Executive Summary
One of the pharmaceutical products produced by a technological company is the Yhemisy UVC sterilizer, which intends to tackle a problem in the healthcare business by providing a simple and efficient method of sanitizing everyday household goods against germs and bacteria, and viruses. Because of its excellent services, the technology firm is getting widespread recognition among Nigeria’s large and diverse people (Grandview Research, 2021). Consequently, it is apparent that the company’s goods and services are easily accessible, with self-explanatory methods for new customers; their UVC light is safe and, as a result, is wanted by many customers.
Moreover, Shenzhen’s organization in China has teamed up with Chemist to develop a UV Steriliser box. Both companies offer hygiene and health-related solutions by supporting consumers in keeping a virus- and germs-free lifestyle while also providing an ecologically friendly product to the market (Export.gov, 2016). The Multifunctional LightBox sterilizes phones, jewelry, and watches, among other things. Despite this, the product takes advantage of the global COVID-19 pandemic to infiltrate the Nigerian market to raise hygiene standards, maintain a consistent revenue flow, promote sustainable development, and generate money. Ultraviolet sterilization is a very effective treatment for eliminating harmful germs. Decontamination is made quick, concise, and economical thanks to UV technology.
Appreciation of the Current Situation
The Nigerian environment is ideal for the market; for example, the nation has a large population, which is relevant in this context. Hence, it has several companies, hospitals, and schools in the area, and it is very vulnerable to viruses and germs. As a result, a profitable market segment for the Yhemisy UVC sterilizer has become accessible. As a result, there is tremendous pressure to adhere to established health practices. Finally, due to the exceptional spread of COVID-19, the virus manifested and spread across the Nigerian populace, creating a need for disinfectant products, notably for daily individual and household decontamination treatments. The firm has purposefully invested heavily in human and physical capital and intangible resources to give its users outstanding and productive services (Kenton, 2021). The start-up seeks to address traceability, transparency, sustainability, and online and offline sales in Nigeria by offering an all-in-one product.
Introduction and Summary of Existing Strategies and Plans
Organizations tend to sell their brands via the web since most customers are available on online platforms. Thus, the products are marketable instantly and seamlessly since they promise the superiority of the service and the organization’s identity. In order to do this, a plan that includes infiltrating the UVC sterilizing box must be implemented, with the spectrum of infiltration being further extended to encompass the UVC sanitizing bag. As a result, Chemist UVC’s technical goal is to develop and convey a durable competitive advantage over its rivals by understanding their needs and aspirations.
Strategies
Social media marketing
The organization approach offers individuals important information about their product to share with their social media networks, increasing website traffic and visibility. These linked resources assist search engine optimization (SEO) to increase credibility, search results on social networking sites such as Twitter, Facebook, LinkedIn, and Instagram, and search engines such as Google and Bing (Nuseir, 2020). Hence, the platforms became the cornerstone of marketing strategy.
Conversational marketing
Involving potential clients and customers in actual interaction through live chat, providing them with pertinent information, and immediately answering follow-up queries. As a result, their time in the sales funnel is reduced. The enhanced user experience boosts the organization’s probability of receiving recommendations from satisfied consumers.
Deserved PR and media
The organization’s activities are focused on increasing visibility for its goods in various ways, including oral presentations, social media, online customer reviews, newspaper publications, television and radio broadcasts. In such a case, it will imply that the organization’s name will be promoted across the nation via the distribution of necessary public relations material.
Industrial event
Yhemisy does this by bringing together similar businesses in person and online, either in person or virtually, to network and display the newest products and services available. It will be possible to develop or enhance contacts with significant industry partners, clients, and prospects while also detecting market trends and opportunities and understanding what the organization’s competitors are providing if it participates in trade exhibitions.
External Influences. (Opportunities and Threats)
PESTLE Analysis
Political
Changes in state structure and regulations affect local company operations. Thus, companies are acclimated to the Nigerian-Chinese Government’s bilateral agreement to increase UVC sterilizer imports. However, chronic corruption in Nigeria has hampered the effective importing of Yhemisy items. According to Nigeria’s customs service (2007), the government uses a combination of tariffs and quotas to raise revenue while protecting local industries from highly competitive imports. Yhemisy goods are subject to a 10% tax on intermediate items and a 35% charge on critical sector imports (Nigeria custom Service, 2007). However, operational rates are sometimes higher due to additional fees imposed by the Nigerian Government (GON). Physical restrictions like restricting dangerous materials have also impacted UVC sterilizer availability. Some politicians claim that some things are harmful to humans and should not be imported.
Economic
Globalization’s cohesive forces have finally united countries worldwide, for instance, Nigeria’s relations with China. The two nations’ existing and recognized bilateral connections stretch back to 1971. (Ibrahim, 2019). Nigeria-China relations have grown to be one of the strongest in Africa. Both parties share a massive market structure. As a consequence, commerce increases job possibilities. Prices or terms of trade of primary products of significance to Nigeria have increased due to the country’s inflation rate.
The rapid expansion of commercial links has resulted in a highly competitive global economy. Moreover, established bilateral business contacts have improved trade volume, lowering crime in the area (Anthony et al., 2018). Ultimately, global demand and containment efforts to combat the spread of COVID–19 had a disproportionate impact on the trading sector; for instance, it called for more import of Yhemisy sterilizers, benefiting the organization while saving lives.
Social factors
The intense dispute over whether a large population slows or accelerates economic progress. Nigeria, with almost 200 million people (Lone and Ahmad, 2020). Thus, Yhemisy multipurpose UVC sterilizer box has earned famous recognition due to its attractive appearance, which students who need things of the same style prefer. However, ever-changing technology may damage the organization’s product, leaving the Yhemisy multipurpose UVC sterilizer box outdated.
Technological
Sterilization with the Yhemisy multipurpose UVC sterilizer box proved essential. The equipment is eco-friendly and holds a lot of energy with a 15W charge. Moreover, Nigerians’ technical advancement has influenced the rise of modern commodities. As a result of the widespread use of cell phones, many young Nigerians are becoming technologically literate. Thus, active social media use works as a marketing strategy for Yhemisy Goods in Nigeria. Thus, with a projected 86.22 million internet users, the population penetration rate is 46.10 percent (Joseph, 2019). Internet ads are quickly becoming a preferred method of reaching targeted audiences.
Ecological
Nigeria’s government is critical in preserving the country’s ecosystem; in this regard, the government ensures environmentally friendly UVC products and bans hazardous ones. Additionally, each State has the authority to enact laws or regulations that protect the cleanliness of the environment to avoid the spread of disease. For instance, the current surge in the COVID-19 Omicron has called for the importation of vaccines and sterilizers to curb the situation prompting high demand for Yhemisy UVC.
Ethical
The new imposed stiffen policies enforced uphold ethics in importing Yhemisy international products. Hence, it has called for quality products; for instance, the organization is mandated to make a single submission for the certificate value and origin (CCVO). In April 2017, the Central Bank of Nigeria (CBN) replaced the CCVO with a simplified certificate of origin in accordance with international trade norms and stakeholder recommendations. Additionally, the change demands a maximum processing time of two days from the receipt of the application. The Nigerian Standards Organization (NSO) guarantees that items entering the nation are inspected for safety and quality.
Legal
The implications of taxation, employment laws, and regulatory authorities have affected the organization’s production of sterilizers. According to the Nigerian trade center, traders must present a bill of lading, commercial invoice exit note, properly completed Form ‘M’ entry declaration, packing list, single item declaration, and a product certificate to obtain clearance for products imported into Nigeria, some of these policies have crippled the abundant production of the sterilizers.
Market
Between 2020 and 2021, the recent surge of the lethal COVID-19 pandemic has been a significant driver of market growth for the Yhemisy multifunctional UVC sterilizer box. In that instance, the commodity prices were set by age segmentation and skimming (Dawson, 2021). Due to the unforeseen pandemic, the demand for more sanitizers increased; as a result, it called for alertness in countering the disease. The information has been demonstrated by the graph shown below.
Moreover, the high market demand fueled advancing technology to advertise their product from 2022 to 2028. The predicted commercial sector is expected to develop at a CAGR of 15.6 percent (Grandview Research, 2020). The derivation of this aspiration results from recent sales of the product in clinics and hospitals, research, and corporate offices.
Subsequently, the further increase in development centers, shopping malls, and educational institutions to prevent contamination from common items such as phones, wallets, watches, and earphones furthered the demand. While European products dominate the Nigerian market, China and India have made substantial inroads, notably in the pharmaceutical and low-end medical device sectors. Asian manufacturers typically employ direct marketing approaches and routinely go to Nigeria to meet with suppliers and hospitals as part of their business development efforts. Hence, it has affected the commercial strategy for Yhemisy multifunctional UVC sterilizer, which has ultimately reduced its sales profit.
Customers
Yhemisy’s attractive character draws a younger 18 to 45 years old, which is more popular on social networking platforms. So utilizing the sites to attract them might be beneficial. The considerable hospital population in Nigeria necessitates excellent personal hygiene and protection against infectious diseases and germs. In this case, a natural, eco-friendly, and efficient sanitizing solution should be affordable. Finding profitable market voids in war-torn Eastern Nigeria proved the ultimate market for UVC sterilizers. So the organization’s goods will be readily accessible to combat the looming sanitization catastrophe.
Competition
Despite recent efforts to expand Yhemisy International in Nigeria, the organization faces severe competition from online marketplaces like Jiji, Konga, and Jumia. The Jumia’s UV Steriliser lightbox, for example, costs $40. (Jumia.com.ng. 2021). As a result of the equipment’s strong consumer presence, it has been challenged. Chemisys. The prospect of new market participants like PayPorte and new products like hand sanitizers has also been a challenge. Chemists have tamed these dangers due to its broad marketing approach.
Suppliers
The desirable nature of Chemistry sterilizer has ensured that it is preferably in the market. In that context, the demand for the item has grown steadily; therefore, it has called for sufficient and reliable dissemination of the products to their target markets through online booking; hence, they are sent to the clients in less than 72 hours. Additionally, the company possesses preferable resources to aid in the operation and maintenance of its stability. The Yhemisy multifunctional UVC sterilizer will enable them to concentrate their clients’ likes and preferences while also resolving any issues with a single solution.
Alliance
Ahead of the operation, the firm must form long-term alliances; as such, forming reasonable alliances with organizations such as Shenzhen BHD Technology Co., Ltd. will foster the organization’s success. Such mergers are necessary for acquiring items on loans and personal finances. However, the organization further anticipates future cooperation with the health sector, a few significant pharmaceutical corporations, and, most likely, the International Organization. Henceforth, the idea would enable them to consolidate their market position. Finally, other alliances will be formed with suppliers with a substantial market presence, offering them lower prices.
Internal Influences (Strengths and Weaknesses)
Resources
Accordingly, the business onus employs relevant resources to ensure the desired commodity is realized to satisfy consumer needs. In that way, tangible resource objectives include even security-equipped delivery vehicles to supply the pharmaceuticals (Murphy and Chris, 2020). A newly constructed warehouse with; machinery, general office supplies, information technology equipment, and office space for facility managers is a fundamental resource. Moreover, it has human resources, sales representatives, computer analysts, and online vendors. In addition, other personnel exists, such as machinery, general office supplies, information technology equipment, and online merchants.
Nonetheless, non-tangible resources have also been critical of impeccability to the organization. Yhemisy International Code of Ethics guarantees that clients will receive the exquisite service possible and that staff will have the most remarkable working circumstances possible (Murphy and Chris, 2020). Due to that, experienced employees provide high-quality services. Further, offering after-sale services has ensured that consumers return for more at Chemist. In addition, commitment to timely delivery, active client dedication, and suitable personnel training; marketing specialist with ten years of market management expertise, a Human resource director with 15 years of experience, and a Computer analyst with ten years of experience in computer analysis.
Capabilities
Typically, the organization has the possibility of analyzing its might in the. In this regard, they check competing rivals and their progress in the market, industry concentration and growth, inspecting quality differences, brand customer loyalty, barriers to exit, and switching costs. Further, assessing the threat of substitutes, such as hand sanitizers, buyer propensity to substitute, the relative price performance of substitute, perceived level of product differentiation, and switching costs, is necessary to check the potential of the released product.
SWOT Analysis External and Internal issues
Internal issues
Strength
Yhemisy has competent and highly motivated staff obligated for efficient 24-hour both offline and online sales services. Further, the organization, through its personnel, offers aftersales accessibility. In this way, the organization’s exceptional service has become a preferred destination for many customers.
Weaknesses
However, the organization has failed to motivate the employees as they are so hell-bent focused on the client, hence neglecting their staff. Therefore, hard workers are promoted which discourages them. Moreover, brand incongruence has been of stiff competition in the market; thus, some are managing to subdue Yhemisy, and finally, the capital intensity for a start-up for the organization can be limiting.
External issues
Opportunities
Due to the unpredicted COVID-19 outbreak, there has been a surge in demand for improved hygiene. Therefore, it has called for increased demand for Yhemisy multifunctional UVC sterilizers. Further, the item is designed to be fascinated with the contemporary lifestyle, thus attracting several youthful customers. Ultimately, a large Nigerian market has created jobs for youths from its production to marketing phase.
Threats
Despite the exquisite services offered in Chemistry, recently the sales unit reduced. In that circumstance, entry into the market by other service providers such as Jiji Nigeria has increased stiff competition for the sale of sterilizers since some of their rivals provide relatively cheaper commodities (Crunchbase, 2014). Furthermore, substitute products such as hand sanitizers and surface wipes have ensured Chemist has a limited market and duplicated the same product in the black market. Notably, the political instability that has encroached within the Nigerian government has limited commercial operations; in that regard, further funds embezzlement leads to unaffordability and inflation.
Health Sector
Internal issues
Strength
The organization explored the clinical sector and selected those entities with competent workers. Since skilled and motivated employees ensure desirability in production. As a result, it enables good customer rapport with pharmaceutical companies, clinics, and hospitals.
Weaknesses
Typically, when a hardworking staff is promoted, the wage increases; hence, the promotion cost becomes expensive, and sometimes the organization cannot upkeep. Moreover, capital incentives for start-ups may be costly, competitors’ strong brand reputation, unacquaintance with the brand reputation, and cost of establishing brand loyalty may be tedious as customers who have adapted to other products may seem challenging to convince.
External issues
Opportunities
Makin, most of the pandemic, seems an excellent strategy to make profits for the organization. As Onyeji (2020) accentuates, there is a ready-made market in the health center sector. The sector has approximately 2600 people in private health clinics and other facilities, which will prove critical in ensuring a sales boost per day.
Threats
Due to inflation, exchange rates with China can be limiting as the final profit might discourage the business. Intense competition among UVC light box manufacturers may also render a divided profit sharing, which prevents further expansion. Finally, acquiring distributors and customers of unquestionable brand loyalty may be difficult since they are newbies to Yhemisy international sterilizer.
Analysis
From the SWOT analysis, it is apparent that Yhemisy international sought expansion in the Southwestern part of Nigeria and majorly the city of Lagos. The area has occupants of approximately twenty million; therefore, it has a market for sterilizers (Musbau, 2017). Thus, it is ideal for operation settings in such areas; furthermore, it has several private hospitals. Hence, it is suitable for marketing sterilizers. The area was characterized by poor sanitation, and above all, it was a COVID-19 hotspot zone. Therefore, it called for a high demand for sterilizers, which Yhemisy could provide through online and offline platforms.
Moreover, the fancy of owning exquisite items such as rechargeable sterilizers grew among youths, and in that case, its demand was fueled. Moreover, the demand was further bolstered by the fact that Yhemisy International provided satisfying after-sale services; therefore, they became the preferred destination for the purchase of sterilizers. Even though they are renowned product sellers, they received contested competition from other substitute products and duplication from the black market.
Conclusion
In Summary, the quantitative analysis depicted that spotting the niche in the market gap in Lagos in this war made profits as the competition levels were relatively ineffective since the market was diverse. Moreover, long-term benefits that enable the organization to sustain operations despite the vibrant competition include eco-friendly products, attractive packages with barcodes, Affordability in terms of pricing, superior product performance and longevity, Prompt delivery service, prompt reaction team, and dependable service. There is no limit to the number of orders that can be placed. Orders and complaints may be made in-store, and online help is available 24 hours a day.
The use of the product benefits has placed the organization in a competitive age over its rivals, such as no chemicals, no smells, and utmost hygiene. Furthermore, they are reliable sterilizers that kill 99.9 percent of viruses and bacteria within seconds. Hence, they preferred since they have no liquid, no heat, no chemicals, and convenient portable. They are affordable. Microbial cells can cultivate barriers to technology and be Safe and hygienic (Grandviewresearch.com. 2020). Finally, they enhance hygiene awareness, decrease cross-contamination, sanitize phones, headphones, watches, and wireless phone charging
SMART Objectives
Financial
The corporation strives to increase its revenue to 2 million dollars annually in the next two years. The various items will be packed and marketed at a fair price to maintain their competitiveness and relevance in the market. In this regard, they are adopting an efficient auditing system where the staff and executive agree. Thus it is necessary to measure the progress of the organization. Profit margins will be taken into consideration to maintain a consistent cash flow and promote healthy expansion that fosters organizational continuity.
Marketing
UV portable sanitizing boxes are gaining popularity due to their non-toxic and ecologically friendly nature. Hence, according to the company board and the staff, each category of Yhemisy UVC Technology will sell more than a quarter of a million product units each year. In this way, it will enable the organization to realize the profit necessary to expand other branches. Annually, the product is expected to expand into new markets and gradually grow to over 200 billion dollars. Various marketing methods, such as commercials, will be employed to achieve this goal. It is projected that the product will attain maturity in four years.
Qualitative
The global COVID-19 epidemic serves as a warning of the devastation that viruses and bacteria may do. As a result, solution-based disinfection is developing appeal on a national and worldwide scale. UVC (ultraviolet) light has a wavelength of 100 nm-280 nm and hence directly changes the DNA and RNA of viruses and bacteria, rendering them ineffective. Utilizing the device significantly minimizes the risk of infection and spread. As a result of heightened awareness, companies and institutions are seeking viable alternatives to SARS-CoV-2 and other pathogenic microorganisms and diseases. According to the study, environmental disinfection is critical, and UV-C devices are both efficient and safe. As a result, our projected first purchase will be 24,000 units at an average price of $11, bringing our total expenditure to $264,000. Additionally, $35 per unit multiplied by 24,000 is $840,000. Sales are expected to increase 10% in 2023 and 2024, 20% in 2025 and 2026, 24% in 2027, and 25% in 2028.Strategies
The life cycle of the product is gradual hence the introduction stage has a budget of $600 000. When it reaches the growth stage, profit grows while budget reduces and finally at maturity stage the profits become more while the budget stands at $200 000.
Price
Yhemisy UVC Technology sterilizing tools are available at a reasonable price by using price skimming. Consequently, the device will be available for purchase for $35, the relative market price of $38; slightly lowering the price will increase clients. The prediction is that the pricing will generate more than 90 percent of all sales.
Promotion
Yhemisy UVC Technology attracted clients using a variety of sales tactics, including direct marketing, staff recruiting, advertising, the use of different media channels, and lobbying. The company will advertise its purpose using e-marketing through a web page, Instagram, Facebook, and Twitter (Nuseir, 2020). In a bid to promote the brand, the clients will be offered discounts to entice them.
Place
The location of a business is essential for the performance of organizations. In that regard, Yhemisy UVC Technology will begin operations in Nigeria, namely Lagos, to enhance delivery and planning operations before expanding to smaller, less crowded locations. Traffic is the primary driver, and the company intends to spend between £150 and £200 per month on physical shop rent. Profitability is estimated to be reduced by 25% due to the rent.
Product
The core product for the organization is the Yhemisy multifunctional UVC sterilizer box. The product is unique in appearance thanks to the competitors and increased consumer demands which fueled the organization to provide a unique product that will compete with other products; therefore, the sterilizer became the real deal to most clients. In addition, it also proved beneficial in that it is rechargeable and eco-friendly. This has enabled it to prove its beneficial factors.
The Ansoff Strategy
Ansoff is accountable for monitoring the plan for the strategies employed to ensure the success of Yhemisy multifunctional UVC sterilizer box through the deployment of a competent Brand Manager (BM) who analyzes how customers react to the organization’s product in the market. Ansoff is also responsible for ensuring that the plan is followed. As a result, if the sterilizer’s goal is reached, the organization makes certain that it is readily accessible on the market and in sufficient quantities.
Relaunch
By 2028, the product will have been retargeted to households and nursing mothers. There will be an introduction to the UV-C Sanitizing Bag. Appropriate for newborn bottles, toothbrushes, underwear, watches, jewelry, toys, mobile phones, masks, eyeglasses, and clothing, amongst other things. Ideally, it kills 99.9% of germs, viruses, and bacteria in around three to five minutes. Place the object to be cleaned into the bag, close it, and press the button. Our product will now be more available to a broader audience, resulting in more income.
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