Business Plan for Camera Watches

BUSINESS PLAN

1. BUSINESS OVERVIEW
What is your business (or value) proposition and why do you think it’s a
good idea?
How did you come up with the idea? For example, have you seen this done elsewhere? Have
you done this for someone else already? Did you try and find a product or service and
couldn’t? Do you think you can do it better or cheaper than what’s already out there?
“The current business idea is about the camera in watches which is considered as the spy cam
and also useful for those people who time to time conduct sting operations and it is offered by
“Dissot” that specifically deals in watches and perfumes and also tends of innovate their own
product. In terms of this, it also leads to carry good quality which is beneficial for the purpose
of people and it is also very convenient as per its purpose. The current idea is offered by many
organisations but at high prices and with different combinations which is useful in order to
attract them (McKenzieand Sansone, 2019). For this, I tried to find few idea for my product
but does not get proper innovation that leads to attract maximum number of people and after
that I get inspiration from camera watches as these are offered at very high prices which is not
possible for low and medium class people to purchase it”.
How have you confirmed there is a need for your business?
Big picture research: Give us an overview of the industry you’re going to be operating in. Are
there any trends in the industry? What’s the potential size of the market? Who are the key
players in this market? Focused research: Have you carried out any focused research? E.g.
Customer Surveys? Sample Testing?
“By undertaking the new idea, I conduct proper market research and industry analysis which is
useful considering the medium and poor class people as they are not able to purchase these
product because it is offered at very high price. In terms of this, it is very trendy in market and
mostly used by those people who work for media and press and also useful in sting operations
as people does not notices directly. Along with this, the potential market for the product is
middle class people who cannot afford the product at high prices. Furthermore, there are
various key players that are present within the market including various branded watches
companies like, Rolex, Guess, Fossil, Tommy Hilfiger and so on (Fichter and Tiemann, 2020).
Along with this, to take entry within the market proper research is conducted considering the
preferences and demand of customers and for this, customer surveys is conducted and sample
testing is also useful considering the requirement and needs of people.”
1. WHO ARE YOUR CUSTOMERS AND HOW WILL YOU REACH
THEM?
Customer Profile
Name 3 target
customer groups,
perhaps based
Why are
you
targeting
them?
How are
you going to
get their
attention?
How are
you going to
convince
them to buy
What
specific
activities
does this
What
approximat
e level of
spend will
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on demographics,
what they do,
where they shop,
their household
income, whether
they have kids,
etc. Rank your
customer profiles
by priority for your
business.
For each
of the
target
groups,
why is
your
product or
service
relevant to
them?
What
specific
things will
you do to
attract their
attention
(e.g. adverts
placed in
specific
publications
or social
media;
publicity
events; etc
from you?
How are you
going to turn
their interest
in your
product into
a sale? How
will you
ensure they
actually buy
from you?
(e.g. special
offers;
competitive
pricing;
unique
features)
mean you
need to do?
Considering
your
intentions
outlined in
the previous
3 columns
what actions
will you
need to take
to make
your
intentions
happen?
(e.g. if you
are planning
a publicity
event, what
will you
need to do to
make this
happen:
book venue,
caterers,
produce
invitations
etc)
you need on
each
activity?
(You may
find it useful
to refer to
the
Santander
website for
estimated
costs)
Income The
purpose
for
targeting
those
people
who have
low
income
level is to
provide
them for
their
effective
use and
also
conduct
survey
Magazines In terms of
this,
respective
company
and its
marketing
manager
convenience
these people
by showing
the benefits
of product
In terms of
this, the
particular
activity
which is
performed to
target and
attract
people from
these class is
showing
effective
The
estimated
cost for these
people
depends on
their income
level which
between
£45- £50.
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