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Can you imagine living in a world without your mobile phone, laptop or Wi-Fi? Our lives today revolve around technology. Gadgets and Internet are where we obtain all our information from and where we do most of our work. Not only that, we also use technology to talk to our friends from all over the world, read current affairs and for entertainment. A new poll by the Pew Research Center's Internet and American Life Project reports an interesting fact - that more than half of teenagers' text daily and about a third of those send more than 100 text messages every day (Source: Pew Internet & American Life Project; Credit: NPR)!
In this world governed by technology, gadgets and Internet, we use our gadgets a lot every single day.
There is no surprise that these gadgets eventually run out of power and require charging. Now charging devices may seem like a hassle because one has to carry cables and power banks everywhere they go.
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A small and portable invention that can be charged in advance and that can charge ANY device would be really beneficial. This would be a revolutionary invention that would change the course of usage of devices.
Our product, Charging Hotspot is a Nano-chip. This chip merely needs to be placed in a room and it can detect and charge all wireless electronic devices present in that room, like phones, smart watches, laptops, tablets and Bluetooth devices (speakers, wireless earphones, etc.). It does not however aid in the operation of electronic items like refrigerators, microwave ovens, landline phones, etc because these devices commonly run on constant electricity and not a battery.
The Charging Hotspot should be charged using solar energy before usage.
We offer the Charging Hotspot in two variants:
Name How long it takes to charge fully How long it serves for Price
With our product, it gets easier to charge devices and a chip is a lot more portable to carry anywhere you go! Live the technological age conveniently!
The members of our business are from different nationalities but we are all based in Dubai. Hence, we have chosen UAE as our Home Country and our business will operate from here.
Our Host Country, i.e.- where we produce our product will be China. We have selected China as our host country as we would be able to gain factors of production and raw materials at a low cost and prevent exorbitant costs. This would make us more profitable and will also help us in taking advantage of economies of scale. Our research and development center would also be located in China. A research and development center would be highly beneficial for our business because our product is highly technical in nature and it is also completely new and has never been offered to the market before. We would also be able to keep our selling prices at bay and would be able to offer our consumers greater value and satisfaction. The product would be sold worldwide in all electronic stores and it is also available online on our website www.CHotspot.com. The prices for our product however may vary in different countries as a direct result of different shipping costs.
A strategy is a method by which a business achieves their desired goals and objectives (Teece, 2009). The strategy that we have decided to use in order to internationalize our product is International Strategy. A firm operating with this strategy has a low level of pressure for localization and low level of pressure for costs. Our product cannot be localized for different regions, as it is one universal product. It is the same for every person in every region. The only 2 varieties are the Micro Chip and the Macro Chip. Our pressure for cost is also low. Since, we offer to the market a completely new and unique product that makes lives convenient today, our selling price is not low, but it is definitely fairly priced.
Our pricing strategy is Price Skimming. We launch our product to the market at a higher price but when our product becomes outdated or we are faced with competitors, we would launch updated products. We have decided to start of with Price Skimming to make up for the heavy investment in the research and development of our product. Since our product is highly technical in nature, the research and development costs are high and hence to reimburse those costs into investment, we will begin with a higher market price. This would result in needing fewer units to breakeven. Since our product would be new in the market, we would attract customers with not only our USP but also offering them additional value like providing free Bluetooth speakers, earphones, etc. This would not only give consumers additional incentive to buy our product, but it would also lead to increased customer utility and satisfaction. This would directly lead increased customer loyalty.
HUMAN RESOURCE MANAGEMENT STRATEGY AND APPROACH
The general focus of human resource management for our company is to recruit and employ professional talent for their enterprise, to promote career development for their employees and to determine strategies for extracting efficient performance from their employees. Our HRM department would plan effectively. They would assess the current workforce. Then for recruiting suitable candidates, proper job analysis would be conducted, this would include analysis of tasks that are assigned to every job position, elaborating on their responsibilities, and finding out the qualifications that are vital for that particular job position. The functions of HRM are very vital as they yield and maintain the most important asset of every firm, the employees and human resources. Recruitment involves finding a pool of suitable candidates for a particular job position. Recruitment can be from internal or external sources, we would focus on a balance between both sources as this would bring in fresh and new talent to the organization but it would also motivate employees to work harder for promotion in higher departments. This motivation would keep the employees on their toes and increase their efficiency, which would result in higher overall profits for us. Our selection process would be rigorous to eliminate unfit and unsolicited candidates and to finally employ world-class talent in the firm. Candidates would be selected after reviewing applications; this stage would result in the elimination on 90% of the recruits. Conducting interviews that would consist of a mix of structured and unstructured questions would do further narrowing down of recruits. This would be followed by testing, background checks and finally the selected employee would receive a formal job offer. We would also focus on proper training and development of our employees. This would not only make them more efficient with work but would also promote their career development. Our HRM department would also evaluate and appraise employees. The most important part of HRM is compensating employees fairly and giving them extra benefits. This leads to greater motivation and more loyalty of employees to the organization. This would lead to lower employee turnover. Employee turnover refers to the number or percentage of workers who leave an organization and are replaced by new employees. The HRM approach that our organization would employ would be Geocentric. That is, we would not bother about the nationalities of the people that we employ, we would focus on their skills and qualifications, as that is the key to a successful workforce. This would also lead to a multicultural environment within the organization and greater respect and acceptance for other cultures, nationalities and traditions.
The entry mode we have chosen to develop our international market is Exporting. Our business is new and small and exporting would be ideal as it gives us a strong opportunity to grow internationally and offer our products worldwide. Exporting is the most basic level of international market development and it means that the product is produced domestically and sold worldwide (Kelly and Williams, BUSN11). Also, especially because our business is just starting, Exporting would be perfectly suited as it is a low risk option of entering an international market. It would lead to greater international expansion of our product without a lot of risk. With exporting we can send and ship our product to customers worldwide. This would lead to worldwide acceptance of our product without the risks of franchising, licensing and direct investment. Licensing and franchising would not viable for our company, as we would just be starting out and it would be challenging to find a reputed foreign firm that would be willing to produce and market products under our name. It would also be difficult to form a joint venture in the early stages of our company.
As the world becomes increasingly dependent on technology, we use electronic devices more and more. The need for charging these devices comes as a direct result of this and as we see technology making all other processes convenient, we should without a doubt employ this into charging methods. Our Charging Hotspot promises to make charging easier and hence, use of technology easier.
Business Project Draft 2. (2019, Nov 30). Retrieved from https://studymoose.com/business-project-draft-2-example-essay
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