Innovative Business Idea

This document discusses an innovative business idea for launching air vehicles in Australia. It includes a proposed business plan, mission and vision statement, external environmental analysis, target market set, stakeholder analysis, marketing plan, financial budget, recommendations, and conclusion.

Running head: INNOVATIVE BUSINESS IDEA
Innovative Business Idea
Name of the Student
Name of the University
Author’s Note

1INNOVATIVE BUSINESS IDEA
Table of Contents
Part 1: Report...................................................................................................................................2
1. Proposed business plan and rationale:.........................................................................................2
2. Mission and vision statement:.....................................................................................................2
3. External environmental analysis:.................................................................................................3
4. Target market set:........................................................................................................................3
5. Stakeholder analysis:...................................................................................................................4
6. Marketing plan:............................................................................................................................4
7. Financial budget:.........................................................................................................................5
8. Recommendation:........................................................................................................................5
9. Conclusion:..................................................................................................................................6
Part 2: Methodology........................................................................................................................7
Reference List:.................................................................................................................................8

2INNOVATIVE BUSINESS IDEA
Part 1: Report
Proposed Business Plan, Flying Car, AIRO Micro19
1. Proposed business plan and rationale:
In automobile sector, Australia is experiencing prosperous growth due to economic
development of country and effective socio-cultural effect. Australia being highly-populated
country has to face immense challenges in maintaining a systematic transportation
(Bagautdinova et al., 2012). Especially, while shipping online materials the sales executives have
to face immense challenges in delivering the services within stipulated time due to business
transport.
In order to overcome this issue it is decided to bring air vehicles in the market. AIRO
Micro19 will be launched which will be able to fly up 600 miles at the highest speed of 300mph.
2. Mission and vision statement:
Statement of mission:
“Grabbing international fame in automobile industry and enhancing brand identity in the
mind of global customers”
Delivering materials within stipulated time to the proper destination is the primary aim
and objective of this brand AIRO Micro19. The business experts will primarily focus on giving
priority to the people of different cultural backgrounds and attitudes. Customer service providers
will be flexible in maintaining multi-lingual communication to entertain the people from
different racial backgrounds.

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3. External environmental analysis:
External environmental analysis believes that the business experts will have to analyze
the political, economic, socio-cultural, environmental and socio-cultural factors of Australia so
that they can find out whether these environmental factors are effective for launching air vehicles
or not. Australia as per political set up is stable and the government maintains transparency in
taxation policies (Chari et al., 2014). The country being economically strong would not have to
face challenges in grabbing the attention of target customers. As per socio-cultural
backgrounds, large number of people from different geographical backgrounds and attitudes
belong to this country. In this kind of situation, AIRO Micro19 would have to render
diversification in their products and services so that people from various geographical and
religious backgrounds can get their scope of purchasing it. As the country is technologically well
advanced the business experts would not have to face any market threats while launching air
vehicles (de Luca, 2014). Air vehicles can protect the environmental acts and regulations as well
because the products will be very much eco-friendly. In order to launch the entire business
process the business experts would like to follow environmental acts, anti-discrimination acts,
employability acts and so on.
4. Target market set:
AIRO Micro19 will set their target market as per geographic demographic and
psychographic ways. Geographic market segmentation targets the people belonging to
recognizable cities of Australia (Tej Adidam et al., 2012). Cities like Melbourne, Brisbane,
Perth, Sydney are the most popular cities where people can afford air vehicles. Demographic
market segmentation believes that people belonging to premium cost backgrounds are the
primary target customers (Hogg, 2012). Customers belonging to 25 to 45 age groups are the

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primary target people who can focus on purchasing air vehicles. Psychographic market
segmentation believes that the business experts will be comfortable in dealing with the customers
of various geographical backgrounds and attitudes.
5. Stakeholder analysis:
Stakeholder analysis is one of the most significant factors of identifying the needs and
demands of the stakeholders, be it internal or external (Jones et al., 2014). In order to analyzing
and fulfil the needs of stakeholders the business experts would have to follow several steps,
which are as follows:
 Identify the stakeholders as per geographic demographic and psychographic segments
 Prioritize the stakeholders as per their compatibility level
 Understand the key demands and trends of market as well as stakeholders
 Evaluate the plans on how to fulfil the needs and demands of stakeholders
 Implement and analyze the plans in accordingly so that stakeholders do not get the scope to
show their dissatisfaction
6. Marketing plan:
In order to make an effective marketing plan the business experts have decided to select
social media platform (Solomon et al., 2014). Social media marketing is one of the most
significant ways of grabbing the attention of international customers (Mullins, Walker & Boyd,
2012). Using social media channels like Facebook, Instagram, Youtube the business experts can
gain immense popularity from global customers. The target audience can get the scope of
showing their opinion regarding the business plan.

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7. Financial budget:
YEAR 1 YEAR 2 YEAR 3
Sales AUD$ 20,0000 AUD$ 5,00000 AUD$ 60,00000
Expenses/Investment
Necessary Utilities AUD$ 2,0000 AUD$ 25,000 AUD$ 35,000
Insurance AUD$ 9000 AUD$ 25000 AUD$ 20000
Equipments AUD$ 1,0000 AUD$ 35000 AUD$ 15000
Payroll Taxes AUD$ 1,0000 AUD$ 12000 AUD$ 22,000
House rent AUD$ 5,0000 AUD$ 19000 AUD$ 40,000
Operating Expenses AUD$ 10,0000 AUD$ 100000 AUD$ 100000
Interest AUD1,0000 AUD20000 AUD$ 20000
Taxes Incurred AUD1,0000 AUD$ 10000 AUD$ 15000
Total investments (AUD$ 21,9000) AUD$ 237000 AUD$ 267000
Total Revenue AUD$ 19,0000
(loss)
AUD$ 263000
(profit)
AUD$ 5733000
(profit)
Analysis:
While analyzing the financial budget it has been however assumed that in first year the
company would not b able to achieve profit. Around AUD$ 19, 0000 is expected to be loss
where in next two years the organization is expected to reach profit margin around AUD$
263000 in second year and AUD$ 5733000 in third year.
8. Recommendation:
After evaluating the entire study, some of the major recommendations can be provided
which are as follows:

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 The function areas of air vehicles should be more wide, it should not be restricted within
shipping materials only
 The marketing executives should make a distinct budget for promoting their brands and
creating a brand identity
 The business experts should expand their financial budget in first year so that they do not
have to face challenges in reaching business profitability
9. Conclusion:
After evaluating the entire study, it can be concluded that new air vehicles is going to be
launched in the market of Australia. Australia being highly-populated country has to face
immense challenges in maintaining a systematic transportation. AIRO Micro19 will be launched
which will be able to fly up 600 miles. Effective external analysis is conducted to identify the
environmental barriers and feasibilities in Australian market. While analyzing the financial
budget it has been however assumed that in first year the company would not b able to achieve
profit. As a recommendation, it can be stated that the marketing executives should make a
distinct budget for promoting their brands and creating a brand identity.

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Part 2: Methodology
Question 1: Amongst five new business ideas which one would you prefer to be launched in
the market of Australia
Options No of respondents Total respondents
Air Vehicles 4 10
Restaurants 3 10
Retail 1 10
IT 1 10
Telecommunication 1 10
Table: The number of respondents about five new business ideas which one would you
prefer to be launched in the market of Australia
40%
30%
10%
10%
10%
No of respondents
Air Vehicles Restaurants Retail
IT Telecommunication

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Figure: The number of respondents about five new business ideas which one would you
prefer to be launched in the market of Australia
Question 2: How far do you agree that air vehicles can make busy transport system of
Australia into smooth and systematic
Options No of respondents Total respondents
Strongly Agree 5 10
Agree 2 10
Neutral 1 10
Disagree 1 10
Strongly Disagree 1 10
Table: The number of respondents who agree that air vehicles can make busy transport
system of Australia into smooth and systematic
50%
20%
10%
10%
10%
No of respondents
Strongly Agree Agree Neutral
Disagree Strongly Disagree

9INNOVATIVE BUSINESS IDEA
Figure: The number of respondents who agree that air vehicles can make busy transport
system of Australia into smooth and systematic
Question 3: How far do you agree that launching Air vehicles in the Australian market
would be beneficial for the service users?
Options No of respondents Total respondents
Strongly Agree 4 10
Agree 3 10
Neutral 2 10
Disagree 0 10
Strongly Disagree 1 10
Table: The number of respondents who agree that launching Air vehicles in the Australian
market would be beneficial for the service users
40%
30%
20%
10%
No of respondents
Strongly Agree Agree Neutral
Disagree Strongly Disagree

10INNOVATIVE BUSINESS IDEA
Figure: The number of respondents who agree that launching Air vehicles in the
Australian market would be beneficial for the service users
Question 4: How far do you agree that the business experts would have to face immense
challenges in launching air vehicle in the market of Australia?
Options No of respondents Total respondents
Strongly Agree 3 10
Agree 4 10
Neutral 1 10
Disagree 1 10
Strongly Disagree 1 10
Table: The number of respondents who agree that the business experts would have to face
immense challenges in launching air vehicle in the market of Australia
30%
40%
10%
10%
10%
No of respondents
Strongly Agree Agree Neutral
Disagree Strongly Disagree

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Figure: The number of respondents who agree that the business experts would have to face
immense challenges in launching air vehicle in the market of Australia
Question 5: How far do you agree that AIRO L19 should improve their marketing plan
more effectively?
Options No of respondents Total respondents
Strongly Agree 3 10
Agree 3 10
Neutral 2 10
Disagree 1 10
Strongly Disagree 1 10
Table: The number of respondents who agree that AIRO L19 should improve their
marketing plan more effectively
30%
30%
20%
10%
10%
No of respondents
Strongly Agree Agree Neutral
Disagree Strongly Disagree

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Figure: The number of respondents who agree that AIRO L19 should improve their
marketing plan more effectively
Question 6: How far do you believe that AIRO L19 would be able to grab the attention of
customers in the market of Australia
Options No of respondents Total respondents
Strongly Agree 5 10
Agree 2 10
Neutral 1 10
Disagree 1 10
Strongly Disagree 1 10
Table: The number of respondents who agree that air vehicles can make busy transport
system of Australia into smooth and systematic
50%
20%
10%
10%
10%
No of respondents
Strongly Agree Agree Neutral
Disagree Strongly Disagree

13INNOVATIVE BUSINESS IDEA
Figure: The number of respondents who agree that air vehicles can make busy transport
system of Australia into smooth and systematic
Question 7: How far do you agree that AIRO L19 would have to make effective promotions
for grabbing the attention of more people?
Options No of respondents Total respondents
Strongly Agree 3 10
Agree 3 10
Neutral 0 10
Disagree 2 10
Strongly Disagree 2 10
Table: The number of respondents who agree that AIRO L19 would have to make effective
promotions for grabbing the attention of more people
30%
30%
20%
20%
No of respondents
Strongly Agree Agree Neutral
Disagree Strongly Disagree

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Figure: The number of respondents who agree that AIRO L19 would have to make
effective promotions for grabbing the attention of more people
Question 8: How far do you agree that AIRO L19 should provide diversified products and
services to the customers?
Options No of respondents Total respondents
Strongly Agree 4 10
Agree 3 10
Neutral 0 10
Disagree 2 10
Strongly Disagree 1 10
Table: The number of respondents who agree that AIRO L19 should provide diversified
products and services to the customers

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40%
30%
20%
10%
No of respondents
Strongly Agree Agree Neutral
Disagree Strongly Disagree
Figure: The number of respondents who agree that AIRO L19 should provide diversified
products and services to the customers
Findings and evaluating:
After conducting an effective survey by involving 10 consumers randomly from the
market of Australia, it can be concluded that all the customers have showed their positive
response regarding the new business idea of launching air vehicles. Around 40% employees have
stated that Air Vehicles have immense business growth in the Australian market. 40% of the
respondents believe that launching Air vehicles in the Australian market would be beneficial for
the service users. Around 40% consumes have also opined that the business experts would have
to face immense challenges in building business image and reputation. But the scope of flying
vehicle in the Australian market is undeniable.

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Reference List:
Bagautdinova, N., Gafurov, I., Kalenskaya, N., & Novenkova, A. (2012). The regional
development strategy based on territorial marketing (the case of Russia). World Applied
Sciences Journal, 18(18), 179-184.
Chari, S., Katsikeas, C. S., Balabanis, G., & Robson, M. J. (2014). Emergent marketing
strategies and performance: The effects of market uncertainty and strategic feedback
systems. British Journal of Management, 25(2), 145-165.
de Luca, S. (2014). Public engagement in strategic transportation planning: An analytic hierarchy
process based approach. Transport Policy, 33, 110-124.
Hogg, G. (2012). Employee attitudes and responses to internal marketing. In Internal marketing:
Directions for management (pp. 127-142). Routledge.
Jones, P., Simmons, G., Packham, G., Beynon-Davies, P., & Pickernell, D. (2014). An
exploration of the attitudes and strategic responses of sole-proprietor micro-enterprises in
adopting information and communication technology. International Small Business
Journal, 32(3), 285-306.
Mullins, J., Walker, O. C., & Boyd Jr, H. W. (2012). Marketing management: A strategic
decision-making approach. McGraw-Hill Higher Education.
Solomon, M. R., Dahl, D. W., White, K., Zaichkowsky, J. L., & Polegato, R. (2014). Consumer
behavior: Buying, having, and being (Vol. 10). London: Pearson.

17INNOVATIVE BUSINESS IDEA
Tej Adidam, P., Banerjee, M., & Shukla, P. (2012). Competitive intelligence and firm's
performance in emerging markets: an exploratory study in India. Journal of Business &
Industrial Marketing, 27(3), 242-254.