Seachange technology plan Essay Example
Seachange Technology program to let go of an eco-friendly shark repellant device which will be known as the Scuba Shark Shield, a promotional image can be seen on the study rubric page.
Our end is to accomplish 100 % client satisfaction so our focal point will be on merchandise quality ; the Shark Shield will ne'er neglect ( excepting battery life ) . We will be the first company to come in this specific industry so to take advantage of our first mover advantage we will make significant publicity to derive maximal market portion before any rivals arise.
Our demographic is chiefly middle-aged with above mean income and they spend on mean $ 1300 per twelvemonth in aqualung diving and they prefer quality over value. After carry oning a study it was found that 50 % of scuba frogma...
ns would either decidedly bargain or perchance purchase the Shark Shield. We will be publicizing the quality of our merchandise and our mark market portion is 30 % of aqualung frogmans after 5 old ages.
The sale monetary value of the Shark Shield is $ 750 including $ 600 in disbursals and a $ 150 ( 25 % ) markup. Underwater camera, submerged propulsion devices and some drysuits cost $ 2000+ and holding the mark audience prefer quality over value we expect the audience wo n't comprehend the monetary value as excessively high.
The capital we require to get down the undertaking is $ 840,000 which covers all initial development disbursals, ongoing disbursals will be covered by gross revenues. The loan will be paid off over a 5 twelvemonth period.
Our expected market portion will turn most quickly in the firs
5 old ages so stabilise after 8 to 10 old ages. Our publicity scheme includes: direct mail, magazine advertizements, website advertizements, sponsorship and association.
Quality is our primary concern so we will be implementing quality control systems including: audits, certification and meeting Australian regulative criterions.
1.1. Organization and merchandise
Seachange Technology is presently bring forthing a big scope of shark hindrance merchandises, specific to several marine athleticss and activities. The Scuba Shark Shield dive unit is a new merchandise which has been developed to better accommodate the demands of aqualung frogmans. The unit is an advanced development, which has been produced in line with antecedently tested engineering. Seachange Technology has succeeded in taking the construct of electronic shark hindrances to a new degree. Our merchandise is compact, less cumbrous to scuba frogmans, visible radiation weighted and 100 % successful in forestalling onslaughts from the most unsafe shark species.
The Shark Shield produces a alone conductive field which sharks are highly sensitive to. When sharks attack excessively closely to the wearer of the merchandise, the field produces impermanent uncomfortableness to the shark, which eliminates the potency for onslaughts. ( Natal Sharks Board, 2007 )
A moving ridge signifier which deters sharks was discovered in the early 1990 's which was so subsequently developed into a merchandise, the Shark Shield. The following selling program outlines the jutting ends established by Seachange Technologies to be implemented within a 10 twelvemonth period, or until impregnation of the domestic market occurs.
2. Strategic Plan and Focus
To achieve the administration 's strategic way, the company 's mission, ends, aims and competitory advantage have been established to supply a vision and foreground for the company 's
success. In add-on, a step of the range of the merchandise which the administration offers, and the implicit in environmental committednesss held in relation to both the marine equipment industry and the Marine environment itself, are besides cardinal participants in the company 's strategic way and focal point.
2.1. Mission Statement
Seachange Technologies endeavour to go the figure one leader in electronic safety devices for marine escapade ; supplying the highest protection at no cost to the environment.
The assurance you need to spread out your submerged resort area.
2.2. Goals and Aims
Seachange Technologies endeavour to accomplish the highest degree of client satisfaction in relation to both the merchandise and service provided by the company. This is farther achieved by guaranting that the highest quality criterions are adopted on all degrees of fabrication and production, for guaranteed 100 % client protection when utilizing the merchandise. This warrant extends to the protection of all marine life.
Furthermore the company is committed to keeping good employment chances and working conditions for all employees, to construct a reputable administration civilization. This concerns promotional and gross revenues staff, direction and the similar.
The company is committed to further heightening an already bing corporate societal duty in relation to marine wildlife and its protection in Australia.
The primary fiscal end of this merchandise is to derive maximal market portion over the first 5 old ages, and reach market impregnation within the undermentioned 5 old ages ( see subdivision 6.5 ) . As we reach market impregnation, gross revenues will bit by bit diminish as the merchandise lifetime is 20 old ages long ; as gross revenues slow in Australia we will diminish production and disbursals in
Australia and get down to globalise the merchandise, the capital will come from the gross made in the Australian market. On the initial $ 840,000 capital we expect to do $ 5.4m net income each twelvemonth for the first 5 old ages so diminishing one-year net income for the following 5 old ages and onwards, the loan will be paid back over the first 5 old ages ( see subdivision 6.2 ) .
2.3. Core Competencies / Competitive Advantage
The company 's competences include first advanced engineering, partnered with extremely skilled applied scientists, which will supply consumers with a merchandise that provides 100 % protection from sharks without harming them or other marine life. Such a merchandise has been designed by experient frogmans to guarantee safety and easiness of usage by swimmers and frogmans, in order to non take away from the consumer 's experience. Shark Shield is increasing the degrees of engagement in H2O athleticss and aids make people 's working environment much safer - peace of head, for persons, households and employees. ( refer to Appendix 1 )
3. Situational Analysis
3.1. SWOT Analysis
Seachange Technologies is come ining an industry as a exclusive manufacturer of electronic shark hindrances. As such, a myriad of chances lie in the fact that as a first mover, there are no direct substitutes to vie against. The cardinal menace therefore, is the possible for rivals come ining the market ( see subdivision 3.3 ) . The undermentioned analysis high spots the chances and menaces faced in the Marine featuring equipment industry. The development of strategic steps is the key to attesting the strength of holding obtained a alone merchandise construct. However development
will be required in footings of constructing relationships with retail merchants and direct clients through research and communicating. ( refer to appendix 3 )
3.2. Industry Analysis
As a jobber in the Marine featuring equipment industry, the Scuba Shark Shield is being produced in an industry worth over $ 656.3m ( ABS, 2007 ) . Scuba frogmans spend $ 1253 per twelvemonth on norm on scuba diving.
3.3. Rival Analysis
Here, consideration is drawn to our indirect rivals. Our organisation is presently the exclusive licensee to the Shark Shield engineering. As such, we are merely competing against a scope of utility methods of protection against shark onslaught. Such options include the extremely unethical shark gun, which is a trigger activated spear releasing device which kills the animate being upon onslaught. Alternatively, the US Navy has antecedently utilized a projectile injection of gas which paralyses the Shark and prevents motion. ( E.S. Organs, 2006, p27 ) Barrier schemes have proven popular in Australia, nevertheless are slightly limited to coastal parts and are non specific for usage by Scuba frogmans. Meshing was developed in Australia in 1937 ( Fisheries Scientific Committee, 2004, 2 ) , and putting to deaths sharks by miring them and doing a deficiency of O and finally decease. Whilst it is a successful method of forestalling shark onslaught, it is besides successful in killing many sharks.
3.4. Company brief
The construction of the administration has been strongly developed during the development of the initial scope of electronic shark deterring merchandises. With the add-on of a new mill for production of the Scuba Shark Shield, and as an investing in future development and research, the administration will necessitate extra workers
for fabrication and production. These staff will fall under bing direction constructions.
3.5. Customer analysis
A survey conducted on an existent diving list of 300,000 plunging clients was established in the United States to find client life styles and demographic features. Such statistics included 76 % of participants to be males, with 80 % keeping a white neckband, Professional or Technical direction business. Such research indicates similar awaited findings within the Australian mark market.
In add-on, an independent study conducted by the company has provided the initial foundation for the merchandises possible consumer. As outlined in subdivision 4.2 mark market, cardinal features have been identified and complement those of macro research. ( refer to appendix 4 ) .
3.6. Environment analysis
At the nucleus of our merchandise, is the assurance that the merchandise in no manner causes injury to Sharks. Research conducted in the initial development phases indicates that the Shark Shield merely causes a impermanent uncomfortableness to Sharks, but negates any long term injury. Our merchandise reflects the ends of the Australian authorities to protect threatened sharks species.
4. Market-product Focus
4.1. Selling and merchandise aims
Seachange Technologies has identified its mark market as Scuba frogmans, 45 % of which are either a small afraid, or rather afraid of sharks ( mention to Appendix 4 ) . It was besides identified that 50 % of the market would either decidedly or perchance purchase the merchandise. The administration aims hence, to accomplish a market portion of 40 % within a 10 twelvemonth period, and a 30 % portion after five old ages. The 10 twelvemonth end reflects the possibility of other rivals come ining the market and besides takes into consideration our first-mover
advantage. At the point of impregnation, or thereabouts, the administration would suggest an enlargement stage into the international market.
4.2. Target Market
The mark market for Seachange Technologies is active Australian aqualung frogmans, who are portion of a distinguishable section ( mention to Appendix 4 ) .
The geographical location of the market will ab initio be Brisbane, Sydney and Melbourne which each have over 1,000,000 people including approximately 35,000 scuba frogmans ( Australian Bureau of Statistics, 2007 ) populating chiefly in an urban scene.
The demographic of the market is about 70 % male 30 % female, chiefly between the ages of 25 and 60, finished twelvemonth 12 or a university grade, have a household income of over $ 80,000 per twelvemonth and have no kids.
The psychographic qualities of the market are in-between or upper category citizens who hold quality in higher regard than monetary value.
The behavioral qualities of the market are that they participate in the athletics on a regular footing and make value a recognized trade name name.
4.3. Points of Difference
The advantages of selling such a merchandise include there are no merchandises on the market that can be compared to Seachange Technologies new line, and such offerings. Seachange Technologies offer advanced, effectual engineering that deters sharks from swimming within a certain radius of users. Refering our indirect rivals, it is the competitory advantage of bring forthing a merchandise that has a nothing shark human death rate, which makes our merchandise unique as a replacement. Equally good as this, the Shark Shield is easy to run, acts as a personal device and is high quality.
The Shark Shield will be positioned as merchandise that offers sturdy protection
for aqualung frogmans, every bit good as forestalling injury to sharks. This method of positioning would affect pass oning the importance of environmental preservation in line with Australian authorities protection policies ( Environmental Protection and Biodiversity Conservation Act, 1999 ) which indicates the Grey nurse shark as critically endangered and the great white shark as vulnerable ( Department of the Environment and Water Resources, 2007 ) . This placement would be through accents on the harmlessness of the Shark Shield. The high degree of sensed benefit is associated with the quality technology and dependability of the merchandise as a safety device. As such the Scuba Shark Shield is positioned as holding an immediate, touchable benefit for the consumer ( Aaker, 2001, 98 ) .
5. Marketing Program Strategy and Tacticss
5.1. Merchandise Line
Seachange engineerings have designed a merchandise line that will make positive feelings in the taking market today. Merchandises need to be readily available to consumers and distinguishable from rival 's merchandises. This plays a positive function in marketing Seachange Technologies merchandises, as the designs are alone and attention-getting to pull the wonder particularly of first clip aqualung frogmans. The key to this merchandise line is advancing our most advanced merchandise, the Scuba Shark Shield. The alone merchandise qualities include our focal point on both environmental preservation, and maximizing the aqualung experience by guaranting peace of head for the consumer.
Seachange Technologies merchandises are sold in recycled packaging, in order to reflect the company 's ethical stance on environmental preservation. Seachange have a comparatively low trust on packaging of the merchandise, but instead rely strongly on the recommendation of the Scuba Shark Shield by retail merchants
and straight by the company. The lone indispensable characteristic would be appropriate labelling and taging cardinal benefits in an easy-to-read mode including battery life and brief overview of engineering.
The promotional program to be adopted by Seachange Technologies, has two cardinal aims. That is, deriving new merchandise credence and increasing gross revenues for the company. Promotion of the Shark Shield trade name will chiefly affect above-the-line publicity techniques including advertisement in specialized industry diaries and magazines, internet publicity and to a more limited extent ; telecasting. Our focal point on magazine advertizement reflects a turning Australian tendency, with 8 out of 10 Australians reading at least one magazine, with readership increasing by 6.4 % over the past five old ages ( Magazine Publishers of Australia, 2007 ) . Uniting this with internet advertisement will reflect a recent survey which revealed natural synergisms between magazines and the cyberspace ( MPA, 2007 ) . Any below-the-line publicity will be based around scuba plunging exhibition and trade show appearances, every bit good as direct contact with scuba plunging charter concerns.
Seachange Technologies will be following a merchandise development scheme, in relation to the publicity of the Scuba Shark Shield. This will affect aiming an bing market of Marine featuring equipment consumers, with a new and more advanced version of the Shark Shield particularly for scuba diving.
5.4. Topographic point
Seachange Technologies will be moving as a distribution channel to retail shops, ab initio in three Australian capital metropoliss ( see subdivision 4.2 ) . These retail shops will dwell of specialized honkytonk stores which have been identified in our demographic research. These will be distribution points for a wider part of
locations, and have been identified as holding a big proportion of the aqualung plunging population. Our purposes would be to spread out distribution to every province within five old ages. Our web site will besides let for direct gross revenues.
The arrangement of the chief warehouse in the Port of Brisbane will let distribution via both land and sea. The Scuba Shark Shield is comparatively light and little and so transport will be easy contractible to either Toll Logistics for both Queensland and NSW, and Vic Express for Victoria.
By using a cost-plus pricing scheme, the administration will be gaining fixed gross net income. This will besides enable a better control of costs, to guarantee that industry of the Shark Shield does non transcend $ 750. This monetary value is derived from a development cost of $ 600 per unit and a mark-up of 25 % . This mark-up is based on rule-of-thumb mark-up figures provided by The University of Tennessee ( K. Wolfe, 1999, 1 ) .
About half of study participants indicated that the quality of the merchandise was of higher importance than the monetary value or value of the good ( mention to Appendix 4 ) . This suggests that the demand for the merchandise is comparatively inelastic. For this ground, we have no vacillation in proposing that the monetary value of our good reflects the willingness of consumers in our mark market to purchase.
6. Financial Data and Projections
6.1. Expense Distribution
We estimate that the capital required to convey the concern into operation will number $ 840,000 which includes building, land, equipment, fees, trade name development and in writing design. The costs of each
are illustrated below.
Construction ( $ 500,000 )- Construction is our largest initial disbursal which is the cost of constructing a new mill.
Land ( $ 200,000 )- The land where we will put our mill and warehouse will be located near the Port of Brisbane ( Port of Brisbane, 2007 ) so we will hold entree to inter-state conveyance services and have the chance to export to outside states. The Port of Brisbane besides offers a repositing service which we will take advantage of.
Equipment ( $ 100,000 )- The equipment and machinery required to construct the Scuba Shark Shield.
Fees ( $ 20,000 )- The legal fees and assorted fees associated with registering a right of first publication and assorted other fees.
Brand Development and Graphic Design ( $ 20,000 )- We will be engaging a design squad to develop a professional trade name image, which will widen to our wider scope of Shark Shield merchandises.
6.2. Operating Expenses
The one-year operating disbursals necessary to run the concern will ab initio entire $ 900,000 including staff, public-service corporations, selling, loan refunds and involvement. These disbursals will change each twelvemonth and will bit by bit drop ; annually estimations follow.
6.3. Gross Profit per Unit Sold
The gross net income made on each sale is the sale monetary value minus the unit 's development cost, the gross net income per unit sold of the Shark Shield is $ 150 ( see subdivision 5.5 ) .
6.4. Expected Market Share
The figure of current aqualung frogmans in Australia exceeds 700,000 people ( EIED, 1997 ) who each spend $ 1253 per twelvemonth on norm ( ABS, 2003 ) , doing scuba plunging one of the most
expensive athleticss. The Shark Shield will retail at $ 750 and have an expected lifetime of 20 old ages, which adds but 3 % to the entire cost of scuba diving. In relation to some other scuba plunging merchandises such as Underwater Propulsion Devices which retail for $ 2500, Underwater Cameras which retail for ~ $ 2000 and Drysuits which retail for every bit much as $ 1700 ( Amazon, 2007 ) , $ 750 for a Shark Shield is non an tremendous sum
We surveyed 100 aqualung frogmans and asked them whether they would buy a Shark Shield, cognizing the benefits and the monetary value ( mention to Appendix 4 ) ; 20 % said they would buy it if it was available in scuba diving shops, 30 % said they might purchase one, 25 % said $ 750 is excessively expensive and the staying 25 % said they are non afraid of sharks so would n't purchase one, as illustrated below. As to non overrate, the figure 30 % will be used as the mark market portion over the first 5 old ages.
6.5. Expected Net Gross
Based on our 5 twelvemonth market portion target we can anticipate to derive 8.5 % market portion in the first twelvemonth which equates to 59,500 gross revenues. With a $ 150 gross net income per unit sold, our first twelvemonth of expected one-year gross net income will be $ 8.9 million. Our mark market incursion is 30 % over 5 old ages and 40 % over 10 old ages. The annual market incursion is illustrated below.
The expected net gross of the concern will diminish each twelvemonth until it stabilizes
after 10 old ages, it will ever turn a net income. This expected net gross is illustrated below.
7.2. Promotion Agenda
The execution of Seachange Technologies promotional agenda is a critical facet of the success of the merchandise. Figure 7.3 demonstrates the companies schedule in a 4 phase format in order to construct a solid execution scheme. As seen in 7.1 advertisement, direct selling and magazines are initiated between 11/4/2007 and 28/11/2007. Such important publicity over the 7 months will be re-introduced after the 4 month remainder period.
The company 's publicity will include the undermentioned as broken down in 7.3 -
- Direct Mail to scuba plunging schools to assist distribute our trade name name.
- Paid magazine articles and advertizements to bring forth gross revenues and trade name consciousness.
- Scuba plunging event sponsorship to make trade name consciousness.
- Making associations with gross revenues web sites such as Amazon.com to capture the on-line gross revenues market.
- Puting classified advertizements in newspapers.
8. Evaluation and Control
Seachange Technologies pride themselves on high degrees of control and rating methods. These have been depicted by the company in extended quality control, hazard analysis and rating.
8.1. Quality Control
It is an on-going procedure for Seachange Technologies to guarantee Total Quality Management ( TQM ) is met within the company. Seachange Technologies works in conformity with authorities ordinances in order to run into Australian criterions.
Such criterions will be met through employees look intoing 1 in every 5 Shark Shields for 100 % truth in design, maps and proficient characteristics.
Through audits, squad leaders and direction staff will document advancement in order to continually better quality of all production.
8.2. Hazard Analysis
Seachange Technologies employ a 24hr security system to procure the Port of Brisbane warehouse.
Seachange Technologies besides have insurance on equipment, vehicles and the warehouse if stolen or damaged.
Furthermore, if malfunctions occur within the machinery, it will automatically shut down itself to guarantee the safety of employees. If employees are working in the warehouse, it is compulsory that steel capped boots are worn along with safety spectacless where necessary.
In footings of bringings, Seachange Technologies will maintain a record of grosss in order to guarantee that buying is performed right.
8.3. Evaluation Analysis
Seachange Technologies ratings will be based chiefly on run intoing gross revenues and market portion outlooks as described in subdivision 6. We will be carry oning gross revenues analysis every 6 months and seting the publicity budget consequently.
Furthermore, cardinal public presentation indexs ( KPI ) will be undertaken by all employees in order to keep a high criterion of accomplishment within the administration.
In relation to the company 's promotional agenda, it will be reviewed every 3 months in order for the company to run into deadlines.
- Fisheries Scientific Committee. 2004. Current Shark Meshing Program in NSW Waters. hypertext transfer protocol: //www.fisheries.nsw.gov.au/__data/assets/pdf_file/0005/5279/FSC-Shark-Meshing-Info-Sheet.pdf ( accessed September 12, 2007 )
- Australian Government Department of the Environment and Water Resources. 2007. Sharks in Australian Waters. hypertext transfer protocol: //www.environment.gov.au/coasts/species/sharks/index.html ( accessed September 20, 2007 )
- International Shark Attack File, Florida Museum of Natural History. 2007. Graph of Worldwide Trends in Shark Attacks over the Past Century. hypertext transfer protocol: //www.flmnh.ufl.edu/fish/sharks/statistics/Trends.htm ( accessed September 25, 2007 )
- Wolfe, K. 1999. Geting a Food Product to Retail. hypertext transfer protocol: //cpa.utk.edu/pdffiles/adc40.pdf ( accessed September 14, 2007 )
- Magazine Publishers of Australia. 2007. Media Matchmaker. hypertext transfer protocol: //www.magazines.org.au/default.asp? page=/advertising+ % 26+engagement/media+matchmaker ( accessed September 27, 2007 )
- Scuba Australia. 2007.
Scuba Dive Centres. hypertext transfer protocol: //www.scubaaustralia.com.au/61/2/divecentre_state.php/61/2 ( accessed September 8, 2007 )
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