IG Tech Business Plan: Analysis of Iron Glove Market and Strategy

This business plan outlines the strategy for IG Tech's Iron Glove, a wireless ironing device designed to address the limitations of traditional irons. The plan begins with an introduction to the company's formation, ownership structure (partnership), and the need the product fills by offering a convenient and time-saving solution. It analyzes the product's unique selling points and competitive advantages, positioning within the product life cycle, and the marketing management orientation adopted. The plan delves into human resource management, industry analysis (including PEST and SWOT analyses, and Porter's Five Forces), and competitive strategies. Marketing strategies encompass STP (Segmentation, Targeting, Positioning), pricing, promotion, and distribution. Operational management details the operating model, production methods, and inventory strategy (make-to-stock or make-to-order). Finally, the plan addresses exit strategies and provides a conclusion, along with references. The core focus is on providing a detailed roadmap for the Iron Glove's market entry and growth, emphasizing its innovative features and strategic approach to capturing market share.

Business plan

Table of Contents
Introduction......................................................................................................................................1
Tasks 1.............................................................................................................................................1
1.1 Introduction of the organisation.......................................................................................1
What form of ownership has the company adopted and why? Present analysis; planning &
implementation; and justification ..........................................................................................2
What need does the product/service fill?................................................................................2
Why aren’t customers satisfied with current solutions?.........................................................2
Describe how your solution is different from others that are addressing the same problem. In
other words, what is your unique selling point and competitive advantages?.......................3
Strategic Management, the company’s current strategic position and future direction….....3
Refer to Product Life Cycle. Comment upon current position and what will you do to move
your organisation into the next stage?....................................................................................4
What marketing management orientation concept will your organisation adopt? Present
analysis; planning & implementation; and justification.........................................................4
TASK 2............................................................................................................................................5
2.1 Human Resource Management.........................................................................................5
TASK 3- BUSINESS ENVIRONMENT........................................................................................6
3.1 Describe and introduce the industry that your organisation will be operating in.............6
3.2 PEST Analysis..................................................................................................................7
3.3 SWOT Analysis................................................................................................................8
3.4 Porter’s 5 Forces Analysis................................................................................................8
What barriers to entry can your organisation create...............................................................9
3.5 What competitive strategy will your organisation adopt..................................................9

Task 4 : Marketing management....................................................................................................10
4.1 Determine STP strategy of company..............................................................................10
4.2 Pricing Strategy..............................................................................................................11
4.3 Promotional Strategy......................................................................................................11
4.4 Place...............................................................................................................................12
Task 5: Operational Management..................................................................................................12
5.1 Explain operating model and procedures.......................................................................12
5.2 State your chosen manufacturing/production method...................................................12
5.3 Will you be making to stock or to order........................................................................13
TASK 6: Exit strategy....................................................................................................................13
6.1 What will you do if an investor/co-founder decides to leave the company...................13
Conclusion.....................................................................................................................................14
References:.....................................................................................................................................15

Introduction
All around the globe there is innovation and there is also creation of new things, these are
the one that sell the most (Jukova and et. al., 2019). People all around the globe want innovation
and they want creation in their product, as with the innovation their will some sort of upgrade in
that product. With the help of the help of the upgrade the vale of the product will also increase as
the product will most likely be more and more effective and efficient in its working. All the
people nowadays are busy with their hectic scheduled and all of them are in hurry, so they want
everything to be fast and to be quick. Earlier Ironing the dress would have have taken so much
time but now a days Ironing the clothes is very simple as almost every house hold is having their
own electronic iron. Electronic Iron is an equipment through which the individual is able to iron
their dress on time and it is also a small and fast process. But the traditional type of electronic
iron press will take a lot of time and it is also considered as useless now a days. For that IG Tech
have come with their product of Iron Glove, it is the new and innovative product which none of
their competitors were ale to achieve.
This report will discuss about the business plan that is going to help iron glove to capture
the market and with the help of the business plan IG Tech will also able to bring their product in
the market with ease.
Tasks 1
1.1 Introduction of the organisation
IG Tech was formed so that they can make sure that their products are all helping the
society to cope up with their fast forwarding world. the main reason for the formation of this
company is they wanted to capture the market share with the help of their new and their
innovative product. the founder of the company wanted to develop a revolutionary product that
can easily distinct itself from its competitors. the main motivation being this revolutionary
product was to have something that could easily connect with the life of the people. As mobile
phone is an instrument without which the people are not able to survive, like wise they wanted to
develop the press. there are various people who are not having the time to even iron their clothes
and they go go the meeting and in functions with the wrinkled clothes, which leaves a very bad
impression from their side. also there are people who are travelling continuously without taking
any break and they are also not having any time to iron their clothes, so for solving this problem

IG Tech came up with their product. the main motivation behind this was to help the society by
saving some of their precious time, they wanted to provide the fast forwarding world with some
kind gift and they also wanted to start the trend related to the electronic iron.
What form of ownership has the company adopted and why? Present analysis; planning &
implementation; and justification .
The type of ownership that the company is having is the partnership type of ownership.
as there are more than one founder. This type of ownership is very good for the start of the
company as with the help of more member new an creative ideas will come out and in this type
of ownership the risk will also get divided(Suprapto, 2018). With the help of the partnership the
company will be able to generate more and more capital as their are more members to contribute.
the functioning will also become easier as there will be more then on member to contribute in the
functioning of the organisation. during the planning process also the goals can be easliy vset and
they can be easily achieved, not only that the implementation of the plan will also be easy.
What need does the product/service fill?
The product that is been developed by the IG Tech is the iron glove and they have
developed this product so that all the people will be able to iron their their clothe at any point of
time they have developed this product as the substitution for the traditional electronic iron
device. Another problem that was solved was to find the socket in order to start the electric iron.
Why aren’t customers satisfied with current solutions?
The current product that are currently out there in the market are not so time saving and if
anyone want to save the time of ironing then it will cost them more(Inkon, 2019). older
electronic Iron were also very big and their mobility was also not possible, it was not an easy
task also to iron their clothes every day. the electric Iron was also having a large wire with it also
and to start the iron the user then had to find the socket so as to start the iron. So for solving their
problems Iron Glove was invented.

Describe how your solution is different from others that are addressing the same problem. In
other words, what is your unique selling point and competitive advantages?
All the competitors of IG Tech is also selling the the electronic Iron but what makes the
Iron Glove different is the feature that they are adding to it. The unique selling point for the Iron
Glove is their wireless iron that they are providing to their customers at a much cheaper rate.
their another unique selling point is the mobility of that device through this they are trying to
bring the change in the way that people are thinking about the Iron.
Strategic Management, the company’s current strategic position and future direction…
At present the company is not having that much of the market share As that of its
competitors. In order to capture the market share what the company is trying to is that they are
promoting their product more and more through the help of social media. Their main strategy is
that they are trying to change the way the people are thinking about the electronic iron and as the
iron glove is also eco friendly so they a are also providing this message to their customers. to
reduce the costly also what they have done is that they have developed the product so that they
can easily be recycled and the new product can be formed from that
Market position – Are you aiming to be a market leader or are you currently a market challenger,
follower or niche?
This type of product can be easily be used by every audience but they are mainly targetting
the travellers and the hotel industry (Givan, Indrawan and Siagian, 2020). As people are
travelling so they need their clothes to be ironed time to time, this product will be a very good
help for the travellers they will be able to save so much time. Another targeted audience is the
hotel industry as they have to provide their customers with the electric iron which many of the
customer were not able to use them. With the help of the Iron Glove they will also be able to
reduce the electric and not only that they will also be able to minimize the accidents that are
being caused by the electric iron.
Refer to Product Life Cycle. Comment upon current position and what will you do to move your
organisation into the next stage?
Like the humans the products are also having their own life cycle and they also perish after
some time. The product life cycle begins from the stage in which the product was designed and it

will go till the product is not useable or till it is been substituted by someone (Frank, Dalenogare
and Ayala, 2019). the product life cycle involves 4 stages and these four stages are as follows:
introduction - this is the stage where the product has been introduced in the market
and in this stage the product which is introduced will hit the market trends. In the stage of the
product introduction the product which is developed by the company will solve the problem that
is currently pertaining in the market. in case with the Iron Glove when they will hit the market
they are going to solve the problems of the market.
growth - the next stage is the stage of growth in which the product after hitting the
market will start to grow, during this stage the main aim of the product will be to to grow and to
capture the market. In this stage the sales of the of the product will grow more and more. In case
with the iron glove they will be increasing their sales day by day and they will be growing in the
market.
maturity - this is the stage where the product will hit the maturity and in this stage
the product will be enjoying the share of whole market and this is the stage where the product
will also be able to maximize their sales(Racz and et. al., 2018). In case with the Iron glove they
will be able to maximizer their sales to the fullest.
decline - In this stage the product will stop its growth an d will start to decline. In
case with the iron glove, their market share will decline and their sale will also decline, it will be
due to the substitution that is available in the market.
What marketing management orientation concept will your organisation adopt? Present analysis;
planning & implementation; and justification
The marketing management orientation concept refers to the process of developing
the product in which the product will be made so that it can fulfil the needs of the customers.
according to this concept the product will be created or it will be develop so that it can satisfy the
needs of the customers. In case with the Iron Glove it is a product which will solve the problems
of the consumer. It will be able to satisfy the consumer with its quality and its price.

TASK 2
2.1 Human Resource Management
The human resource management is that part of the organisation that will be responsible
for the effective and efficient utilisation of all the resources that the organisation is having. the
human resource management will be responsible for managing all the human resource that the
organisation will be having. there are various functions that the HR of the organisation needs to
do, the HR will be responsible for listing and answering the query and the problem of the
employees. as this is a new organisation so they are not having that many of the employees but
they are still having the employees that are needed to fulfil the task(Zahari and Romli, 2019).
The HR will look for all the post that are vacant in the organisation and the HR will recruit more
and more employees who will be able to work more and more effectively and efficiently. As this
is anew organisation so there will be many more vacant post that needs to be filled, but the HR
initially will recruit the employees only for the important post. As this is a new start up and this
is a new idea so the organisation will be needing a well competent marketing staff to carry out
their activities and to promote the product in the market. With the help of the effective
marketing team, IG Tech will be able to sell their products from their initial period.
There are many ways through which the organisation will be able to fill their vacant post
and these ways can be both internal and external ways(Qiu, Qiao and Pardalos, 2019). In the
internal way the organisation will promote or move their existing staff to a different position,
whereas in the external way the management will recruit new members for the vacant post. In the
internal way of filling the vacant post the organisation will be providing the training to the
existing employees so that they can do the work of the different post also, it can be the best way
for the organisation who are having large number of employees .
In case with IG tech they will not be able to promote their employees it is all due to the
fact they are not having that many of the employees that are needed by them. So they have to
choose the external way for recruitment as this will be feasible and this will also help them in
getting new talent and work force. With the help of the external way of recruitment they will be
getting new ideas and new ways of promoting the product as the technique changes from time to
time so it will much easier for them to get the new talent rather than to train the old employees
and promote them. The external way of developing will also be good as they will be able to
reduce the cost of the employment which will reduce the overall cost of the product. The HR

manager will also be providing the training and development program to the existing staff as they
want the existing staff also to cope up with the fresh new talent. With the help of the training and
development program that is provided to the employees, they will be able to use the new and the
latest technology that is out there in the market. They will also be able to learn more and more
about they new and innovative ways to sell their products in the market, as the methods are
changing everyday so the employees will also have to develop themselves so as to cope up with
the fast forwarding world.
As there are various employees working in the organisation and they all have to be
remunerated, for this the HR will have to make sure that the remuneration provided to them is
fair and square all according to the work that they have done(Alawneh and Zhang, 2018). During
their initial period they will be giving the employees only limited salary as they will not be
having that much income to pay all the employees handsomely. During the starting period the
founders must take a pay cut in their salary so that they can use that part of the salary to pay off
the other employees and that they can also use that part for the benefit of the organisation. The
organisation should pay full salary to all the other employees and through this they will be able
to motivate them more and more. they should avoid giving bonuses in their initial day it is all
due to the fact that they will not be having enough capital or enough profit to pay for the bonuses
of all the employees. Also the people working in the junior level must be provided with their full
salary so that they can motivate them like in the Maslow's hierarchy theory they have to first
fulfil their basic needs then they have to move to the upper segment. After the organisation have
earned enough profit then they should be paying them in way through which they will be moving
to the upward stage in the Maslow's theory.
TASK 3- BUSINESS ENVIRONMENT
3.1 Describe and introduce the industry that your organisation will be operating in
 IG Tech is a medium size company with nearby 5000 employees.
 The company is operated in fragmented industry which means it basically deals in small
or medium size industry.
 There are many opportunities and challenges(threats) occur in operating the functions of
this company which is explained below-
Opportunities Challenges

 Selling products in those countries
where the presence of electrical items
are very few in number(Wen, Zhou, and
Yang, 2020).
 Modifying their products with higher
quality but less changes in prices help
them to lead the market.
 High and advanced technology of
Singapore makes their operational work
easy and it also help in increase in
production.
 High prices of raw material is a treat for
company.
 Availability of many substitute goods
impact their business negatively.
 High and fast growth of IT sector
influence their customers to switch to
other companies services.
3.2 PEST Analysis
This analysis measures the external environmental factors which help in making useful
strategies. PEST analysis of IG Tech are explained below-
Political factors- It includes stability of government, tax policy, trade restrictions, tariffs
and etc(Yamin and Alharthi, 2020). Singapore has stable political environment. Companies are
risk free from political interference in Singapore. Corporate tax of Singapore is 17% which is
favourable and less than many other countries. There is no trade restrictions in Singapore for
foreign ownership. Hence, investment in Singapore companies easy. Hence, political factor of
Singapore if favourable for IG Tech.
Economical factors- This factor includes overall economical conditions of a nation.
GDP, inflation rate, interest rate and many others are elements under economical factor. Inflation
rate is 0.5% and interest rate is 0.22% in Singapore which is again favourable condition for IG
Tech to operate its business in Singapore.
Social factors- This factor describes the behaviour of customer of a particular region. It
includes income distribution, age distribution, purchasing power of citizens, their religions and
many others. The citizens of Singapore have high standard of living which indicates that they are
ready to spend their income on increasing their life standards and living enjoyable life.
Purchasing power is high. Hence, this factor is also favourable for IG Tech.
Technological factors- It includes level of innovation, research and development,
automation and etc(Mitra and Karathanasopoulos, 2019). within a nation. Technology of

Singapore is very high and advance. The main reason behind their high standard of living is the
advanced and new technology. The IT infrastructure in Singapore is praise-worthy. Hence, IG
Tech can take the benefit of Singapore technology.
3.3 SWOT Analysis
SWOT is an internal environmental analysis of company which is done to remove
obstacles inside the company. SWOT analysis of IG Tech is explained below-
Strength- effective workforce of the company
help them to achieve the success.
Weakness- raw material for manufacturing
electrical irons are expensive, which results in
high prices of finished goods.
Opportunities- Selling electronic products in
those countries where IT sector is weak is an
good opportunity for company(Bigo, Raj and
Situmeang, 2021) .
Threat- labour cost is too high which in
Singapore which results in contributing a large
proportion of profit sharing goes to labours of
company.
3.4 Porter’s 5 Forces Analysis
Porters 5 forces analysis is useful to determine how much competition is presented in
market and what all strategies is made by a company to handle tough competition. Analysis of
Porters 5 forces of IG tech are explained below-
Threat of new entry- it describe the impact of newly entered company in the market. In
context of IG Tech, they manufacture electrical irons and they operate in Singapore where any
company can easily invest and start their business without any restrictions, and due to this many
companies entered the market and this results in decrease in share of IG Tech. Hence, new entry
of other companies impacts negative on IG Tech.
Bargaining power of buyers- IG Tech gain many customers as this is one of the
trustworthy company in Singapore which provide qualitative products. Hence, this company has
many customers and a good customer loyalty. Therefore, to gain more customers, company must
launch new products and made modifications in their existed products.
Bargaining power of suppliers- this factor consist of number of suppliers and behaviour
like their loyalty, preference and many other things(Al-Da’abseh, Aljawarneh and Shwiyat,
2018). The number of suppliers of representative company is high and they truly trust this

company because they provide good monetary value for their raw materials which helps to gain
supplier loyalty for a longer period of time.
Threat of substitute- This factor describes the availability of substitute goods which has
same features and characteristics of main product. IG Tech has manufactured Electrical iron
which is new product before few years but now at this time many companies manufacture
electrical irons. Hence, this threat availability of substitute goods impact negatively upon
business because their competitors manufacture electrical irons with lower prices then they have.
Competitive rivalry- this factor consist of number of competitors and their strategies in
market (Kumar, Shankar and Aljohani, 2020). IG Tech has many competitors whose having
tough competitive strategies like low prices of similar goods, provide better services and etc.
This is the biggest threat for IG Tech company.
What barriers to entry can your organisation create
IG Tech creates many barriers to other countries and some of them are mentioned below-
 This company has high reputation in market. Therefore, newly entered company has to
face problem of gaining customers on time because the customers of IG Tech are loyal.
 IG Tech hires many experienced and talented employees which perform with their best
efficiency and this creates barrier to new companies because when they entered in
markets, IG Tech management team apply new competitive strategy.
3.5 What competitive strategy will your organisation adopt
Competitive strategy is defined as long term plan for taking benefit of competitive
advantage in markets (Khan and et. al., 2020). Some competitive strategies are explained below-
Cost leadership- In this strategy a firm can lead the market by reducing its cost at the
minimum price in the market. The main reason behind this strategy is to gain customers as much
as possible by reducing cost and increasing overall productivity. In context of IG Tech, they are
generally having high prices because they launch high tech technology which require higher cost
to manufacture. Hence, this results in high prices of finished goods. Hence, IG Tech did not
follow this strategy. It is suggested to company to reduce prices to target more customers having
low incomes.
Differentiation- This strategy states that product should be unique and have some
different features from other similar products. This can be done to to manufacture good quality
of products with good and advance product design. Innovation is required in this strategy. In