Business Plan: QAB020N521H, Dissot Camera Watch, Summer 2019, Project

This business plan outlines a venture centered around a camera watch product offered by "Dissot," aiming to provide a spy camera functionality within a watch, appealing to individuals needing discreet recording capabilities. The plan begins with a business overview that justifies the product's value proposition, stemming from the high cost of existing camera watches and the lack of innovation. It then presents market research and industry analysis, targeting middle-class consumers and identifying key players like Rolex and Apple. The plan details customer profiles, including income, age, and lifestyle, along with marketing strategies to reach each segment. A competitor analysis follows, comparing the product to Apple, Rolex, and Samsung, outlining competitive advantages and strategies to attract customers. Production, quality control, payment processing, and stakeholder management are also addressed, including employee expectations, customer needs, and supplier relationships. The plan concludes with a discussion of costs associated with various aspects of the business, from transportation to marketing and quality control, as well as the methods of payment processing.

BUSINESS PLAN

1. BUSINESS OVERVIEW
What is your business (or value) proposition and why do you think it’s a
good idea?
How did you come up with the idea? For example, have you seen this done elsewhere? Have
you done this for someone else already? Did you try and find a product or service and
couldn’t? Do you think you can do it better or cheaper than what’s already out there?
“The current business idea is about the camera in watches which is considered as the spy cam
and also useful for those people who time to time conduct sting operations and it is offered by
“Dissot” that specifically deals in watches and perfumes and also tends of innovate their own
product. In terms of this, it also leads to carry good quality which is beneficial for the purpose
of people and it is also very convenient as per its purpose. The current idea is offered by many
organisations but at high prices and with different combinations which is useful in order to
attract them (McKenzieand Sansone, 2019). For this, I tried to find few idea for my product
but does not get proper innovation that leads to attract maximum number of people and after
that I get inspiration from camera watches as these are offered at very high prices which is not
possible for low and medium class people to purchase it”.
How have you confirmed there is a need for your business?
Big picture research: Give us an overview of the industry you’re going to be operating in. Are
there any trends in the industry? What’s the potential size of the market? Who are the key
players in this market? Focused research: Have you carried out any focused research? E.g.
Customer Surveys? Sample Testing?
“By undertaking the new idea, I conduct proper market research and industry analysis which is
useful considering the medium and poor class people as they are not able to purchase these
product because it is offered at very high price. In terms of this, it is very trendy in market and
mostly used by those people who work for media and press and also useful in sting operations
as people does not notices directly. Along with this, the potential market for the product is
middle class people who cannot afford the product at high prices. Furthermore, there are
various key players that are present within the market including various branded watches
companies like, Rolex, Guess, Fossil, Tommy Hilfiger and so on (Fichter and Tiemann, 2020).
Along with this, to take entry within the market proper research is conducted considering the
preferences and demand of customers and for this, customer surveys is conducted and sample
testing is also useful considering the requirement and needs of people.”
1. WHO ARE YOUR CUSTOMERS AND HOW WILL YOU REACH
THEM?
Customer Profile
Name 3 target
customer groups,
perhaps based
Why are
you
targeting
them?
How are
you going to
get their
attention?
How are
you going to
convince
them to buy
What
specific
activities
does this
What
approximat
e level of
spend will
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on demographics,
what they do,
where they shop,
their household
income, whether
they have kids,
etc. Rank your
customer profiles
by priority for your
business.
For each
of the
target
groups,
why is
your
product or
service
relevant to
them?
What
specific
things will
you do to
attract their
attention
(e.g. adverts
placed in
specific
publications
or social
media;
publicity
events; etc
from you?
How are you
going to turn
their interest
in your
product into
a sale? How
will you
ensure they
actually buy
from you?
(e.g. special
offers;
competitive
pricing;
unique
features)
mean you
need to do?
Considering
your
intentions
outlined in
the previous
3 columns
what actions
will you
need to take
to make
your
intentions
happen?
(e.g. if you
are planning
a publicity
event, what
will you
need to do to
make this
happen:
book venue,
caterers,
produce
invitations
etc)
you need on
each
activity?
(You may
find it useful
to refer to
the
Santander
website for
estimated
costs)
Income The
purpose
for
targeting
those
people
who have
low
income
level is to
provide
them for
their
effective
use and
also
conduct
survey
Magazines In terms of
this,
respective
company
and its
marketing
manager
convenience
these people
by showing
the benefits
of product
In terms of
this, the
particular
activity
which is
performed to
target and
attract
people from
these class is
showing
effective
The
estimated
cost for these
people
depends on
their income
level which
between
£45- £50.
2

and
research
before
setting
suitable
prices as
per their
requireme
nt and
income
criteria.
undertaking
the
particular
area show its
uses under
there income
level. For
this,
company
also tends to
offer these
products
considering
the income
level of
customers
(TOMASSO
NI, 2019).
advertiseme
nt and
promotions
at magazines
which is
useful in
attracting
them
towards their
product.
2. Age In this, the
target
segment
considerin
g the age
is between
20-55 as
these age
group of
people
mostly
has craze
to follow
Social media In relation
with this,
respective
company
consider age
group in
order to
order to
target their
customers
which is
useful by
offering
In relation
with this,
online
marketing
campaigns
are
organised by
respective
company
and also
offer pop-up
ads in order
to attract or
induces
customers to
purchase
their
product. In
respect of
Its estimated
cost is
around £43-
£45
3

trend that
exist
within the
market
and also
collect it
for their
use. These
age group
of people
are mostly
has very
busy
schedule.
attractive
prices and
significant
physical
appearance
including
unique
features of
the product
which is
capable
enough
considering
the
competition
level of
company.
this, people
between 20-
55 are more
techno-
friendly and
tends to
purchase
more
electronic
gadgets as
per their use
(Chernev,
2020).
3. Lifestyle The
objective
to target
lifestyle
segment is
that there
are
various
people
who
belongs
from
middle
and poor
class but
tries to
maintain
their
living
standard
so, it is
TV As per this
factor it
tends to
convenience
them
considering
the TV by
showing
their
prominent
features and
also offer
effective
prices which
By
considering
TV, people
are more
prominent in
order to get
easily attract
to purchase
products as
TV
advertiseme
nt are done
by famous
celebrities
and
maximum
number of
people leads
to attract
towards the
prominent
£50- £55
4

beneficial
for these
type of
people as
well.
helps in
attracting
large
number of
people
towards their
product by
showing
suitable
features.
use and
significance
of that
product
undertaking
their
lifestyle
factor.
5

2. WHO ARE YOUR COMPETITORS AND HOW WILL YOU BEAT
THEM?
Competitor
profile
List UP TO 3
competitors
or groups of
competitors
with a very
short profile
description
(2-3
sentences).
(If you feel
there are no
competitors,
you must
explain why)
What will
you be
competing
with them
on? (e.g.
price,
features,
quality,
something
else?)
Why do
customers
buy from
them?
Why would
customers
switch to
you?
What
specific
activities will
you need to
do?
Considering
what you
have outlined
in the
previous 3
columns what
actions will
you need to
take to make
your
intentions
happen?
What
approximate
level of
spend will
you need on
each
activity?
(You may
find it useful
to refer to the
Santander
website for
estimated
costs)
1. Apple In terms of
price.
Most of
customers
purchase
watches from
Apple
because of its
amazing
features but it
also carry
disadvantage
which is it is
costly and
expensive (de
Fraiture and
Clayton,
2019).
The potential
customers of
Apple leads
to switch
from Apple
to Dissot
because of
price factor
as the
respective
company
offer
effective and
astonishing
quality and
features both
at affordable
In terms of
this, the
particular
activity
which
performed by
respective
company is
all about
marketing its
products and
also consider
various
intentions
like
perspective
and opinions
of customers
undertaking
their
requirements.
£350
6

prices with
dual camera
setting that
leads to cover
front and side
area.
2. Rolex In relation
with features.
Customers
purchase
product from
rolex because
of its themes
and design.
As Rolex
offer new and
unique
designs in
their product
with amazing
background
and themes.
The
customers of
Rolex attract
towards
Dissot
because of its
amazing
features that
are offered
by respective
company is
affordable
prices
undertaking
the poor and
middle class
people as
their motive
is to offer
them.
By
undertaking
the features
of the offered
product it is
identified that
company
currently
offer suitable
and effective
services
which are
effective
undertaking
the needs and
requirements
of customers
and their
usage. For
this,
company
conduct
surveys and
market
research in
£300
7

order to
identify the
offered
features that
are provided
by other
competitors
(Paulico,
2019).
3. Samsung
Galaxy
Considering
the quality
factor.
Customers
purchase
product from
Samsung
because it is
quite price
effective in
comparison
to others but
it does not
carry
qualitative
features that
does not
satisfy the
requirements
of people.
In terms of
this,
customers
purchase
products
from
Samsung
because of its
low prices
that are
beneficial
and
affordable for
people.
As per this
component,
Samsung has
lack of
storage in its
offered
gadgets that
does not
satisfy the
requirements
of customers
in terms of
long term
survival and
respective
company can
make it their
strength
factor and
offer
effective and
good storage
facility in
order to offer
their
commodity.
For this,
company
conduct
marketing
campaigns
and other
promotions in
£450
8

order to
attract their
customers.
1. HOW WILL YOUR PRODUCT BE PRODUCED OR HOW WILL YOUR
SERVICE BE CARRIED OUT?
If you will be producing a product, how,COST DETAILS: BELOW, GIVE COST
DETAILS
ESTIMATED COSTS
How will the product(s)/service(s) be
delivered to the customer? And how much
will this cost?
The products that are offered by company is
provided to them through suitable ways
including offline and online platform with the
help of various websites and e-commerce. For
this, estimated cost include £500 for the
overall transportation till delivery.
Quality: Please describe your quality
control process.
How will you ensure that your product and
service is produced and delivered to your
required standard? (Any costs associated with
this?)
In terms of this, it is identified that the
watches which is offered by company is
considering the quality factor and it also
require significance procedure in order to
attract maximum number of people which is
useful in undertaking the suitable standard. In
terms of this, respective company also leads
to make sure the success criteria undertaking
the quality factor which is offered by
company (Azcue, 2020). In terms of this,
company offer their watches with excellent
features and also durable undertaking the
effective use of resources. Moreover,
considering quality factor it leads to include
significant cost factor in terms of providing
quality factor as it is effective and efficient
which include that cost which is affordable by
each and every individual.
Payment processing: How will payments
be accepted? (e.g. cash, credit cards, paypal)
(What costs might be associated with this?)
Considering the payment factor, company get
payment undertaking various factors like cash
and other online methods including cards,
paypal and other online payment apps.
9

2. STAKEHOLDERS – who will be involved in your business besides you? How will you
manage their involvement and their expectations? What costs will be associated with them? E.g.
self, staff, suppliers, shareholders, others
List the stakeholders Any issues which may
arise and how you will
manage them
Any costs associated with this
1. Employees From the launch of suitable
item and product,
employees has their
expectations in order get
bonus and any additional
benefit considering the
profitability ratio (Saura,
Palos-Sanchez and Grilo,
2019). For this, employees
expectations are also
associated with the culture
factor and also useful in
considering the suitable
profitability factor.
In terms of this, bonus and
salary hike is concerned with
the growth and success of
product.
2. Customers Undertaking the launch of
product, customer also
have suitable expectations
undertaking the needs and
preferences of significant
factor which is beneficial
by company in terms of
increasing its sales and
revenues.
In terms of this, expected cost
associated with it is proper
quality, discounts and offers
that are offered by Dissot to
their customers.
3. Suppliers As per this factor, suppliers
get expectations from the
company undertaking the
success and growth of
product which is beneficial
for them in terms of
increasing their terms with
an organisation for longer
period of time (Douka,
2020).
In relation with this, suppliers
want long term and good
relations with company in
terms of maintaining their
survival in market.
4. Shareholders In relation with
shareholders, their
expectations is all about the
return which they want
from the success of product
within the market but it can
Shareholders want expected
outcome and return as per the
success and growth of the
existing product which is
useful in relation with getting
future investment and capital.
10