1. Explain your business (150 words minimum).
2. Next, explain what type of leader you plan to be to make your chosen business successful (250 words minimum).
3. Describe why ethics is an important component of doing business and elaborate on how you will ensure ethical behavior with business partners and associates pertaining to your chosen business (300 words minimum).
4. Complete a SWOT analysis and Ansoff’s Matrix for your proposed product/service (1 to 2 pages). Additionally, describe the ideal marketing mix for your proposed product/service (minimum 300 words).
5. Write a 5-year strategic plan for your chosen business where you articulate your priorities and your key performance goals (600 words minimum).
6. Use the sales forecast from week 9 and include the two chosen descriptive statistics with explanations (150 words minimum).
The total word count for this paper is 1750 words which is approximately 5 pages, double spaced, Times New Roman 12 pt. The cover page and the reference page are extra, so your paper should be a total of 7 pages minimum.
RUNNING HEAD: SWOT ANALYSIS AND ANSOFF’S MATRIX1 SWOT ANALYSIS AND ANSOFF’S MATRIX2 SWOT ANALYSIS AND ANSOFF’S MATRIX Business Idea In recent times, using of E-books has been increased dramatically. People are more opting for e-books rather than the paperback book as its instant deliverable, price-effective, and easily available. To read e-books, people usually prefer e-book reading devices such as Amazon Kindle and Kobo Clara. However, there is a prominent issue that has been found among e-book readers related to “eyestrain”, “Blurry vision”, “Headaches” and others (Ichhpujani et al. 2019). The main reason behind such issues is direct contact with UV rays. To deal with this situation, a business idea is developed. A zero-optical power lens will be developed which will be capable enough to secure the reader's eyes by preventing UR rays. Based on the customer's preference color and optical power will be integrated. The company will be called "SecSight", here "Sec" stands for "Secure" and Sight refers to eyesight. SWOT Analysis Strength Weakness · Unique concept · The existing issues among the e-book readers will be resolved · Can be customized according to customer’s preference · It Will be sold online, hence, customers from across the country will get the product · Only e-book readers are the customer here, as the segment is very restricted · 2 years will be the maximum life-span of each lens · Price will be variable for adding optical power Opportunities Threats · Opportunity to expand in the international market · Franchising business model will be helpful for the business to expand across the nation · Partnership with established e-book reading vendor will help the company to do its marketing · Companies like Amazon might come up with their own UV-ray lens · Production and marketing costs will be higher Table 1: SWOT analysis Ansoff Matrix Diversification Market development Product development Market Penetration New Existing New Existing Market Products Figure 1: Ansoff Matrix (Source: Loredana, 2017) There are several companies involved in developing similar products however, as a partnership business model will be followed by the company, therefore, the "Market Penetration" strategy of the Ansoff matrix will be followed. Marketing mix Price The management team of “SecSight” will follow the principles of Price penetration strategy. In this strategy, the initial price of the product will be lower (Walther & Skousen, 2009). Once people started opting the product price will be increased. As per the current estimation, $100 will be the price of one pair of lenses. After 6 months, the price will be increased to $120 per pair of lenses. Product The product will be available in the form of a pair. The base product will come with zero optical power and no color. However, if the customer wants to add color and optical power then they will have to place a customized order from the company's website. Promotion Social media will be used as a key marketing tool for advertising the product. The company will share a regular post on Facebook and Instagram disclosing its features and price. Paid promotion in form of PPC (Pay per click) will also be done on Amazon’s site. Place Only online sales channels will be used for selling the product across Canada. The company will sell its product through the company's own site which will offer customization. Or else to get base product will be sold through Amazon. References Ichhpujani, P., Singh, R. B., Foulsham, W., Thakur, S., & Lamba, A. S. (2019). Visual implications of digital device usage in school children: a cross-sectional study. BMC ophthalmology, 19(1), 1-8. Loredana, E. M. (2017). The use of Ansoff matrix in the field of business. Annals-Economy Series, 2, 141-149. Walther, L. M., & Skousen, C. J. (2009). Using accounting information. Bookboon. Forecast and Descriptive Statistics2 FORECAST AND DESCRIPTIVE STATISTICS Price Forecast Prices and Sales for the first 6 months are assumed based on the business report. The first six months are assumed because it is a business strategy that has been undertaken, which suggests that in the initial months the price will be as low as $100, but the price will increase to $120 on the 6th month. The price forecast depends upon the assumptions of the price taken in the first 6 months. As it has been defined in the business report, the management team will adopt the strategy of price penetration. Hence, in the initial months, the prices are low while with time the prices rose. The price in the current estimation has been kept to $100. While the price after 6 months increased to $120. The price was not increased in one go but it was increased eventually as the demand and the sales increased. Sales Forecast The sales of the first two months are assumed. In the initial months, the sale was 25. However, with the increasing impacts of demand, sales are assumed to increase. This aspect is viably related to the marketing Mix as designed in the business plan. The sales forecast records a continuous increase in the number of sales over the months. This has been assumed and forecasted based on the business report. The assumptions are based on the based product as defined in the business report. However, customized products will vary in price according to the wants of the customers. Descriptive Statistics The descriptive statistics show an overall increase in the sales units, selling price, and total sales over time. The average has also recorded an increase from the year 2020 to 2022. This is because the figures are taken according to the assumption that the cells and the prices eventually increase at a certain rate. Fluctuations and economic downturns have not been taken into consideration. The values about the price and sales have shown a continuous increase as forecasted. The mean sales of 36 months are 95 units. The average price is $177.536 and the average total sales are $18865. 36 Month Sales Forecast 36 Month Sales Forecast 36 Month Sales Forecast Fiscal Year 12020 2020 JanFebMarAprMayJunJulAugSepOctNovDecTotals Product NameZero-optical Power lens Units252933374145495357616569564 Selling Price$100.00$100.00$105.00$110.00$115.00$120.00$123.33$128.89$133.48$138.03$142.57$147.20 Total Sales$2,500$2,900$3,465$4,070$4,715$5,400$6,043$6,831$7,608$8,420$9,267$10,157$71,376 % of Total3.50%4.06%4.85%5.70%6.61%7.57%8.47%9.57%10.66%11.80%12.98%14.23%100.00% 2021 JanFebMarAprMayJunJulAugSepOctNovDecTotals Units737781858993971011051091131171,140 Selling Price$152.07$156.53$161.18$161.86$170.52$170.16$179.76$184.44$189.08$193.71$198.35$202.99 Total Sales$11,101$12,053$13,056$13,758$15,176$15,824$17,436$18,628$19,853$21,115$22,414$23,750$204,165 % of Total5.44%5.90%6.39%6.74%7.43%7.75%8.54%9.12%9.72%10.34%10.98%11.63%100.00% 2022 JanFebMarAprMayJunJulAugSepOctNovDecTotals Units1211251291331371411451491531571611651,716 Selling Price$207.65$212.28$216.93$221.57$226.22$230.86$235.79$240.14$244.79$249.43$254.07$258.71 Total Sales$25,956$27,385$28,851$30,355$31,896$33,474$35,133$36,742$38,431$40,158$41,922$443,953$814,257 % of Total3.19%3.36%3.54%3.73%3.92%4.11%4.31%4.51%4.72%4.93%5.15%54.52%100.00% Descriptive statistics2020 JanFebMarAprMayJunJulAugSepOctNovDec 202020212022202320242025202620272028202920302031 JanFebMarAprMayJunJulAugSepOctNovDec Units252933374145495357616569 Selling Price$100.00$100.00$105.00$110.00$115.00$120.00$123.33$128.89$133.48$138.03$142.57$147.20 Total Sales$2,500$2,900$3,465$4,070$4,715$5,400$6,043$6,831$7,608$8,420$9,267$10,157 2021 Year 22021 JanFebMarAprMayJunJulAugSepOctNovDec Units73778185899397101105109113117 Selling Price$152.07$156.53$161.18$161.86$170.52$170.16$179.76$184.44$189.08$193.71$198.35$202.99 Total Sales$11,101$12,053$13,056$13,758$15,176$15,824$17,436$18,628$19,853$21,115$22,414$23,750 2022 JanFebMarAprMayJunJulAugSepOctNovDec Units121125129133137141145149153157161165 Selling Price$207.65$212.28$216.93$221.57$226.22$230.86$235.79$240.14$244.79$249.43$254.07$258.71 Total Sales$25,956$27,385$28,851$30,355$31,896$33,474$35,133$36,742$38,431$40,158$41,922$43,953 &C© Copyright, 2010, JaxWorks, All Rights Reserved. 36 Month Sales Forecast Units Selling Price Total Sales Explanations Units Selling Price Total Sales Units Selling Price Total Sales Forecast of Price and Sales of Zero- Optical Power Lens MonthsPriceSalesTotal sales 1100252500Price Forecast 2100292900Prices and Sales of the first 6 months are assumed on the basis of the business report 3105333465The first six months are assumed because it is a business strategy that has been undertaken, which suggests that in the initial months the price will be as low as $100, but the price will increase to $120 on the 6th month. 4110374070Thereafter, a forecast analysis has been constucted to derive the price ternds in the next 18 months. 5115414715The price forecast depends upon the assumptions of the price taken in the first 6 months. 6120455400As it has been defined in the business report that the management team will adopt the strategy of price penetration. Hence, in the initial months the prices are low while with time the prices rose. 7123.3333333333496043.33The price in the current estimation has been kept to $100. While the price after 6 months was increased to $120. The price was not increased in one go but it was increased eventually as the demand and the sales increased. 8128.8888888889536831.11 9133.4814814815577608.44 10138.024691358618419.51 11142.5670781893659266.86Sales Forecast 12147.19945130326910156.76The sales of first two months are assumed. In the initial months the sale was 25. However wit the incresing impacts of demand the sales are assumed to increase. This aspect is viably related to the marketing Mix as designed in the business plan. 13152.07332418847311101.35The sales forecast records a continuous increase in the amount of sales over the the months. This has been assumed and forecasted on the basis of the the business report . The assumptions are based on the based product as defined in the business report. However, customized product will vary in price according to the wants of the customers. 14156.53433318097712053.14 15161.18431296048113055.93Descriptive Satistics 16165.85457311728514097.64JanFebMarAprMayJunJulAugSepOctNovDecMean 2020 17170.5208190178915176.35 18175.15452547479316289.37Units25293337414549535761656947 19179.75722039949717436.45Selling Price$100.00$100.00$105.00$110.00$115.00$120.00$123.33$128.89$133.48$138.03$142.57$147.20122 20184.436762645110118628.11Total Sales$2,500$2,900$3,465$4,070$4,715$5,400$6,043$6,831$7,608$8,420$9,267$10,1575,948 21189.078425275110519853.23 22193.714032981310921114.83 23198.352028778911322413.78 24202.998794282111723750.86 25207.648471612412125125.47 26212.283850694712526535.48 27216.926988120212927983.58 28221.571686288813329469.03 29226.215461444113730991.52 30230.857153800214132550.86 31235.49889612914534147.34 32240.143289349514935781.35 33244.78606199115337452.27 34249.428468622715739160.27 35254.071170591316140905.46 36258.714330821816542687.86 Mean177.53610850899518864.9316666667 2021 JanFebMarAprMayJunJulAugSepOctNovDecMean 2021 Units7377818589939710110510911311795 Selling Price$152.07$156.53$161.18$161.86$170.52$170.16$179.76$184.44$189.08$193.71$198.35$202.99$176.72 Total Sales$11,101$12,053$13,056$13,758$15,176$15,824$17,436$18,628$19,853$21,115$22,414$23,750$17,013.75 2022 JanFebMarAprMayJunJulAugSepOctNovDecMean 2022 Units121125129133137141145149153157161165143 Selling Price$207.65$212.28$216.93$221.57$226.22$230.86$235.79$240.14$244.79$249.43$254.07$258.71$233.20 Total Sales$25,956$27,385$28,851$30,355$31,896$33,474$35,133$36,742$38,431$40,158$41,922$42,687$34,415.88 The descriptive statistics shows and overall increase of the sales units, selling price and the total sales overtime. The average has also recorded an increase from the year 2020 to 2022. This is because the figures are taken according to the assumption that the cells and the prices eventually increases at a certain rate. Fluctuations and economic downturns have not been taken into consideration. The values pertaining to the price and sales has shown a continuous increase as forecasted. This worksheet forecasts 3 years of product sales. The first two key data entries that you need