Business Plan for EasyTranslator App
Added on 2023-04-17
59 Pages13678 Words494 Views
Business Plan
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Contents
Business Plan...................................................................................................................................1
Executive Summary.........................................................................................................................4
Chapter 1: Introduction....................................................................................................................5
1.1 The rationale of the business opportunity..............................................................................5
1.2 Scenario Chosen....................................................................................................................6
1.3 Mission..................................................................................................................................7
1.4 Vision.....................................................................................................................................8
1.5 Aim........................................................................................................................................8
1.6 Objectives..............................................................................................................................8
1.7 Structure of the business plan Sign Posting...........................................................................9
Chapter 2: Business concept..........................................................................................................10
2.1 Introduction..........................................................................................................................10
2.2 Description of the business concept....................................................................................11
2.3 Product or services description............................................................................................12
2.4 Target market.......................................................................................................................13
2.5 Positioning strategy.............................................................................................................14
2.6 Value added.........................................................................................................................15
2.7 Who is involved...................................................................................................................16
2.8 The window of opportunity.................................................................................................17
2.9 Chapter Summary................................................................................................................18
Chapter 3: Literature Review.........................................................................................................19
3.1 Introduction..........................................................................................................................19
3.2 Industry analysis/ Feasibility...............................................................................................20
3.3 Conclusion...........................................................................................................................22
Chapter 4: Feasibility/Methodology..............................................................................................23
4.1: Introduction........................................................................................................................23
4.2: Market Research................................................................................................................24
4.3: Market analysis from secondary and primary data collected.............................................25
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Business Plan...................................................................................................................................1
Executive Summary.........................................................................................................................4
Chapter 1: Introduction....................................................................................................................5
1.1 The rationale of the business opportunity..............................................................................5
1.2 Scenario Chosen....................................................................................................................6
1.3 Mission..................................................................................................................................7
1.4 Vision.....................................................................................................................................8
1.5 Aim........................................................................................................................................8
1.6 Objectives..............................................................................................................................8
1.7 Structure of the business plan Sign Posting...........................................................................9
Chapter 2: Business concept..........................................................................................................10
2.1 Introduction..........................................................................................................................10
2.2 Description of the business concept....................................................................................11
2.3 Product or services description............................................................................................12
2.4 Target market.......................................................................................................................13
2.5 Positioning strategy.............................................................................................................14
2.6 Value added.........................................................................................................................15
2.7 Who is involved...................................................................................................................16
2.8 The window of opportunity.................................................................................................17
2.9 Chapter Summary................................................................................................................18
Chapter 3: Literature Review.........................................................................................................19
3.1 Introduction..........................................................................................................................19
3.2 Industry analysis/ Feasibility...............................................................................................20
3.3 Conclusion...........................................................................................................................22
Chapter 4: Feasibility/Methodology..............................................................................................23
4.1: Introduction........................................................................................................................23
4.2: Market Research................................................................................................................24
4.3: Market analysis from secondary and primary data collected.............................................25
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4.4: Product/Service Feasibility.................................................................................................30
4.5: Organisational feasibility....................................................................................................31
4.6: Financial feasibility............................................................................................................33
4.7: Chapter Summary...............................................................................................................36
Chapter 5: Analysis of the business model....................................................................................37
5.1 Introduction..........................................................................................................................37
5.2 Strategic Analysis of new business idea..............................................................................38
5.3 Identification of the source of competitive advantage and sustainability............................42
5.4 Selection of strategies for success.......................................................................................43
5.5 Development of appropriate business model.......................................................................44
5.6 Chapter summary.................................................................................................................46
Chapter 6: Evaluation of the business plan....................................................................................47
6.1 Introduction..........................................................................................................................47
6.2 overall assessment of the business plan...............................................................................48
6.3 Business plan schedule........................................................................................................49
6.4: Is the business viable..........................................................................................................50
6.5 Discussion on the critical success and the failure factors....................................................52
6.6 Chapter summary.................................................................................................................53
References......................................................................................................................................54
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4.5: Organisational feasibility....................................................................................................31
4.6: Financial feasibility............................................................................................................33
4.7: Chapter Summary...............................................................................................................36
Chapter 5: Analysis of the business model....................................................................................37
5.1 Introduction..........................................................................................................................37
5.2 Strategic Analysis of new business idea..............................................................................38
5.3 Identification of the source of competitive advantage and sustainability............................42
5.4 Selection of strategies for success.......................................................................................43
5.5 Development of appropriate business model.......................................................................44
5.6 Chapter summary.................................................................................................................46
Chapter 6: Evaluation of the business plan....................................................................................47
6.1 Introduction..........................................................................................................................47
6.2 overall assessment of the business plan...............................................................................48
6.3 Business plan schedule........................................................................................................49
6.4: Is the business viable..........................................................................................................50
6.5 Discussion on the critical success and the failure factors....................................................52
6.6 Chapter summary.................................................................................................................53
References......................................................................................................................................54
3
Executive Summary
A business is successful in the international market when it has the structure where they can
handle maximum number of customer at once and are able to tackle the requirements of all the
customers. So the new mobile app Easytranslator is one of the kind which will handle all the
issues of the users so that they are able conquer their issues through this app. As this is the newly
developed app hence for making this app a huge success various steps has been taken by the
company to market it in different countries and in different restaurants of the world. For making
the app and to enhance its functions a team of members are set in the different parts of the world
who collects the information about the menus of restaurants and input it into the company’s
mobile app. Hence as the app is very useful to the users and the tourist and so it is recommended
to them to launch the app at a global level.
While in this research procedure the method that is best suited for analysing the trends and the
considering that if the business is viable or not, is Primary source where various primary data are
collected and integrated into one so as to achieve the objective of making the plan viable. While
various interviews are taken so as to achieve the viability of the research.
4
A business is successful in the international market when it has the structure where they can
handle maximum number of customer at once and are able to tackle the requirements of all the
customers. So the new mobile app Easytranslator is one of the kind which will handle all the
issues of the users so that they are able conquer their issues through this app. As this is the newly
developed app hence for making this app a huge success various steps has been taken by the
company to market it in different countries and in different restaurants of the world. For making
the app and to enhance its functions a team of members are set in the different parts of the world
who collects the information about the menus of restaurants and input it into the company’s
mobile app. Hence as the app is very useful to the users and the tourist and so it is recommended
to them to launch the app at a global level.
While in this research procedure the method that is best suited for analysing the trends and the
considering that if the business is viable or not, is Primary source where various primary data are
collected and integrated into one so as to achieve the objective of making the plan viable. While
various interviews are taken so as to achieve the viability of the research.
4
Chapter 1: Introduction
1.1 The rationale of the business opportunity.
The hotel industry in the world is considered as one of the fastest growing industry. The number
of people who are visiting the hotel daily are increasing and their demand towards the food that
is being served to them are also increasing. While if the hotel is in the country in which you live
then it would be easy for the customers of the company to understand the menu that is being
provided by the restaurant or the hotel (Burns and Dewhurst, 2016). However there is a barrier in
this industry which is due to the language problem, as this is seen that when the travellers travel
to another country and enters into the restaurant for eating food then they have a problem of
language barrier due to which they are not able to learn about the menu that is being provided to
them. Also this is seen that there is no competition in the market except one mobile app which
translates only one language into other language, but it does not translate restaurant menu into
the desired language. Hence there is vast opportunity for the company to achieve the objective of
maximising the number of hits and increasing downloads on the mobiles phones of the
consumers.
5
1.1 The rationale of the business opportunity.
The hotel industry in the world is considered as one of the fastest growing industry. The number
of people who are visiting the hotel daily are increasing and their demand towards the food that
is being served to them are also increasing. While if the hotel is in the country in which you live
then it would be easy for the customers of the company to understand the menu that is being
provided by the restaurant or the hotel (Burns and Dewhurst, 2016). However there is a barrier in
this industry which is due to the language problem, as this is seen that when the travellers travel
to another country and enters into the restaurant for eating food then they have a problem of
language barrier due to which they are not able to learn about the menu that is being provided to
them. Also this is seen that there is no competition in the market except one mobile app which
translates only one language into other language, but it does not translate restaurant menu into
the desired language. Hence there is vast opportunity for the company to achieve the objective of
maximising the number of hits and increasing downloads on the mobiles phones of the
consumers.
5
1.2 Scenario Chosen.
The chosen scenario for this purpose is building a mobile app for the people who are not able to
read the language which is written on the menu of the restaurant (Chambers and Humble, 2017).
So this is the main problem for most of the people who visits the country and find the restaurant
to order the food for them. Hence this is the app which will help people to tackle their problems
and would be able to solve the problem of ordering the food from the different language and
according to their taste and preference.
6
The chosen scenario for this purpose is building a mobile app for the people who are not able to
read the language which is written on the menu of the restaurant (Chambers and Humble, 2017).
So this is the main problem for most of the people who visits the country and find the restaurant
to order the food for them. Hence this is the app which will help people to tackle their problems
and would be able to solve the problem of ordering the food from the different language and
according to their taste and preference.
6
1.3 Mission
The mission of the app Easytranslator is given below which would help to solve the problems
that are faced by the tourists while ordering the foods (Correll and et. al., 2016). Hence the
mission of this app are:
To help the users of the app to translate the menu into their readable language.
To position this app in the market at the top position where no one else is going to
hamper the market.
7
The mission of the app Easytranslator is given below which would help to solve the problems
that are faced by the tourists while ordering the foods (Correll and et. al., 2016). Hence the
mission of this app are:
To help the users of the app to translate the menu into their readable language.
To position this app in the market at the top position where no one else is going to
hamper the market.
7
1.4 Vision
“The vision of the company is to launch the app to the mass population so that the users of the
app gets benefit of translating the menu which is not readable by them in the readable language”
1.5 Aim
The aim of the research describes what is concluded in the research so as to give the best result.
Hence the aim of this business plan is:
To describe the business context and the target market selected.
To set a mobile app and make it accessible via the main markets i.e. through play store
for android and app store for Apple (Ward, 2016).
To Emphasis the aim of the App and its valuable useful benefits.
To start up the business in Morocco and then strengthen its roots after which it would be
spread into other countries.
1.6 Objectives
The objectives of the research are described below:
To describe the business context and the target market selected.
To set a mobile app and make it accessible via the main markets i.e. through play store
for android and app store for Apple.
To Emphasis the aim of the App and its valuable useful benefits.
To start up the business in Morocco and then strengthen its roots after which it would be
spread into other countries.
8
“The vision of the company is to launch the app to the mass population so that the users of the
app gets benefit of translating the menu which is not readable by them in the readable language”
1.5 Aim
The aim of the research describes what is concluded in the research so as to give the best result.
Hence the aim of this business plan is:
To describe the business context and the target market selected.
To set a mobile app and make it accessible via the main markets i.e. through play store
for android and app store for Apple (Ward, 2016).
To Emphasis the aim of the App and its valuable useful benefits.
To start up the business in Morocco and then strengthen its roots after which it would be
spread into other countries.
1.6 Objectives
The objectives of the research are described below:
To describe the business context and the target market selected.
To set a mobile app and make it accessible via the main markets i.e. through play store
for android and app store for Apple.
To Emphasis the aim of the App and its valuable useful benefits.
To start up the business in Morocco and then strengthen its roots after which it would be
spread into other countries.
8
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