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The organization has the privilege of developing a remote entry locking system which it will then be launching into the market. The smart lock allows you to get alerts and also track who is the person entering or leaving your house. The smart locks provides the users with a “email limited-access digital keys” which helps in remotely locking as well as unlocking the doors of your house for guests, trusted workers, children and visitors when you are out for office or for any other work. Smart locks can either supplement or they can also serve as a replacement for you’re the deadbolt of your front door and their functions include much more than just locking or unlocking the door in the absence of a key.
This business proposal will be carrying out a discussion of the objectives, goals as well as the vision of the company. Apart from this, it will also be discussing the product which the company will be introducing into the market. For this purpose, a detailed analysis of the market and also the industry will be conducted. The competition that currently exists in the market will be analysed. The various segments in the primary market will be discussed along with the marketing strategies and also the tactics related to product, price, place and promotion. The financial plan will be covered in the proposal and due consideration will be given to the critical risks that exist and the manner in which they would be taken care of.
The aim of the smart lock is to make the task of the customers easier when a service worker, family member or a friend rings the smart doorbell in their absence. When the pairing of the smart lock is done with a smart doorbell, it becomes very handy. The smart doorbell will help the users in confirming visually about the person who has rang their bell and after that with the help of their smart lock, they can unlock the door from a remote distance to give the guests entry into their house.
The main goal of the company is providing the customers with highly useful application which will ease the task of opening the door for known persons even if the customers themselves are not at home.
In addition to this, the technical support team of the organization, is also available 24/7 to provide the customers and valued clients assistance on technical matters. Although, large scale research has been undertaken by the company for promotion of the remote entry locking system or smart locks in the market it will also consider the marketing strategy views of its customers.
The mission of the company is providing the people with a remote entry locking system that is not only user friendly but also time saving. This will ensure the following things for the customers -
The smart locks assist the customers by providing them smart ways of managing the locks of their houses when they are away from the house. This system is very useful for the people who are expecting some visitors at home but at the same time they have to go out of their houses for some important work as it provides track of the people coming to their houses. The Bluetooth connection with the customer’s device such as the tablet, phone or laptop is used for opening the door once the person’s presence is detected by the sensor and in case the battery of the phone runs out, it can also work with a key but for that the person has to be physically present (Sung, 2016).
The guide that comes along with the system assists the customers in getting information about the various features of the smart lock and the manual that is also a part of the product provides guidance on how to set up the system and how to use it. If in case the customers encounter any technical issues, they can always get in touch with the technical team that is available 24/7 for assistance. If any problems are encountered in the functioning of the system, the customer services departments send the experts for assistance. Five years warranty is available with the product and if any part turns out to be faulty the device can be replaced within this period. Power efficiency is present in the system and battery usually lasts for approximately 24 months (Technavio, 2016).
Advancements in the lock technology have helped in the development of smart locks that can be operated either remotely or by the use of means that are unconventional. These locks are all set to emerge as an excellent alternative to the locks that are conventionally used. The developing telephone hardware from 2G to 5G and the rise in the demands for the infrastructure of the smart city are likely to lead to an increase in the demand for the smart locks. The increased security which the smart locks are able to provide as it is difficult to duplicate the “virtual keys” in case of smart locks in comparison to the conventional keys that can be duplicated easily, is expected to be the major factor for driving the demand for this device (Transparency Market Research, 2016).
The market for smart locks is driven mainly by the increase in the demand for locks that are secure. As there are obvious limitations of the conventional locks, the efforts have been on for revolutionalising the industry. Smart locks that are electronically operated provide an answer for this. The advanced technology of the locks helps in boosting the security and this is a significant factor that will cause an increasing demand for smart locks. The risk of misplacing the keys which is absent in case of smart locks is also expected to increase its demand (Transparency Market Research, 2016).
The increasing popularity of the smart home devices along with the penetration of the smart phones have increased the chances of the smart locks become successful in not only the Australian markets but also in the markets all over the world. The decline in the costs of mobile broadband as well as cloud infrastructure has also provided assistance to the users in monitoring and controlling a device like a smart lock from remote. Other factors that can result in its success are giving permission to the users for granting access to the locks to others directly from their smart phones and the convenience of walking to the door of their houses and unlock it automatically without searching for the keys. The smart phone ubiquity along with the protocols of “low power communication” and improvements in technology mainly in relation to geo-locating of a person have led to the creation of new opportunities for the enhancement of user experiences (FMI, 2014).
Completion is a part of all the businesses today. However, the chances of being successful in the market are usually decided by the number of competitors that exist. The higher is the number of competitors that are present in the market, the lower will be the chances of becoming successful until the product has certain unique qualities.
There are few competitors for the smart locks and whatever the few competitors exist are not able to provide the competitors with optimum functions and functions in accordance with the expectations of the users (Milisavljevic, 2013). The competition in the smart lock market is thus relatively low and this enhances the probability of success in the market.
The development of this system is such that the users can open the door for others as well as themselves from a distance. The risk of losing the keys is absent and access to the “digital keys” can be given to the visitors over the email also. A very few number of applications that exist in the market today offer such a type of accessibility into the customer’s house. Hence, competition can be easily accessed and success can be achieved (Ortelbach, 2005).
The primary target markets for the smart locks consist of –
The first category which is already familiar with the use of the systems are of utmost priority to the company as they already have awareness related to the usefulness of such kinds of products (Park, 2009). These people will be forming the biggest market and will also help in “word-of-mouth” promotion. Such a sort of application is also necessary for people requiring increased security and who have to go out of their houses from time to time and need to know who all are visiting them. The hotel industries can use this device for the protection of the rooms in which their customers stay (Technavio, 2016). Offices will also benefit from this system as they will be able to maintain high degree of security. It will also be helpful for people who usually forget where they have kept the keys in case of the conventional locks (MicroMarketMonitor, 2016).
The system has been developed for people accessing their houses from a distance or allowing known people to gain entry into their houses. All the smart phone platforms provide support to the device which is very user friendly and has minimal complexities. Home delivery will also be offered with very low shipping charges. In case of orders made in bulk, discounts will be given to the customers. The originality of the design as well as development will be maintained.
Promotion of the device will be done both onsite as well as online. The product can be purchased by the customers from the distributors who are authorized or they can directly place orders on the website.
The compatibility of the product is with smart phones, laptops and tablets and can be accessed both from the blue tooth and also the Wi-Fi (PR Newswire, 2016). Smart locks will form an integral component of smart homes (Globe Newswire, 2016).
There will not be any subscription charges associated with the usage of this application via the mobile. The prices will be reasonable and it will be ensured that the customers get value for money. The price will be cost based and there will be a slight profit margin kept after recovering the cost of the product.
For the customers who wish to purchase the product from onsite can visit the authorized distributors for it or the brand stores that are nearest to them. Brand stores will be able to meet the demands of the distributors who have been registered throughout the state (Rushton et al., 2010). The market demand that the various states will be having will help in determining the distribution of the product in that particular state. The stock that the distributors will be keeping will on the demand. They might also maintain a certain degree of extra demand in case the demand in future is expected to show an increase.
For those customers who are willing to purchase the product from the convenience of their homes can place the orders online.
The promotional activities will be consisting of –
Sales Promotion
Strategies for promotion of the product are appropriate. For a smart lock such as this, these are the most suitable strategies. A detailed assessment of the target market was conducted and this can be used for implementing the activities of promotion (Thiele, 2008). The funds that are needed for starting the business have been arranged to a great extent and the investors’ perception will determine the remaining amount.
The product has originality and other products existing in the market cannot be compared to it in terms of their functions. The services that it will be providing will also be of high quality.
The analysts have drafted a plan which is realistic in relation to the market and the costs that have been predetermined will not be going beyond the budget. The plan has taken into consideration all the costs that are logical in nature.
Figure 1 – Expected Sales in the first three years in AUS$
Figure 2 – Expected Expenses in the first three years in AUS$
In the first year, no profits will be there since the expenses exceed the sales by AUS$ 75,000. Profits of AUS$ 35,000 will be earned in the second year. The profits will rise to AUS$ 1,10,000 in year 3 of operations of the company.
An analysis of the risk factors was also conducted and they were then divided into different categories as follows –
Remote Entry Locking System is a smart lock system which can work with both the Bluetooth as well as the Wi-Fi. It is a locking system that when used can either open the door for the users through the Bluetooth of his or her mobile device as he is approaching the door. Alternatively if any of the family members, friends, guests, service providers or any other visitors wants to enter the house of the customer, he or she can provide remote access via the email. The “digital keys” can be provided this way for opening the door even when the user is not physically present. Such a system will increase the security in comparison to the conventional locks which can be easily duplicated and the keys can also be misplaced easily. The idea of having such a remote system in new in the markets of Australia as well as the global markets and hence there are high chances of the product being successful in the market. Not many competitors exist currently and the uniqueness of the product will help it in gaining a high share in the markets and in case competition increases, the possibility of bringing improvements in the features and the functions of the product is always there. All these aspects have been covered in the above business proposal which will help the investors in gaining a comprehensive knowledge of the business being undertaken.
FMI, 2014. Smart Locks Market: Global Industry Analysis and Opportunity Assessment 2015 - 2025. Market Research. Future Market Insights.
Globe Newswire, 2016. Global Smart Lock Market 2016-2020 - Analysis of Bluetooth-Based & WiFi Based Smart Locks with August, Goji, Haven, Unikey & Yale Dominating. Globe Newswire, 15 February.
MicroMarketMonitor, 2016. Global Smart lock Market Research Report. Market Research. MicroMarketMonitor.
Milisavljevic, M., 2013. Value oriented strategic marketing. Marketing, 44(4), pp.299-309.
Ortelbach, B., 2005. Multi-Market Target Costing. CON, 17(3), pp.163-72.
Park, S., 2009. Market Power in Competition for the Market Journal of Competition Law and Economics, 5(3), pp.571-79.
PR Newswire, 2016. Global Smart Lock Market Growth at 75.26% (2016-2020) - Key Vendors are August, Goji, Haven, UniKey & Yale. PR Newswire, 8 February.
Rushton, A., Croucher, P. & Baker, P., 2010. The handbook of logistics & distribution management. London: Kogan Page.
Stovall, J. & Maurer, T., 2011. The ultimate financial plan. Hoboken, N.J.: John Wiley.
Sung, D., 2016. Open sesame: The best smart locks for your not so humble abode. [Online] Available at: http://www.wareable.com/smart-home/best-smart-locks [Accessed 9 September 2016].
Technavio, 2016. Global Smart Lock Marcket 2016-2020. Market Research. Technavio.
Thiele, A., 2008. Multi-product pricing via robust optimization. Journal of Revenue and Pricing Management, 8(1), pp.67-80.
Transparency Market Research, 2016. Smart Locks Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024. Market Research. Transparency Market Research.
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