Write a business model for your product – MOVEY (a battery for cell phones and other smart devices that charges with movement. It can be used by consumers with just about any kind of phone, creating hype and name-brand recognition).
MOVEY …a whole new experience with smartphones. MOVEY is a movement charged external smartphone battery, charged by the very energy you create everyday. MOVEY takes the energy created by movement, and transforms it to electricity to charge your smartphone. From business professionals, educators, homemakers, athletes, students, everyone benefits from a MOVEY. To ensure a successful entry into the marketplace, MOVEY’s market team has carefully assessed opportunities in e-market and has thoroughly planned for a successful e-commerce implementation by considering seven key factors; human assets, processes, organizational structure, systems, culture, leadership, and partnership.
Unmet Customer Need
MOVEY the external smartphone battery charged by movement seeks to fill an underserved customer need in the marketplace. PC Magazine recently reported that, “the average person carries 2.9” mobile devices” (Eddy, 2013). Those devices include smartphones, carried by an average of 85 percent of survey respondents, tablets, digital music players and eReaders. With consumers living an increasingly “on-the-go” lifestyle, while relying on their mobile devices, they need a backup charger that will work on demand and will not tie them to an outlet.
Specific Customers To Pursue
MOVEY is targeting customers in the “Aspiring Contemporaries” mosaic segment as defined by Experian. This segment represents “11.19% of US households” which “tend to be young, ethnically diverse” and “solidly middle-class” (Experian). Consumers in this segment “spend a lot of their discretionary income on the latest fashions and consumer electronics” (Experian). By targeting this segment first, MOVEY plans to create hype in the marketplace with early adopters inspiring additional consumer segments to purchase the product.
Advantage Relative To Competition
Current competitors in the external battery marketplace all offer products that must be left plugged in to charge in order to be used to recharge a smartphone or other mobile device. MOVEY is charged by movement, so consumers using a MOVEY external smartphone battery will not be tied to an outlet or left with a dead battery.
MOVEY has the rights to all technology used in the product, including pending patents on proprietary technology. Currently, during the initial production and sales phase, MOVEY has limited production resources. However, MOVEY has already established several additional options in order to quickly expand production should certain sales benchmarks be met.
Assess the market readiness of the technology
Management will make high-level judgments about technology trends and their relation to value proposition. They must know the rate of technology transfer, adoption and penetration of new technologies. Regarding the impact of technology they need to know the probability of use of these technologies by the targeted customers. The knowledge about technological change can be used for the prediction of future challenges.
Opportunity In Concrete Terms
For this purpose, management will define the whole opportunity story or the sketch of the business arrangement. It will first define target customers and the value system of the industry, clarify essentials for customer benefits, spell out and classify the resources need to bring customer benefits, make sure the use of resources will create a competitive advantage and provide a sketch of the initial magnitude of the financial opportunity.
Opportunity attractiveness relies on expected performance of profitability in the long run for any industry and its competitive position in the industry. The managers can conclude the magnitude of opportunity by investigating the level of unconstrained opportunity, communication between different market segments, and magnitude of growth rate, market size and profitability. Opportunities will be highly attractive for the players if expected growth rate will be high. Market size will be greater or expected profit will be high.