Business Plan
Executive Summary
Wearable tracking devices is an amazing start-up in this world of personal tracking devices, respected industry analyst say that this market will make large revenue within no time.
Personal Locator devices will be offered and distributed. At the starting, the devices will be on made on contract along with the software and systems made internally whereas in future we will be making the in-house. We will use military inspired technology which will catch the signals and speedily sent data to the satellite. This data will be sent to any remote area. This will also remove the need of tracker to get into a call centre or download from our website. Our gadget is different because they are small in sixe and programmable.
Our market which is targeted are family consumer/personal device users, Military, Original equipment manufacturers, business tracking shipments or vehicles and the political part of the world. The strongly attractive market is families as they will be more concerned about their loved ones and their whereabouts. (Kaewkannate & kim) (2016)
Our brand will increase profit to several million within 2 years along with increasing gross margin, working capital and cash management by considering our strengths, key customers and their needs.
(RQM technologies)
MISSION:
Main objective of our brand is to be a most important and highly demanded vendor of personal tracking devices. With a joint venture of updated technologies and small units, affordable, our technology will be known as the most effective life saving devices.
Key to success
1. Products Quality and importance in real life problems.
2. Coming up with updated technologies to enhance their use and improve current system
3. In order to integrate with target market we will deal well with barriers to entry, channel issues, or with advertising and promotional issues.
4. Products will be delivered on time, marketing budgets are managed and costs are controlled. There will be and urge to increase growth so we will keep a keen eye on this objective.
5. In order to maintain start-up cost we will maintain our growth. (bernal,2015)
OBJECTIVES:
1. To become most promising vendor
2. Increase growth within one year
3. To create different events such as training, programming, ancillary equipment, seminars etc within two years
4. Increase sales within two years
5. Increase gross margin.
6. Create just in time by third year and increase inventory turnover.
7. Put keen eye on target market and their demands
8. Expand the market
9. Establish brand awareness.
10. Make our place as the most demanded tracking device provider.
External Environmental Analysis
In this world of hustle bustle, probably millennial, public is more interested in buying right now type of content. The tracking device is actually new in the market and along with the recommendation of other analyst we believe that the industry of technology is growing so there is more room for creating new gadgets. Due to low cost of technology, consumer will be able to afford and utilize the gadget which was first said was developed for military in 1970s.these devices are growing speedily as there is much more marketing potential in these plus marketers will be keen to allocate a bearable amount of finance to make it worth it. This work comparably different from smart phones as information is conveyed in a glance. The governments of the countries involved in political kidnapping spend a lot in case to decrease such type of activities by inserting our device confirm its importance and flickering interest from farther countries. (RQM technologies)
Competitor Analysis:
Different strategies will be used to gain a competitive advantage from our competitors. We will make our PTD product more capable, used with ease, concealable and will work with more cellular providers. Our product will be cost efficient, viable solutions for our target markets. Clients such as channel market sellers, other consumers who are institutionalized such as military it is important to make relationship with them. We will not just be a vendor but a profit generating firm or a partner with them. We need to focus tactically on our on sales and marketing efforts in order to feel competitively superior in our target market. We cannot just advertise and make them available to the customer but also make them deliver what we have promised. We should ensure that we are having that technological knowledge that we have promised to offer, along with updating ourselves by upcoming technologies to make our product more updated. (RQM technologies)
Our Technology Gadget is competing highly with other competitor.
1. It is Miniaturized concealable product which can be wore easily.
2. The product allows Home base unit which is basically a palm pilot, cell phone or wireless mobile which can be placed anywhere in the world. This can report the location instantly, even when both units are in travel.
3. This unit can be armed from a remote location
Price:
In case of prices, we are offering at lower cost and with a lot of features whereas according to the survey competitors are offering $200-$2000 with less features and capabilities. Frequently monthly fee is asked from the end user.
The main difference that lies between our and that of competitor’s product is our product do not need area where cellular tower exist. It will be having Military inspired radio frequencies which will transmit directly to GPS satellite network. It will be used in any of the remote area such as desert, mountains, oceans. This also diminishes the requirement of “tracker” to-hone into a call center, or to use computer to download from website. (RQM technologies)
Consumer Behavior
Among the large population a lot of children have been reported to be missing. Thus consumers such as families, will able to help them to be concerned about their loved ones and whereabouts, by enabling them to keep tabs on their loved one’s location at any given time. The equipment manufacturers such as smart phone n laptops and computers are readily waiting to join some new gadgets and apps to their systems to pull customers towards themselves towards their small but worthy products and services. Businessmen will be able track time of vehicles, valuable packages, outside employees, deliveries etc. The military department will get helped in determining or finding out the people and tracking the people and places and run for help immediately. Their utilization will likewise citizen dollars, making Search and Rescue missions shorter and more affordable. An expert to the U.S. Naval force has shown strong enthusiasm for two of our gadgets for use in the military. (RQM technologies)
Segmentation Targeting and Position
While considering the segmentation, the company will make the families, original equipment manufacturers, businesses, the military and political ad other government consumers. Families will be helped a lot. Among all the capabilities of this device, it will help family to set guidelines of the parameters for distance. Such as if the person wearing device will go beyond the defined distance. The device will automatically alert the family of location, direction and speed of travel of that person. The flooded markets of smart phones and computer manufacturers are growing with time. Both the departments are eagerly trying to add new machinery and systems to attract customers to their precise and sometimes proprietary products and services. Businessmen get the access to their vehicles and important items within no time. Military will be able to get connect to their soldier’s location and can help them.
As we will enter the market segment of family we will identify or find for associations like The National Centre For Missing and Exploited Children etc. while entering into the market segment of OEMs we will compete with competitors because of our unique features and low pricing and we can make alliance with automotive manufacturers. Business will be attracted due to low cost, ease of use as they don’t have to call any call centers or clicking on websites, customization of the product. By making strong contacts with army and Navy we can help them to manage medical and other information of each soldier in the small gadgets so that they can access their location if needed. In case of political market it will be difficult but still we can make the progress in small countries. (O’brein, 2017)
Product and Branding Strategy
We are encountering solid force in the wearable advertise because of a deliberate concentrate on key procedures. We trust that wearable gadgets empower and upgrade an expansive scope of dynamic ways of life, and we offer reason assembled gadgets outlined particularly for those ways of life (Green, 2015). To that we include a convincing on the web client group where clients track their wellness objectives and advance after some time and propel themselves as well as other people to accomplish much more. At last, we offer a rich arrangement of outsider applications, gadgets, and watch faces that enable clients to redo their gadget making it both helpful and fun. this device is a pioneer in the wearable advertise on the grounds that we offer a wide and profound scope of gadgets, a capable client group, and personalization empowered through outsider applications. (RQM technologies)[ CITATION Gar16 \l 1033 ]
Pricing Strategy:
Sales forecast has been shown in following figures. Basically we are trying to apply aggressive forecast to achieve the profits and momentum. The brand believe these goals are achievable as we are planning to offer our Personal locator devices in minimum of 1000 unit to our channel, military and political. Gadgets will be sold to the target customer through channel market or through our website.
Sales by monthly
(RQM technologies)
(RQM Technologies)
Sales
Year1
Year 2
Year 3
Family consumers
$540000
$800000
$-
Channel sales to OEMs
$605000
$-
$2,225,000
Businesses
$206500
$300000
$750000
Military
$150000
$-
$1,125,000
Political
$450000
$472500
$496,125
TOTAL
$1951,500
$4,072,500
$5,846,125
Direct Cost of sales
Year 1
Year 2
Year 3
Chipset
$683,025
$1,425,375
$2,046,144
Programming
$0
$0
$0
Packaging
$292,725
$570,150
$701,535
Subtotal Direct Cost of Sales
$975,750
$-
$2,747,679
(RQM technologies)
Marketing Communications Strategy:
As world is more figuring out the technology which can provide them information right at that time. So now question rises that how brands can can tap into this market to create their value? Some of the interesting strategies to market the product (Pun, 2014)
1. Make the content glance able: Cell phones like advanced technologies need short bits of data. Wearable gadgets require significantly littler, more visual sorts of data. Clients of brilliant watches remark that, uncovering their advanced smart phones feels like a botheration. So what will happen to the greater part of your versatile promoting endeavors when your group of onlookers considers the present most available gadget excessively badly designed? (kloefkorn.S, 2016, Martin, 2015)
It will require “Looks capable showcasing”. Organizations will winnow down their substance and messages to important, usable data that goes over in under two seconds.
2. Market in and to “macro-moments”: in this we are talking about micro moments. Smaller scale moments are those in which consumers automatically move their eyes on mobile to buy something, to get information or to take some follow up of any news. They are excitement filled minutes when their choices and expectation are shaped according to them. So in those minutes keen advertisers can associate with their loyal customers and deliver the exact message.
They are expectation filled minutes when choices are made and inclination mold. It is at those minutes that keen advertisers can associate with their potential clients and convey the correct message.
Considering that the PCs they convey in their pockets have prepared them to anticipate that brands will quickly convey precisely what they are searching for when they are looking, effective brands will be those that have a procedure for comprehension and addressing to shoppers' needs in these miniaturized scale minutes. (kloefkorn.S, 2016, Jaspen, 2016)
3. Create convenience and integrate experience: this implementation is powerful in B2B area. As wear able multiply, they will create a global of interconnected gadgets. So here the marketers can come up with their true promise: joining the information together on internet of location and solve common problems and create a convenience. Likewise if your client is in a meeting and want to buy, you will take liverage of the interconnected world and will provide all the product samples, videos, literature etc and can even make your sales representatives a right now visit. if you are delivering your product right at the time at place where it is needed then you can make their lives heaven. This step is better than a marketing campaign. (kloefkorn., 2016, Birt,2015)
Distribution Strategy
We will distribute our product through our sales representatives. Consumer will be only one click away from our product. We have fleet vehicle which will deliver the product on time. We will set right on time mode so that if customer is in meeting and need the product they can have it within no time. This will help us to increase word of mouth and good will of our brand. We are having distributors in different areas and this will help us in providing the product on time. The distributor will have access to our website and this will help them to know the requirement and location. (Khoa, 2015)
REFERENCES:
Garmin Grows in the Wearables Market with Device, Community, and Third Party App Strategies,( 2016)
Kloefkorn , Sheila. Marketing Strategies for Reaching the Wearable Devices Market, (2016)
Tracking Device Maker Business Plan, RQM technologies. Bplans.
O’brien, C. (2017) Checking the health of the fitness-tracking wearables market. The Irish times.
Kaewkannate,K and kim,S (2016). A comparison of wearable fitness devices. National library of medicine.
Khoa, T. (2015). Wearable Smart technologies: New era of technology. Degree program in innovative business services.
Pun,R. (2014) .WEarables: What is the marketing opportunity? Head of strategic marketing for mobile solutions.
Green, D (2015). How will wearable activity devices impact the fitness industry? Exclusive ACE- Sponsored research.
Bernal, L (2015). 4 bulletproof tech marketing strategies.Koombea
Birt, N (2015). What wearables mean For your content marketing strategy. Content marketing
Martin, J (2015). 13 Wearable tech trendsto watch in 2016. CIO
Jaspen, B (2016). Wearable Fitness Devices Atrract more than the young and healthy. Forbes