Market Feasibility
Discuss About The International Conference Business Process.
As a result of immense competition for business organizations in the world, entrepreneurs in the market have opted to do thorough research regarding the kind of business they want to establish in the marketing. Dissatisfaction among customers as well as evidence of poor service provided by the existing organizations has prompted the need to come up with a feasible and viable business idea. That explains the reason as to why an entrepreneur is obliged to “thinking big” to be able to come up with a good business idea that will thrive well when introduced in the market. There are, of course, some factors that should be considered before venturing into a business. These factors include and are not limited to identifying the market gap that ought to be filled by the proposed business idea, the commodity to be sold as well as the market segment targeted. Other vital considerations are the existing trade policies in the host country, the feasible business model, the critical success factors among other key factors. This report presents a description of a generated business idea satisfying the mentioned factors. The business idea arrived at is the manufacture of desktop computers whose monitor has the capability of receiving TV signals.
Research shows that in the modern world human beings from all walks of the world has the curiosity of getting informed, entertained as well as educated. In quenching their information thirst, most of the people opt for TV programs and new because TV combines both text, audio and visual characteristics (Bartkowski, 2015). People also sit glued to the television whenever breaking new occur or whenever they want to get features. Another research has also shown that people suffer inconvenience when forced to leave their respective working rooms to go to the TV room to get a glimpse of what is being talked about in the mainstream media (Cooper, 2016). As a result, it, therefore, becomes important to manufacture one gadget that has the capability of performing desktop operations as well as receiving TV signals at the same time. The SVGA output device will be able to function as both a computer monitor and a flat screen TV that can receive signals just like any other TV. The proposed device will be branded T-computer indicating that it can act both as a computer and a television.
Financial Feasibility
The proposed business idea will bring a lot of benefits into the global market when successfully executed. Firstly, it will fill a market gap that has been present in the market for decades even with the rapidly growing technology. Consumers of computers and televisions have never enjoyed the convenience of having integrated televise and computers where they can consume both of them from the convenience of one device (Jia, 2016). As a result, therefore, this idea is one of the world’s greatest innovations. Secondly, the business management will provide more than 250,000 employees. That means that these people will start earning their income thereby reducing the dependency ration. Reduction of dependency ration means reduced poverty (Lin, 2017). Consequently, reduces poverty means achievement of sustainability. One of the major sustainability goals is poverty eradication, and this business idea will help in reducing poverty.
The business will also be paying corporate tax. This tax will be used to better infrastructure and social amenities such as water, hospitals, and roads, among others. By so doing the business will make earth a better place to live. The business will also lead to an increased Gross Domestic Product of the host country. Increased GDP means the improvement of a country’s economy (Nelson, 2014). If the economy of the host country grows, then the living standards of that country will improve. The business, if implemented, will also reduce time wastage in the workplace. People will not have to spend time moving up and down, to and from the TV room to get to know what is happening or watch the news. All they will need to do is switch the monitor to television mode and then toggle back to computer mode immediately after watching the news.
To adequately evaluate whether the proposed business idea is feasible and viable, it is crucial to determine both market and financial feasibility. The evaluation is done below.
There is a certain market for the products because it is an innovation that fills a big market gap and brings about convenience. The business mostly targets the youth and the middle-aged because it is they who form the biggest portion of customer vase due to their activity in the workplace, the zeal to know what is happening as well as constantly using social media. The business will target at least 75% of the global market. The competitors are the computer and TV manufacturing firms. However, they will be outcompeted because of the introduction of one commodity that can service all the functions. The business will produce very high-quality products to counter competition from their rivals. The only evident strength of the expected competitors is having an already renowned brand (Somers, 2016). Their weaknesses are mostly flaws in the logistics management department and customer relations. Currently, there are no barriers to getting into the market.
Business Model
To be able to start the business, about $ 5 billion will be required. The funds will be sourced from the saved funds, borrowing as well as the sale of shares to the general public. In maintaining the operations of the business as well as to allow growth, the acquired profits will be ploughed back into the business. The business will be required to operate for at about a month to be able to make the first sales and additional two months to reach the breakeven point.
The proposed business model for this business is the long tail business model. That a business model that mostly targets the most profitable customer segment in the provision of the value propositions (Umble, 2014). The chief reason as to why this model is chosen is because it will be somewhat expensive to provide value propositions to the customer segments that do not provide a considerable amount of profits to the business. In this case, therefore, the young, middle-aged and the high-income earners will be targeted because they can improve the profit margins of the business. As mentioned earlier, customer segmentation will be done based on the question “who can buy more and consume value propositions more than who.” The revenue streams will be timely payment for commodities by customers as well as recurrent payment for value propositions (Wyckham, 2015). The key activities undertaken by the business will be acquiring raw materials, production, and distribution. The role of distribution will be given to the supply chain management team. The main resources that will be needed in the business are human, physical, technological and financial. The nine business model building blocks are summarized in the appendix.
During execution of the business idea, several critical success factors will be put into practice to make business maneuver up well. Firstly, the business will be service oriented when working with customers. It will be an obligation of the business management to ensure that none of its customers is ill-treatedand that all customers are served as required so that everyone enjoys the services offered. The business will also use the best modern technologies to ensure that quality products are made. The business will be located in Tokyo, Japan, a place well known for quality electronic gadget manufactory (Douglas, 2016). New digital technologies will be employed to ensure that products are of the best quality and that successfully fills the existing market gap. The business will also make appropriate use of its internal resources to source competitive advantages. In most of the times, companies producing the same type of commodities are exposed to the similar external environment (Hong, 2016). As a result, therefore, it becomes imperative to develop strategies for using the internal resources like product differentiation to come up with competitive advantages.
Critical Success Factors
The businesses will also ensure that there is good employee motivation. Employee motivation can be in the forms of gifts, incentives, good working environment among others (Yew Wong, 2015). A fact that ought to be appreciated is that employee performance increases with the increase in motivation. Employees who are motivation perform better than those who are not. Increased employee performance means increased productivity in the company. In addition to that, the company will also apply the idea of division of work and specialization. The idea enables workers to do what they are best in thereby improving productivity. Employees perform better because they are comfortable with what they are doing and that they have been used to doing the same for quitesome time.
Conclusion
The report found that it is very vital to come up with a business idea that is unique and fills a certain entrepreneurial gap in the market it is expected to be implemented. Coming up with a viable business idea calls for consideration of factors such as the commodity to be sold, the market segments to be targeted, the availability of resources, the existing trade policies and legal requirements among others. It is so critical to evaluate the business idea of its feasibility, critical success factors as well as the benefits that will be brought by execution of the business idea. Entrepreneurs are therefore advised to have the thorough scrutiny of the ideas they are bringing into the marked lest they establish a business that will fail a few months or years after implementation. Because the necessary considerations have been made, it is anticipated therefore that to the business manufacture of T-computers will maneuver up well.
References
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Cooper, R. (2016). Benchmarking the firm’s critical success factors in new product development. Journal of product innovation management, 4 (7), 55-67.
Douglas, E. (2016). The interaction between feasibility and desirability in the formation of entrepreneurial intentions. Journal of Business Venturing, 6 (8), 50-79.
Hong, K. (2016). The critical success factors for ERP implementation: an organizational fit perspective. Information & Management, 4 (8), 46-69.
Jia, F. (2016). Investigating the feasibility of supply chain-centric business models in 3D chocolate printing. Technological Forecasting and Social Change, 3 (6), 34-57.
Lin, Y. (2017). BPMN-based business process model feasibility analysis: a Petri net approach. International Journal of Production Research, 67 (7), 34-46.
Nelson, R. (2014). Energetic and economic feasibility associated with the production, processing, and conversion of beef fat to a substitute diesel fuel. Biomass and Bioenergy, 3 (88), 66-83.
Somers, T. (2016). The impact of critical success factors across the stages of enterprise resource planning implementations. Proceedings of the 34th Annual Hawaii International Conference on the Business process, 67 (7), 43-61.
Umble, E. (2014). Enterprise resource planning: Implementation procedures and critical success factors. European journal of operational research, 1 (6), 50-60.
Wyckham, R. (2015). Factors related to venture feasibility analysis and business plan preparation. Journal of Small Business Management, 56 (6), 74-82.
Yew Wong, K. (2015). Critical success factors for implementing knowledge management in small and medium enterprises. Industrial management & Data systems, 24 (77), 78-93.
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