be market leaders.
- The number of staff will vary depending on when the office is busy. We take the equipments on lease.
BACKGROUND OF ENTERPRENEURS
In our venture entrepreneurs are belong to different fields & specializations. Some belong to MARKET field, some to FINANCE & other to H.R fields.OPERATIONAL PLAN
- In terms of operational plan we are not manufacturing the product at home we decided to import that device from foreign country.
- We study various companies regarding this & in the end we are successful in finding that company. San Jose Technology, Inc. a company situated in Taiwan will really help us in achieving our dreams.
- Our dream is to provide feeling of satisfaction in parent's mind that their child is not away from their eyes.
- The company manufactured a product MT-102, a portable, handy and easy-to-use GPS device.
- It features unique modes for most advanced tracking and emergency locating service available for the benefit of personal safety. MT-102 is the smallest GPS tracker in the world.
- Mechanics data:
- Size: 5.45(L) x4.73(W) x2.89 (H) cm.
- Weight: 53.5g (battery included).
- Create awareness about the product
- Becomes the market leader in this product category
The purpose of product is to provide satisfaction to the parents about the security of their children so that they can feel secure and give right to their children to move freely and enjoy the childhood period which is not get back when it passed.Industry Analysis
The child security gadget is not available in the market so this industry is not established in India. This industry is run mainly by abroad people. Only few branded and reputed players are into this field but outside India. Due to less number of companies in this field and unorganized sector this industry is looking quite attractive. The future of this industry is looking very bright because people in today's world are very busy and concerned about their kids. A bracelet that tracks the child is a thing that every parent wants. This device generates a feeling in parent's mind that their child is not away from their eyes. There is lot of opportunities in this industry to grab it. If a new company enter in this industry than the company will grow at a fast speed.Market need:
As we know that there is no such type of product is available in the market but increasing the case of kidnapping of children and terrorism in India it creates a need. Now the parents want that their child should be secure everywhere. This device generates a feeling in parent's mind that their child is not away from their eyes.Market potential
- As we daily saw child's photo in newspaper & on T.V that this child is missing from that place or that child is missing from somewhere else. These types of thing create afraid in parents mind that there can be their child photo also. These types of news forces parent's to buy the product & will automatically helps in creating the market for the product.
- As we know that there is no such company in India that is providing this kind of services, so this is a big opportunity for us & we decided to grab it.
We are segment the market on the basis of age of children. This product is mainly manufactured for the children who are 3-14 years old and who are suffering from autism and mental illness.
- Segmentation on the basis of age: -
- Children who are suffering from Autism and Mental illness- 4000
This product is related with the child security so our main focus is children. For this product our target customers are parents because parents are decider and purchaser of our product. They are going to buy the product not the children itself. So our target customers are those parents who have child less than 14yrs and more than 3yrs. Others parents who have child which is suffering from mental illness and autism. Because these children are not in the condition who take care of ourselves anybody can influence the behaviour of these children which leads to kidnapping, accidents, murder and other criminal activities.
Competitor analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors. This analysis provides both an offensive and defensive strategic context through which to identify opportunities and threats. Competitor profiling coalesces all of the relevant sources of competitor analysis into one framework in the support of efficient and effective strategy formulation, implementation, monitoring and adjustment.
Child security Gadget is a new product in the Indian market, we are the pioneers in this product category in the market. So we don't have competitor in this industry but in future we definitely face competition from companies which deals with the children product like DigiKids, Disney and Doeren Mayhew. The threat of entrance of new competitors is likely when:
- There are high profit margins in the industry
- There is unmet demand (insufficient supply) in the industry
- There are no major barriers to entry
- There is future growth potential
- Competitive rivalry is not intense
- Gaining a competitive advantage over existing firms is feasible
SWOT ANALYSIS OF CSGSB(child security gadget social business)STRENGTH:
- As we are starting our business from building on lease, so we don't need to buy any property.
- We will determine and starting this business with a new approach.
Our weakness is that we are going for business for the first time and we don't have any practical experience of business.OPPORTUNITIES
- This industry is not established so we have very good opportunity to establish ourselves in the market.
- We don't have direct competition in this industry.
- This sector is run by foreign firms so we have the opportunity to excel in this sector.
- People are still not aware of our main competitor so we can establish our market by conveying proper message to people.
- The biggest threat which we think is the firms like Digikids which are also providing these type of services.
- As it is a product related with child security, so we decided to advertise our product through newspaper advertisement and radio. We are not giving advertisement on T.V. because it is not affordable for the company in the starting.
- We would advertise our product through organize a seminars in schools. We will have tie-ups with some schools and school would advertise our product to the parents.
- We will place hoardings in the market and other busy areas where the hoarding will make people aware about the product and conscious about the security of their children.
- We will distribute the small booklets containing all the information about the gadget and services. This is very easy and very less expensive method of advertising.
- We will also provide some additional services to the customers like ambulance.
- We will also going for a direct marketing.
The marketing mix refers to the combination of elements within a companies marketing strategy, these are designed to give the customer what they want and in the long term are designed to maximize profits.
Product- Our product is related with the child security so we have to create a need to sell this product because there is no as such type of product available in India. We have to provide the best services to our customers.
Price- We will sell this gadget at Rs. 6500 from the members which are not too much for the customers because this is for the security of their children. We don't have competitors in the market so pricing strategy is depending on us. We don't have to compete for the price to be offer. The customer will be authenticated for 3 years i.e he will get company services for a period of 3 years. It is a new concept which will be introduced by us and we will provide the value for money.
Place- Our office will be at model town jalandhar so that our main prospect customers can approach us. We will also be using internet to develop our site so that people can approach us and direct marketing will be done to target our customers.
Promotion-This involves providing information to the customer over a variety of media platforms, using radio, print, events in colonies ,hoardings, banners at the entrance of the colonies, pamphlets, advertising as well as using other promotional tools such as direct marketing and personal selling.
FORMS OF OWNERSHIP
- As we know that there are three types of ownership business. As we make a plan in group so we decided to start a partnership firm.
- In this firm every partner will make equal contribution & in terms of liabilities every partner shares the amount of personal liability equally, regardless of their capital contribution.
- As there is a fact 'more complex the organisation, the more expensive it is to start'. In partnership in addition to filling a trade name, a partnership agreement is needed. In addition to partners contribution we also show our project to certain companies.
- The planners are not only who are the partners of this plan we are also taking the support both financially & technically from an institution that was built to support new business plan i.e., NVI( New Venture Business)..AVASHYA.
- NVI set up by the Confederation of Indian Industry (CII) in association with the World Resources Institute, Washington, acts as a facilitator between the Indian Small Medium Enterprises (SMEs) and foreign investors who support SMEs operating in environmental or green sectors.
- Some of the key investors include ICICI Bank, ATE Enterprises, Denmark-based Best Seller, Canara Bank, Nexus India Capital, Sequoia Capital, the Netherlands-based Cordaid and Acumen Fund.
- NVI also provides mentoring and technical assistance to entrepreneurs through a network of business consultants, business school students and technical experts. It also helps them market their products by identifying potential markets. NVI provide minimum investment in a company will be Rs.1 crore and the maximum could go up to Rs.15 crore.
Will NVI may support our business & it may act as the major supporter of our plan, but the major authority regarding any decision regarding the plan lies in our hand. But before making any decision we have to discuss our decision in front of NVI so that they can enhance our decisions.MANAGEMENT TEAM BACKGROUND
The human capital in a startup is crucial to its success in the future. We need a well management team in our new business plan. Management team should have all the features that a manager should have. And we have a team that, have the ability to detect any kind of opportunity that may be beneficial for the plan & have ability to face any kind of challenges.ROLE & RESPONSIBILITIES OF MEMBERS OF ORGANIZATION
As there are five team members in our group each is specialist in its respective field. If I talk about Taniya Sharma & Mithun Sexena, Both are specialist in M.B.A (Marketing).there marketing skills will really help us in making marketing strategies regarding our product against our competitor. So they are handling our marketing section. Monika Deswal specialist in M.B.A (HR) will help us in managing our employees. Kesar Ahmed & Amit Goel are specialist in M.B.A (Finance) handling the finance department of the business plan.
Increase in the dividend of the company year after year shows that our market value of share will increase on yearly basis. These figures will increase our investors as well as shareholders faith in our company, which ultimately increase the goodwill of our company in near future.
If we see the profit figure of the company than these is constant this shows that if we further wants to expand our business in near future than we will be able to do that without much difficulty.ANALYSIS
If we see the figures of loan than at the start up of venture we are depending equally on both secured & unsecured loan. But afterwards ratio of unsecured loan will decrease & secured loan will increase.
Fixed asset of the company will increases in future, this shows that in future our financial position will become strong. Increase in the reserve ratio shows that our firm will earn sufficient profit in future.
The proper use of technology can revolutionize the way we do business. With the right mix of technological tools and systems, business can rise to the top of business field and keep you there. This move also save a lot of time and increase our efficiency as well as profits. After all, opportunity cost is incurred when we spend more time than we have to at doing tedious and routine administrative duties. By using the available technology in this business, we can save a lot of time which can then be used for more productive endeavours.
In this industry particularly, the right use of technology can drastically improve the support systems in place. This would get rid of repetitive and redundant tasks that the company has had to put up with. With an impregnable and highly efficient support system in place, our business could quickly get ahead of the pack.
One other very important change that we can implement in our business is introducing software that automates and integrates all tasks that could directly be accomplished by computers. It would be better if our incorporates the use of software that integrates accounting functions with inventory and sales tracking.