University of Technology
Entrepreneurial Skills Business Plan
Business Idea: Spot Charge Group: B. Eng. 2M (ca)
Date: April 11, 2007Group members
Lecturer: Mr. Clive GrossettDexroy Jones
Dwayne McIntoch Mckay
Kirkpatrick Binns Calford Ramsay
Keon Hinds (3M art)
Swiff Electronics is a start-up cell phone accessory and electronic distribution company. Its strategy is to provide all cell phone users who have continuous dead battery while engaging in an important call or entertaining entertainment selection. It will capitalize on the intricate engineering design and manufactured product that is capable of recharge a cell phone. There are many untapped potential markets within this industry, as the desire for high-quality; stylish goods that are convenient, affordable, and easily sourced are in great demand. It is the firm's intention to import products from the leaders of electronic, Teqtronics and introduce it to a target population within Jamaica’s Metropolitan or corporate area and to make Swiff Electronic a house hold name customer come to know and trust. To do this the company's long-term goals are to achieve a 20% market share in the Jamaica’s build brand image and brand equity through marketing, achieve a sustainable 55% profit margin, and eventually produce our very own luxury product in addition to the initial, moderately-priced line. • The company
Swiff Electronic is a limited liability corporation in which the sourcing of the product offered “Spot Charge” is done internationally while the marketing and sales are focused in and around the corporate areas of Kingston Jamaica, for short term purposes. Ownership is divided among five principal individuals who are putting up the initial investment. These include: Dexroy Jone - Managing Director, Keon Hinds - head of Finance and administration, Calford Ramsay Head of Marketing and Human Resources, Dwayne McKay McIntoch Head of Product Development and Kirkpatrick Binns Head of Operations. The First outlet of Swiff Electronics will be located at 13 Duke Street, Down Town Kingston, Jamaica. The present location is approximately 700 square meters and should be large enough for the first three years of the company's growth. The portable Chargers will be stored at the Duke Street location and will be dispatched to different location based on demand and agreement signed with our feature business partners. • The product
The initial product line will depict the full effect of the product that will be offered, inclusive of a range of different colors and possibility the opportunity to personalize. The company plans to release more models, which will be integrated as we aim to give customs a wide selection to choose from. The pricing strategy will be to initially undercut our main competitors by selling at a minimal profit, using a market penetration strategy. Then, pricing will be adjusted to be directly competitive with the other major competitors. The price per Spot Charge is expected to be unbelievably affordable.
• The market
Entry into the telecommunication/electronics industry comes at a prosperous time. Over the past two years, the purchases of cell phone have increased vastly and the trend is expected to continue once the cell phone manufactures continues to introduce new features to their designs. This will only adversely widen our market as individual continues to seek charge “Where ever, when ever”. One of the most important recent trends is that cell phone users are willing to spend higher amounts on their phones because of the enhanced image appeal and reliability. Therefore, a company that can build a substantial brand image in this industry gains a significant competitive advantage. It is the aim of Swiff Electronics to capitalize on its high quality and reasonable price while pursuing the...