- The name of the product is Watchdog
- What is it? It is an Automobile Security System that monitors all automobile activities with cameras.
- What does it do? It monitors the way a car is driven and the location of the vehicle at all times. Cars being stolen is one of the major problems faced in the United States which has created huge loss to the car drivers and also the insurance business. In order to battle this problem, house owners will be assured that if the watchdog is observing the safety of their houses, they and their assets shall be protected.
- What are some of the important features of the product? Watchdog is the first of its kind security system that provides security. It is wireless and its installation is of great benefit to the automobile owners.
- Why will customers want it? Today, as there has been a continuous raise in the number of crime and burglary, the society is more concerned regarding the security issues. The public has begun to look for companies which are respectable and of good reputation for purchasing perfect house safety systems. They judged against the benefits, characteristics and expenses along with the other best brands of house safety equipments. The necessity of security is not only for house but for automobiles also. The number of automobile burglary has also come up these days and just locking the cars is not sufficient to prevent the burglars from committing theft.
Remarkable developments in technology have afforded people, industries and the nation by an extraordinary power to guarantee their wellbeing and protection. Hence it has become very essential to consider safety as a fundamental issue in everyone’s life. In order to know about the demand for watchdog, the automobile security system, it is best to asses the details pertaining to the crime statistics in a particular place. This knowledge can be gained from a police station as they maintain the records of offences carried out. In areas that are prone to burglary, he demand for this product will be huge and without spending more investments for security, one can easily protect his automobile from theft. The watchdog provides exact information as to the location of the vehicle which helps the parents no reason to worry about when their vehicle is driven by their children. The technology built in the automobiles these days is providing safer and relaxed driving pleasure to the consumers and this has eventually increased the demand for electronic devices in the present era. Often, if one has to set up a safety camera in a far area, it is difficult to use one which has wires and cables. But in the case of watchdog, one need not be worried about such things because it is wireless which provides more convenience to the users. The security systems are now available in a variety of forms and at a variety of costs. It is one of the cheapest safety systems offered in the market today. “It seems that the burglar alarm system, long ago thought to be a sort of luxury item meant only for the wealthy, has over the years become a standard feature found in many middle class households. The thriving sales of security systems continue despite the decreasing trend in burglaries over the last decade in many areas of the United States, an astonishing phenomenon to many. Burglar alarm systems come in many varieties” (Home video security system, n.d., para.21). Therefore this venture has become successful in the present market. Today, when people are becoming more and more conscious about their
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Security, watchdog, with its novel features and merit, the automobile security system can receive a huge market.
Situation analysis is an important part in the business plan of Watch Dog. Situation analysis’s initial stage is in developing a management question so careful attention should be at this time. In situation analysis we can see that almost 30% of the household had a dog in their homes and 24% them had a cat in their homes. Customers, competitors, costs etc are some of the micro issues that are considered while making the situation analysis of Watch dog.
Watchdog is an automobile security system that monitors all automobile activity with cameras so the demand of the customers, their happiness, economic impact etc…are very important for the situation analysis. Knowing the requirements of the guests will help to obtain adequate information that can be used for the future of Watch Dog. Emerging competition from the rivals can be the main problem faced by the Watch Dog. Some of the Macro issues faced by the Watch Dog are:
- P (political and legal),
- E (economic),
- S (social and cultural),
- T (technological) etc…
P (political and legal) – Political and legal issues are directly connected to the government for labor rules, trade control etc… Rules and some of the confidentiality rights do not permit using camera inside the workplaces.
E (economic) – Economic issues of the Watch Dog are connected to the changes in economy such as foreign exchange rate, inflation, interest charge, GDP rate, unemployment, attention rate etc. All these factors affect the smooth functioning of Watch Dog Automobile Security System.
S (social and cultural) – Social issues are related to the culture and tradition of a particular market. Every demographic area has its own unique social culture. it include life style change, birth rate, expansion rate, attitude change etc…Identify difference & incompatibilities between different cultures, need to identify proportional reward & learn the opportunities & risk analysis of investing in that area. The current barriers to trade will be examined.
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T (technological) – Technological issues are connected to the research & development activities conducted in the organization. It includes the alteration of technological changes in an organization and also how much the industry is spending for its R&D works, how much is the government payments for R&D works, development of the products, entry of new products and security of patent.
Synergist’s effect of the macro issues study is one of the ideal instruments as it facilitates the manager and strategy makers to understand how the above mentioned issues will affect the industry and the business.
SWOT Analysis (Your business considerations/Micro issues)
SWOT analysis of the product helps to find out the adequate strengths, weaknesses, opportunities, and threats of the product in the market.
Customers, competitors, costs etc are some of the micro issues affecting the businesses.
S (strengths; typically related to people and product)
The main strength of the product Watch Dogs are:
- able to move free highly
- provides low price safety
- We can maintain the Watch Dog easily and also it is a problem-free security system.
- There is no need for feeding or cleaning the Watch Dog.
- Watch dog offers 24 hours security.
W (weaknesses; typically related to people and product)
- Customer service provided by the Watch Dog is not satisfactory because it is not always of a high standard.
- Customer does not consistently obtain a gracious and qualified reply.
- Technological barrier some times create lot of trouble for obtaining the information.
O (opportunities; how your business benefits from the macro marketplace)
- Constant rise in burglary and thefts lead to increasing demand of the Watch Dog.
- New automobile security system incorporated with high-tech observing center and system to offer great virtual automobile security apparatus and computerization software.
T (threats; detriments to your business from the macro marketplace)
- Public begin to look for believable and trustworthy company to purchase perfect home protection system.
- At present there are a large number of parallel devices in the market.
- Adopting the automobile security system is expensive and it needs lot of time to install it.
Business resources imply a combination of financial, human, physical assets that are needed by a business firm to operate its business smoothly.
A financial analysis in a business plan is a detailed analysis of the starting up expenses and cash needs for the future expansion of Watch Dog Automobile security system in Florida.
- The cash in hand is needed for meeting the day to day expenses of the business like payroll expense, payment of current maintenance invoices etc. both the partners have contributed $ 50,000. Cash in hand of Watchdog Florida – $ 1, 00,000.
- The partners choose financing through debt capital because it is a medium business venture. The partners have an equal share in the business. Bank Loan from Swiss bank – $ 8, 50,000.
Human resources of a firm are the talented and skilled employees who create wealth for the firm. There are a total of 18 talented employees.
- Organizational chart – “The organizational chart allows employees and other Stakeholders to see the reporting relationships in an organization” (Heathfield, 2010, para.1).
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The CEO of the firm is an experienced veteran and the general and departmental managers are experts in their jobs. The lower level employees are very skilled personnel.
The firm has good Intellectual capital both in terms of human resources as well as property and infrastructure rights.
- Patent ownership-the company protects its trade secrets throug 4 registered patents. Its patent rights protected from copying by others.
- The qualified engineers of the firm possess the correct knowledge of Automobile security systems.
- The automobile supervisors of the firm possess vast knowledge of the technical know- how of the system designs.
Reason for type of business ownership – it is a partnership type of business ownership where both the partners are general partners of the business:
- Taxes – the firm follow Florida’s limited partnerships taxation act of 2005 and strictly adheres to the taxation rules.
- Liability – it is a Limited Liability Partnership and the partners can actually bring profits to the firm because they both are educated professionals. The limited liability partnership is beneficial for asset protection of the business.
- Synergy – there is a great synergy between the partners and they work collectively and cooperatively for creating a niche in the market for Watch Dog Automobile Security.
Other advantages and disadvantages
Advantage – Watch Dog is an automobile security system which is a 24×7 partnership business ready to serve customers at any point of time at any place. It uses latest technology like equipped camera systems for the monitoring of the vehicle. It is of great help to parents because they can monitor and check the way their kids are driving.
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Disadvantage – the business is short of funds. The business needs to find a proper estate to expand its business. More advertising is needed so that people are aware of the product’s need in every household.
The goal of Watch Dog is to be the leader in the market by way of becoming the most effective robbery anticipation tool and grants value addition and safety solutions that assists the firm to function in unstable manner mainly to attract the investors.
Objectives – the objective of the business is to expand and increase the customer satisfaction and loyalty by providing excellent service.
- Revenues and profits – the sales revenue of the firm is $ 1, 150,000. The business revenue has increased from the previous year by 40% and is expected to increase at a faster rate.
- Units sold over 5 years (target growth) – the unit sale for camera equipped automobile system is targeted for 5 years is around 2 billion.
- Market share – The product will attribute to 65% of the business’s profits.
- Quality standards – the business maintains high quality standards in terms of providing service.
- Employee levels – qualified employees are filled at various departmental levels.
- Additional locations – At present there are no additional locations for the company but when the business expands the firm will have to look for more locations in order to satisfy the market demand.
Key strategy for using capabilities and resources – The automotive industry companies must respond to huge range monetary and political force in a wide variety of methods. The amalgamation of these forces and reaction is changing the business. From monetary forces such as large work cost and emerging expense of raw materials charges and gathering elasticity ,etc…business cannot pay for to stay standing in any of the business process.
P’s marketing strategy – “A well planned market strategy can be vital to the growth of your business. A market strategy can help not only to define the business goal but also it helps to develop the activities to develop the activities to achieve them” (Marketing strategy, 2010, para.1).
- Product –Product Watch Dog business plan is the auto mobile security system. Different types of automobile security system are offered by the Watch Dog. We can choose the product according to our convenient
- Place – Watchdog is an automobile Security system and it has opted the place Florida. Automobile Security system mainly serving product through both straight channel and indirect channel. This will help particularly to attract a big market.
- Promotion –Various types of promotion activities are followed through Media, TV, broadcasting, internet, leisure program etc… Publishing Medias contains ad in news, paper, magazine etc…and these ads provide various information regarding the type of services as well as the product.
- Price –Price for the automobile Security system is very reasonable.
Controls and Evaluation
Financial performance standards and financial controls monitoring – Financially the business is running smoothly there is a strict monitoring on the financial control by the partners and the audit reports prove it. Financial controls reveal the real control monitoring by the partners of the business.
Product quality standards monitoring – Quality standards are maintained by the firm and the firm only uses ISO certified products and the engineers cater to high quality materials in the design process and the supervisors always monitor the functionality of the product.
People performance objectives monitoring – performance is measured at each and every level from the CEO, to the partners and the employees. Employees at all levels have displayed satisfaction.
Customer (current and prospective) marketing research – marketing research is done by the firm to find out the current and prospective customers on a survey basis. The survey helps in identifying the market opportunity and the target user. The survey revealed a positive response in Florida.
Heathfield, S.M. (2010). Organizational chart. About.com: Human Resources. Web.
Home video security system. (n.d.). Google. 2010. Web.
Marketing strategy. (2010). Business Help and Advice. Web.