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Portable Lab Tester: Business Plan Proposal


Executive Summary

The paper is the business plan summary for the offered innovative business model. The business model concept is based on the emerging need in the broad customer segments to lead a healthy life despite the existing pressures and the ever-increasing pace and need for mobility. This need is also explained by the increasing costs of health care at the global level making it unavailable for the growing numbers of people worldwide.

To cover the existing gap and satisfy the demand, this project will offer a business plan of an enterprise producing devices for analysis of solid and liquid food and drinks quality. The proposed working title for the device is “portable lab tester”. The gadget is intended with the dimensions of a standard mobile phone of 5*12 centimeters and it will come in different colors. Its major parts will be the screen demonstrating the testing results, the liquids testing area with dimensions of 1*1 centimeters and round shape for placing the research sample, and the testing stylet for evaluating the solid substances using placing it inside them. The mediums of the device are plastic, glass, metal, and rare chemical substances. The estimated price per device is $29.

As the product intended value is the provision of data helping people to make healthier choices in their lives, it is reasonable to assume this innovative solution will be of interest to customers from broad consumer segments. Market research has indicated a gap in solutions production for testing of food and drink quality. The existing devices are quite uncomfortable, heavy, use outdated technologies, and provide means to test only solid products or liquids in separate.

Business Canvas

Channels

Direct and indirect channels. Direct channels will include the sales force, marketing in the Internet, TV advertising, and thematic publications for the people interested in a healthy lifestyle and striving to find the opportune time for themselves despite the pressures they face. Indirect channels will include partner stores and partner web resources.

Customer relationships

Customer relations are a crucial component for the business stability since the business model implicates selling and serving the gadgets for food and drink quality checking. It is crucial to build high customer trust and brand awareness in the targeted segment of buyers (Goetsch & Davis 2014).

Customer segments

Urban and rural men and women aged between 18 to 75 with income beyond the poverty line. The product is intended for the broad customer segment since its primary goal is to help broad layers of customers stay healthy despite the pressures they may have in life such as lasting business trips and staying away from home for a long time.

Key activities

Key activities include manufacturing, service provision, marketing, and selling the invented device. Production cycle will include the manufacturing of the devices, employee training, and employee motivation. Service provision will include providing maintenance service to repair the sold devices if needed and sell the parts for device maintenance. Marketing will include promoting the product value among the wide masses of people. Sales will incorporate establishing partner relationships with the retail networks to sell the product in a variety of shopping areas, especially the thematic ones dedicated to the solutions for healthy living.

Key resources

Human resources and physical resources. Human resources assume the top-performing professionals in their areas of health and highly technological gadgets manufacturing and marketing. Physical resources include materials, equipment, manufacturing premises, and company offices.

Value proposition

A solution for the problem of food and drink testing for the presence of harmful chemical and biological agents to prevent the hazards of nutrition intoxication and/or being infected. Potential customer personality is a person who is concerned about one’s health and strives to eat healthy but has to stay in constant motion due to a variety of reasons. This person is subjected to the increased hazards of consuming bad quality food and drinks (Aung & Chang 2014). To prevent this risk, the proposed gadget will be implemented to check the food safety.

Cost structure

Fixed costs formed from the manufacturing costs, employee payment, innovation development costs, and company image promotion and branding.

Revenue streams

The revenue stream is formed from two sources which are the gadget sales and revenues gained through gadget maintenance and support services providers.

Business Description

  • Venture Name: ‘GO HEALTHY’.
  • Slogan: Take care of your health even when you are far away from home!
  • Vision: people deserve good health even when life requires staying in motion.
  • Mission: help people make better choices in life to support good health.
  • Location: international business.
  • Geographic reach: internationally.
  • Business concept: the company will produce and market its unique product the innovative gadget entitled ‘GO HEALTHY portable lab tester’.
  • Business model: direct sales.
  • Brief organizational structure: the main headquarters and branches in the countries around the globe market the company product through different channels of sales.

Management Team

  • Management Team & Key Personnel: the head of the manufacturing department, the head of innovation and technical support department, the head of the marketing department, financial director, HR director, and middle-level business administration.
  • Professional Advisors & Independent Contractors: invited business auditor and body of scholars evaluating the effectiveness of the gadget performance.
  • Stakeholders: the inventory team, the suppliers, the marketers, and the sales partners.

Industry and Market Analysis

Introduction of Industry and Market Analysis

The healthcare industry, disease prevention, and health promotion are the growing segments today. People express the growing concern about their health condition and the ever-increasing costs of healthcare services (Aung & Chang 2014). For this reason, they are looking for alternative solutions for preventing additional problems with health. Recent research studies have indicated that the problem of low-quality food and drinks is getting the global problem (Aung & Chang 2014).

Because it is impossible to detect whether food or drinks have harmful agents or infection in them, a growing number of people find it difficult to purchase quality food. This is especially the case for the people who travel to unfamiliar areas, where it is even more complex to determine whether the nutrition products are of sufficient quality because of the local differences (Aung & Chang 2014). The intended innovative device aims at addressing this issue.

Industry analysis via secondary research

The industry analysis via secondary research has demonstrated that other participants of the market have indicated increasing customer demand for the solutions helping to prevent the existing problem of nutrition intoxication (Aung & Chang 2014; Goetsch & Davis 2014). These companies have introduced certain solutions for the problem, but those devices lack portability, are costly, and are oriented only on the evaluation of the quality of liquid or solid products.

Size, growth rate, and sales projections

The market size can be estimated as billions of U.S. dollars and can be compared to the market of blood pressure measuring devices because the innovative tool is intended for the broad layers of the global population.

Distribution Channels

Distribution channels will include the thematic shops selling goods for the health, pharmaceutical networks, and online sales platforms oriented on health promotion products sales.

Entry Strategy

The company will begin at the local market and will then expand to the western market because it is the biggest market with the demand for healthcare solutions, and then, it will enter the remaining markets in the global arena.

Product and Service Development Plan

Overview of products and services

The company will offer its innovative device for control of food quality. Also, the enterprise will provide maintenance service.

Resources, capabilities, and competencies

The company resources include human resources, production facilities, and materials along with the technological solutions and innovative proficiency.

Plan and timeline for prototyping and testing

After the first pilot device is manufactured and tested, three months will pass before the model release into the mass production.

Challenges and risks

The main challenge is product promotion since the device is innovative and the wide public is not informed about its value and potential. Therefore, at least six months will be needed to achieve remarkable marketing results.

Intellectual property

The company will sign intellectual property agreement with the engineers and software programmers participating in the product development to purchase the intellectual property rights.

Reference List

Aung, M & Chang, Y 2014, ‘Traceability in a food supply chain: Safety and quality perspectives’, Food Control, vol. 39, pp. 172-184. Web.

Goetsch, D & Davis, S 2014, Quality management for organizational excellence, Pearson, London. Web.

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IvyPanda. (2020, July 20). Portable Lab Tester: Business Plan. Retrieved from https://ivypanda.com/essays/portable-lab-tester-business-plan/

Work Cited

"Portable Lab Tester: Business Plan." IvyPanda, 20 July 2020, ivypanda.com/essays/portable-lab-tester-business-plan/.

1. IvyPanda. "Portable Lab Tester: Business Plan." July 20, 2020. https://ivypanda.com/essays/portable-lab-tester-business-plan/.


Bibliography


IvyPanda. "Portable Lab Tester: Business Plan." July 20, 2020. https://ivypanda.com/essays/portable-lab-tester-business-plan/.

References

IvyPanda. 2020. "Portable Lab Tester: Business Plan." July 20, 2020. https://ivypanda.com/essays/portable-lab-tester-business-plan/.

References

IvyPanda. (2020) 'Portable Lab Tester: Business Plan'. 20 July.

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