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Business plan for product innovation: The Big Bip Company

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  1. Problem statement
  2. Business description
  3. Sales revenue forecast
  4. Profit and loss forecast
  5. Capital spending plan
  6. Cash flow forecast
  7. Marketing plan
  8. Supporting documents
  9. The risks faced by the business
  10. Conclusion

A problem statement is a clear concise description of the issue that needs to be addressed by a problem solving team and should be presented to them (or created by them) before they try to solve the problem. When bringing together a team to achieve a particular purpose efficiently, provide them with a problem statement. Our aim as the Big Bip Company is to enhance everybody's well being. Most of the people have faced to a situation when they were hurry and looking for their keys, wallet or something else that they needed at the moment. In order to solve this problem we developed a product called (named same as the company) the Big Bip, the product is composed of a little speaker (which makes a sound) that you stick in your wallet or on your mobile or other things you may lose and you can locate the object by pressing the ringing button if you have a clue where the object could be or a by GPS signal which is transmitted into direction information on the screen of the case.

[...] Our company is going to focus on this product for the first 2 years to make sure that it reaches all of its potential market and this will make a good base on which either we can expand our business into other products or incorporate the manufacturing side of the product into our own capabilities. Our financial forecast shows that we will achieve a break, even in two years. By then, sales turnover will be about 40 million, gross profit about 350,000,000? per year. [...]

[...] We decide to sell the Big Bip at a price of 49.90 which will be an affordable price to our target consumers. We use the psychological pricing strategy because we think it is the most efficient way to sell our gadget. Examples of competitors: USB rechargeable batteries: - Batteries NI-MH reloadable via USB port or Ni-MH basic battery charger. - Time of loading via USB: 5 hours. - Time of loading via battery charger: 7 hours. - Brilliant indicator of load. [...]

[...] Total amount of the marketing actions: 68 Risks facing our business From competition: Even if we don't have any direct competitors and the Big Bip is protected by a patent, we outsource all our production in China and we are aware that fakes can be made easily and that this is a usual procedure in this country. So a competitor could appear very quickly and we have to take care about our monopolistic situation and watch out the potential entrance of competitor. [...]

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