Rephrase Business Plan

– Rephrase the attached Business plan. – the currency must be changed from USD to OMR. – include 6 references in CU Harvard Style.
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Executive summary
The business considers recycling the waste electronic devices (in this case, a waste computers
and mobile phones) to be sold later as refurbished. The company will recycle damaged
computers and mobile phones with an aim to resell them to the market. Hence the company
will be called the called Electronic Recycling L.L.C (ER Company). The business at first
targets the people who live in Muscat governorate and the surrounding places; in the long run
the market will go to as far as to the Arabian Gulf.
The company would wish to go further and refurbish more electronics such as laptops, and
smartphone to have a wider field. The business requires $ 15 million. The business projects
net income as follows:
Year 1- $ 450 million
Year 2- $ 700 million and
Year 3- $ 900 million
Introduction
The proposed ER business company shall be located in the city of Muscat, Oman. The main
aim of this business is to curb disastrous environmental hazards resulting from waste
electronic devices; particularly computers and mobile devices. The company will collect
these waste with an aim of refurbishing them into new operating electronics to be resold to
the market. The proposed business requires a minimum amount of USD. $ 15 million. This is
what the owner needs to invest. However, other additional funds are expected from potential
investors as well as loans from financial institutions. Loans used will comprise long term
(Debentures- payable from 3-5) years as well as short term (payable for 6-to-12) months. The
vision of the company is to see reduction in electronic pollution of Oman in the short-run and
the global village in the long-run. The mission of the business is to improve the lives of each
and every citizen of Oman, improve their standards of life and reduce potential hazards to
their environment from waste electronics.
Business Goals and Objectives
The company’s objectives are both the short term as well as the long term objectives.
Short-term business objectives
I.
Approach government sectors and contract them to recycle their waste electronic
devices.
II.
For the first 3 years the company will try and reach the market in the area of Muscat
governorate and the surrounding areas.
Mid-term Business Objectives
I.
From the 3rd to the 7th year, the company will try and serve the market further to the
entire Sultanate of Oman.
Long-term Business Objectives
•
The company will try and cover more area of the market. it will market the company
further to the Arabian Gulf which includes (United Arab Emirates, Saudi Arabia
Kingdome, Bahrain, Kuwait State, Qatar State). This will happen in the 7th year and
above the 10th year.
•
Another goal of this company is to make sure environmental pollution is reduced
significantly by the project.
Marketing Plan
Product
Our product will be the refurbished waste electronic and computers devices. The product will
be a consumer-end product. The product will be much beneficial since it will be cheaper than
the existing new computers. The use of these computers won’t be difficult since the use
won’t be changed. The computers and mobile devices will be unique in the sense they will be
made into new models that appeals the customer; such as new colors. There will be no cost of
teaching the market hour to use the product since they already have the knowledge of using
them. The cost of producing these products is also lower than producing new electronic
devices. The company will use efforts to recycle the waste devices.
Unique Selling Proposition
The refurbished computers and mobile products will be sold to the market by use of
wholesalers as well as retailers. The business will set up several wholesale branches where
retailers will access the products from.
The company shall reach to small traders through marketing to pass information regarding the
products. The wholesale shops shall be wholly owned by the company. this is where retailers
will access the products at some discounted prices.
Customers will have the advantage of a doorstep-delivery. The company will offer delivery
to customers who won’t be in a position to reach our outlets. The customer may also buy
from our wholesale shops or the retail ones.
This accessibility and delivery will make the customer to prefer our products and increase
loyalty. The company will ensure the products that are let into the market are of great quality
so as to earn trust from the customers.
The products will have a longer durability than newly produced electronics. The aspect of
price will be more looked into. The prices of these electronics will be slightly lower than the
existing prices to ensure the customers chose us.
The prices will not be firmly fixed, there will be a room for bargaining in order to win the
customers. The margin of bargained price and the real price will be low to ensure profitability.
From the current market, electronic customers tend to look into durability, availability of
spare parts, delivery, aftersales service before purchasing any electronic device (McIvor &
Humphreys, 2000).
The company will produce more durable products that will appeal to consumers. the duration
of products warranty is also a major factor in consumers’ decision in purchasing these
electronics; the company will try to increase this duration in order to increase customer
satisfaction. The company will also try to avail spare parts in order to cater for any
breakdowns of the products.
The company will further go ahead and offer free after sales services such as delivery and
repair of devices in case the device’s warranty period is in existence. Motivating our customers
will be a big boost to our sales.
This will be done in terms of offers; for instance, during holidays or even during specified
product promotion campaigns organized by the marketing department. As the business
grows, we shall enquire from the customers themselves why they prefer our products. We
shall also visit our competitors and try to ‘’shop’’ from them.
It is in their shops that we shall also ask their customers of why they prefer the electronics
and the what appeals to them; from this we shall know how to motivate our customers’
decision to buy. After a certain period of selling, we would offer a questionnaire to the
customers and request them to rate our electronics.
Cost per item
The business will incur one type of cost. These are as follows:
Variable product cost- (Buying cost)- the company will have to purchase waste electronic devices
from various sources such as the government; therefore, this will be one of the cost. This cost will
be variable from one source to another. This is estimated not to exceed $250.00.
Estimated number of customers available
Based on statistics provided by National Center for Statistics and Information (NCSI), the
whole population in Sultanate of Oman is about 4,608,835. In Muscat governorate, the
population is about 1,190,000. Hence, the estimate customers for the ER company is about
1000 clients’ monthly, around 12,000 in one year approximately. This estimate is taken the
amount of 1% percentage from the population of Muscat. (Oman Population, 2016)
To be more accurate there is an equation which is used in a marketing assessment, will
estimate the number of customers that is wanted to be reached by the ER company.
Market volume = Number of target customers * Penetration rate
The population of Muscat has a population of 800,000. The surrounding areas are populated
as below:
Seeb-240,000.
Bawshar-165,000.
Therefore, the total number of target customers = 800,000+240,000+165,000
= 1,205,000.
We shall assume a penetration rate of 80%. This is because nowadays it is very difficult for a
company to operate without computers as well as the internet. The use of mobile devices for
communication has also proved essential to everyone in the day-to-day life. The use of
computer is even further more usable to the young generation in their studies as well as for
research.
Market volume = 1,205,000*80%
= 964,000.
Target customers
The company will target customers based on the following characteristics:
a) Age- for sure the products of the company will be sold to an adult; this is a person
who has attained 18 years of age. These are the persons who are legally responsible
for any financial obligations. This is according to the law.
b) Sex- the gender of the customer doesn’t matter since both male and female can use
the electronic devices. The company cannot limit its sales to any gender.
c) Income bracket- the electronic devices will of course range from those with higher
values up to those with lower values. This will cater for any income disparities among
the population.
d) The buying behavior of customers- there are people who don’t like spending too
much. We will ensure they don’t worry to their finances by providing cheaper
electronics which will enable them to save after purchasing.
e) Perceived value of the proposed product/service to the customer. As the company
recycles the electronic devices, more upgrades will be done to them. This upgrades
shall tend the customer to perceive more value of the product. The service of the
electronics shall be excellent. In fact, after the purchase, customers would feel that the
price of the products matches the value of their money. The aim of the business is to
create a perceived balance of the product and the value of the customer’s money.
f) Perceived customer’s preference for the product over that of competitors- the
company don’t have competitors currently in the proposed market.
Competitors
There are many electronic recycling companies in GGC. These are as follows:
•
Micro-LAN- to the proposed business relief, this company is operating on the line
of mobile devices, thereby having a potential to the sale of computers.
•
3M- this portrays a real competition. It actually refurbishes all electronic devices.
Improved quality and accessibility strategies will be employed in order to
compete for the market.
Analysis of the external environment
SocialThe people of Oman are mainly lined in a linguistic affiliation of Arab (Rajab & Patton, 2000).
The company will try to engage employees from this region so as to fight any language barrier.
A large percentage of Omanis reside from the rural areas; for this reason, many retail shops
shall be spread to these areas in order to reach more customers. However, the many others
who live in towns also do have land and property in the countryside.
This is a major boost to the business since after they purchase and have a taste of our
electronics, there is a high chance of them to market the products when they visit the
countryside.
This will boost information transfer. Oman has education to tertiary level; that is university.
This shows part of the population is learned and therefore it won’t be the first time to use
electronics.
PoliticalOman is a type of monarchy; it is a sultanate. Sultan Qaboos is the head of the government
and the state. There is the charge of the Royal Oman Police who maintain order, traffic,
firefighting as well as immigration. This shows that laws are respected in our market. This
will be a benefit to the business as it will be secure from crimes. In fact, disobedience to the
civil law is unknown in Oman.
Environmental and ecologicalThis business opts to reduce the large amount of hazardous and waste electronics that are
discarded as trash. This has been happening since consumers have been replacing these
devices for at least three times a year as they eagerly look for a better electronic. This will
improve the environment of the land of Oman.
Recycling these devices will avoid the raw materials inside them (which are toxic chemicals)
from spoiling the ground, water and food supply; this has been the case for decades. If these
devices were longer lasting, this effect could be reduced.
The company looks forward to curb this by recycling them into more durable devices.
Electronic addiction is into our radar.
The use of these devices has proved to actually addict, not only the youth but even the adults.
The company foresees to educate the customers on better usage of the devices to their
benefits. This may be done through consumer education or through the manuals in the
devices’ packages.
Ecological relationships to the surroundings have actually broken down due to this addiction.
People have valued electronic interaction more over actual face-to-face interaction.
Technological
Actually recycling these devices will improve use of technology in Oman. Research will be
improved due to more use of computers as well as the mobile devices.
This technology will also improve the education system of Oman. People will be able to
access these devices cheaper than it is right now. This will improve their social welfare.
Legal
The business will of course follow the law of Oman. This includes legal registration and
running of the business. The business has no intention to engage into unlawful activities. The
main aim of this business is to improve the lives of Oman at large and working in accordance
to their laws will be of good will.
Industry
The business will fall in the industry of Electronics in Oman. Specifically, this will be the
Consumer Electronics. These are products of daily use.
Nowadays mobile devices as well as computers are used in daily life for the purpose of
running businesses, communication as well as even for entertainment purposes.
The business will lie in the sector of Technology and industrialization. This is because
electronics are viewed as technological devices. This will lead to more industrialization.
Increase in computers will therefore increase the growth of technology in the region.
The Micro market
The business will employ the use of micro markets to reduce the costs of employing many
employees since they are unattended. However, these will be mainly located in the towns for
ease of monitoring and for security reasons.
These micro markets will be characterized by use of pressure-sensitive shelves to record if a
deice is taken off from them. Use of micro markets will increase the target customers. The
devices will even have a higher price point leading to higher profit in various locations.
Micro markets will increase accessibility of the devices by the consumer without requiring
them to visit the larger stores or even the company itself. Use of micro markets will leverage
technology by installing a system which will use cashless sales method.
This will provide the business with even information on what and when to increase stock and
marketing opportunities.
Promotion
Method
Newspaper
Online-Website
Social Media
DiscountedPrices.
Outdoorand
Transit
Free
Samples/Branded
Gifts
Type of
advertising/promotion
These will include
Oman Daily Observer
and the Muscat Daily
The company will open
a website in which the
products will be
advertised.
Use of all social media
accounts. The company
will open accounts in
all the social media.
Measure of success
Budget
Number of customers who
access the newspaper and
turn up for purchase
Number of customers who
visit the website and turn
up for the product
purchase.
Number of customers
contacted by social media
account and actually
Purchases the devices.
$300.00 per
copy
Offer a discount either
in % or $.
Number of customers who
come after a certain period
of discounted price.
No budget
Number of customers who
come and enquire the
product on the basis they
saw it on the billboard.
$90,000.00
(this is the
whole price
of the
billboards
for the next
3 years in
the whole
town of
Muscat.
Billboards by the road
and signs or even
posters. This will reach
a lot of people who go
to work or use the
roads.
Gives potential buyers
a chance to test the
product thereby
enticing more to buy.
$15,000.00
$40,000.00
Number of customers who
buy the devices after a free $50,000.00
sample.
Promotion and Revenues, Return and Reach.
The above advertising and promotion strategies will have great contribution to the
achievements of first revenues, return as well as reach:
? Newspaper-?
?
The business will be new and a newspaper will actually help to establish the products
to the potential customers. This first awareness will therefore create the first
customers who will purchase the electronics in Muscat. The more people the advert
reaches, the more likely sales the business is likely to make. This will generate
revenues and returns thereby fulfilling one of our goals of income and an aim to reach
many consumers as possible in Oman.
?
?
? Online-?
?
This is a case where our target consumers are those who access the internet. Many
people nowadays tend to trust the internet so much. In their daily online activities,
they are likely to find the business advert. This will increase the electronics
information to them. They may decide to try and buy them. This will create sales
thereby driving revenues to the business. Our quench to reach more customers will be
satisfied in a way.
?
?
? Social media-?
?
This has proved very efficient of late. Many people are in the use of social media in
communication (Heymann-Reder, 2012). It is very efficient to even answer customer
questions via the social media platforms; clarification of electronics to consumers can
increase their desire to buy from the business.
This will amount to huge sales since most potential customers are in these platforms.
This will also increase the percentage of reached customers.
? Discounted Prices-?
?
This is the most effective to sway customers to the business. It is mostly likely that once
consumers purchase the discounted electronics at some point; they will come back and
bring along their friends as they tend to trust the products (Stremersch & Tellis, 2002).
This will in time lead to a growth in sales, revenue and an increased share of the market.
?
?
? Outdoor and transit-?
?
If a customer sees a billboard daily on their day-to day activities; it is highly likely for
them to think of the business when they think of buying an electronic. They will
therefore pay you a visit for purchases.
?
?
? Free samples/Branded Gifts-?
?
This a major boost of creating customers. Everyone loves freebie which entices them to
buy the product. Customers would really love to have a chance to use and test electronics
for free. They will there likely buy and attract more customers. Furthermore, another
alternative is to create some useful branded gifts to offer them during a purchase. This
will lead to customers’ loyalty, which is a dream of the business.
Production Plan
The following describes how the electronic devices shall be refurbished.
Description of transformation and technical feasibility
•
The company will first collect all damaged and used electronic devices to a
warehouse; computers and mobile devices, to the refurbishing plant. They will be first
cleansed of dirt and rust.
•
The devices would then be mended and corrected of their defects. This will be done
by professional electronic technicians employed by the business.
•
Use of machines and equipment will be employed at this stage. They will be molded
in different models to extinguish them from previous brands.
•
The refurbished devices will be newly branded with the company’s logo for sale.
•
The devices will be tested of any persevering defects and returned to the technicians
in case of failure.
•
They will then be transported to another warehouse ready for packaging and for
distribution
•
The devices will be well packed ready for shipment to the stores as well as to the
micro markets.
Required inputs
Description
Pieces of electronic waste computers and
mobile devices
Metal-this include copper, lead, magnesium,
silicon, Platinum, gold and zinc.
Gorilla Glass will be used
Plastic
Hard disks- these will be bought in bulk
Produ …
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