Smart Bracelet Business Plan

Executive Summary1

Objectives2

To Develop Highly Creative Smart Bracelets2

Generate a Substantial Amount of Revenues2

Provide Safe and Secured Accessory to Enhance the Means of Safety3

Bring Awareness about the Need ofSmart Bracelets3

Mission3

Keys to Success4

Attention4

Financial Controls4

Consumers' Responses4

Potential Consumers4

Competitors5

Introduction5

Company Summary5

Smartphone5

Market analysis6

Market Segmentation6

Target Market Strategy7

Industry Analysis7

Competition and Buying Patterns8

SWOT Analysis9

Strengths9

User friendly9

Fashionable9

Connecting People10

Not Expensive10

Customization10

Customer Care Centers10

Weaknesses11

Intrusion11

Identification11

Dependency on Wi-Fi11

Threats12

Misuse12

Mobile Snatching12

Network Failure12

Opportunity12

Smart Phones12

Old Adults13

Criminal's Track13

Pestle Analysis13

Political13

Change in Government Policies13

Government Terms of Negotiation14

Trading Policies14

Combating Monopolies in the Sector14

Funding, Allowances and Subsidiaries15

Economic15

Trends in the Market15

Foreign Economic Settings and Trends16

Broad-Spectrum Taxation16

Seasonal Trends16

Industrial Decisive Factors17

Distribution Channels17

Interest Rate17

Exchange Rate18

International Monetary Concerns18

Social18

Changing Lifestyle Patterns in the Market18

Diversity Impact (Demographics, Psychographics, Ethnographic)19

Consumer Buying Behavior19

Impact of Word Of Mouth19

Media Portrayals20

Law Alteration Which Have Direct or Indirect Effects on the Social20

Public Image of the Company20

Positive/ Negative Publicity20

Technological21

Technological Progression21

Competitors' Technology Development21

R&D Budgeting21

Capacity to Adjust22

Legal Concerns on Technology22

Incessant Innovation22

Issues on Licensing, Patents and Intellectual Property23

Global Communication23

Legal23

Compliance with Current Legalities23

Future Perspectives23

Regulatory Entities and Procedures24

Terms and Conditions of Partnership24

Environmental Legalities24

General Awareness of Environmental Concerns24

Political Drift24

Issue of Terrorism25

Buying Behavior25

Emphasis on Corporate Social Aspects25

Action Plan26

Competitive Edge26

Marketing Strategy26

7 Ps27

Product27

Price27

Promotion27

Place28

Packaging28

Positioning28

People29

Promotional Strategy29

Contest29

Social Media29

Mail Order Marketing29

Point-of-Sale Promotion30

Customer Referral Incentive Program30

Customer Appreciation Events30

After-Sale Customer Surveys30

Mass Media Promotion31

Price / Money Related Communications31

Public Relations31

One To One Communication with a Potential Buyer31

Direct Marketing31

Digital Marketing31

Sales Strategy31

Sales Forecast32

Web Plan32

Web Marketing Strategy32

Development Requirements33

Milestones33

Completion of Business Plan33

Completion of the First Prototype34

First Sample Production Run34

Monthly Sales over $10,00034

Evaluating Profitability and Revenue34

Operations Strategy35

Financial Plan35

Break-even Analysis36

References37

Appendices40

Executive Summary

Innovative Evolution Incorporation is a company in U.S. who is producing exciting and creative solution to their consumers. It is not a particularly old company but striving to create and maintain its rapport in the market. Here, the consumers are parents and school hostels who want to keep updated information about their children's where about. The company has already produced many products providing various solutions to many societal problems. They have developed a line of educational tools for children that are fun and engaging. The company has been founded by the two partners Derrick Smith and John Mark. It will be profitable by the end of year one and will have a steep increase in sales for the first several years. The company has to face a lot of competition in the market, since there are numerous brands already serving the for the safety purpose of the people. It will first introduce the prototype of Smart Bracelet in the market and collect maximum responses and feedbacks from the consumers. In the later years, it has plans to step in international markets.

The product renders a solution to guardians who are always worried about their kids. In today's world when we are mostly at the threat of violence and terrorism, parents and guardians have to keep a close eye on their children. This new product 'smart bracelet' works as a tracker. It is simple and fancy which can suit to the liking appearance of boys and girls. It has a link to their parents' smart phones. It automatically passes on the information to their parents' smart phones to confirm the location of their children. The bracelet gives a creative way out to keep guardians ...