BM6005 Enterprise: Individual Concept Document - Laser Marker

This assignment presents a comprehensive business concept for a laser marker, detailing the initial idea, market analysis, and development. The student explores the potential of a refillable laser marker with multiple ink colors, targeting various customer segments like universities, schools, and businesses. The report outlines the marketing plan, key activities, and financial considerations, including initial costs and funding sources. It emphasizes the importance of customer feedback, detailing how the concept was tested, and how feedback led to iterations, including modifications to packaging, the addition of safety features, and competitor analysis. A business canvas model is used to illustrate the changes and improvements made to the original idea, demonstrating the process of refining the business concept for real-world application. The document also discusses the entrepreneur's financial investment and the steps to implement the concept in a real-world entrepreneurial setting.

Enterprise Create own
Business
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Table of Contents
INTRODUCTION...........................................................................................................................3
Section 1...........................................................................................................................................3
Original business concept...........................................................................................................3
Section 2...........................................................................................................................................4
Testing the original business concept and the feedback that was received.................................4
Section 3 ..........................................................................................................................................6
Second iteration of the business concept....................................................................................6
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9
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INTRODUCTION
It is essential for a business to develop innovative and unique ideas which help it gaining
a competitive edge against competitors in the market (Anderson and Obeng, 2017). The report is
based on the concept of launching laser markers in the market to meet the expectations of
customers and attract potential clients from across the world. It explains how the concept was
tested and how improvements were made based on the feedback that was received and how the
final idea has improved in terms of desirability and feasibility. Also, how can the idea be
implemented in a real entrepreneurial setting. The report also describes a business canvas model
which explains how the feedback was implemented and the original idea was modified and
launched in the market.
Section 1
Original business concept
The business concept is a new innovation in the market and is based on launching a laser
marker that can be refilled with 3 different colours of inks , i.e., red, blue and green. The marker
can be charged by a USB. The mission behind the concept is to be authentic as well as to be able
to create trust among customers worldwide by launching a unique design. Also, the concept
visions to bring in creativity and inspiration from people all over the world with the main
objective of meeting customer expectations, providing products of high quality and also to
increase the overall sales by 20% within a timespan of 18 months. The basic marketing plan of
the concept comprises of building awareness about the brand in the market in order to increase
the overall market share, target new customers by launching new products and enhance the
customer relationship through YouTube which will help in increasing the overall profit (Vargas
and et. al., 2016).
The target customers for the laser marker will be different universities, colleges, schools,
offices and business firms. The key activities that will be carried out before the launch include
marketing, promotions, advertising on social media and packaging of the product for final sale.
The products will be distributed through various platforms like Amazon, eBay, Argos etc. as
well as at various offline retail stores (Bernus and et. al., 2016). The customers will also be
offered loyalty cards and the products will be personalised. The initial cost of selling a marker
was £7, the cost of marker with 5 refills was £2.5 and the pack of 5 refills was £2 with main
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value proposition of the product being its design which will be offered at a low price but will be
of high quality.
Section 2
Testing the original business concept and the feedback that was received
The concept of launching a laser marker was tested by presenting a presentation in the
class that explained the complete idea with each aspect being explained individually in detail
which turned out to be helpful in assessing its impact in the market (Cook, 2017). The tutor as
well as fellow classmates shared their point of views and feedback regarding the same. The
feedback turned out to be very supportive and helped me in modifying my overall concept in
order to achieve the set objectives (Wilde and Leonard, 2018). The presentation clearly explains
the concept of the Laser Marker wherein each aspect is explained in detail. On sharing this with
the tutor and classmates, various pros and cons of the concept were identified which helped in
making better decisions to grow and enhance the performance the respective business. The idea
was also shared online with various groups which are a great platform to share ideas and receive
feedback for the same as many people can provide feedbacks based on their individual
perspective (Gattorna, 2016). This can prove to be valuable as modifications are made based on
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the needs of customers which means they will be satisfied when the final products is launched in
the market.
The feedback that was received was primarily based on what improvements can be made
to the product to enhance its overall performance in the market. Thus, by analysing the same
various areas were identified that require modifications so that the set goals and objectives can
be achieved. The feedback received will also help in meeting the customer requirements
effectively and also in identifying various areas that can be modified to gain a competitive
advantage (Mettler and Winter, 2016). This will not only help in reaching out to more customers
but also attracting more number of potential customers. An analysis and evaluation of the
feedback that I received is explained below in detail.
 Postage, packaging and refill cost – Since the ink is being shipped from India, it should
be packed safely. Also, it should be ensured that it is not stored in a very high
temperature as it cannot stay that way and will get spoiled.
 Usage of LED lights and more colours – The laser marker will have 3 colours at
present, namely- red, blue and green as there is not enough space. Although, the idea can
be used in the near future.
 Recycle sign - The markers should have a sticker informing the customers if the laser is
harmful, a recycle sign for the refills which will inform the customers that the refills can
be recycled and are eco friendly. The should also be a plan with the cost of recycling the
refills.
 A feedback saying that an analysis of all the competitors in the market should be done
which will help in identifying the various opportunities as well challenges in the market.
The process of feedback will not only help in looking at and analysing the product
closely but also finally creating a concept that will be a fit for the market and address its needs
(Veblen, 2017). An analysis of the competitors can be done which can help in gaining a better
perspective what is happening in the market, various opportunities and challenges that can come
up (Olofsson, Hoveskog and Halila, 2018). Thus, in order to make modifications, the cost
involved will also increase. The cost plan which is based on per unit of the laser marker is
explained below-
Modifications Cost
Safe packaging £0.2
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Recycle sign £0.5
Sticker informing if the laser is dangerous £0.3
The modifications that are made will affect the overall budget of the marker and the costs
will also go up. Thus, an increased investment will be required by the company to manufacture
the desired amount. The concept can be applied in a real entrepreneurial setting by developing a
website which will be specific to the laser markers wherein the customers will be able to place
orders. Also, in order to attract a large number of customers various offers like buy 2 laser
markers and get 5 refills free can be provided to the customers. Various banners can be put and
pamphlets can be distributed outside stationary shops to carry out the process of advertising.
Also, the product can initially be sold at a lower price in order to attract more customers which
can include students of various universities and colleges, offices, institutes, business firms,
events and institutions etc.
An entrepreneur is a person who sets up his own business by taking various financial
risks in the hope of earning profits (Sarma, 2017). Therefore, the finances for respective business
concept include personal investment of £30.000. Also, a loan of £100.000 is taken from Barclays
Bank with £10.000 taken from family. The feedback that was received and the modifications that
were made, helped me in addressing the needs of the customers in the market. Modifications in
the concept were made based on the feedback that was received by the tutor to ensure that the
product catered to the needs of different customers who will be using the same after the purchase
(Whittle and Myrick, 2016). The modifications that were made involved additional production
cost for a month which can be covered if 200 markers are sold at a time.
Section 3
Second iteration of the business concept
Key Partners
Engineer Design
Barclays Bank
Manufacturers
(Alston Company
Key activities
 Marketing/
Promotions
online,
universities,
Value
Proposition
 Best
design
 Online
Customer
Relationship
 Website
interacti
ons
Customer
segments
 Universi
ties
 Schools
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– India)
Distributors
 Amazon
 eBay
 Argos
 Asda
 Sainsburry
Stationary stores
 Ryman
 WHSmith
 Paperchase
institutions
 Advertising
online on
social media
 Packaging
development
for sale
Key resources
 Part
manufacturers
– product
assembly
 Suppliers
 Website
Partnership
queries
 Low cost
and high
quality
 Promotio
ns
 Safety of
products
 3
different
colours
of laser
light
(red,
blue,
green)
which
can be
switched
 Marker
refill
(Eco
friendly)
 Loyalty
card
 Personali
zed
products
(email
queries -
24th
response
)
 YouTub
e
channel
Channels
 Social
media
(Facebo
ok,
Instagra
m,
Twitter)
 Shops
(Adverti
sing)
 Compan
y
website
and
Youtube
Channel
 Offices
 Confere
nces
 Institutio
ns
 Events
 Business
Firms
Cost structure
 Taxes, website, marketing,
advertising (Online, Shops)
Revenue Streams
Product sales
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 Cost of marker with 5 refills – £2.5
 Sell with - £8
 Pack of 5 refills - £2
 Stores
 Online
 Unique case for marker with slots and a
sticker if the laser is harmful
 Clip board with a slot for marker
 Recycle sign
After feedback was received, the required modifications were made to the original idea
after undertaking a short research as to how could the changes be implemented like a sticker was
added to the marker saying that the laser was dangerous and a recycle sign was also added which
means that the refills are recyclable (Vahlne and Jonsson, 2017). The packaging was also
modified and made safe so that even if the refills were stored at high temperature they would not
get spoiled. When the final idea was presented and launched in the market, it was found that it
was desirable, feasible to the customers. It also attracted a lot of customers like different
universities, colleges and offices who were interested in buying the product. Thus, the feedback
that was received was addressed carefully as well as meaningfully. Also, a research can be
carried out in the future to get a better understanding of the areas which can be modified further
to address the needs of the customers in an effective and efficient manner.
CONCLUSION
From the above report, it can be concluded that it is necessary for a business to keep
coming up with innovative ideas and concepts to sustain in a competitive environment. The
success of the business depends on how creative and unique the idea presented by it is. Besides
this, a business canvas is an effective model which can be used by businesses as it helps in
identifying areas that can be modified and also their overall impact on an organisation.
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REFERENCES
Books & Journals
Anderson, A. R. and Obeng, B. A., 2017. Enterprise as socially situated in a rural poor fishing
community. Journal of Rural Studies. 49. pp.23-31.
Bernus, P. and et. al., 2016. Enterprise engineering and management at the crossroads.
Computers in Industry. 79. pp.87-102.
Cook, N., 2017. Enterprise 2.0: How social software will change the future of work. Routledge.
Gattorna, J., 2016. Dynamic supply chain alignment: a new business model for peak
performance in enterprise supply chains across all geographies. CRC Press.
Mettler, T. and Winter, R., 2016. Are business users social? A design experiment exploring
information sharing in enterprise social systems. Journal of Information Technology.
31(2). pp.101-114.
Olofsson, S., Hoveskog, M. and Halila, F., 2018. Journey and impact of business model
innovation: The case of a social enterprise in the Scandinavian electricity retail market.
Journal of cleaner production. 175. pp.70-81.
Sarma, K. S., 2017. Predictive modeling with SAS Enterprise Miner: Practical solutions for
business applications. SAS Institute.
Vahlne, J. E. and Jonsson, A., 2017. Ambidexterity as a dynamic capability in the globalization
of the multinational business enterprise (MBE): Case studies of AB Volvo and IKEA.
International Business Review. 26(1). pp.57-70.
Vargas, A. and et. al., 2016. Towards the development of the framework for inter sensing
enterprise architecture. Journal of Intelligent Manufacturing. 27(1). pp.55-72.
Veblen, T., 2017. Absentee Ownership: Business Enterprise in Recent Times-The Case of
America. Routledge.
Whittle, R. and Myrick, C. B., 2016. Enterprise business architecture: The formal link between
strategy and results. CRC Press.
Wilde, R. J. and Leonard, P., 2018. Youth enterprise: the role of gender and life stage in
motivations, aspirations and measures of success. Journal of Education and Work. 31(2).
pp.144-158.
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