Business Strategy: Individual Business Plan
By: Ruslan Zotiadis A915885
1. Personal Development
2. Team working aspects
3. Response to feedback
4. Personal ideas for the business plan
My main role in the team was the Production/Sourcing part. Thinking of costs to set up production, consider issues associated with production and method of production (in house/outsourced), supply considerations. The first step I did was find out how the seat belt is manufactured and what sort of tools were required. This is where I saw a bit of an issue, the manufacturing is not complex but requires a fair amount of tools and machinery on a factory floor which our company would not be able to afford with the £100,000 initial investment. Furthermore, safety testing of each seatbelt system needs to be assessed after the seatbelt has been manufactured, and this requires more machinery. Hence, the first decision made that the seatbelt manufacturing has to be made by another company. This would not be a problem once the patent is secured. After realising that manufacturing will be completed by a contract manufacturer, I needed to make sure the contract cost and the logistics costs to be kept to a minimum. This means being competitive on all the freight pricing. Team working aspects
The team was easily organised and everything just fitted in place. There were five aspects to focus on in the Final Group Business Plan and there were five team members. Each team member chose his part and there was no quarrel over any particular area. Regular meetings were held to decide on general decisions about our business plan, where the business plan is headed and the next steps to be completed. Once each team member chose their individual section and the team agreed then each team member went and carried out his own research and then reported back to the team in written format and verbally during the next team meeting. The team made decisions together. When one group member proposed to implement an idea, the team discussed it and either agreed on it or changed it slightly and used it or discarded it after some thought. Presentation Feedback
At the end of the presentation the help full feedback from Mr. Grover, "As this is a product focused on vehicle safety, it may be more wise to approach a manufacturer that is renowned worldwide for safety, in this case Volvo." I found this to be to be more helpful than some other team mates, because I clearly saw the way to market and advertise this product. For it is primarily a safety device, to be more precise an improved safety device used in every car for the last 50 years. This is why it was more crucial to approach Volvo first instead of Mercedes-Benz, BMW or Audi. If such a seat belt is to be introduced into the market it would make much more sense if it was in a Volvo. It would be more noticeable and people would trust it because it is in a Volvo.
Potential Risks and Changes in the General Business Climate
First of all, the biggest risk of them all, is if the manufacturer accepts this seat belt and wants to put it in their cars. If it rejects the idea then the business plan has failed. Some other risks:
* keeping manufacturing costs low/competitive with the contract * maintaining manufacturing deals with Uk manufacturer, then with chinese manufacturer. * container freight costs may rise, so signing a contract/annum for a fixed freight would be a solution.
Apart from keeping to the main idea of the team's business plan outlines below, there are some other parts I would like to add to the business plan which I had did not have the opportunity previously.
The first step of the business following planning, design and securing an investment will be to acquire a patent as discussed above. The business shall pend on the granting of a patent, as success is dependent on the ownership of a patent. This will avoid...
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