Advanced Power Banks: Business Plan and Market Feasibility Report

This report provides a comprehensive overview of an advanced power bank business idea, exploring its potential in the current market. The report begins with an introduction to the concept of advanced power banks and their increasing relevance due to the widespread use of smartphones. It details the benefits, such as portability, cost-effectiveness, and compatibility with various devices, while also addressing potential challenges and misconceptions. The proposed business model focuses on direct sales through strategically located stores, emphasizing customer training and relationship building. Key success factors, including customer satisfaction, product divergence, and strategic planning, are discussed. The feasibility of the idea is assessed based on market needs and customer convenience. The report concludes by highlighting the potential of advanced power banks to meet consumer needs and improve daily life, positioning them as both practical accessories and fashion statements. The report also includes references for further reading.

Running head: ADVANCED POWER BANKS 1
Advanced Power Banks
Student Name
University Affiliation

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Advanced Power Banks
Table of Contents
Executive Summary.....................................................................................................................................2
Introduction.................................................................................................................................................3
General Overview of the Business Idea.......................................................................................................4
Benefits generated by the Idea.....................................................................................................................4
Challenges faced by the Business Idea........................................................................................................5
Proposed business model.............................................................................................................................5
Success factors affection the Business Idea.................................................................................................6
Feasibility of the Idea..................................................................................................................................7
The conclusion of the Business Idea............................................................................................................7

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Executive Summary
The following is a paper that describes the use of advanced power banks in the market.
The paper begins with an introduction of the concept and how it will be applied in the market.
The business idea is described properly and how the operations of the business will be
conducted. The benefits of the idea are discussed in detail to showcase how the consumers will
benefit in the same. Challenges, business model and critical success factors are also discussed in
the paper detailing how the firm will meet consumer needs. The paper ends with a discussion of
the feasibility of the idea and the concluding remarks summarizing the concepts in the paper.

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Introduction
Do you find your phone battery lowering to a point of going off even before the sun sets?
Do not worry anymore because now you have a cure for your problem. Power banks have come
to the rescue of those people who often forget to charge their phones before they leave early for
jobs. These are small and portable powerful devices that stores charge; this is after being charged
fully and can be used to recharge phones (Bendell, 2017). Power banks ensure ease in the
retrieval of data since your phone does not go off all the time when you have them (Bell, and
Hindmoor, 2014). Research has shown that people who work for long hours in the offices i.e.
Accountants and audit managers are often in the risk of losing contact with their loved ones
because their phones are rarely charged and it’s until they get home very late in the evening. This
is the time they will be able to charge their phones.
General Overview of the Business Idea
The idea of Power banks crossed my mind due to the increased use of smartphones in the
world we are living today. Only 2 people out 10 do not have the so-called smartphones; you can
easily read your emails wherever you are. Also, People will no longer have to wait for their
phones to charge to an extent of getting late to jobs, power banks are easy to carry with hands
together with the phone being charged. Power banks are very cheap in terms of cost that even the
lowest earners in the village can afford to get themselves one. In result, emails will read and
responded to early since advanced power banks will have Wi-Fi access. Having a GPS tracker
and a camera will help us trace the power bank in case of theft or lose. This device comes in
various designs, colors, and sizes that suits all the buyers. This no specific term used to describe
more about these devices; they are generally called Power banks.

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Benefits generated by the Idea
Power banks are extremely important. You wouldn’t love to be off when you expect a
very important call, message or even a very urgent mail. The following are some of the major
benefits;
(i) Low cost – Power banks are very cost effective and does not require a huge amount of
money. Dealers in bulk phone accessories always offer discounts to their customers,
therefore a reduced price.
(ii) Many sockets- A power bank has many sockets such that it can charge many phones at a
go. In a case of a family traveling together, it’s very suitable and will charge many
phones at a go.
(iii) All brands operation – The advance and modern power banks suits and serves all the
different kinds of brands we have in the market. Be it Techno, Infinix or Samsung.
(iv) Other than a smartphone alone, a power bank can charge other devices i.e. iPod, iPhone
or iPhone. This makes the number of buyers and users to increase.
(v) Due to its size, a power bank is very portable since it can be carried in our handbags,
backpacks or pockets. It is therefore convenient wherever we are.
In addition, power banks will make most peers envy their friends who are lucky to have
them. This increases the prestige; high esteem is achieved through the admiration.
Challenges faced by the Business Idea
The advanced power banks have more advantages compared to the demerits. However,
people have developed so many myths about the power banks that are very wrong and untrue.
For it to serve you well, the power bank should be well charged before using it to charge your

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phone (Agwu, and Carter, 2018). It must be accompanied by a cable to ensure that the charge
flows well to the phone or another device that you might be charging.
Proposed business model
The proposed business model is the direct sales. It is important to note that the business
model will be applied to ensure that consumers can get direct sales of the product from verified
stores which will provide access to the power banks. The stores will be located strategically in
positions within the globe for optimum sales. According to Martins, Rindova, & Greenbaum,
(2015), the direct sale business model ensures that customers get proper access to these products
for better outcomes. Also, the model will help the sales individuals to ensure they train the
consumers on the usage of the product as well as educate them on the features of the product for
proper usage.
Direct sale business model is the best in this case because we will be able to demonstrate
the product directly to our customers hence a strong relationship is created (Martins, Rindova,
and Greenbaum, 2015). The accomplishment of wonders to the business is witnessed since there
will be customer satisfaction and acceptance of the product. The power banks will, therefore,
spread easily due to door to door selling even in the very remote areas.
Direct selling to the customers does not require any professionalism. A college-graduate,
parent or even a student can handle this job very well (Schumpeter, 2017). This will also help the
seller of power bank to meet and make new friends with the people he/she meets from different
demographic (Odell, 2014). The authority of working hours is always self-disciple when it
comes to this business model. One can opt to work during the weekends or even weekdays
provided the set target is met.

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Success factors affection the Business Idea
(i) Customer satisfaction-Direct selling of the power banks will lead to the highest level of
customers’ satisfaction that will ensure the high spread of the product.
(ii) Product divergence – Due to its unique features, the power banks are able to exist even in
a stiff market competition case. This will ensure a steady flow of sales volume
nevertheless.
(iii) Healthy Business Organization – According to the famous model of Peter and
Waterman that states about the interests of employees, the working environment and
empowerment are considered as very vital (Schäfer, 2016). Once the needs of the
employees are taken care of, the results are always excellent. In this case of power banks,
incentives can be adopted to encourage more sales.
(iv) Strategic planning – For any business to be successful and meet its desired goals, a
strategic plan must be set. This will always be a guide to any employee on how to carry
out their work as well as meet their objectives; the same case applies to trending and sales
of power banks. This should always help in pricing and placement strategy to effectively
meet a wider market than there before.
Feasibility of the Idea
This refers to how convenient a product is available to its customers for usage. In this
case of the power banks, the sellers are always in the market to make sure that it is readily
available to the customers (Burns, 2016). This will help us reach the highest degree of customer
satisfaction in order to create a conducive environment in the market. By going with this; the
lifespan of the product will definitely be high. This is after clearly understanding the market
needs, market size and concern of the people.

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The conclusion of the Business Idea
The newly advanced power banks will serve a wide market meeting all the desired
benefits that the customers are likely to expect all the time (Bell, and Hindmoor, 2015). The
devices are here to make is a life better and easier since we will not go off anyhow or
unexpected. Power banks can be fashion accessories because they come in different designs and
colors therefore creating a statement of style. It’s always advisable to charge our power banks
overnight than the smartphones that are at the risk of exploding.

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References
Agwu, E., & Carter, A. L. (2018). Mobile phone banking in Nigeria: benefits, problems and
prospects.
Bendell, J. (2017). Terms for endearment: Business, NGOs and sustainable development.
Routledge.
Bell, S., & Hindmoor, A. (2014). The structural power of business and the power of ideas: The
strange case of the Australian mining tax. New Political Economy, 19(3), 470-486.
Bell, S., & Hindmoor, A. (2015). Taming the city? Ideas, structural power and the evolution of
British banking policy amidst the great financial meltdown. New Political
Economy, 20(3), 454-474.
Burns, P. (2016). Entrepreneurship and small business. Palgrave Macmillan Limited. Retrieved
from http://edf-vec.org/gen/html/azl/kitabxana/62.pdf
Martins, L. L., Rindova, V. P., & Greenbaum, B. E. (2015). Unlocking the hidden value of
concepts: a cognitive approach to business model innovation. Strategic Entrepreneurship
Journal, 9(1), 99-117.
Odell, J. S. (2014). US international monetary policy: Markets, power, and ideas as sources of
change. Princeton University Press.
Schäfer, D. (2016). A banking union of ideas? The impact of ordoliberalism and the vicious
circle on the EU banking union. JCMS: Journal of Common Market Studies, 54(4), 961-
980.

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Schumpeter, J. A. (2017). Essays: on entrepreneurs, innovations, business cycles and the
evolution of capitalism. Routledge.