Management Innovation and Enterprise

Question: Write a report to introduce a new product in New Zealand market. Answer: 1.0 Introduction The purpose of conducting this report is to introduce a new product in New Zealand market. In this report, a brief market research on New Zealand market has been conducted for measuring feasibility of the market. The product proposed (Mobilift) in this report is hoisting equipment for industrial and domestic purpose as well. Mobilift is portable and can be remotely use within 100 miters. Users can use this device for multipurpose such as domestic and industrial purpose. This report will discuss regarding the target market of this product along with the product issues. Following are the features and uniqueness of Mobilift. The hoisting rope of Mobilift will be able to lift goods up to 1 Ton. The device will be portable and therefore, users will be able to handle the product easily. The weight of the product will be 7 Kg, which will help the consumers to carry the product any ware. The product will come up with a remote, which can be used for increase safety in industrial industry. The product will come in two variant such as electricity operated and battery operated. The battery-operated version will help to reduce usage of electricity. 2.0 Brief Summary of the Market New Zealand market is rapidly growing in terms of technological development. Government of New Zealand encourages organizations to bring technological innovation. Apart from that, people in this market depend on technological equipments for improving overall lifestyle (Krush et al., 2016). The market competition is increasing day by day and therefore, organizations of different industries are implementing innovative ideas and technologies for attracting consumers. Therefore, it can be said that introducing Mobilift in this market will be beneficial. In this technological era, people are depending on technological devices for both personal and business purpose (Sheth Sisodia, 2015). Mobilift is a product, which can fulfill personal and business requirements of consumers and therefore, launching this product will be effective in this market. 3.0 Overview of Industry In New Zealand, there are different organizations are dealing with hoisting product manufacturing. Most of the organizations are manufacturing chain pulley block, which only can be used by the industrial warehouses. The competition of this industry is remarkably high and therefore, companies are continuously revising product design in order to attract more consumers (Koh Brunner, 2015). However, Mobilift is a kind of product, which will provide innovative features to the users. 4.0 Issue/pain of the product The product is at introductory stage and therefore, consumers are encountering various issues such as overheating. The weight capacity of the product is very low and therefore, cannot be used in industrial purpose properly. The rope size is long; however, the gauge of the rope is low due to small size of the product. Therefore, it reduces the chance of hoisting heavy weighed product efficiently. 5.0 SWOT analysis of the product Strengths Weaknesses Mobilift is light weighed and easily handballed product The product can hoist goods up to 1ton The product can be used in multipurpose such as industrial and domestic Electricity efficiency of this product is very high The product cannot hoists products more than 1 ton; however, most of the industrial companies use to hoist goods more than 5 ton Durability of the product is low The features are new and therefore, consumers can deny the product Opportunity Threats The product can be improved by increasing weight capacity Massive Hoists can introduce this product in international market Mobilift can be used in different purpose and therefore scope of the product is very high The product is new and therefore, competitive threat is one of the major threats for the product The product does not have any safety certification The outer section of the product consists of plastic material and therefore, it reduces durability of the product Table 1: SWOT Analysis. 6.0 Business plan 6.1 About the owner (Massive Hoists) Massive Hoists will develop different kinds of hoisting equipments for industrial purpose. The company will develop a new product, which will bring innovation to the hoists manufacturing industry. The product will help the users to hoists light weighted goods. The company will bring technological innovation for attracting consumers in an effective manner. Massive Hoists will include different features to the newly developed product such as safety monitoring feature in which the users will be notified regarding over weight. 6.2 The customer In order to launch Mobilift in New Zealand market, it is highly important to identify the appropriate consumers at primary stage. Target market refers to the group of potential consumers, those who are associated with goods handling (Clarke, Owens Ford, 2015). In case of New Zealand, there are various construction organizations and therefore, Massive Hoists will target the construction organizations as they deals with heavy goods and materials. Apart from that, industrial sectors will also be the targeted customer of Massive Hoists. Car manufacturing companies will also be a potential customer of Massive Hoists, as they require for hoisting light weighted goods (Malachovsk Kirov, 2015). Additionally, Mobilift can be used for household purpose and people can hoist products for domestic purpose. New Zealand is a growing market for industrial companies and therefore, Massive Hoists can target different organizations with different business operations such as car manufacturing and Cons truction Company. 6.3 The issues Mobilift is a new concept for the industrial sectors and therefore, consumers may not be able to understand the usefulness of the product. As a result, the product will be unable to affect the target market positively (Hunt, 2015). Apart from that, the load capacity of the product is very low in relation with other products. Generally, industrial sectors required hoisting products with high load capacity and therefore, this product can be denied by the industrial industries, which can affect business of Mobilift negatively. 6.5 The business idea In this technological era, people rely on technological equipments for reducing workload. Hoisting products helps to reduce use of labor along with increasing efficiency. Therefore, the idea of introducing Mobilift is to reduce requirements of human resource in industrial sector. Moreover, Massive Hoists will influence the consumers with the key features of the product. The key feature of the product is its mobility and durability. Mobilift is not only a hoisting product for the industrial sector, it also have different usability for domestic usage. The capacity of the rope is lower than the other hoisting equipments; however, the length of the rope will help the users to hoists goods efficiently. The remote operated feature will help the users to increase safety. 6.6 The Market Demographic: The demographic situation of New Zealand shows that there are different organizations dealing with heavy goods handling. On the other hand, organizations in this market are seeking for innovative products in order to increase efficiency. Therefore, Massive Hoists will be able to increase interest of the customers regarding this product. Competition: Different organizations are manufacturing hoisting products in New Zealand market. Supreme Hoists (NZ) Ltd is one of the reputed organizations in this industry. The company is continuously improving their technological aspects for increasing safety features and durability of the products (Byrne, 2015). Therefore, it can be said that competition for the new entrance is very high in this industry. Price: In order to attract the consumers, Massive Hoists will primarily adopt a low pricing strategy. The consumers in New Zealand market are willing to avail high quality products in low price (Schlegelmilch, 2016). Therefore, it can be said that adopting low pricing strategy will help the company to push sell the product among the target market. Promotion: Massive Hoists will develop a website for Mobilift and this website will consists of different features of the product. Apart from that, through this website, the company will increase awareness regarding usefulness of the product (Ritter, 2016). Additionally, Massive Hoists will adopt direct marketing strategy for implementing push and pull marketing mechanism. This promotional strategy will help the company to build a strong supply chain along with awareness regarding the product (Malshe et al., 2016). Product: The product manufactured by Massive Hoists consists of unique features such as remote operating system and automatic overload indicator. In order to improve product quality, it is highly important to use high quality raw materials (Fan, Sukwaid Moon, 2015). These two features make the product innovative and attractive as well. The quality of the product will be satisfactory and in order to ensure safety, the company will incorporate high quality rope. Place: Mobilift is going to be launched in the industrial market of New Zeeland along with the market of household products. 7.0 Business Structure and Operations 7.1 Flow Chart of Operations Figure 1: Flow Chart of Operations 7.2 Task and Roles The stakeholders of Massive Hoists are those personnel who are related to the launching the innovative product namely Mobilift. It is necessary to mention that, the stakeholders of Massive Hoists are majorly responsible for successful launch this particular product in the industrial market of New Zealand (Hung, 2015). The roles and the responsibilities of the stakeholders are mentioned below in a tabular format. Stakeholders Responsibilities Chief Executive Officer (CEO) Providing suitable guidance that is related to the launching of Mobilift as well as implementation of both the long-term development plans related to the information industrial market of New Zealand. Evaluating the effective working of the Board related to the management of this organization Managers Evaluates the cost that is related to the launching of Mobilift as well as order management procedures and the time estimation schedule for completing the launching of Mobilift. Management Board Supervising the appropriate implementation procedure for provide suitable ways for the launching of Mobilift within the industrial market of New Zealand (Dhaliwal et al. 2014). Investors Keep investing on the orders as well as investing on launching the related project that needs to be implemented within the business workplace. Suppliers Supplying as well as distributing the hardware products and equipment to Massive Hoists for manufacturing Mobilift Creditors Keep investing on the orders as well as investing on the launching of Mobilift related project that needs to be implemented within the global technological market. Government Implementing the regulations, rules, legislations and policies within the business culture of Massive Hoists Table 2: Roles and Responsibilities of the Stakeholders of Massive Hoists 8.0 Financial Forecast Financial plan and projection for Mobilift (plan for three years) Particulars 2016- 2017 2017- 2018 2018-2019 INCOME Venture capital 81000 120000 115400 Preference share 52000 55000 55000 Stakeholders 26000 23500 25000 Market share 100000 100000 100000 Loans and credits 31000 25000 27000 Contract revenue 14000 115000 12000 TOTAL INCOME 304000 338500 334400 EXPENSES RD 21300 55000 26400 Model construction 25500 12000 15600 Advertisement 27500 45000 32500 Equipment 38500 44000 58000 Technology 16200 20000 15500 Sponsorship 26000 30500 19000 Transportation 22500 20500 23500 Franchising 23000 21000 26000 Audits 10500 25500 22000 Office expenses 10000 15000 12500 Communication and outreaches 10500 10500 10000 TOTAL 243500 281000 261000 NET PROFIT 58500 57500 73400 Table 3: Financial Plan and Projection for Mobilift 9.0 Summary of Findings After conducting the market research, it can be said that industrial market of New Zealand deals with hoisting equipments frequently. 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