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The field of electronics is growing day by day with the development of various innovative technologies like introduction of integrated circuits, use of high power components, even the semi conductors in very large scale integrated circuits are being replaced by super conductors for fast switching and better response. Now all the devices are designed in such a way that they operates at high speed with a very little or no interruptions. "A finger operable electronic control apparatus includes a finger pad actuator mounted to a base so as to be movable in several directions." (Jack M, 1987).
These developments have directly or indirectly affected the rapid growth computer technologies. With the increase in speed and versatility, computers have made our day to day life easier. A recent advancement in computer technologies came with introduction virtual reality a technique which enables to operate the computers with human senses. It is an advanced theory, which is difficult to execute but once it is implemented properly, it can serve as an effective tool in various applications. Considering all these recent developments and future requirements, we have designed a product which we intend to name as Electronic Finger Controller, a device which possesses the potential of being a sensation in the world of computer technology. We have designed this device in a manner to make the user feel that he is one step a head than others in technology.
It is a wireless device with which one can operate this electronic device by moving his fingers in any direction without using a mouse. It is a multi functional device acting both as a mouse and a controller. When acting as a controller, it has virtual memory and it is programmed for intelligent services. The device is simple to use and can be connected to the PC by stable wireless connections and it charges itself even if the PC is in idle status. It is more user friendly as it enables the user to know the state of low charge by a red display. Considering all these facts no one, who loves to be a part of recent technologies, can turn down this device. We have also conducted a market survey and it transpires that the educational premises are met comfortable with old fashioned projectors and computers, for which they have to spend more for lesser performance. They are looking for a product that will provide ease and comfort in various applications.
Ø To attract a wide range of customers from small kids to older people as everyone today prefers latest technologies.
Ø To attract school and college students and teachers as this device will be highly useful and preferred for conducting lectures, meetings, presentations and so on.
Ø To provide an immediate solution for the users for all their needs and more of them with lesser cost and lesser maintenance.
Ø To attract large scale customers from international media for the product, as we are aiming to conduct production in large scales. We are aware of the fact that the customers of this world are expecting more than a 100% for what they pay; we are on right track to fulfill that.
The marketing of this product does not involve any complex issues as it can be marketed by using simple business techniques. As the product has no competition in the market with similar products, it can hold more or less a monopoly in the market. Monopoly is "a situation in which a single company or group owns all or nearly all of the market for a given type of product or service" (Monopoly, 2011).
This enables us to have flexibility in deciding the price of the product. Also, the customers are in need of this device which makes it easy to market the product. We can launch it successfully in our market and there will be high demand for gaming consoles of Nintendo Wii and the X Box Kinetic as our device has same control techniques as these consoles. "The present invention offers a finger feeling numerical buttons for commercial electronic remote control. The altitude of the five even number buttons 0,2,4,6 and 8 is higher than the altitude of the other buttons 1,3,7,9, * and #." (Ching Shih, 2007). In today's market conditions, we assure that this product is going to be beneficial for our schools and colleges as well as for business organizations, which can give us the guarantee in the massive number of customers.
So we can sell the product through retailers like PC world and Currys, and also through online portals like Amazon. Com and get it delivered to customers doorsteps without any time lag. As our customers are mainly students and teachers, we have decided an affordable price to them making them more interested in this device. For advertisement purpose, we have also considered the option of social networking sites because students and teachers engage themselves a lot in social networking. We have also contacted the officials of international online shopping sites like Amazon so that it has an advanced international market with a wide range of customers.
Customer services and expectations:
The world market of today mainly depends on customer services for its growth. We are a company that doesn't treat customer services as an extension but we take it as an integral part of our business organization, to enhance customer satisfaction.
"Customer satisfaction might look something like this:
Customer Satisfaction = Your Performance
Customer Expectations." (Managing Customer Expectations, 2006). As the customer expects high standards we are fully equipped to provide them with what they look for. As such we are planning to use the strategy of Customer Relationship Management so that we can integrate and organize the process of sale, market, service and technical services to enhance the relationship with the customers. We offer them with services they expect, as we are not collaborating our company with any other to provide services, we are directly in charge of it. With our customer services we are on track to complete the following processes:
Ø Answer to customer's problems about our device, for which they can post the problems on official website of our company or directly call our executives.
Ø Providing customer with correct solution to their problems and giving only the right promises that we can keep.
Ø Hear the customer's problems and find exact solutions. Problem may be large or small but we take them as the problem our company and solve it appropriately.
Ø We always treat customers as important, work for them in a pleasant manner and also makes them understand our system and our ways doing things.
Ø Always provide trained people to handle customer's problems, so that their problems are correctly identified and solved.
Ø Always provide more than what a customer expects. They feel anything lacking from our side.
Ø We are also keen to get feedback and work on them to improve our services and execute the tasks more efficiently.
After Sale Services:
Selling of any product is incomplete if we do not consider the after sale services. Providing efficient after sale services can only raise the goodwill of any company. These services may vary among different customers, as we are aiming to have customers both from average enterprises like educational premises and from big business enterprises. An school or college student or teacher requires services which are entirely different from the services required by business organizations. So we have made a detailed list on how to serve them effectively. "Quality, price, and service are three factors are critical to the success of any export sales effort. Quality and price are addressed in earlier chapters. Service, which is addressed here, should be an integral part of any company's export strategy from the start. Properly handled, service can be a foundation for growth. Ignored or left to chance, it can cause an export effort to fail" (After-sales Service, 1999).
We will provide relevant data relating to our services and offers during the sale of the product itself. We have different services to be offered to the customers after taking into consideration their needs. The customers like students can afford to wait for his device to repaired as he is not directly involved in any business action to cause any profit or loss, but a business organization needs full run time of the device as any stoppage or time loss can lead into a loss. Considering these facts, we are ready to launch two versions of this product, one with a cheaper rate compared to the other, but without any compromise in quality. As business organizations require maximum support, they can opt for one with full runtime warranty so that we will guarantee full time service. The performance of the device for a particular period of time as mentioned in the warranty card will be guaranteed; but customers will have to pay an extra amount for the service we offer. This will be added to the cost of the product as a premium price. And also, "Organizing training courses and workshops for domestic customers with the aim of making them familiar with our products, their applications, processing methods and other related subjects is a part of our activities." (After sale services, n.d).
The assurance we provide to our product is for attentive than any other product existing in the market which uses similar technology. Since the nature of our customers is different, we are planning to launch the product in two versions with different warranty conditions. These are:
Ø Home version, which is mainly intended for students and teachers for their educational courses. It includes warranty period of 5 years, of which two years is guarantee period and during that period any damage to the product will warrant a replacement. The rest of the period includes repair warranty, i.e. the device is repaired by experts of our company without any payment from the customers.
Ø The second is the professional version, which is mainly suited for business organizations. It includes a complete 5 years replacement guarantee, for which the customers will have to pay a higher price.
"A Warranty is basically a guarantee given by the seller that a product is reliable and free from known defects and that the seller will, without charge, repair or replace defective parts within a given time limit and under certain conditions." (Warranty, n.d). The warranty conditions and offers are provided during purchase itself for which they are given a warranty card. There are certain conditions to be fulfilled by the customers for utilizing the warrant period. These are:
Ø Company's warranty does not include accidental damage or damage due to external factors.
Ø The warranty period starts on the date of purchase, and once purchased, it is subjected only to warranty conditions and no other factors can take its place.
Ø In case of complaints the customer has to produce the original device and warranty card for us to attending the problem.
Ø In case where a device is replaced, the new warranty period will commence from the original purchase date. In other words, for the replaced product, the customer will not get a 5 year warranty but only for the spoon of time which remains to be covered by the riginal warrantee period.
Ø During warranty period we offer unlimited repairs and the product is tested in front of the customer to ensure full satisfaction.
Ø After the mandatory warranty period, no coverage will be available for the customer for repair or replacement.
Ø The warranty period does not cover cases like deliberate damage, damage caused due to scratches and bad usage and damage caused by failure to follow the instructions.
At the time the purchase we will provide the customers with an offer of unlimited repairs. There are two types of repairs carried out, one is free service and other is paid one. "Repairs made necessary by normal wear and tear or accidental damage can usually be carried out through the Musto Repair Service. Repairs are chargeable and quotes are available upon request." (Product Repairs, 2010). During the warranty period, the device will be repaired any number of times without any payment, but after the mandatory warranty period the repairs will be carried out on payment only. Here, the attractive feature is that, we provide repair services every time, so that customers don't have to depend on external sources for this purpose. Since very large scale integrated circuits are in use and the device is programmed in an advanced manner, like any other electronics device, the repair is complex, but we have made an expert team to resolve that problem, so that customers can entirely rely on us for any sort of repair works. We will also launch service centers in many parts of the world to solve the customer's problem. If the customer has no choice of getting it repaired from the centers he can directly send it to the company officials and get it repaired.
Returns & Reimbursement:
Since the product has a highly potent market we expect a good return without we are not looking forward to a huge profit, as this is our first project to be launched in the market. In the beginning we have ensure a maximum sale and good promotion. Thus we have decided to keep the selling price low, after considering all the expenditure. We have decided to provide the customers with a replacement warranty so we should consider the price of replaced product in the remaining products. As we are aiming at a large scale production the additional charge on the product will not high to intimidate customer. Reimbursement is a "Payment of an employee or another party for incurred expenses or losses.".
As we hold more or less a monopoly in the market and also due to the attractive features and offers we provide with the device, customers are likely to be attracted to it. This give us the leeway us the primary force to decide on the price of the device. Also we can play with customer's psychology on the fact that a man who is willing to buy a device at certain price range cannot work against his desire to leave the market if its price is a bit on the higher side. Replacement of products on complaints will be a problem. We anticipate a maximum of 10% of the products to face this eventuality. To cover this liability, we have already decided to charge the customer a premium price. However, we do not favor refund in case of complaints.
Cost Premium and Promotion:
Since we have made two versions of the product, we have decided to set two prices for each. For home/educational version we set the initial price as 70 in order to attract more customers from these regions. As the business organizations are interested in professional version, with full replacement warranty, we have made the price of the product equal to actual price plus the premium, so they have to pay a higher price of 150. For deciding the price we have considered a premium of 20% which is slightly on the higher side, but of course a safest side and something the intended customers will be willing to pay. In future when similar products are launched into the market, we can defend our sales by modifying the prices.
Also, through feedback controls system, we can update version as per the comments from the consumer. Besides, through advertisements and giving sales to online shopping sites like Amazon we can increase the sales volume. Online shopping sites like Trades and eBay which base their sale to social networking sites can help us in conveying our ideas to the customers, as we have many customers as students. And also, "online shopping is that it allows people to browse through many items and categories without leaving their house, to compare the prices of as many shops as they want." (Fabiola, 2011).Thus the proposed business has all the possibilities for being a highly successful venture.