Answer To: Microsoft Word - MNG00314 Assignment 2 - BusinessPlan_StudentNotes_S22020.docx Entrepreneurship and...
Hartirath answered on Sep 19 2021
Management
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Executive Summary
LocoNav will provide a GPS tracking equipment to owners of car to provide users with preventive measures. The products of the joint venture will be sold in every state in Australia. Together with tracking device, LocoNav will enable its users to download free mobile application, which will assist them information about device. The product has a few different elements, which will assist the company attract probable consumers in Australian market. Nevertheless, there are some other competitors in same market that are offering same goods. Hence, LocoNav's main goal is to compete with competitors with excellent strategies. In addition, business financial moreover competitive analysis is also essential to overcome the key challenges. In addition, LocoNav will be prepared as proprietary Ltd. company, allowing probable shareholders as well as investors to participate in business. The company's primary investment will come from investors and crowd funding, who will become active influencer of the business. LocoNav's target consumers are new and old owners of car in Australia, and it is expected to reach 20 million. The effective strategies of USP and LocoNav will enable companies to achieve their goals.
Contents
Introduction 4
Description of the Entrepreneurial Venture 4
Management 5
Marketing 6
Competitor Analysis 7
Financial Analysis 8
Key Challenges 9
Bibliography 10
Introduction
Security is the initial aspect people look for when they travel miles. Road security goods have huge demands for those who prioritize ensuring the safety of their journeys. Subsequently, vehicle users consider another aspect, namely vehicle securty. As the threat of burglary is increasing, the safety of vehicles is also crucial. Hence, car customers want a device that may track location of their vehicles moreover defend them from fatal or theft traffic accidents. Therefore, tracking system is needed that can record detailed information about the car. LocoNav will be used as a tracking device, connect it to vehicle to track its present location. In addition to locating the present location of the vehicle, it can also track the past location of the vehicle.
Description of the Entrepreneurial Venture
Vehicle tracking devices are essential for car drivers and owners who care about their safety or their own safety. GPS tracker can locate present position of car. Hence, follow the route to easily find your vehicles. In era of the AI, people are adopting innovative devices that make life simple. The major purpose of this device is to make usre car owners the safety and self-security of their cars (Agramunt et al., 2016). The LocoNav tracking solution has a unique feature that will coordinate the smart management procedures of the car owner. The business also aims to provide tracking equipment for Australian cars. In addition, the product also has a few different aspects, such as SMS alerts, fences, battery backup, and live tracking. The excellent aspects of this device make it USP and different sales product.
Car owners with several solutions (for example operational excellence, security and safety for consumers) can use LocoNav. Tracking equipment will be available in every state in Australia (Agramunt et al., 2016). Users can work device by connecting it with a mobile phone. A mobile application will be produced to help users use the device correctly. Hence, it can also be said that LocoNav is a packaged solution for products and services, which will provide users with more safety and comfort.
Image: GPS Tracking Device
Management
Operational Management: The founder of LocoNav will handle the overall management of business. In addition, there will be system engineers, mobile application developers moreover software developers participating. LocoNav's overall businesses involve products as well as services, which require technical support. The interactive mobile application will help users to use the product according to their requirements.
Legal Structure: When making other important company...