Innovation and Entrepreneurship : Assignment PDF
Added on 2020-03-28
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Running head: Innovation and Entrepreneurship 1Innovation and EntrepreneurshipStudent’s NameInstitutional Affiliation
Innovation and Entrepreneurship 2Innovation and EntrepreneurshipEXECUTIVE SUMMARY1.1 BUSINESS DESCRIPTIONThe product name shall be THE REAL TRIAL, and it is an individual initiative in the serviceindustry that will be situated in Singapore. The business location in Singapore is veryappropriate because the goal of the business it to offer easy access and promote the purchaseof online products in the entire country of Singapore and the rest of the world to thesatisfaction of the customers. The business idea is coming up in a prime time when onlineshopping is on the pick when convenience and ease are significant in online purchasing(Parment, 2013). However, online shoppers are experiencing problems like product trialbefore purchase. The Real Trial is to offer the solutions to all the problems; it will enable thecustomers to click on the product image, view it, resize it and see other attributes beforemaking an informed decision of purchase. 1.2 MARKETING PLANThe enterprise aims at selling the product to online shoppers through its website which willbe accomplished through advertisements on the company website, by use of posters andbrochures. The customers will also be allowed to use the trial version of the product to have areal life experience on its efficiency (Strauss, 2016). The objective of the business is to makeonline shopping lively, easy and efficient. Hence, its unique selling proposition is to offerclients the opportunity of free real-life trial experience1.3 ORGANIZATIONAL AND MANAGEMENT PLAN
Innovation and Entrepreneurship 3This is a purely technology-based business, and therefore the dependency on the humancapital is almost inexistent. On the contrary, the company will concentrate on acquiringadditional IT systems to boost its operations and service delivery. Furthermore, most of themodern businesses are advancing with technology by operationalizing their activities to copup with technology except for those that are not competitive in the market. Since the businessis technology based, it will benefit most from the numerous IT systems that exist in themarket because suppliers of IT products are easily found. Additionally, the acquisition of theresources necessary for the business operation will be easy. The enterprise also a strategicplan that is expected to adhere to the ethics and social responsibility strictly and is alreadyoffering junior jobs to the fresh graduates without any discrimination on any basis (Fraedrich,Ferrell, & Ferrell, 2013).1.4 OPERATIONAL/PRODUCTION PLANThe business is projected to attain high service delivery standards to the satisfaction of thecustomer demands. Since the intangible attributes of the product are powerful reputation andbrand image, the business will endeavor to offer customer service upon request and in aquality and satisfactory way. This will increase the sales of online shopping while at the sametime meet, attract and maintain customers.1.5 FINANCIAL PLANThe Real Trial business requires $295,200 as a start-up cost to advance the business prospect.The amount will service the cost of machinery, personnel,-pre-operational costs, and permits.The net profit/loss ratio is as follows:Net profit or loss percentage = (loss/revenue) x 100= (65,200/230,000) x 100
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