Critical Evaluation Of Tile Tracking Device Business Plan

Question

Task: The objective of this individual assessment submission is to learn how to develop your own business idea, complemented by research and observational insights that detail why the need is compelling. Please submit a 1500-word business report of your idea, a detailed business model (BM) canvas, discussion of the interrelationships among the BM components that are essential to success, critical risks and assumptions, and overall feasibility. The business model canvas must be discussed in the report and included as an appendix.

Answer

1. Market problems to address

The present report explores the tile tracking device business plan in a detailed manner. In the contemporary world, human beings are very much attached to their smartphones, iPhones, computers, and laptops. This kind of attachment is also with the car keys, home keys, and keys for the closet as keys are a vital part of the household. So if the keys get missing, it hampers the peace of mind. The concerned individual goes for a haystack search but seldom attains any effective outcome. During such a phase, the owner of the missing object loses his cool and tends to make mistakes say crashing things under a fit of rage, or fight with his or her partner blaming them. This kind of problem could be addressed by formulating a tracking device in the shape of a tile that could be used to find the lost items easily. The tile tracking device business plan illustrated in the study signifies that the device could be synced with the IOS app making it easier to locate the lost items like key chains, car keys. In this way, the tile tracking device could be well exploited by those who tends to lose items. 

2. Benefits derived by the idea

In the contemporary busy life, human beings are under due stress and this stress level often makes them forget useful items kept at a particular place. This forgetful mind of them makes them replace or lose household items like keys, enhancing their stress level. So in such a crisis, the tiles racking device could be duly used to find the lost items which are quintessential to the individual concerned. The benefit of having this device is that it could be synced with the IOS app making it much easier to track. This kind of facility as explained through tile tracking device business plan would be very much suitable for having the peace of mind to the users and reduce the level of stress as they could easily track the lost keys.

3. Proposed business model

The tile tracking device business plan would be modelled based on the Business Model Canvas proposed by Alexander Osterwalder. It is a strategic management framework effective for the start-ups to establish its business in the emerging markets. The business model canvas is a graphical chart that clearly explains the products and services to be offered by the entrepreneur (Osterwalder & Pigneur, 2010). As per the business model canvas, the business idea could be segregated into 4 broad categories – infrastructure, offerings, customers, and finances. These specific segments in the light of the business idea could be explained in the following manner –

Infrastructure:

• Key activities – The key activities would be to track the lost items by the tile tracking device for keys. The tile shaped tracker would be attached to the key and tracked by the IOS app as it gets misplaced or lost by any means (Mori, 2017).
• Key resources – The IOS app would be a resourceful device as it would be useful to track the lost things like the keys quite easily sending signals.
• Partner network – The key tracker would be associated with the IOS app, so Apple would be the key partner in this process (Strange & Zucchella, 2017). The association of Apple would make the matter more versatile as Apple is known for its software quality suitable for an efficient level of tracking.

Offerings:

• Value proposition – The key tracker is quite easy to carry that could be entangled in the key-ring to keep it in close contact with the targeted key which tends to go missing. Again, the key tracker is to be synced with the IOS app so that if the keys could not be found, it could be tracked through the key tracker using the app (Owens, 2014).

Customers:

• Customersegment – The tile tracking device business plan would be limited to a niche customer segment, say only for those having the Apple iPhone with the in-built IOS app for tracking (De Mooij, 2018). So the key tracking device would be accessible to the higher income segment possessing the affordability to own an iPhone.
• Channels – This particular business idea of tracking the keys would be promoted using digital media and social media marketing. It is because its uniqueness and innovativeness would be limited to a particular section of customers, the tech-savvy ones (Chaffey & Ellis-Chadwick, 2019). Accordingly, the social media platform of Facebook, Twitter, Instagram, and LinkedIn would be used to promote the key tracking device supported by the IOS app.
• Customer relationship – In the initial phase of tile tracking device business plan, the customer services would be provided using the social media platform and Facebook seems to be suitable. This is because Facebook has substantial subscribers numbering to 2.6 million and so it could be used for the customer service as well (Tan, 2017). It would pave for direct interaction with the customers using the social media site, thus strengthening the customer relationship.

Finances:

• Cost structure – The business model would be based on a cost-oriented model wherein the focus would be to bring down the cost, say by using social media for promotions, and customer services.
• Revenue stream – The key tracking facility would be offered on a subscription basis and gradually shift to digital advertising to generate additional revenues (Teece, 2010).

4. Identification and discussion of key business relationship in the business model

The key activities are crucial for establishing the business relationship as the purpose of the key tracking device would be the attractive point (Carvalho & Fernandes, 2018). So if the product and its services are great, it is sure to take the market by a whip.

Partner network, in this case, is Apple and the brand itself is an epitome of quality. So the targeted market would be ensured of a proper tracking arrangement based on the expertise of Apple to have efficient software processing (Osterwalder & Pigneur, 2010). 

The element of value proposition need to be kept in mind as if it does not benefit the users, it would be of no use to have such technologies. Keys often go missing owing to their smaller size and the tracking device attached with the keys would make it easier to locate, saving the embarrassment of the users.

The customer segment is another key proposition as the primary target would be those who possess the Apple iPhone and access the IOS app (Chaffey & Ellis-Chadwick, 2019).

Marketing is another crucial aspect and the innovation would need the help of digital and social media to promote the key tracking device among the targeted customer segment.

5. Critical success factor for the business success

As per the tile tracking device business plan, it would be helpful in pointing out the location of the keys, be it go missing or not. It is often seen that individuals lose their keys due to their absent-mindedness but having such tracking device would be helpful in locating the keys successfully (Owens, 2014). The attractiveness of the device is in its mobility as could be carried easily along with the keys. Again, its limitation within the niche segment of the Apple customers would be an attractive proposition raising the level of inquisitiveness among the potential Apple customers (Teece, 2010). So the key tracking device in line with the Apple products could be hailed as a status symbol in the society. In this way, hype could be created in the market, say through social media which could be encased for its rightful promotions.

6. What are the critical risks and assumptions for tile tracking device business plan?

The key tracking device is a unique concept but in the era of innovativeness, it runs the risk of getting out-dated by a superior technology. So the technological risk is predominant along with the change in market scenario. Suppose a financial crisis breaks in, then the focus of the customers would be on necessities and not on such tracking devices (Mori, 2017). For instance, the ongoing pandemic of COVID-19 has stalled the business progress stating that it is not an ideal scenario to start a tile tracking device business plan having no hope at all.

7. Evaluation of overall feasibility

The tile tracking device business plan could yield effective outcomes provided its uniqueness in the market and lower level of competition. The technological industry is quite promising and could pave for a unique content in the market. The customer segments would be happy to have a device like that, the way they has accepted Apple products despite of its higher price tag. The usage of social media for this purpose would be beneficial to uphold the product rightly to the targeted segment. The tile tracking device business plan is technology-oriented, so those engaged in the technological aspects would find it rewarding. The finances could be troublesome at the initial phase as reaching out to the appropriate angel investors could be a challenging task.

References
Carvalho, A., & Fernandes, T. (2018). Understanding customer brand engagement with virtual social communities: A comprehensive model of drivers, outcomes and moderators. Tile tracking device business plan Journal of Marketing Theory and Practice, 26(1-2), 23-37.

Chaffey, D., & Ellis-Chadwick, F. (2019). Digital marketing (7th ed.). London: Pearson UK.

De Mooij, M. (2018). Global marketing and advertising: Understanding cultural paradoxes. New York: SAGE Publications Limited.

Mori, G. T. (2017). Examining Hindrance of Bureaucracy on Management Innovation for Organizations. International Journal of Academic Research in Business and Social Sciences, 7(4), 601-607.

Osterwalder, A., & Pigneur, Y. (2010). Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers. New Jersey: John Wiley & Sons, Inc.

Owens, A. R. (2014). Exploring the benefits of contact centre offshoring: a study of trends and practices for the Australian business sector. The International Journal of Human Resource Management, 25(4), 571-587.

Strange, R., & Zucchella, A. (2017). Industry 4.0, global value chains and international business. Multinational Business Review, 25(3), 174-184.

Tan, H. (2017). Making impact through industry-focused research: An Asia Pacific perspective. Asia Pacific Business Review, 34(3), 487-503.

Teece, D. (2010). ‘Business Models, Business Strategy and Innovation’. Tile tracking device business plan Long Range Planning, April-June, 43(2-3), 172-194.

Appendix:
Business model canvas

Evaluation of wholesome feasibility of the tile tracking device business plan –