Anglia Ruskin University - KiddoWatch Business Development Proposal

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AI Summary
This business development proposal outlines the launch of "KiddoWatch," a GPS-enabled watch designed for children in Malta. The proposal details market feasibility, targeting working parents seeking to monitor their children's safety. It covers product features, marketing strategies, and financial projections, including break-even analysis, ROI, and risk assessment. The report includes a comprehensive business model canvas, PESTLE and Porter's Five Forces analysis, and a detailed business plan with project timelines and financial forecasts. The proposal highlights the unique value proposition of the product, addressing a market need for child safety solutions and presenting a viable business opportunity with potential for success in the growing smart watch segment. This project aims to provide parents with peace of mind through real-time tracking and safety features, positioning KiddoWatch as a valuable solution in the Maltese market.
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Anglia Ruskin University
LM0038KEAKEA1017
Ulker Begum Ishchy
MBA Full –Time
Final Project
Business Development Proposal
(Kiddo Watch)
Dr. Robert Suban
31/01/2019
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Executive Summary
This business development proposal encompasses a proposed idea of opening up a new
business of kid’s GPS-enabled watches in the electronics sector of Malta. The report contains
the details of the market feasibility analysis, the business model, marketing strategies and an
array of other policies that have reflected opportunities of growth, success and profitability of
the business. The name of the business is coined “KiddoWatch” which will manufacture and
sale the highly advanced and unique GPS-enabled watches for the children such that their
parents are able to track them all the time. The idea is to provide the working parents
facilities of monitoring their children when they are away in their workplace. The parents
would be able to track the movements of their children and would also be able to take
precautionary and active measures in times of emergency. This watch will be manufactured
with high quality ingredients so as to take care of the tender skin of the children. The watch
will also be able to track the footsteps and pulse rate of the children and the information will
be notified to the synchronized smart device application. The parents could download a
mobile application and install them in their smart phones or any other Android and iOS
enabled smart devices. The analysis of the contextual factors in Malta has shown positive
prospects for the business to achieve fruition. The watch will be exclusively for the children
and the company wants to target working parents of Malta. There will be different channels
of distribution to reach the products to the target customers. The company is going to provide
unique features to the target customers and hence, it is quite feasible for the company to gain
success. The market and the industry have ample potentials for a startup like KiddoWatch.
The smart watch segment of Malta market and industry is growing and there is scope to
revolutionize. The proposal is quite feasible and it is expected that the company will be able
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to make money with its highly differentiated and unique deliverable. The report has entailed
an effective feasibility analysis along with intricate analysis of the vital areas which have
indicated the potential success of the business proposal.
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Table of Contents
Executive Summary...................................................................................................................2
1 Chapter 1: Introduction ...................................................................................................10
1.1 Rationale....................................................................................................................10
1.2 Design and structure of the report.............................................................................11
1.3 Relevant models and Information Sources Used.......................................................12
1.4 Assumptions..............................................................................................................12
1.5 Timescale for achievement........................................................................................13
2 Chapter 2: The Business Concept....................................................................................14
2.1 Products and services................................................................................................14
2.2 Target Market............................................................................................................14
2.2.1 Market Segmentation.........................................................................................14
2.2.2 Positioning..........................................................................................................15
2.3 Value Added..............................................................................................................16
2.4 Specific Features.......................................................................................................16
2.5 Involved Entities........................................................................................................16
2.6 Window of Opportunity............................................................................................16
3 Chapter 3: Feasibility Research.......................................................................................18
3.1 Feasibility Research Plan..........................................................................................18
3.2 Research Methodology..............................................................................................19
3.2.1 Secondary Research...........................................................................................19
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3.2.2 Data Collection...................................................................................................19
3.2.3 Data Analysis.....................................................................................................20
3.3 5 Key Areas of Feasibility Research.........................................................................20
3.3.1 Industry..............................................................................................................31
3.3.2 Market................................................................................................................33
3.3.3 Organizational....................................................................................................37
3.3.4 Financial.............................................................................................................38
3.3.5 Breakeven Analysis............................................................................................39
3.3.6 Return on Investment and Profit Margin...........................................................40
3.4 Results of the Research in terms of Ambition Vs Ability.........................................41
4 Chapter 4: The Business Model.......................................................................................42
4.1 Introduction to Business Model.................................................................................42
4.2 The Core Strategy......................................................................................................43
4.3 Business Model Canvas revise title of section Business...........................................43
4.3.1 Value Proposition...............................................................................................45
4.3.2 Customer Segmentation.....................................................................................46
4.3.3 Channel..............................................................................................................47
4.3.4 Customer Relationship.......................................................................................48
4.3.5 Revenue Stream.................................................................................................49
4.3.6 Key Activities.....................................................................................................50
4.3.7 Key Resources....................................................................................................51
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4.3.8 Key Partners.......................................................................................................51
4.3.9 Cost Structure.....................................................................................................52
5 Chapter 5: The Business Plan..........................................................................................53
5.1 The Watch Industry in Malta.....................................................................................53
5.2 Project Planning and Development Stages................................................................54
5.3 Product Design..........................................................................................................56
5.4 Marketing Plan..........................................................................................................57
5.4.1 Retail Outlet Marketing Strategies.....................................................................57
5.4.2 Online Marketing Strategies..............................................................................58
5.5 Management Structure...............................................................................................58
5.6 Operating Process......................................................................................................59
5.7 Financial Plan............................................................................................................60
5.7.1 Start-up Cost.......................................................................................................60
5.7.2 Projected Profit & Loss......................................................................................61
5.7.3 Projected Cash Flow..........................................................................................63
5.8 Critical Success Factors.............................................................................................65
5.9 Risk analysis with risk matrix – impact/probability..................................................65
5.10 Exit Strategy..........................................................................................................69
5.11 Viability.................................................................................................................69
6 Reference list....................................................................................................................71
7 Appendix..........................................................................................................................75
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List of Acronyms & Abbreviations:
GPS- Global Positioning System
PESTLE- Political, Economic, Social, Technological, Legal, Environmental
iOS- iPhone Operating System
UK- The United Kingdom
US- The United States of America
CEO- Chief Executive Officer
CFO- Chief Financial Officer
MDC- Malta Development Corporation
ROI- Return on Investment
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List of Tables:
Table 1: Breakeven Analysis……………………………………………………………….35
Table 2: Business Model Canvas…………………………………………………………...39
Table 3: Project Planning Timeline………………………………………………………..49
Table 4: Project Development Timeline…………………………………………………...50
Table 5: Start-up Cost………………………………………………………………………56
Table 6: Projected Profit & Loss…………………………………………………………..57
Table 7: Projected Balance Sheet………………………………………………………….58
Table 8: Projected Cash Flow……………………………………………………………..59
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List of Figures:
Fig. 1: Research Plan ...…………………………………………………………………… 15
Fig. 2: Interest of people in Smart Gadgets from 2004-2018……………………………. 29
Fig. 3:Porter’s Five Forces Analysis…………………………………………………….....30
Fig. 4: Product Design for KiddoWatch…………………………………………………...52
Fig. 5: Proposed Management Structure for KiddoWatch………………………………54
Fig. 6: Proposed Operating Process of KiddoWatch……………………………………..55
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1 Chapter 1: Introduction
The business development proposal has been formulated with the aim of constructing a
blueprint for the concept of new business that will manufacture and sell GPS enabled wrist
watch for children. The business concept is a unique one where the GPS enabled watches will
be manufactured for the children. This business opportunity has been selected because of its
uniqueness and potential abilities to revolutionize the market with its uniqueness and
innovative concept (Amit & Zott, 2010). The business development plan has been developed
with the aim of providing important insights to the areas which are very significant for the
business. The business idea is related to the manufacturing and selling of GPS enabled wrist
watches for children. The idea is to come up with GPS enabled wrist watch which the
children will be wearing comfortably. The software of the watch will enable the parents of
the children to have a close monitor on the movements of the children (Advameg, Inc., 2018).
It is mainly for working parents who have to stay away from their children during their
working hours. There will be a mobile application which can be easily installed in smart
devices with Android, Microsoft Windows or iOS. The application will provide real-time
updates of their children’s locations. This watch will help the parents to track their children
and will also be helpful to prevent any unfortunate events with the children to take place.
This is a new business idea in Malta. The working parents will be highly benefited with the
watches. It is quite unique as it is an innovative watch with multi-purpose features only for
the children. The watches will be attractive so that the children will love to wear them, and it
will be safe to use (Camilleri, 2017).
1.1 Rationale
The GPS enabled wrist watch is not a unique concept in the modern time but when it will be
exclusive for the children along with the software for their parents will definitely be a unique
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and innovative business idea (Advameg, Inc., 2018). The company is going to launch this
luxury watch for its target customers in the market of Malta (HUANG, LAI, & KAO, 2014).
It is expected that the company will be able to achieve competitive advantages in the market
as it is introducing a unique concept of watch exclusive for the children, which will be of
great help to the working parents or guardians to have a track on the children from any
location (Intercomp, 2018).
1.2 Design and structure of the report
In this report there are mainly four chapters which are briefly discussed in the following:
Description of Business concept (Chapter 2): This is one of the most vital sections
of the report where the analysis and discussion on product and services, target market,
positioning, value-addition, specific features, involved entities and window of
opportunities.
Feasibility research (Chapter 3): This is another important segment where primary
and secondary data needs have been discussed. This section entails the analysis of the
research methodologies. The five major areas of feasibility research on product and
service, industry, market, organizational and financial aspects have been covered in
this report.
Development of the business model (Chapter 4): The business model for this
business concept has been discussed. The core strategy which the business model will
include has been discussed. This section also includes the discussion on the
competitive advantages, sustainability resource needs, essential networks and
partnerships, ways of value addition and the summary of the business model canvas
has been provided to highlight the suitability of the model with the business idea.
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