3045MKT New Venture Business Planning

In this report, the main focus is given in framing strategies for a new business venture regarding an invention. Value proposition is done for the new invention and target market and potential consumer segments are identified. In addition, strategies of marketing communication are done properly. Moreover, protection plan of various intellectual properties is devised in this study.

Running Head: 3045MKT New Venture Business Planning
3045MKT NEW VENTURE BUSINESS PLANNING

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3045MKT New Venture Business Planning
Executive summary
In this report, the main focus is given in framing strategies for a new business venture
regarding an invention. Value proposition is done for the new invention and target market
and potential consumer segments are identified. In addition, strategies of marketing
communication are done properly. Moreover, protection plan of various intellectual
properties is devised in this study.

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3045MKT New Venture Business Planning
Table of Contents
Introduction................................................................................................................................4
Discussion..................................................................................................................................4
Summary of Value proposition..............................................................................................4
Target customers.....................................................................................................................4
Marketing communication plan..............................................................................................6
Intellectual property protection plan.......................................................................................8
Conclusion..................................................................................................................................9
Reference list............................................................................................................................10

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3045MKT New Venture Business Planning
Introduction
A business venture planning is essential that can help to devise a new product in the
target market. Different factors like market communication plan, marketing strategies and
identification of target market can be integrated to form a business planning. In this report,
business planning of a newly invented water purification machine has been done.
Discussion
Summary of Value proposition
This product can provide value to the needs of consumers, who live in remote and
small pacific islands to protect their health. In those places, people do not get pure water
supply and they suffer from health problems due to consumption of impure water. This
problem can be solved by this new innovative water purifying machine. This purifier can
purify approximately 1500 liters per day. This machine is cost-efficient and it can perform
with solar panels or battery rather than electricity. This feature may help people of remote
area to drink purified water. In this case, this water purifier maker can target only one
customer segment, which is the people of remote and small pacific islands. This purifier can
purify the water by putting an electric shock to the water. Electric charger of this machine is
able to kill harmful bacteria and water-borne viruses at the same time.
Target customers
Customers can be segmented in this case demographically. The village communities
of remote and small pacific islands are the main target consumers of this newly invented
water purifier. The communities living in these remote islands and villages are mostly

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3045MKT New Venture Business Planning
backward and suffer from poor economic conditions. In addition, segmentation of customers
can also be done through their lifestyle. Different communities with various ethnicities live
in these islands that include Chinese, Asian Indian, Japanese, Thai, and others. Poverty rate
among different communities in these islands varies from 6.3% to 37.8%1. These low-income
communities have poor knowledge of water-borne diseases and public hygiene. These
communities are the main target market for selling this new product. Gaining detailed
information about target market and different communities can help to identify different
segments of customers2. In a recent report in 2015, it has been found that almost 50% of
pacific island communities lack drinking water supplies3.
1 National Education Association, Pacific islanders demographics (accessed August 30, 2019); available from
http://www.nea.org/home/15563.htm
2 Lima, A., & Pacheco, J, “New Trends and Tools for Customer Relationship: Challenges in Digital
Transformation.” In Educational and Social Dimensions of Digital Transformation in Organizations 2, no. 2
(2019): 1-26.
3 Unicef, Sanitation, Drinking water and Health in Pacific Island countries (accessed August 30, 2019);
available from https://www.unicef.org/pacificislands/1852_25580.html

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3045MKT New Venture Business Planning
In the above figure, it can be seen that clear water supplies in rural pacific regions are
very low as compared to urban regions. Hence, these islanders can be segmented as main
target group for this product.
The communities like Hawaiians can be identified as early adopters of this new filter.
This is because this community is mostly educated and has a good knowledge regarding the
importance of public health. Knowledge about public health can motivate a community to
have advanced settings like water purifier4. This can help to reduce different water-borne
diseases. Among the Hawaiians, there are different communities like Asian, African
American, whites and Hispanic. Education level of white and Asians are high as compared to
others. Hence, these communities can be targeted as early adopters of this product. This can
motivate other communities to purchase this device of water purification5. Moreover, the
4 Killian, G., & McManus, K, “A marketing communications approach for the digital era: Managerial guidelines
for social media integration.” Business Horizons, 58, no. 5, (2015): 539-549.
5 Manzini, R., & Lazzarotti, V, “Intellectual property protection mechanisms in collaborative new product
development.” R&D Management, 46, no: S2 (2016): 579-595.

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3045MKT New Venture Business Planning
islanders of Papua New Guinea can be segmented as initial buyer of this device. This region
has a higher percentage of improved drinking water sources and local communities are not
ignorant about sanitation or pure water need.
Marketing communication plan
The aim of developing a marketing communication plan is to inform target consumers
about new products for attracting them. As per the case scenario, an effective marketing
communication plan is required for the inventor of water purifier. The plan includes the
following,
Goals and objectives
Goal: The Goal of the inventor is to attract people of remote and small pacific islands
towards the innovative water purifier.
Communication goal: Providing detailed information about the purifier to the
customers through effective communication
Communication objectives
● To inform the target audience about the new product
● To attract maximum potential consumers towards the new product
● To contribute to maintaining good health condition of target audience
Target audience
For the new product, mentioned in the case study, people of small and remote pacific
islands. Specifically, Hawaiians are the target group of customers is they are able to adapt
fast and they will be able to understand the benefit of purchasing this new water purifier.
Key message
Purchasing this water purifier can help in avoiding diseases caused by harmful
bacteria and water-Bourne viruses of impure water of small and remote Pacific islands.

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3045MKT New Venture Business Planning
Strategy
Offline marketing is the most appropriate way of communication for this product. The
inventor needs to take the help of government in this regard. Fund must be raised for
campaigning. Through campaigning, target audience will be informed about the importance
of purchasing a water purifier for staying healthy. The inventor must go door to door for
making target customers understand the benefit of this purifier. Innovative features of this
product must be demonstrated6. Cost efficiency and easy user manual must be mentioned by
the inventor for convincing maximum potential customers to contribute to purchasing this
product.
Technology
Government authorities may be contracted through telephone and emails for arranging
the funds for the campaign. Execution of the communication plan needs no advance
technology as the inventor is recommended to consider face to face offline promotion of this
product7.
Desired outcome
It is expected that the campaigning will be able to make target customers understand
the need for a water purifier to avoid diseases. This awareness may influence target audience
to purchase this water purifier for ensuring well being for themselves and their family
members.
6 Baldwin, C. Y., & Henkel, J, “Modularity and intellectual property protection.” Strategic management
journal, 36, no. 11 (2015): 1637-1655.
7 Åkesson, M., Skålén, P., Edvardsson, B., & Stålhammar, A, “Value proposition test-driving for service
innovation: How frontline employees innovate value propositions.” Journal of Service Theory and Practice, 26,
no. 3 (2016): 338-362.

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3045MKT New Venture Business Planning
Intellectual property protection plan
In this plan, different intellectual property can be included that can help to create an
innovative image that can help to create a difference from competitors.
Patent of design: This water purifier is designed and invented in an innovative way,
which is different from others. Hence, the design needs to be protected by patent. Patent helps
to protect functional and ornamental features8. Innovative features of this machine-like both
battery fitted and electric operated features must be protected from piracy. Design of the
machine, which helps in purifying 1500 liters of water, needs to be patented. This approach
can help to gain a competitive advantage.
Protection of trademark: the trademark of the filter brand needs to be protected that
can help to save essential resources like money. If the trademark is not protected then
infringement can occur. This can result in a change of trademark, which involves a waste of
time and money. Trademark helps in protection of uniqueness of a brand9. Different
trademark like logo of the machine and name of business must be protected legally. This can
ensure the safety of the business and international trade can be conducted properly.
Copyrights of tagline and labels: This business can be started through a unique
tagline and labels. The tagline can act as a message that can help to attract target consumers.
This is an essential part of business and marketing10. Hence, it is essential to copy this
intellectual property. Copyright helps in protecting works of authorship that are considered as
8 Finne, Å., & Grönroos, C, “Communication-in-use: customer-integrated marketing
communication.” European Journal of Marketing, 51 no. 3, (2017): 445-463.
9 Baldassarre, B., Calabretta, G., Bocken, N. M. P., & Jaskiewicz, T, “Bridging sustainable business model
innovation and user-driven innovation: A process for sustainable value proposition design.” Journal of Cleaner
Production, 147, no. 2 (2017): 175-186.
10 Payne, A., Frow, P., & Eggert, A, “The customer value proposition: evolution, development, and application
in marketing.” Journal of the Academy of Marketing Science, 45, no. 4, (2017): 467-489.

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3045MKT New Venture Business Planning
assets. Copyright generally lasts from a longer period of time. Hence, the innovative creation
can be protected through these processes and trade can be conducted without any barrier.
Conclusion
From the above discussion, it can be concluded that new business depends on
selection of target customers and framing strategies to attract them. Different strategies like
campaigning and door to door demonstration are recommended in this report to attract rural
pacific islanders. Moreover, different IPP planning is done like copyright and patent that can
help to eliminate potential risks from this new business venture.

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3045MKT New Venture Business Planning
Reference list
Lima, A., & Pacheco, J. “New Trends and Tools for Customer Relationship: Challenges in
Digital Transformation”. In Educational and Social Dimensions of Digital
Transformation in Organizations (2019):1-26
Killian, G., & McManus, K. “A marketing communications approach for the digital era:
Managerial guidelines for social media integration”. Business Horizons, 58 no 5,
(2015):539-549.
Finne, Å., & Grönroos, C. “Communication-in-use: customer-integrated marketing
communication.” European Journal of Marketing, 51 no 3 (2017):445-463.
Payne, A., Frow, P., & Eggert, A. “The customer value proposition: evolution, development,
and application in marketing”. Journal of the Academy of Marketing Science, 45 no 4
(2017): 467-489.
Baldassarre, B., Calabretta, G., Bocken, N. M. P., & Jaskiewicz, T. “Bridging sustainable
business model innovation and user-driven innovation: A process for sustainable
value proposition design”. Journal of Cleaner Production, 147, (2017):175-186.
Åkesson, M., Skålén, P., Edvardsson, B., & Stålhammar, A. “Value proposition test-driving
for service innovation: How frontline employees innovate value
propositions”. Journal of Service Theory and Practice, 26 no 3, (2016):338-362.
Baldwin, C. Y., & Henkel, J. “Modularity and intellectual property protection”. Strategic
management journal, 36 no 11 (2015):1637-1655.
Manzini, R., & Lazzarotti, V. “Intellectual property protection mechanisms in collaborative
new product development”. R&D Management, 46 no S2, (2016):579-595.
Pacific islanders demographics, Accessed September 1, 2019. Available from:
http://www.nea.org/home/15563.htm

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3045MKT New Venture Business Planning
Sanitation, Drinking water and Health in Pacific Island countries,
Accessed September 1, 2019. Available from:
https://www.unicef.org/pacificislands/1852_25580.html

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3045MKT New Venture Business Planning
Appendix 1: New business venture