Transcript I toilet
iToilet Ally Atkeson, Daisy Joseph, Irina Leonchik & Stefani Azar Business Plan Business Plan: To partner with Apple - one of the largest and most successful companies in the technology world. Our goal is for them to help us get our product desired and distributed all across the world through advertisements, word of mouth, and promoting it through their website. Type of Business Type of Business: Partnership We will be a partnership company so all of us have equal power and say in our company, as well as our equal partnership with Apple Why a partnership? We chose a partnership because we believe our product is a need and will benefit from it. Having equality in ownership leaves us with more time to improve and sell our product as opposed to fighting over company issues of inequality Market, Industry & Competition Analysis ❖ Already existing competition: Oligopoly (Kohler, Toto, Mansfield, American Standard Companies) ❖ Needed to get started: -Loans -Employees -Advertisement Market, Industry & Competition Analysis Continued Why our product is the best in the market: ❖ ❖ ❖ ❖ ❖ ❖ ❖ Plays music Warms seat Charges phone App to flush and control Partnership with Apple Amazing quality for an affordable price Comes in many colors Financing Product price: $299.99 If product is in great demand, the price will increase. Production cost: $100.99 Profit from each iToliet: $199.00 Short-term finances: Sponsors and people who are willing to invest money in our business plan. Intermediate-term financing: Taking out a small business loan ranging from 5K to 150K. Long-term financing: The company Apple will be be able to loan us money if needed. Finances Needed to Start Business Office Space: $5,000 Expenses: $5,000 Start up Expenses: $5,000 Employees: $15,000 Equipment/Supplies : $20,000 Production Materials: $25,000 Product Designer: $3,000 Additional/Promotion Expenses: $5,000 Total Cost : $ 83,000 Average Daily Revenue: $ 8,999.99 (Beginning amount). Marketing, Advertising & Product Distribution ❖ How will you reach your customers and your sales goal? We will be test marketing, and want to make our product known all across the world and in order to do so partnering with Apple would be our best shot in getting our product out on the market. We also want to keep it at a price that most people could afford. ❖ Marketing Mix In order to advertise our product, we will collaborate with Apple for them to include an advertisement on their website that has information all about the iToilet. Another way we will advertise our product is through commercials on television and through public channels to begin with. The last way we would advertise is by flyer. By spreading flyers and handing them out to people, we will get our product spread directly from person to person. Marketing, Advertising & Product Distribution Continued ❖ Product/Service The iToilet will provide a convenient and useful way for people to charge their phone and enjoy iTunes music at the same time. We want to ensure that our customers have the best experience with our product. If they aren’t satisfied with the product we will give them a full refund with no hassle. We will also offer our services of installing the product in the consumers home. ❖ Price Our product will cost $299.99 to start. Once demand increases we will raise the price to $349.99. If demand doesn’t increase after 6 months, we will cut down the price to $249.99. If the product still doesn’t have an increase in demand, our back up plan is to sell 100% of our company to Apple with a $20.00 royalty to us for each toilet sold. Marketing, Advertising & Product Distribution Continued ❖ Promotion(s) Since our product is newly launching into the world of technology, especially with one of the most popular technological producers, we will give a $25.00 discount to those who complete a customer service survey on Apple’s website after they purchase the product. They just have to bring in their ticket of authenticity that they print. Operation How we will be set up: our own store, Apple stores & online through our store or Apple Employees & Info: we will be ran by ourselves & our partnership with Apple. We will also hire a manufacturer and employees to work in our store. We will pay them more than minimum and have competitive benefits. We will also manage all of our own finances Hours, etc: 24/7/365 online, in store Monday-Friday 9-6, Saturday 8-10 and Sunday 10-6. We accept cash, check or card Operation Continued Pitfalls: The older population may not understand or want this product, but we believe since we will be targeting a younger market, that this product will succeed. If we do face any pitfalls, we will have help from our partners, Apple. What we are asking for: We are asking for $100,000 in exchange for 10% of our company. We need this money in order to expand and manufacture. Apple is nice enough to help take care of our advertisements.