Comprehensive Business Plan: Entrepreneurship & Innovation-Smart Homes

This business plan outlines the strategy for a smart home solutions company, focusing on entrepreneurship and innovation. It includes a general company description with objectives, vision, and mission statements, along with short, medium, and long-term goals. The plan identifies opportunities in the growing home automation market and details industry and market analysis, including geographical and psycho-graphic segmentation. A comprehensive marketing mix strategy covers product, price, promotion, and place, aiming to gain a competitive advantage. The document also features a SWOT analysis, Michael Porter's generic strategies, and a PESTEL analysis to assess the external environment. The operational plan addresses human capital, financial requirements, and risk assessment, while the financial plan includes a break-even analysis and cash flow statement. The plan further describes the organizational structure, marketing strategy, and competitive landscape, providing a holistic view of the business venture. Desklib offers similar solved assignments and study tools for students.

ENTREPRENEURSHIP AND
INNOVATION

General company description
 Smart home technology makes the life easier and more convenient.
Henceforth, it is equipped with special platform enabling the inhabitant to
control all functions remotely and program an array of automated home
electronic devices.
 Additionally, the major purpose is to serve deeper engagement on term that
how this entity enables safety and security for the connected home that
assists to create the unique user experience.
 Therefore, the major key drivers of the Smart home market are as
enhancement in need of convenience, safety, demand for energy efficient
solutions, to get control over lighting facilities, security with technical
advancement and home entertainment.

Targeted customers-
Targeted customers Functionality Solutions offering
Communication service providers It will assist in providing the one
solution.
The offering will be provide as
single, integrated solution that takes
the advantage of internet of things.
Resell this services to other B2B
customers such as owner of the real
estate etc.
Mobile application and web for
business to business customers.
This helps in order to provide
service to end users.
It aids in making business decision
for the customers.
Corporations and interior designers Interior designers will define that
where to have the use of home
automation tool products and at
which place that needs to be placed.
It will help2. EXECUTIVE
SUMMARY s customers to know
about it usage so that utilization of
the service can be done effectively.
Individual upper middle class Home owners can works as to
association managing the resources
such as gym, library, swimming
with the use of M2M solutions.
Henceforth, it will be supported in
web application and mobile
application.
Real state companies The new houses can be enabled with
the any or all of the offerings such
as safety, energy management,
waste management and security etc.
Solutions support to the any
industry vertical.

General company description
Objective-
 The main objective of the firm is to come up with the innovative services
and to produce the useful commodities that aids to enhance the productivity
and profitability of the enterprise. Hence, innovation and creation is the
two tool that aids to develop the image of enterprise within the market.
.

CONT..
Vision
 To build the largest specialized technological lifestyle network by
providing and innovative solutions for home and building all available in
one roof.
 The vision of the company to make the core functions of the home more
smarter, efficient and more comfortable.
Mission
 To provide the highest standard of living by providing them utmost
concepts and solution using the reliable and renowned commodities while
demonstrating innovative devices to exceed customer expectation.

Cont..
Short term goals-
 To attract the customer with innovative features.
Medium term goal-
 To enhance the sale of enterprise by attracting customer with innovative
facilities.
 To expand the business working by adding new features to product and
services.
 To reach out the maximum customers to enhance the growth within
enterprise.
Long term goal-
 To reach out the customers to develop a system that can be easily installed,
cost efficient and able to provide genuine home automation to consumers.
 To listen the complain of customers so that modification can be done in
commodities.

Opportunity
Why you started?
 Home automation system are designed to integrate all kind of home
devices, lights, heating and security system. Henceforth, connected home
solution consist of set of devices and services that are connected to each
other.
 The most of the individuals are professionally working in this present
scenario so this kind of facilities will be beneficial for them to control the
activities.

Industry & Market
 A- Z smart home solutions gives the opportunity to meet with other local
business owner and the network.
 A-z home solution will select the market that is covering of the number of
customer and local residents.

Geographical segmentation
 It means dividing the groups into the subgroups in the manner as age,
gender, values etc. However, segmentation can be based on the income of
the customer.

Psycho-graphic segmentation
 Innovators- At this, there are number of the influential individuals with
whom the average person can checks out the process of innovation.
 Early majority- Under this group tends to deliberate before adopting the
new commodities. This is very crucial to legitimising an innovation so that
whole process can be conducted effectively.
 Late majority- Under this, new ideas can be adopted after the process of
innovation.

Behaviour segmentation-
 Purchase occasion- It can be differentiated on the basis of product and
services. It is crucial to identified the needs and wants of the customers.
 Benefits sought- The key points that needs to be considered are as high
quality, good taste, speed, sex appeal etc.
 user status- Potential buyers may be classified as regular users, occasional
user and non user.

Marketing mix
 Product- A to Z smart home solutions works towards to full-fill the need
and wants to the customers by providing better home automation tool.
Therefore, unique advantage of the commodities can determine and this
aids to make unique image within the market.
 Price- It is one of the technical advancement in which product offering is
established at the time of making some pricing decision. Therefore, the
price determination has huge impact over the profit margin, supply,
demand and strategy of marketing.