Evaluating the Opportunity - Case Study Example

Evaluating the Opportunity Name: Institution: Instructor: Date: Introduction The ongoing evolution of mobile technology has intensified the portable consumer electronics devices from unpretentious communication tools, into important devices for global productivity, entertainment, and socialization. As laptops, tablets and smartphones devices for communication and other purposes have increased their usability, power and utility parameters, these tools also call for a more battery power to support their operations. Within an extremely short period, the global application and usage of cell phones have increased significantly. The mobile phone subscription rate at a global scale is estimated to be 7 billion, and the daily usage of mobile technologies among citizens and businesses calls for a need for recharge in exigent situations thus generating a lucrative fiscal opportunity and customer base (Castells, Fernandez-Ardevol, Qiu, and Sey 2009). As innovations and improvement in technology are witnessed on a daily basis, smartphones have become an integral part of daily human activities in that they have become among the most commonly used products by people across the globe. These smartphones are powered by chargeable batteries. Thus among the key features consumers in this technological market consider is the battery life while making a decision of whether or not to purchase the device. As society demands for alternative means of charging their cell phone devices without an outlet and cords, technology improvement has made it easier for alternatives ways to be developed to ensure that the time within which a battery would remain with some power to last longer is possible. In recent years, energy harvesters have turned out to be lucrative venture possibly because of their capability to minimize power consumption from the grid and the convenience of charging it comes along the way with that can be done without the help of a cord (Castells, Fernandez-Ardevol, Qiu, and Sey 2009). With the current buyers and users of smartphones citing the longevity of battery among the most essential feature they consider while purchasing new smartphones, manufacturers of mobile devices are developing possible ways and means of extending and improving battery life. Recent research done on the same indicates that the most logical methods to resolve the challenges around battery longevity can be achieved if the power of the battery is managed better, and efficient and effective electronic features and standardization of power measurement techniques to do with battery life are employed. This measure needs to be coupled with an alternative means for recharge of the mobile phone devices when required (Boysen and Vaughan, Sol Cuff Technologies, LLC 2014). Energie Boost Company Competitive Edge Energie Boost Company aims to at differentiating itself from rival firms in the market by manufacturing the product line of mobile phone wristband charger that is simple to use and with a self-contained external battery charging technology that operates without the necessity of an additional power transmission devices or power supply. The firm’s collection of mobile phone wristband charger devices will be traded on the global mobile and smartphone device consumers’ needs for extended battery utility and life. Designed specifically for cell phone users, the wristband technology device will empower our esteemed consumers with the ability to charge their mobile phone device with the help of kinetic energy and inbuilt solar panel. The wristband charger is designed to last for 4-7 years of shelf life a period within which it is projected to useful for mobile phone users to charge their mobile devices and offer critical services under any emergency anywhere and at any time. Critical Challenge in the Mobile Phone Technologies and Plan A Course of Action In the evolution of consumer electronics of smartphones and mobile devices, battery life remains the final challenge. Research done on the same indicates that the firm that will find a solution for the battery longevity challenge will experience huge financial gains. Energie Boost is destined and self-assured to reap these financial benefits. Energie Boost Company have the capacity to exploit the inherent limitation and weaknesses pronounced in the existing mobile devices market for external battery chargers by rewarding the targeted market with the chance to venture into the undisturbed virtues of their mobile phones and smartphones. The wristband charger design will foster easy adaptation and translation for other mobile tools thus ensuring our business longevity and sustainability. Also, with wide consumer base such industry cherish in, it is certain that competition is intense. Survival of companies in the market calls for the persistence of firms, quality of products offered, price sensitivity and having the right marketing strategy at the very initial stage of the business startup. Maintaining and putting the competition level in close check, in the long run, requires the company to build a competitive edge around one or more of the resources the company enjoyed in large quantity and built around it to the level of being a market leader. As a company, our long-run objective will be to maintain a sea of competence human resource capital who will propel our company to great success. The technology industry is characterized by the patent challenges, rival firms product imitations and continuous product innovations. Thus as a company, we aim at establishing, in the long run, a staff base that is very flexible to the changing working environments, a workforce that is deemed the best in the technological industry with capacity to deliver when needed. Energie Boost Company will foster staff excellence and make it an expectation and obligation for each worker within the firm. To foster sustainable positive results and thus success, Energie Boost Company will integrate a reward scheme for its staff in a resourceful and proactive environment. This will ensure that the generation of the novel product line, improvement done on the existing mobile phone wristband charger device product line and the extension of this device beyond the usual expectation of customer’s smartphones and mobile phone devices. The resourcefulness of our human resources base would improve the individual component of the functional element of the firm to contribute to the overall business innovation cycle continuously. Plan B Suppose Plan A Fails Our plan B will involve the integration of marketing strategies to plan A. Marketing strategies, in this case, will involve accurately pricing and promotional and distributing aspects of marketing. Our pricing strategy will be one that will ensure our business is profitable and we are competitive in the market at the same time. Promotional and distribution channels selected by the company are ones that will ensure product accessibility to our target market at the right time and in the right and desired quantity and, that that will guarantee wide market coverage and at competitive costs of advertising (Khan 2014). Operational Core Values, Missions, and Visions As an upcoming firm in the competitive industry, we will achieve this by manufacturing wristband chargers that will provide our targeted market with the power of uninterrupted operations. As a company, we will be involved in the production of products that fits every consumer’s uniqueness and desires that will be primarily founded upon a platform of function, service, price, form, power and convenience. Within a span of three years, we focus on building the company to a level where it would be a household company known across the globe for its premier brand of mobile phone wristband charger devices impacting the mobile telecommunications and consumer electronics industries. Our operation core values will embrace faithfulness to service provision and consistent customer loyalty and service. The spirit of reliable and trustworthy of service delivery will epitomize the Energie Boost product line. The firm will also embrace ethical principles in its diverse business practices, workforce and supply chain management. Each of mentioned features will be recognized as a crucial driver in the overall success of our company. The success of any business is largely attributed to the quality of its human capital. Human capital is among the leading investments for firms and with it comes a range of challenges to manage and control so as to attain maximum benefits for the business (Gebauer, and Shaw 2004). Energie Boost will maintain its uniqueness among the rival firms in the industry by investing a lot in marketing innovations and operational excellence. Employing a business model that upholds the environment and notion of a novel entrepreneurial venture throughout its operation, Energie Boost will extend the firm’s leadership in the market and thus foster sustainability. Through the application and built up of continuous in-house innovations, products that are deemed user-friendly, customer orientation programs and initiatives and focus on product differentiation to meet individual consumer base wants and uniqueness, the firm will avoid the basic challenges firms in the technology industry experience as they operate in this sector. Wristband Charger Power Longevity and Performance We recognize the dilemma and challenge of managing the battery life of mobile phones devices. Users of mobile phones and smartphone are familiar and will confess the challenge and frustration that is generated when the power of their device gets low in the midst of execution of something critical. Also, every mobile phone user will confess of a heated and stressful search for a power source for charging when they run short of power. Another common encounter is realizing you forgot or rather you lack the appropriate charging cable or device thus looking for help from strangers, acquaintance or friends if they had the foresight of a possible future need and thus the need to own a charging device. In the modern world of mobile phones technology, it is an ordinary observation to see mobile phone users at a coffee shop, restaurant or airport vying for the seated located a charging outlet or power system. The unfortunate circumstance can happen whereby an individual has to wait in a queue for them to get a chance to have their mobile devices charged. It is from such frustrations, inconveniences and time wastage activities that our product line of a mobile phone wristband charger is developed. A device that will guarantee mobile phone battery longevity and foster the device performance. The battery of a mobile phone loses charging capacity since their material structure is lost from the frequent charging habits while on use. It’s common knowledge that battery power capacity fades away and stores less and less power every time they are charged. This comes about from the degradation of a chemical component of the battery. Replacement of this battery comes with additional purchase costs to mobile phone users. Our business idea is to design an external wristband charger for mobile phone users which will function with limited help from the primary electrical power supply for operations to address the above concerns. Herein exists a lucrative market opportunity for Energie Boost Company to trade on utility, popularity, and saturation of mobile phone industry offering the targeted consumers a wristband charger for mobile phones with the capacity to extend the mobile phone functional longevity and general performance. As a company, our aim is to provide our targeted consumers of mobile phones with the convenience and power of perpetual performance and operation for their mobile phone devices. Conclusion and Recommendation As the global communication devices prepare for the approaching worldwide mobile phone subscription saturation, the desires to uphold operational longevity and portability will intensify as well. As the contemporary shift in traditional telephones being replaced by the modern mobile phones, the need to increase the power of these technological devices in transit will increases. The assumption made to draw this examination is based on the recorded global mobile phones subscribers. The desire to have a mobile phone, smartphones, PC and tablets functional at all times have increased the usage of power. The need for charge and recharge these devices calls for supplementary external charging accessories that have the capacity of sustaining the power supply needed for modern electronic devices. As the evolution of mobile phones and smartphones becomes a multifaceted fusion of text, voice, internet connectivity, data, applications and games, audio and video technologies, the need, and desires to be connected the better part of the day will grow. The current consumer electronic industry will embrace a novel technology that is capable of fulfilling such requirements. It’s this opportunity that our business plan is developed that is to develop and offer our targeted consumers with a mobile phone wristband charger made up of solar panel and kinetic energy capability which will guarantee our consumer with an adequate supply of power to their devices at all critical condition. The technology will be made simpler enough to be absorbed to a wider range of age group of mobile phone users and less costly to make it readily available to a wider consumer base. As a company, we projected our market sustainability and successful utilizations of the available market opportunities would be profoundly affected by the intensity of competition this industry generates. From the recorded global mobile phone subscribers indicated early, the above presumption is likely to be true from the lucrative prospects that this industry provides to both existing and emerging firms. It is from this that as a company we intend to control one aspect of the market; exceptional staff base that will propel our company to great heights of achievements and thus provide a competitive edge which will form part of crucial resources. By maintaining leadership in the exceptional human resource, we aim at reducing the possible weaknesses and challenges of intense competition our company will be facing from the existing rival firms as well as those emerging firms entering the industry (Gebauer, and Shaw 2004). Moving forward we understand the uncertainty aspects of the future. Also, we understand that as a company driven by a future goal, mission, vision and operational core values, generation of a single plan of actions comes along the way with lots of risks especially if such plans fails to mature. We have beliefs that our plan A of maintaining leadership in exceptional human resource base will help us to a greater extend overcoming both the major and minor weakness and challenges we are likely to face in this intense mobile technological market. We are certain enough that this plan will work significantly in our favor if it happens to fail, it won’t fail as a whole, some minor challenges and weaknesses will be mitigated. Our plan B will involve the integration of marketing strategies to plan A. Marketing strategies, in this case, will involve accurately pricing and promotional and distributing aspects of marketing. Pricing has to do with the selection of suitable tactics of developing the real price of any given product. Usually, consumers weigh out the possible advantages a particular product is to generate versus its possible cost for them to make a better decision. Examining consumers’ outlook on pricing is noteworthy because it stipulates the sort of value they place on the goods they will be looking for, as well as the possible price they are willing to pay for it (Khan 2014). Energie Boost Company recognizes the sort of influence consumer income and global economies have on the success and failures of any given business. We intend to consider significantly out targeted consumer’s budget level while pricing our mobile phone wristband changer product. This will ensure we ensure our business is profitable and we are competitive in the market at the same time. Promotional and distribution channels selected by the company are ones that will ensure product accessibility to our target market at the right time and in the right and desired quantity and, that that will guarantee wide market coverage and at competitive costs of advertising (Khan 2014). Harnessing the kinetic energy that is wasted by people especially mobile phone user is an idea that many people feel it’s an area that has to be explored. Even though the power may not be significantly large enough to drive large electronic device but it can have offered enough power to run small electronics are handheld. Since mobile phones have become an integral part of global human being undertakings, harnessing kinetic and solar energy seems to be an important idea to explore (Kwon, Rincón-Mora, and Torres 2011). References. Boysen III, L., and Vaughan, M.W., Sol Cuff Technologies, LLC, 2014. Wearable mobile device charger. U.S. Patent Application 14/310,791. Castells, M., Fernandez-Ardevol, M., Qiu, J.L. and Sey, A., 2009. Mobile communication and society: A global perspective. Mit Press. Gebauer, J. and Shaw, M.J., 2004. Success factors and impacts of mobile business applications: results from a mobile e-procurement study. International Journal of Electronic Commerce, 8(3), pp.19-41. Janky, G., Stromberg, R. and Hinds, T., Iota, Inc., 2011. Wearable mobile accessory. U.S. Patent D643,428. Khan, M.T., 2014. The concept of'marketing mix'and its elements (a conceptual review paper). International journal of information, business, and management, 6(2), p.95. Kwon, D., Rincón-Mora, G.A. and Torres, E.O., 2011. Harvesting ambient kinetic energy with switched-inductor converters. IEEE Transactions on Circuits and Systems I: Regular Papers, 58(7), pp.1551-1560. Read More