Final Draft of Business Plan before print

Executive Summary:

 

At MiBoard, we aim to produce a product that will modernize the way people organize themselves at work. Especially for the busy offices in the hospitality industry more specifically, the hotel sector.

Our product mainly aims to reduce the loss of important reminders and documents. We also limit the amount of paper used in the office, and assist in the day-to-day running’s of the various departments of a hotel. Convince is our promise as MiBoard will be able to store all important data, documents, reminders and updates in the one place accessed easily at the touch of a hand.

We originally began our project with the aim to create an interactive mirror but further research led us to see that this was already on the market and available to consumers but what we did see was that there is a gap for a digital interactive organizing board (to replace the white-board, black-board and cork-board) available so we decided to pursue this. Our aim is to market our product to the hospitality industry, mainly hotels in Ireland for the first year. We want to focus on a more commercial route. We have looked at the data and all agree that this product will work well in the hotel market segments. Our Customer Value Proposition is that our product is one of a kind as there is currently no other digital organizer board on the market. Our product is more convenient than its competitors, will save organisations money and loss of information by storing everything in one board that can be accessed easily.

 

Company Structure:

 

 

Our progress to date:

We initially began with an idea to create a digital organiser board with an interface that was both engaging as easy to use. This idea was developed through research and sketching to reach the final design of our product. To date we have further built on these ideas to create our final prototype.

Our product aims to be visually engaging, easy to use to make the tasks of work more convenient as all data can be stored safely in the one place and accessed by the user at the touch of a finger.

 

Turnover in year one:

Our first year of business will be aimed solely on the Irish hotel market. As this market is small it will be a test market and we aim to sell a minimum of 200 MiBoards in the first twelve months of business. With this goal being reached we will have a potential turnover of €8,172.12 in year 1 in or Irish Market Segment.

Costs: €31,827.88

Potential Sales Return: €40,000

Potential Profit year 1: €8,172.12

We will require a €5,000 investment from friends and family as well as our individual investments of €5,000 each for equal share in the company. We will also require a €10,000 loan from the Credit Union to be paid back within the first to years of the company at €460.00 a month. This will be a personal loan with a 9.9% APR.

 

 

 

Milestone:

We intend to sell a minimum of 200 MiBoards within the first 12 months of business in order to make €40,000. To reach this maximum sales potential, we will visit a minimum of 25% of the 798 hotels in Ireland and pitch our product to the managers and supervisors within these organisations.

 

2A

 

Product or Service:

Our product, the MiBoard wants to help eliminate loss of important documents in the home. We want our customers to be organized without having to worry about losing an important letter or receipt by allowing them to scan their documents and saving them to the board. We want to eliminate all the hassle that comes with your regular old pin-board while keeping the same organization essentials. The scanner is just one of many helpful aspects to the MiBoard, users can also type, write, or draw notes onto the board as well as set reminders and organize their personal calendar. The board is set up to support the whole family with their day to day planning.

 

Value Proposition:

The MiBoard will provide value to our customers as, unlike products such as the traditional pin board and the whiteboard, MiBoard won’t have to be replaced. With your regular pin board, the cork tends to wear away which can cause pins to fall out resulting in lost documentation. You also won’t need to purchase any pins in order to put information onto the board or purchase any markers to write on the board. Customers also get a 2year guarantee with every board this give us an advantage over Apple who only offer 1 year.

 

Unique Selling Point:

Our product is unique in itself as it is the only digital organiser board currently on the market. Our engaging easy to use interface is consumer friendly for all ages. MiBoard will not only last longer than the average ‘classic’ organiser board, it will assist to eliminate the loss of notes and documents, reduce the amount of paper being used and

 

Future plans:

In the future we want to expand our product for use in restaurants, gashouse and busy offices. We plan to offer a more advanced board suitable to be implemented in busy offices. This board will contain all the same organization tools offered in our current product but will have added features to allow people to collaborate on work between different boards across the office. We also hope to move in to the Netherlands and UK market and sell to hotels in the Netherlands and the UK once our reputation has been established in year one.

 

Section 2B Interface

Design Brief

 

Design requirements 

MiBoard is an interactive pin board that will make it easier to store documents and creates a well-arranged place with all of the users most important information. To make the MiBoard we need a Raspberry Pi ZERO, Raspberry PI USB, a capacitive Touchscreen, a small HD camera and frames, 32inch screen.

Input: MiBoard will have a touchscreen so the input will be supported by touching the screen with your vinger.

Output: The materials above will be used for the MiBoard. It will also have audio for opening programs or notifications. The screen will be 32 inch and you can hang the MiBoard on the wall.

 

 

 

 

Delivery requirements 

The MiBoard is 32 inch and need to have 9 functions: a calendar, to do list, time and date, camera/scanner, documents, tools (drawing, writing, erasing), different lay-outs, creating folders and deleting documents.

 

 

 

Background research

User Experience

If you look at the other websites, there are using all the same type of user interface. They have only a menu bar where you can add new posts and paste a sticky note on your page. If you are done you can scrap it but if deleted you can’t find it back anywhere. It is not touchable, only by using a mouse.

 

 

You need to login to the program every time you want to use it and you don’t have any other options to add time, documents etc. only 1 website offers a video option where you can place movies.

 

Visuals

For the visuals I looked at different websites that offer the same methods as a pin board. When looking at it you can see that they all have an easy design so people can use it and it’s accessible for lots of different people. There are only website available and no touchable features like we want to do with MiBoard. The visuals are all inspired to be like a pin board and are not visually attractive or modern. Most of these sites are only for business related things and not introduced to the house holding, this doesn’t exist at the moment.

 

Design prototypes

For the first prototypes I sketched about 60 drawings to figure out what I want, because it needs to be simple to use but not boring to see (picture 1). After the presentation we’ve got the feedback that the icons and board were to basic and needed to experiment more with the design and be more creative.

 

 

                                  picture 1

I took the feedback and start drawing again, made new sketches and tested it. Most of the sketches got feedback about their creative look and that it not works for business people because it has to be easy to use (picture 2).

By listening to my testing audience I created the final prototype which had simple icons for the important/everyday widgets like: To Do list, Scan, Documents, Writings tools. The menu, time, filing and calendar have a more playful design.

 

 

 

                                  Picture 2

 

 

Design Solution

 

 

Usability issues

After a lot of testing and re-sketching, the icons are designed to be simple and playful. For the next time I would hire someone that have knowledge of 3D design to give the icons more depth. I tried to put it in, but it is not as successful as I hoped. The outcome of the testing results really helped me to design the end piece, I knew already that something was missing but I could not see what it was. When a few people said that they needed the important icons and widgets to be easy to manage and calming, I knew how to play with it and got more in my comfort zone.

 

 

Usability issues

Data both positive and negative relating to its use. This should also include some conclusion re the design phase but also what proposed changes could be implemented in future developments

 

Section 3, Marketing

 

We originally began our project with the aim to create an interactive mirror but further research led us to see that this was already on the market and available to consumers but what we did see was that there is a gap for a digital interactive organizing board (to replace the white-board, black-board and cork-board) available so we decided to pursue this.

Our aim is to market our product to the hospitality industry, mainly hotels in Ireland for the first year. We want to focus on a more commercial route. We have looked at the data and all agree that this product will work well in this market segments.

 

Primary Research:

 

We began our research by first seeing how many hotels and restaurants there are in Ireland and in each county in order to size our market as we plan to sell our product and focus all of our energy in year 1 to the Irish market hotel industry. We found that there are 798 hotels in total in Ireland,

Carlow: 10 Hotels

Cavan: 14 Hotels

Clare: 38 Hotels

Cork: 78 Hotels

Donegal: 53 Hotels

Dublin: 147 Hotels

Galway: 79 Hotels

Kerry: 73 Hotels

Kildare: 21 Hotels

Kilkenny: 16 Hotels

Laois: 10 Hotels

Leitrim: 8 Hotels

Limerick: 28 Hotels

Longford: 2 Hotels

Louth: 9 Hotels

Mayo: 44 Hotels

Meath: 18 Hotels

Monaghan: 8 Hotels

Offlay: 8 Hotels

Roscommon: 6 Hotels

Sligo: 14 Hotels

Tipperary: 23 Hotels

Waterford: 24 Hotels

Westmeath: 16 Hotels

Wexford: 27 Hotels

Wicklow: 24 Hotels

National: 798

All above figures from Failte Ireland,ie

 

For our primary research we carried out 2 surveys’, interviews and researched on what organisational boards are being used in hotels in Cork and what the stores have to offer.

 

Survey Created on Survey Monkey to aim to collect data on whether or not there is a demand for this on the market. Out of 25 people surveyed, the results stand below:

  • 43% Males & 28.57% Females Surveyed
  • 58% between 21-29years old
  • 43% were married
  • 43% had children
  • 60% said they used an organisational tool in the home
  • 85% said they used a pin board or cork board as this organisational tool
  • 85% had a calendar hanging on their wall
  • 57% had a black or white board as a reminder, notes or shopping list
  • 85% said they would use a digital pin board in the home

 

Survey number 2 results:

  • 86% Males & 57.14% Females Surveyed
  • 71% between 18-24years old
  • 71% between 25-34years old
  • 57% between 35-44years old
  • 85% married
  • 69% in domestic partnership
  • 69% single but cohabiting with a significant other
  • 77% single
  • 23% own their own home
  • 92% rent
  • 78% said they would use a digital organiser at work or at home

 

From these results we are confident that there is a market for MiBoard and it would sell as an organisational tool.

 

Face to Face interview with Chris Crowley, Operations Manager, Imperial Hotel, Cork.

11th November 2016

09.15 am

Insights:

  • The imperial Hotel has 10 different departments, all with its own manager appointed, all of these managers must be in contact constantly in order to ensure smooth running’s of the hotel.
  • From this interview we feel that a digital board would work well with an organisation like the hospitality industry. An industry that is so fast paced and receives a high volume of enquiries and has a high volume of staff in various departments
  • The constant changes and updates can be stored on this board for all to see in one place
  • The features it would assist in the day to day duties, everything in the ne place and easily accessed
  • Lower the amount of loss on reminders and notes alone would be a huge asset to any business
  • Built in Wifi would mean that managers and staff could communicate via email on the calendar feature on the board
  • Notes and comments for shift change would save time on daily pre shift meetings as staff can see this on the board
  • We must look at the price, originally we were aiming to sell this product for €200 but from this interview and the survey it seems that €150 is the maximum people are willing to pay, therefore we must look at our costings or work on our sales plan to prove that MiBoard is worth the price of €200
  • On hotel could possibly need at least 3 boards as there are a number of manger offices on the property.

 

 

Face to Face Interview with mother of 3 kids aging between 7 and 14 who also owns a restaurant, Pepperstack.

20th November 2016

7.00pm

Insights:

  • Seemed more interested in using it in the business as opposed to using it at home, was open to using it at home for a lower price point
  • Board would be used as a hub for management and staff to keep organized, it could replace every one of the boards I have in the images below
  • With it being able to be accessed from smartphones, it would be useful for staff to check their roster for the week to save members having to ring during the week to check their weekend hours
  • Overall, serious interest was shown over the product so I think the hospitality business is definitely one to strongly market this towards with maybe a smaller cheaper version for home use.

 

From our primary research of what was on offer in stores and what people are using as organisational tools, found that whiteboards, blackboards, planners and calendars are among the most popular tools used in businesses in relation to organisational tools. Many tend to have a multiple of these on their walls within the various manger’s offices throughout the premises. Look at the two from the Imperial Hotel Events Office in Cork, you will see both a planner and white board. Pepperstack Restaurant has numerous black-boards, white-boards and daily planners displayed on the walls also, please see imagery section of appendix.

What we are offering will be all this and more in one digital board nailed to the wall. It will not only create more space in the office but can’t store all data from separate boards into one and hols staff rota’s, reminders, messages, daily specials for the restaurants, manger notes and sift change updates.

 

We visited retail stores in Cork to see what was offered to consumers and found that in stores we found that again white boards, cork boards, chalk boards are all offered individually but nothing that has all in one. MiBoard can combine all these products into one easy to use digital board.

 

 

 

Secondary Research:

 

Market Segment 1:

 

Segment

 

Hotels in Ireland
Age

 

Not age specific
Sex

 

Both
Occupation

 

Staff members from all departments
Classification Segment

 

Lifestyle/ Demographic
Specific Requirements

 

2 or more departments within a hotel
Estimated Size of Segment

 

798 Hotels in Ireland
Estimated Maximum Sales Potential

 

200 (25% of market segment)
Segment Value

 

€40,000

 

 

There are 798 Hotels in total in Ireland, all of which have numerous departments within the premises and all match our specific requirement of 2 departments. We will use Ireland as our test market in year 1 with hopes of moving into the UK market in year 2. Urban hotels and 5 star and 4 star hotels will be our preference to break into first as these hotels have strong reputations among customers and the equity to purchase our product.

 

798*€200= €159,600, Our Total Available Market

 

There are currently 399 five and four star hotels in Ireland, 50% of our target market and market segment.

We feel that hotels would need a minimum of two MiBoards as there are various staff areas and manager’s offices, we have based our segment value on one board purchased by 25% of hotels nationwide in our first year, this would ensue that we would break even.

‘Failte Ireland Tourism and Research Statistics’

Hotels Nationwide/ 4 and 5 star hotels Nationwide

 

798 Total Hotels, 200 MiBoards sold = 25%, our Serviceable Available market

 

From our workings in Segment 1 we know that there are 798 hotels in the Ireland. Our maximum potential units sold in 25% of this segment is:

€200* 200 Hotels= €40,000 potential sales for year one

 

Market Segment 2:

 

Segment

 

Hotels in the UK
Age

 

Not age specific
Sex

 

Both
Occupation

 

Staff members from all departments
Classification Segment

 

Lifestyle/ Demographic
Specific Requirements

 

2 or more departments within a hotel
Estimated Size of Segment

 

45,000 Hotels in Ireland
Estimated Maximum Sales Potential

 

2,500 (5%of market segment)
Segment Value

 

€450,000

 

 

There are an estimated 45,000 Hotels in total in the United Kingdom, all hotels will again have numerous departments within the premises and match our specific requirement of 2 departments. We hope to enter this market in year 2, having succeeded in our Irish market in year 1. The largest segment is now independent hotels (51%). Corporate branded hotels make up 44.3%, and just 4.7% are consortia. (hotel-industry.co.uk)

We will focus our first quarter in year 2 sales on London specifically as there is high tourism in London, therefore a busy hotel sector. There are currently 700 hotels in London.

 

45,000* €200= €9,000,000, Our Total Available Market (hotel-industry.co.uk)

 

We feel that hotels would need a minimum of two MiBoards as there are various staff areas and manager’s offices, we have based our segment value on one board purchased by 5% of hotels in the UK in our second year.

 

From our workings in segment 2 we know that there are 45,000 hotels in the United Kingdom. Our maximum potential units sold in 5% of this segment is:

 

€200* 2,500 Hotels= €450,000 potential sales

 

Overall Total Addressable Market Valuation over 2 years:

 

Segment 1: 200 Units x €200= €40,000

 

Segment 2: 2,500 Units x €200- €450,000

 

Though many hotels are using the classic organisational boards these must be replaced quite regularly due to wear and tear and damages. While some may be reluctant we are confident that our product will be worth the money spent due to its long shelf life, 2year guarantee, easy to use interface and securely stored documents and convenience promise.

 

 

 

 

Market trends:

Current trends on the market are the classic White-board, Cork-board and Black-board, we have seen this repeatedly throughout our primary and secondary research. Technology is growing and will soon be the way forward in all businesses and organisations, Miboard will be the new organizational tool, the digital replacement to the current trends on the market.

 

Customers/ Target Market:

From our extensive research we have drawn together our market segment, the hotel industry and home owners/ renters. Our primary and secondary research has convinced us to aim our product at these markets. Hotels staff are men and women ages between 16 and 65 who work in the various departments and must be in constant contact in order to deal with regular changes that occur hourly in order for a smooth day to day running of the business. There is a need for everything in the one place that can be accessed constantly. This product can be used as a means of communication among staff to save on time. It is a simple product that will have an interface that will engage the user and display all information laid out in a simple format and can easily be used by all ages.

 

Competitors:

Though, we are not without competition but we are the only 3D physical pin board on the market. Most of our competition is online, Apps, website and features on smart tablets. Our main direct competition being the “classic organiser boards” and our indirect competition being the Apple iPad.

 

Direct Competition:

  MiBoard Classic Organiser Boards
Profitability / Turnover €8,172.12 (Potentail Sales Year 1) €31,200
Pricing €200 €10-€40
Product Range n/a ·       Whiteboard

·       Blackboard

·       Corkboard

·       Calenders

Strengths ·       Easy to use

·       All features in on place

·       Cheaper than iPad

·       Can be mounted on to a wall easily

 

·       Cheap

·       Well known

·       Easy to use

·       Non complicated

Weaknesses ·       More expensive than organiser boards

·       One hotel could require more than one

·       Information can get lost easily

·       Cannot store information securely

·       Muliple baords are need for various task/ duties/ information

 

 

In-Direct Competition:

 

Profitability / Turnover Apple
Pricing $187.6m (2016)
Product Range $457
Strengths ·       iPad

·       iPhone

·       Macbook, Macbook Air, Macbook Pro

·       iPod

 

Weaknesses ·       Strong brand image

·       Hight profit margin

·       Effective innovation process

 

  ·       Expensive

·       Small size

·       Too many features

·       Cannot mount on to a wall

 

 

 

 

 

 

 

 

 

 

 

 

Competitive Advantage:

Our product is unique as we are the only product of our kind on the market, there is no other digital organiser board. Our unique features and easy to use interface will set the product on a higher advantage to its competitors. Though we are more expensive than the traditional organiser boards we feel our features are worth paying for and people will see that.

 

Place/Channels or distribution/ Roots to market:

We will sell this product indirectly to the consumer. We will visit hotels and meet with managers and staff members in order for them to test our product and see first-hand the features offered. Future hopes would be to sell in electrical stores across Ireland where there is a test product like that of a tablet or laptop so that potential customers and future target markets, eg, home owners can try this product and buy in the store.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Section 4:

Finance:

 

Pricing

From our market research we have decided to price our product at €200 per MiBoard.

The cost to make one board is €100.50-€102.00:

  • Raspberry Pi ZERO (€5)
  • Raspberry Pi USB hub (€2)
  • Capacitive Touchscreen (€80)
  • Small HD Camera (€10)
  • Frames (€0.50 – €5)

 

Sales

  • Sales assumptions. Provide details of the sales assumptions.

 

Month 1 2 3 4 5 6
Sales € 10 10 20 20 20 20
Month 7 8 9 10 11 12 Total
Sales € 20 20 10 20 20 10 200

 

We expect our busy season to be March to August as hotels prepare for the seasonal trade. High volume of weddings, communions, social engagemnets and tourism in these months and preperation for Christmas in the hotel industry will start early August. We hope that our strong reputation will have been established by October in year one and our sale will climb for October and November.

 

Funding

 

 

Project Costs €31,827.88 Sources of Funding
Equipment/tools  €1000 Promoter  €0
Heat & Power  €700 Family/Friends  €20,000
Telephone & Internet  €480 Banks/ Credit Union  €10,000
Vehicle Expenses  €2,014 Loan repayments (€460.99 x 12)  
Advertising & Promotion  €1,600
Materials €20,100    
Office Supplies & Postage  €400  Total Funding  €30,000

 

We will each invest €5,000 each and have family and friends the remainder to reach €20,000. We will also take out a personal loan from the credit union of €10,000 with a 9.9% interest rate over 2years.

 

 

 

 

Capital Costs

 

Capital Items Owned Value €
Equipment/tools  €1000
Fixtures & fittings  €0
Vehicle  €0
Security & safety  €0
ICT  €0
   
Total:  €1000

 

 

Fixtures & fittings: We have a premises free of charge for a work-shop for year 1, please see imagery in appendix of this.

ICT: Adam will run all ICT related aspects to the company

Equipment/tools: We will budget €1,000 for tools in year 1

 

Fixed Costs

 

Fixed Costs
Rent & Rates  €0
Heat & Power  €700
Telephone & Internet  €480
Vehicle Expenses  €2,014
Advertising & Promotion  €1,600
Office Supplies & Postage  €400
Loan Repayments €5,531.88
Total:  €10,725.88

 

Car Insurance: €1,254.00

Petrol:  42.3 MPG (11.5 per litre) @ €1.25, we expect to travel 7,000km (€760) in the first year in order to visit hotels to demonstarte our product.

Advertising: €20 for business cards, social media at a cost of €80 and face to face selling in hotels. We will budget €1,500 for radio advertising.

Office Supplies & Postage: Depends on sales volume

Sundries: 10% of profits will be drawings

 

Variable Costs

 

Variable Costs Costs Per Annum €
Year 1x 200 Boards  €20,100
Materials (Cost per board)  €100.50
Wages (0-200 Boards= 0 wages, 200+ will be €10.13 per board) €0
Total:  €20,100

 

It takes 1 hours to manufacturer 1 board= €9.15 + Employers PRSI @ 10.75%= €10.13 per Board

 

Overall year one:

 

Costs: €31,827.88

Potential Sales Return: €40,000

 

Potential Profit year 1: €8,172.12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appendix:

 

http://www.hotel-industry.co.uk/data/hotel-data-industry-size/

 

Car Insurance:

 

 

Credit Union Loan:

 

 

 

Survey 1 Imagery:

 

 

 

 

 

 

 

 

 

 

 

 

 

Survey 2 Results:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Premises Imagery:

 

 

 

 

 

 

 

Retail Store Research Imagery:

 

 

 

 

 

 

Hotel and Restaurant Office Research Imagery:

 

 

 

 

Face to Face Interviews Research:

 

Interviews:

Face to Face interview with Chris Crowley, Operations Manager, Imperial Hotel, Cork.

11th November 2016

09.15 am

Questions:

What organisational tools do you use daily in your office?

  • White board to display all Pembroke Restaurant reservations, this board is updated daily/weekly.
  • Yearly planner to keep track of all private dining functions, finger food functions, private dinners and private buffets.
  • White board for Weddings, all wedding confirmed are written on this board, 2016, 2017, 2018, 2019, 2020.

How many times a week would you say you lose a written reminder, loose a note that was left for you either at your desk or in one of the other departments?

  • Chris: Daily, about 10 times daily, it happens constantly.

Daily duties in your role:

  • As the Operations Manager Chris am in charge of all food a beverage in the hotel. This includes: The Pembroke Restaurant, 76 On The Mall, Lafayettes Café, Souths private bar and all private functions including food or beverage. He works with many people in various departments therefore he misses messages and reminders constantly.

Would you use a digital organiser in you line of work?

  • To combine all events/ restaurant reservations/weddings/ meetings/ room service in to one place that could be accessed by the touch of a hand would make a huge impact on daily duties, just this morning, during the 11am HOD meeting one of the supervisors had written on a piece of paper all reservations in the restaurant as she could not find a marker for the board, the amount of times markers are misplaced and can’t be found. A marker or a piece of paper, Chris expressed the concern of how time consuming this is as time is not a luxury that is always available in the bust running’s of a hotel.

What if you could include your staff rotas, changes to events, shift changeover notes, it would have built in WIFI and a camera to scan any documents to it?

  • In Chris’s own words, ‘That would be a dream come true’

Would you pay €150-€200 for this device?

  • He felt that €150 would be enough.

 

Interview with mother of 3 kids aging between 7 and 14 who also owns a restaurant, Pepperstack

20th November 2016

7.00pm

What do you use to organize your day to day life outside the business at home?

A magnetic white board

Do you use it to stick documents to?

Yeah we post up notes and stuff, we use it to organize the kids mainly

Would you use a digitalized board to organize in the home?

Yeah, I think that would be really handy. I think it’s definitely something we could use here in the restaurant!

Would you pay somewhere between €150 and €300 for it?

Maybe €150 to €200 if it was exactly as you showed me for the business, probably €150 max for home

So you’d think this is something you’d use in the restaurant over using it at home?

Personally I’d use it more at work but I can also see myself using it to organize the kids and stuff at home

 

Competitor Research when initially marketing Miboard for the home:

iPad Smart Tablet €400-€800 Buy online/ In Stores All Ages/ Genders
Pintrest Online pin Board for generating and sharing ideas Free Website/App All Ages/ Genders
Tozzl Online Pin-board that allows people to collaborate with others Financed by Donations Website Business/ Creative Artists, e.g. writers
Padlet Virtual post-it notes posted on a virtual corkboard or bulletin board 3 Options:

Padlet Free: Free

Padlet Backpack:$45

Padlet Briefcase: $45

Website Schools
NoteApp Organizational to organise thoughts visually and quickly 3 options:

Personal: Free

Team: $6 per month

Business: $18 per month

Website Business
MiBoard Interactive Organisational Board €200 Buy online/ In stores Home owners/renters & Business/ Organistaions
  Product Price Place Target Market

 

 

Pintrest:

Pinterest is the world’s catalog of ideas. Their mission is to help people discover the things they love, and inspire them to go do those things in their daily lives. Ben Silbermann, Evan Sharp and Paul Sciarra co-founded Pinterest back in March 2010. Since then, millions of people around the world have easier access torecipes, parenting hacks, style inspiration and other ideas to try. Users can then store these ideas on virtual pin boards and save. With over 176million registered users, Pintrest is thriving.

 

Tozzl:

Tozzl is financed by donations made by users of the site, therefore exact number of users is not published. (http://tozzl.com/_faq)http://tozzl.com/_faq)

http://tozzl.com/_faq)

Launched in October 2013 tozzl tozzl.com is a digital easy-to-use pinboard that enables people to collaborate with others. Working together on shared goals made easier.

Integrate different services and bring them together in one place. Embed YouTube videos or create a simple Twitter wall with just a single click. You can share your files, upload files and pictures. Create texts, lists, or bookmarks, and share them with a single click. tozzl.com is free and requires no registration.

 

Padlet:

2.2 Million Registered users (https://padlet.com/nitesh/numbers-summary)https://padlet.com/nitesh/numbers-summary)

https://padlet.com/nitesh/numbers-summary)

The first online application that let you easily place virtual post-it notes on a virtual corkboard or bulletin board, and allow you to post text, images, and/or videos on them, this app has many uses and is aimed particularly at schools and businesses. It lets you, with very minimal registration, create a “wall” where you can place virtual sticky-notes. You can allow others to also place notes on the board, or keep it so that only you can do so. The sticky-notes can include images you grab off the web, videos, or websites, and you can add text to them (you can also just include text without adding anything else). Each sticky has a 160-character limit for text.

As of January 2015, Padlet has premium versions that require subscriptions to use. These are Padlet tailored to organizations like schools and companies.

Padlet Backpack is a paid version of Padlet for schools. It costs $5 per teacher monthly, or at a discounted rate of $45 per teacher annually. Teachers can create unlimited student accounts for free.

Padlet Briefcase is a paid version of Padlet for companies. It costs $5 per user monthly, or at a discounted rate of $45 per user annually.

 

NoteApp:

800,000 Boards and over 3 million notes (https://noteapp.com/tour)

The site lets you organize your thoughts visually and quickly add notes with one click. Easily find them again in seconds. It has other features which include real-time collaboration and a chat room for the people collaborating. You can post images, but not videos. This is another site aimed at schools and businesses.

 

While there are competitors in various websites and apps, our product differs as it mixes all of the convenient aspects of these and furthers it in one big hub for the home. It’s the ultimate organization tool and will especially be good for business/ offices, students and families where there is a lot of organization.

 

Apple Ipad, Our Indirect Competitor:

 

Apple

iPad:

 

About 300 million iPads have been sold since 2010. Following the release of the iPad Air model in November 2013, iPad sales peaked at over 26 million units over the last months of 2013, over triple the amount of sales than at the end of 2012. (https://www.statista.com/statistics/269915/global-apple-ipad-sales-since-q3-2010/ )http://ipod.about.com/od/glossary/f/how-many-iphones-sold.htm)

http://ipod.about.com/od/glossary/f/how-many-iphones-sold.htm)

Currently, a consumer has five options to pick from – the iPad 2, iPad with Retina display (fourth generation), iPad mini, iPad mini with Retina display and iPad Air.  The iPad Pro, released November 2015, has a larger screen, 12.9-inch screen, fast CPU and better camera.

 

Below are the Apps offered by iPad similar to the features on MiBoard

 

  • Calenders
  • Reminders
  • Notes
  • Camera
  • Various wallpaper choice
  • Touchscreen

 

These are all separate applications that are accessed separately when using them on the ipad, as you will see in the below image of an iPad home screen:

Unlike the iPad, MiBoard is designed for the home or office to be mounted onto the wall rather than portable. We are not designing a smart tablet but an interactive organisational tool to assist the consumers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prototype Sketch Imagery:

 

 

 

All Prototype Sketches can be seen on our Blog, Word Press, Interdisciplinary Group 2

 

Prototype:

 

close group

close group

close row

close group

close group

close row

close group

close group

close row

close group

close group

close row

close group

close group

close row

close group

 

 

 

 

old                                                        new

 

I don’t know why the pictures wont copy over!!

All id ready to go 🙂

 

Trish, Sanne and Adam

 

 

Individual Responsibilities

Hi Guys,

Please see attached and feel free to write what ye like and we can add to the back of the document tomorrow 🙂
Trish xo

Individual Responsibilities:

Trish Whyte:

My responsibilities for this project was to focus on the Marketing and Finance sections 3 and 4 of the business plan and presentations.

I was in charge of marketing primary and secondary research, market segments and all financial figures, fixed costs, variable costs, expenditure, funding and to research weather or not we could break even or make a profit in year 1 of our sales.

I visited retail stores, homes, offices, conducted a survey on Survey monkey, did face to face interview with an Operations manager of a hotel and searched the web for all research aspects of the marketing section. For the finance section I conferred with accounting students in my class to assure that all figure were in the correct columns and researched loans and travel costs to determine the costs involved in visiting hotels around Ireland in order to demonstrate this product to managers with hopes of making a sale.

I also worked with Sanne and Adam whenever they needed me on their areas of the project as we very much worked as a team throughout this entire module.

Sanne:

My responsibilities for this project was to do the design part for the MiBoard. For the business plan I made section 2B and created the PowerPoints for the presentations.

I was in charge of the sketches and creating a prototype out of it. I tested these prototypes and created a design based on the feedback of Phil and the test persons.

For the sketches I made more than 60 of them and it took quit a long time to test everything. During the prototype presentation I had to go in another direction and create more sketches and tested again what leaded to the end product. I also did a lot of desk research and tried to be the design as original and unique as possible but still easy to handle.

I also helped my project group when needed and we worked as a team throughout this entire module.

Adam Gilroy:

As developer of this project, it was my job to figure how to build the MiBoard whilst keeping the cost as low as possible. To do this, I had to carry out research on hardware to use to build the board. This included the Raspberry Pi to program the user interface on and the touch screen to allow users to interact with the interface.

I also created our working prototype on Proto.io with the help of Sanne who designed all of the icons and menus. Our whole team worked closely together on every aspect of this project as often as we can, often allowing us to cross over to subjects which we wouldn’t normally be familiar. For me, I got an insight on the business and design aspects to the project.

 

Ha, ha, you literally read mine and Sanne’s mind we just added our together!!

See you soon 🙂
Trish
On 7 Dec 2016, at 11:58, Adam Gilroy <adam.gilroy@mycit.ie> wrote:
Hey Trish!

I added my part to the doc, let me know if I’m missing anything!

Adam

Business Plan

All we are missing id the couple of bits we spoke about earlier Sanne 🙂 I have emailed this to ye too – Trish

Executive Summary:

At MiBoard, we aim to produce a product that will modernize the way people organize themselves at work. Especially for the busy offices in the hospitality industry more specifically, the hotel sector.

Our product mainly aims to reduce the loss of important reminders and documents. We also limit the amount of paper used in the office, and assist in the day-to-day running’s of the various departments of a hotel. Convince is our promise as MiBoard will be able to store all important data, documents, reminders and updates in the one place accessed easily at the touch of a hand.

We originally began our project with the aim to create an interactive mirror but further research led us to see that this was already on the market and available to consumers but what we did see was that there is a gap for a digital interactive organizing board (to replace the white-board, black-board and cork-board) available so we decided to pursue this. Our aim is to market our product to the hospitality industry, mainly hotels in Ireland for the first year. We want to focus on a more commercial route. We have looked at the data and all agree that this product will work well in the hotel market segments. Our Customer Value Proposition is that our product is one of a kind as there is currently no other digital organizer board on the market. Our product is more convenient than its competitors will save organisations money and loss of information by storing everything in one board that can be accessed easily.

 

Company Structure:

companywork 

Turnover in year one:

Our first year of business will be aimed solely on the Irish hotel market. As this market is small it will be a test market and we aim to sell a minimum of 200 MiBoards in the first twelve months of business. With this goal being reached we will have a potential turnover of €8,172.12 in year 1 in or Irish Market Segment.

Costs: €31,827.88

Potential Sales Return: €40,000

Potential Profit year 1: €8,172.12

We will require a €5,000 investment from friends and family as well as our individual investments of €5,000 each for equal share in the company. We will also require a €10,000 loan from the Credit Union to be paid back within the first to years of the company at €460.00 a month. This will be a personal loan with a 9.9% APR.

Milestone:

We intend to sell a minimum of 200 MiBoards within the first 12 months of business in order to make €40,000. To reach this maximum sales potential, we will visit a minimum of 25% of the 798 hotels in Ireland and pitch our product to the managers and supervisors within these organisations.

 

 

 

 

 

 

 

 

 

 

 

 

2A

 

Product or Service:

Our product, the MiBoard wants to help eliminate loss of important documents in the home. We want our customers to be organized without having to worry about losing an important letter or receipt by allowing them to scan their documents and saving them to the board. We want to eliminate all the hassle that comes with your regular old pin-board while keeping the same organization essentials. The scanner is just one of many helpful aspects to the MiBoard, users can also type, write, or draw notes onto the board as well as set reminders and organize their personal calendar. The board is set up to support the whole family with their day to day planning.

 

Value Proposition:

The MiBoard will provide value to our customers as, unlike products such as the traditional pin board and the whiteboard, MiBoard won’t have to be replaced. With your regular pin board, the cork tends to wear away which can cause pins to fall out resulting in lost documentation. You also won’t need to purchase any pins in order to put information onto the board or purchase any markers to write on the board. Customers also get a 2year guarantee with every board this give us an advantage over Apple who only offer 1 year.

Unique Selling Point:

Our product is unique in itself as it is the only digital organiser board currently on the market. Our engaging easy to use interface is consumer friendly for all ages. MiBoard will not only last longer than the average ‘classic’ organiser board, it will assist to eliminate the loss of notes and documents, reduce the amount of paper being used and

Future plans:

In the future we want to expand our product for use in restaurants, gashouse and busy offices. We plan to offer a more advanced board suitable to be implemented in busy offices. This board will contain all the same organization tools offered in our current product but will have added features to allow people to collaborate on work between different boards across the office. We also hope to move in to the Netherlands and UK market and sell to hotels in the Netherlands and the UK once our reputation has been established in year one.

Section 2B Interface

Design Brief

Design requirements 

MiBoard is an interactive pinboard that will make it easier to store documents and creates a well-arranged place with all of the users most important information. To make the MiBoard we need a Raspberry Pi ZERO, Raspberry PI USB, a capacitive Touchscreen, a small HD camera and frames, 32 inch screen.

Input: MiBoard will have a touchscreen so the input will be supported by touching the screen with your vinger.

Output: The materials above will be used for the MiBoard. It will also have audio for opening programs or notifications. The screen will be 32 inch and you can hang the MiBoard on the wall.

Delivery requirements 

The MiBoard is 32 inch and need to have 9 functions: a calendar, to do list, time and date, camera/scanner, documents, tools (drawing, writing, erasing), different lay-outs, creating folders and deleting documents.

Background research

  • 
 
 
User Experience
If you look at the other websites, there are using all the same type of user interface. They have only a menu bar where you can add new posts and paste a sticky note on your page. If you are done you can scrap it but if deleted you can’t find it back anywhere. It is not touchable, only by using a mouse.

You need to login to the program every time you want to use it and you don’t have any other options to add time, documents etc. only 1 website offers a video option where you can place movies.
Visuals
For the visuals I looked at different websites that offer the same methods as a pinboard. When looking at it you can see that they all have an easy design so people can use it and it’s accessible for lots of different people. There are only website available and no touchable features like we want to do with MiBoard. The visuals are all inspired to be like a pinboard and are not visually attractive or modern. Most of these sites are only for business related things and not introduced to the house holding, this doesn’t exist at the moment.

Design prototypes.

Scribbles of potential designs and colour schemes.

Design Solution

Proposed solution with short explanation.

Usability issues

Data both positive and negative relating to its use. This should also include some conclusion re the design phase but also what proposed changes could be implemented in future developments

Section 3, Marketing

 

We originally began our project with the aim to create an interactive mirror but further research led us to see that this was already on the market and available to consumers but what we did see was that there is a gap for a digital interactive organizing board (to replace the white-board, black-board and cork-board) available so we decided to pursue this.

Our aim is to market our product to the hospitality industry, mainly hotels in Ireland for the first year. We want to focus on a more commercial route. We have looked at the data and all agree that this product will work well in this market segments.

 

Primary Research:

We began our research by first seeing how many hotels and restaurants there are in Ireland and in each county in order to size our market as we plan to sell our product and focus all of our energy in year 1 to the Irish market hotel industry. We found that there are 798 hotels in total in Ireland,

Carlow: 10 Hotels

Cavan: 14 Hotels

Clare: 38 Hotels

Cork: 78 Hotels

Donegal: 53 Hotels

Dublin: 147 Hotels

Galway: 79 Hotels

Kerry: 73 Hotels

Kildare: 21 Hotels

Kilkenny: 16 Hotels

Laois: 10 Hotels

Leitrim: 8 Hotels

Limerick: 28 Hotels

Longford: 2 Hotels

Louth: 9 Hotels

Mayo: 44 Hotels

Meath: 18 Hotels

Monaghan: 8 Hotels

Offlay: 8 Hotels

Roscommon: 6 Hotels

Sligo: 14 Hotels

Tipperary: 23 Hotels

Waterford: 24 Hotels

Westmeath: 16 Hotels

Wexford: 27 Hotels

Wicklow: 24 Hotels

National: 798

All above figures from Failte Ireland,ie

For our primary research we carried out 2 surveys’, interviews and researched on what organisational boards are being used in hotels in Cork and what the stores have to offer.

 

Survey Created on Survey Monkey to aim to collect data on whether or not there is a demand for this on the market. Out of 25 people surveyed, the results stand below:

  • 43% Males & 28.57% Females Surveyed
  • 58% between 21-29 years old
  • 43% were married
  • 43% had children
  • 60% said they used an organisational tool in the home
  • 85% said they used a pin board or cork board as this organisational tool
  • 85% had a calendar hanging on their wall
  • 57% had a black or white board as a reminder, notes or shopping list
  • 85% said they would use a digital pin board in the home

Survey number 2 results:

  • 86% Males & 57.14% Females Surveyed
  • 71% between 18-24years old
  • 71% between 25-34years old
  • 57% between 35-44years old
  • 85% married
  • 69% in domestic partnership
  • 69% single but cohabiting with a significant other
  • 77% single
  • 23% own their own home
  • 92% rent
  • 78% said they would use a digital organiser at work or at home

From these results we are confident that there is a market for MiBoard and it would sell as an organisational tool.

Face to Face interview with Chris Crowley, Operations Manager, Imperial Hotel, Cork.

11th November 2016

09.15 am

Insights:

  • The imperial Hotel has 10 different departments, all with its own manager appointed, all of these managers must be in contact constantly in order to ensure smooth running’s of the hotel.
  • From this interview we feel that a digital board would work well with an organisation like the hospitality industry. An industry that is so fast paced and receives a high volume of enquiries and has a high volume of staff in various departments
  • The constant changes and updates can be stored on this board for all to see in one place
  • The features it would assist in the day to day duties, everything in the ne place and easily accessed
  • Lower the amount of loss on reminders and notes alone would be a huge asset to any business
  • Built in Wifi would mean that managers and staff could communicate via email on the calendar feature on the board
  • Notes and comments for shift change would save time on daily pre shift meetings as staff can see this on the board
  • We must look at the price, originally we were aiming to sell this product for €200 but from this interview and the survey it seems that €150 is the maximum people are willing to pay, therefore we must look at our costings or work on our sales plan to prove that MiBoard is worth the price of €200
  • On hotel could possibly need at least 3 boards as there are a number of manger offices on the property.

 

 

 

 

 

 

Face to Face Interview with mother of 3 kids aging between 7 and 14 who also owns a restaurant, Pepperstack.

20th November 2016

7.00pm

Insights:

  • Seemed more interested in using it in the business as opposed to using it at home, was open to using it at home for a lower price point
  • Board would be used as a hub for management and staff to keep organized, it could replace every one of the boards I have in the images below
  • With it being able to be accessed from smartphones, it would be useful for staff to check their roster for the week to save members having to ring during the week to check their weekend hours
  • Overall, serious interest was shown over the product so I think the hospitality business is definitely one to strongly market this towards with maybe a smaller cheaper version for home use.

 

From our primary research of what was on offer in stores and what people are using as organisational tools, found that whiteboards, blackboards, planners and calendars are among the most popular tools used in businesses in relation to organisational tools. Many tend to have a multiple of these on their walls within the various manger’s offices throughout the premises. Look at the two from the Imperial Hotel Events Office in Cork, you will see both a planner and white board. Pepperstack Restaurant has numerous black-boards, white-boards and daily planners displayed on the walls also, please see imagery section of appendix.

What we are offering will be all this and more in one digital board nailed to the wall. It will not only create more space in the office but can’t store all data from separate boards into one and hols staff rota’s, reminders, messages, daily specials for the restaurants, manger notes and sift change updates.

We visited retail stores in Cork to see what was offered to consumers and found that in stores we found that again white boards, cork boards, chalk boards are all offered individually but nothing that has all in one. MiBoard can combine all these products into one easy to use digital board.

 

 

Secondary Research:

Market Segment 1:

Segment

 

Hotels in Ireland
Age

 

Not age specific
Sex

 

Both
Occupation Staff members from all departments
Classification Segment Lifestyle/ Demographic
Specific Requirements 2 or more departments within a hotel
Estimated Size of Segment 798 Hotels in Ireland
Estimated Maximum Sales Potential 200 (25% of market segment)
Segment Value €40,000

There are 798 Hotels in total in Ireland, all of which have numerous departments within the premises and all match our specific requirement of 2 departments. We will use Ireland as our test market in year 1 with hopes of moving into the UK market in year 2. Urban hotels and 5 star and 4 star hotels will be our preference to break into first as these hotels have strong reputations among customers and the equity to purchase our product.

798*€200= €159,600, Our Total Available Market

There are currently 399 five and four star hotels in Ireland, 50% of our target market and market segment.

We feel that hotels would need a minimum of two MiBoards as there are various staff areas and manager’s offices, we have based our segment value on one board purchased by 25% of hotels nationwide in our first year, this would ensue that we would break even.

‘Failte Ireland Tourism and Research Statistics’

Hotels Nationwide/ 4 and 5 star hotels Nationwide

798 Total Hotels, 200 MiBoards sold = 25%, our Serviceable Available market

From our workings in Segment 1 we know that there are 798 hotels in the Ireland. Our maximum potential units sold in 25% of this segment is:

€200* 200 Hotels= €40,000 potential sales for year one

Market Segment 2:

Segment

 

Hotels in the UK
Age

 

Not age specific
Sex

 

Both
Occupation Staff members from all departments
Classification Segment Lifestyle/ Demographic
Specific Requirements 2 or more departments within a hotel
Estimated Size of Segment 45,000 Hotels in Ireland
Estimated Maximum Sales Potential 2,500 (5%of market segment)
Segment Value €450,000

There are an estimated 45,000 Hotels in total in the United Kingdom, all hotels will again have numerous departments within the premises and match our specific requirement of 2 departments. We hope to enter this market in year 2, having succeeded in our Irish market in year 1. The largest segment is now independent hotels (51%). Corporate branded hotels make up 44.3%, and just 4.7% are consortia. (hotel-industry.co.uk)

We will focus our sales potential on urban hotels and 5 star and 4 star hotels will be our preference to break into first as these hotels have strong reputations among customers and the equity to purchase our product.

45,000* €200= €9,000,000, Our Total Available Market (hotel-industry.co.uk)

We feel that hotels would need a minimum of two MiBoards as there are various staff areas and manager’s offices, we have based our segment value on one board purchased by 5% of hotels in the UK in our second year.

From our workings in segment 2 we know that there are 45,000 hotels in the United Kingdom. Our maximum potential units sold in 5% of this segment is:

€200* 2,500 Hotels= €450,000 potential sales

Overall Total Addressable Market Valuation over 2 years:

Segment: 200Units x €200= €40,000

Segment 2: 2,500 Units x €200- €450,000

Though many hotels are using the classic organisational boards these must be replace quite regularly due to wear and tear and damages. While some may be reluctant we are confident that our product will be worth the money spent due to its long shelf life, 2year guarantee, easy to use interface and securely stored documents and data feature.

Market trends:

Current trends on the market are the classic White-board, Cork-board and Black-board, we have seen this repeatedly throughout our primary and secondary research. Technology is growing and will soon be the way forward in all businesses and organisations, Miboard will be the new organizational tool, the digital replacement to the current trends on the market.

 

Customers/ Target Market:

From our extensive research we have drawn together our market segment, the hotel industry and home owners/ renters. Our primary and secondary research has convinced us to aim our product at these markets. Hotels staff are men and women ages between 16 and 65 who work in the various departments and must be in constant contact in order to deal with regular changes that occur hourly in order for a smooth day to day running of the business. There is a need for everything in the one place that can be accessed constantly. This product can be used as a means of communication among staff to save on time. It is a simple product that will have an interface that will engage the user and display all information laid out in a simple format and can easily be used by all ages.

Competitors:

Though, we are not without competition but we are the only 3D physical pin board on the market. Most of our competition is online, Apps, website and features on smart tablets. Our main direct competition being the “classic organiser boards” and our indirect competition being the Apple iPad.

MiBoard Organiser Boards
Profitability / Turnover €40,000 (Sales Year 1) €98,000
Pricing €200 €10-€40
Product Range n/a ·       Whiteboard

·       Blackboard

·       Corkboard

·       Calenders

Strengths ·       Easy to use

·       All features in on place

·       Cheaper than iPad

·       Can be mounted on to a wall easily

·       Cheap

·       Well known

·       Easy to use

·       Non complicated

Weaknesses ·       More expensive than organiser boards

·       One hotel could require more than one

·       Information can get lost easily

·       Cannot store information securely

·       Muliple baords are need for various task/ duties/ information

In-Direct Competition:

Profitability / Turnover Apple
Pricing $187.6m (2016)
Product Range $457
Strengths ·       iPad

·       iPhone

·       Macbook, Macbook Air, Mcbook Pro

·       iPod

Weaknesses ·       Strong brand image

·       Hight profit margin

·       Effective innovation process

·       Expensive

·       Small size

·       Too many features

·       Cannot mount on to a wall

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Competitive Advantage:

Our product is unique as we are the only product of our kind on the market, there is no other digital organiser board. Our unique features and easy to use interface will set the product on a higher advantage to its competitors. Though we are more expensive than the traditional organiser boards we feel our features are worth paying for and people will see that.

Place/Channels or distribution/ Roots to market:

We will sell this product indirectly to the consumer. We will visit hotels and meet with managers and staff members in order for them to test our product and see first-hand the features offered. Future hopes would be to sell in electrical stores across Ireland where there is a test product like that of a tablet or laptop so that potential customers and future target markets, eg, home owners can try this product and buy in the store.

 

Section 4: Finance:

 

Pricing

From our market research we have decided to price our product at €200 per MiBoard.

The cost to make one board is €100.50-€102.00:

  • Raspberry Pi ZERO (€5)
  • Raspberry Pi USB hub (€2)
  • Capacitive Touchscreen (€80)
  • Small HD Camera (€10)
  • Frames (€0.50 – €5)

Sales

  • Sales assumptions. Provide details of the sales assumptions.

 

Month 1 2 3 4 5 6
Sales € 10 10 20 20 20 20
Month 7 8 9 10 11 12 Total
Sales € 20 20 10 20 20 10 200

 

We expect our busy season to be March to August as hotels prepare for the seasonal trade. High volume of weddings, communions, social engagemnets and tourism in these months and preperation for Christmas in the hotel industry will start early August. We hope that our strong reputation will have been established by October in year one and our sale will climb for October and November.

 

Funding

 

 

Project Costs €31,827.88 Sources of Funding
Equipment/tools  €1000 Promoter  €0
Heat & Power  €700 Family/Friends  €20,000
Telephone & Internet  €480 Banks/ Credit Union  €10,000
Vehicle Expenses  €2,014 Loan repayments (€460.99 x 12)  
Advertising & Promotion  €1,600
Materials €20,100    
Office Supplies & Postage  €400  Total Funding  €30,000

 

We will each invest €5,000 each and have family and friends the remainder to reach €20,000. We will also take out a personal loan from the credit union of €10,000 with a 9.9% interest rate over 2years.

 

 

 

 

 

Capital Costs

 

Capital Items Owned Value €
Equipment/tools  €1000
Fixtures & fittings  €0
Vehicle  €0
Security & safety  €0
ICT  €0
   
Total:  €1000

 

 

Fixtures & fittings: We have a premises free of charge for a work-shop for year 1, please see imagery in appendix of this.

ICT: Adam will run all ICT related aspects to the company

Equipment/tools: We will budget €1,000 for tools in year 1

 

Fixed Costs

 

Fixed Costs
Rent & Rates  €0
Heat & Power  €700
Telephone & Internet  €480
Vehicle Expenses  €2,014
Advertising & Promotion  €1,600
Office Supplies & Postage  €400
Loan Repayments €5,531.88
Total:  €10,725.88

 

Car Insurance: €1,254.00

Petrol:  42.3 MPG (11.5 per litre) @ €1.25, we expect to travel 7,000km (€760) in the first year in order to visit hotels to demonstarte our product.

Advertising: €20 for business cards, social media at a cost of €80 and face to face selling in hotels. We will budget €1,500 for radio advertising.

Office Supplies & Postage: Depends on sales volume

Sundries: 10% of profits will be drawings

 

Variable Costs

 

Variable Costs Costs Per Annum €
Year 1x 200 Boards  €20,100
Materials (Cost per board)  €100.50
Wages (0-200 Boards= 0 wages, 200+ will be €10.13 per board) €0
Total:  €20,100

 

It takes 1 hours to manufacturer 1 board= €9.15 + Employers PRSI @ 10.75%= €10.13 per Board

Overall year one:

Costs: €31,827.88

Potential Sales Return: €40,000

Potential Profit year 1: €8,172.12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

Cash Budget2

Hi guys, did more to the cash budget, I hope i am going in the right direction here!!!

 

Notes Q1 (100 Units) Q2 (180 Units) Q3 (60 Units) Q4 (60 Units) Q1 Q2 Q3 Q4
Cash In Sales volume 100 180 60 60
Sales 1 20000 36000 12000 12000 Selling price 200 200 200 200
Bank loan 10000 20000 36000 12000 12000
Share Capital 20000
Total Cash In 50000 36000 12000 12000
Cash Out
Purchases 2 20100 5025 10050 15075 Material to make 1 board by the amount units sold
Petrol 8 1000 1000 1000 1000
Vehicles Expenses 7 2014 Q1 Q2 Q3 Q4
Tools 6 500 500 2 Opening Stock 0 100 50 50
Heat &Power 5 75 75 75 75 Closing Stock 100 50 50 100
Telephone and internet 120 120 120 120 Sales Value 100 100 100 100
Advertising & Promotion 3 500 500 300 300 Required Production 200 50 100 150
Interest payment 4 1382.97 1382.97 1382.97 1382.97 Cost per unit 100.5 100.5 100.5 100.5
Office Supplies and Postage 100 100 100 100 Purchases 20100 5025 10050 15075
Total Cash Out 25791.97 8702.97 13027.97 18052.97
3 Advertising: We will set aside 1600 for advertising in year 1
Net Cash 24208.03 27297.03 -1027.97 -6052.97
Opening Cash Balance 24208.03 -3089 -2061.03 4 10,000 Loan from the credit union with monthylu payments of 406.99, Total Interest: 1063.76
Closing Cash Balance 24208.03 -3089 -2061.03 3991.94
5 Due to uour small work area is a residental premises we will have no rent in yr 1 and Heat and power will be average 120 per quarter
6 Budget for 1000 for tools in year 1
7 Car Insurance for year 1 will be 2014 fully comp for year 1
8 Petrol budget will be 1000 for year 1

Cash Budget

Hi Guys, I have just done a cash budget take a look, I can show ye proper wednesday

 

Q1 (100 Units) Q2 (180 Units) Q3 (60 Units) Q4 (60 Units)
Cash In
Sales 20000 36000 12000 12000
Bank loan 10000
Share Capital 20000
Total Cash In 50000 36000 12000 12000
Cash Out
Materials 10050 18090 6030 6030
Vehicles Expenses 503.5 503.5 503.5 503.5
Tools 50 50 50 50
Heat &Power 75 75 75 75
Telephone and internet 120 120 120 120
Advertising & Promotion 17.5 17.5 17.5 17.5
Office Supplies and Postage 12.5 12.5 12.5 12.5
Total Cash Out 10828.5 18868.5 6808.5 6808.5
Net Cash 39171.5 17131.5 5191.5 5191.5
Opening Cash Balance 39171.5 22040 16848.5
Closing Cash Balance 39171.5 22040 16848.5 11657

Section 3 & 4 of Business plan

 

Hi guys, please see below section 3 & 4 , marketing and finance section of the business plan.

Adam is doing 2A and Sanne is doing 2B, and you are going to do the executive summary together, right?

Let me know if ye have any questions on below, we can show Phil and lisa our work on Wednesday anyway.

 

Have a great weekend,

 

Trish

 

 

Section 3, Marketing

 

We originally began our project with the aim to create an interactive mirror but further research led us to see that this was already on the market and available to consumers but what we did see was that there is a gap for a digital interactive organising board (to replace the white-board, black-board and cork-board) available so we decided to pursue this.

Our aim is to market our product to the hospitality industry, mainly hotels in Ireland for the first year. We want to focus on a more commercial route. We have looked at the data and all agree that this product will work well in this market segments.

 

Primary Research:

 

We began our research by first seeing how many hotels and restaurants there are in Ireland and in each county in order to size our market as we plan to sell our product and focus all of our energy in year 1 to the Irish market hotel industry. We found that there are 798 hotels in total in Ireland,

Carlow: 10 Hotels

Cavan: 14 Hotels

Clare: 38 Hotels

Cork: 78 Hotels

Donegal: 53 Hotels

Dublin: 147 Hotels

Galway: 79 Hotels

Kerry: 73 Hotels

Kildare: 21 Hotels

Kilkenny: 16 Hotels

Laois: 10 Hotels

Leitrim: 8 Hotels

Limerick: 28 Hotels

Longford: 2 Hotels

Louth: 9 Hotels

Mayo: 44 Hotels

Meath: 18 Hotels

Monaghan: 8 Hotels

Offlay: 8 Hotels

Roscommon: 6 Hotels

Sligo: 14 Hotels

Tipperary: 23 Hotels

Waterford: 24 Hotels

Westmeath: 16 Hotels

Wexford: 27 Hotels

Wicklow: 24 Hotels

National: 798

All above figures from Failte Ireland,ie

 

 

 

 

 

 

 

 

 

 

 

For our primary research we carried out 2 surveys’, interviews and researched on what organisational boards are being used in hotels in Cork and what the stores have to offer.

 

Survey Created on Survey Monkey to aim to collect data on whether or not there is a demand for this on the market. Out of 25 people surveyed, the results stand below:

  • 43% Males & 28.57% Females Surveyed
  • 58% between 21-29 years old
  • 43% were married
  • 43% had children
  • 60% said they used an organisational tool in the home
  • 85% said they used a pin board or cork board as this organisational tool
  • 85% had a calendar hanging on their wall
  • 57% had a black or white board as a reminder, notes or shopping list
  • 85% said they would use a digital pin board in the home

 

Survey number 2 results:

  • 86% Males & 57.14% Females Surveyed
  • 71% between 18-24years old
  • 71% between 25-34years old
  • 57% between 35-44years old
  • 85% married
  • 69% in domestic partnership
  • 69% single but cohabiting with a significant other
  • 77% single
  • 23% own their own home
  • 92% rent
  • 78% said they would use a digital organiser at work or at home

 

From these results we are confident that there is a market for MiBoard and it would sell as an organisational tool.

 

Face to Face interview with Chris Crowley, Operations Manager, Imperial Hotel, Cork.

11th November 2016

09.15 am

Insights:

  • The imperial Hotel has 10 different departments, all with its own manager appointed, all of these managers must be in contact constantly in order to ensure smooth running’s of the hotel.
  • From this interview we feel that a digital board would work well with an organisation like the hospitality industry. An industry that is so fast paced and receives a high volume of enquiries and has a high volume of staff in various departments
  • The constant changes and updates can be stored on this board for all to see in one place
  • The features it would assist in the day to day duties, everything in the ne place and easily accessed
  • Lower the amount of loss on reminders and notes alone would be a huge asset to any business
  • Built in Wifi would mean that managers and staff could communicate via email on the calendar feature on the board
  • Notes and comments for shift change would save time on daily pre shift meetings as staff can see this on the board
  • We must look at the price, originally we were aiming to sell this product for €200 but from this interview and the survey it seems that €150 is the maximum people are willing to pay, therefore we must look at our costings or work on our sales plan to prove that MiBoard is worth the price of €200
  • On hotel could possibly need at least 3 boards as there are a number of manger offices on the property.

 

 

Face to Face Interview with mother of 3 kids aging between 7 and 14 who also owns a restaurant, Pepperstack.

20th November 2016

7.00pm

Insights:

  • Seemed more interested in using it in the business as opposed to using it at home, was open to using it at home for a lower price point
  • Board would be used as a hub for management and staff to keep organized, it could replace every one of the boards I have in the images below
  • With it being able to be accessed from smartphones, it would be useful for staff to check their roster for the week to save members having to ring during the week to check their weekend hours
  • Overall, serious interest was shown over the product so I think the hospitality business is definitely one to strongly market this towards with maybe a smaller cheaper version for home use.

 

From our primary research of what was on offer in stores and what people are using as organisational tools, found that whiteboards, blackboards, planners and calendars are among the most popular tools used in businesses in relation to organisational tools. Many tend to have a multiple of these on their walls within the various manger’s offices throughout the premises. Look at the two from the Imperial Hotel Events Office in Cork, you will see both a planner and white board. Pepperstack Restaurant has numerous black-boards, white-boards and daily planners displayed on the walls also.

What we are offering will be all this and more in one digital board nailed to the wall. It will not only create more space in the office but can’t store all data from separate boards into one and hols staff rota’s, reminders, messages, daily specials for the restaurants, manger notes and sift change updates.

 

We visited retail stores in Cork to see what was offered to consumers and found that in stores we found that again white boards, cork boards, chalk boards are all offered individually but nothing that has all in one. MiBoard can combine all these products into one easy to use digital board.

 

 

 

 

 

Secondary Research:

 

Market Segments:

 

Segment

 

Hotels in Ireland
Age

 

Not age specific
Sex

 

Both
Occupation

 

Staff members from all departments
Classification Segment

 

Lifestyle/ Demographic
Specific Requirements

 

2 or more departments within a hotel
Estimated Size of Segment

 

798 Hotels in Ireland
Estimated Maximum Sales Potential

 

399 MiBoards sold
Segment Value

 

€79,800

 

 

There are 798 Hotels in total in Ireland, all of which have numerous departments within the premises and all match our specific requirement of 2 departments. Urban hotels and 5 star and 4 star hotels will be our preference to break into first as these hotels have strong reputations among customers and the equity to purchase our product. There are currently 399 5 and 4 star hotels in Ireland, 50% of our target market.

Some hotels would need a minimum of two MiBoards as there are various staff areas and manager’s offices, we have based our segment value on one board purchased by 50% of hotels nationwide in our first year, this would ensue that we would break even.

‘Failte Ireland Tourism and Research Statistics’

 

Hotels Nationwide/ 4 and 5 star hotels Nationwide

 

798/388= 399

 

399 is equal to 399 units being the minimum amount of sales possible. Our segment is 798 hotels with 50% of that segment purchasing one MiBoard each.

 

€200* 399 Hotels= €79,800 potential sales for year one, our segment value.

 

Though many hotels are using the classic organisational boards these must be replace quite regularly due to wear and tear and damages. While the was some are reluctant we are confident that our product will be worth the money spent due to its long shelf life, easy to use interface and securely stored documents and data feature.

 

 

Market trends:

Current trends on the market are the classic White-board, Cork-board and Black-board, we have seen this repeatedly throughout our primary and secondary research. Technology is growing and will soon be the way forward in all businesses and organisations, Miboard will be the new organizational tool, the digital replacement to the current trends on the market.

 

Customers/ Target Market:

From our extensive research we have drawn together our market segment, the hotel industry and home owners/ renters. Our primary and secondary research has convinced us to aim our product at these markets. Hotels staff are men and women ages between 16 and 65 who work in the various departments and must be in constant contact in order to deal with regular changes that occur hourly in order for a smooth day to day running of the business. There is a need for everything in the one place that can be accessed constantly. This product can be used as a means of communication among staff to save on time. It is a simple product that will have an interface that will engage the user and display all information laid out in a simple format and can easily be used by all ages.

 

Competitors:

Though, we are not without competition but we are the only 3D physical pin board on the market. Most of our competition is online, Apps, website and features on smart tablets. Our main direct competition being the “classic organiser boards” and our indirect competition being the Apple iPad.

  MiBoard Organiser Boards
Profitability / Turnover €79,800 €98,000
Pricing €150 €10-€40
Product Range n/a ·       Whiteboard

·       Blackboard

·       Corkboard

·       Calenders

Strengths ·       Easy to use

·       All features in on place

·       Cheaper than iPad

·       Can be mounted on to a wall easily

 

·       Cheap

·       Well known

·       Easy to use

·       Non complicated

Weaknesses ·       More expensive than organiser boards

·       One hotel could require more than one

·       Information can get lost easily

·       Cannot store information securely

·       Muliple baords are need for various task/ duties/ information

 

 

 

 

 

 

 

 

 

In-Direct Competition:

 

Profitability / Turnover Apple
Pricing $187.6m (2016)
Product Range $457
Strengths ·       iPad

·       iPhone

·       Macbook, Macbook Air, Mcbook Pro

·       iPod

 

Weaknesses ·       Strong brand image

·       Hight profit margin

·       Effective innovation process

 

  ·       Expensive

·       Small size

·       Too many features

·       Cannot mount on to a wall

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Competitive Advantage:

Our product is unique as we are the only product of our kind on the market, there is no other digital organiser board. Our unique features and easy to use interface will set the product on a higher advantage to its competitors. Though we are more expensive than the traditional organiser boards we feel our features are worth paying for and people will see that.

 

Place/Channels or distribution/ Roots to market:

We will sell this product indirectly to the consumer. We will visit hotels and meet with managers and staff members in order for them to test our product and see first-hand the features offered. Future hopes would be to sell in electrical stores across Ireland where there is a test product like that of a tablet or laptop so that potential customers and future target markets, eg, home owners can try this product and buy in the store.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Section 4: Finance:

 

Pricing

We have decided to price our product at €200 per MiBoard.

The cost to make one board is €100.50-€102.00:

  • Raspberry Pi ZERO (€5)
  • Raspberry Pi USB hub (€2)
  • Capacitive Touchscreen (€80)
  • Small HD Camera (€10)
  • Frames (€0.50 – €5)

 

 

Sales

  • Provide the monthly sales projections for the first 12 months of business trading.
  • Sales assumptions. Provide details of the sales assumptions.

 

Month 1 2 3 4 5 6
Sales € 20 20 60 60 60 60
Month 7 8 9 10 11 12 Total
Sales € 20 20 20 20 20 20 400

 

We expect our busy season to be mrach to June as hotels prepare for the seasonal trade. High volume of weddings, communions, social engagemnets and tourism in these months.

 

 

Funding

  • Provide details of how the business will be funded

 

Project Costs €0 Sources of Funding
    Promoter  €0
    Family/Friends  €20,000
    Banks/ Credit Union  €10,000
    Venture Capitalists  €0
    Other:  €0
     Total Funding  €30,000

 

Capital Costs

 

Capital Items Owned Value €
Equipment/tools  €200
Fixtures & fittings  €0
Vehicle  €0
Security & safety  €0
ICT  €0
   
Total:  €200

 

 

Fixtures & fittings: We have a premises free of charge for a work-shop, please see imagery of this.

ICT: Adam will run all ICT related aspects to the company

 

 

Fixed Costs

 

Fixed Costs
Rent & Rates  €0
Heat & Power  €100
Telephone & Internet  €480
Vehicle Expenses  €2,014
Advertising & Promotion  €70
Office Supplies & Postage  €50
Sundries  
Total:  €2,714.00

 

Car Insurance: €1,254.00

Petrol:  42.3 MPG (11.5 per litre) @ €1.25, we expect to travel 7,000km (€760) in the first year in order to visit hotels to demonstarte our product.

Advertising: €20 for business cards, the rest will be done on social media at a cost of €50 and face to face selling in hotels.

Office Supplies & Postage: Depends on sales volume

Sundries: 10% of profits will be drawings

 

Variable Costs

 

Variable Costs Costs Per Annum €
Year 1x 399 Boards  €40,099.50
Materials (Cost per board)  €100.50
Wages (0-400 Boards= 0 wages, 400+ will be €10.13 per board) €0
Total:  €40,099.50

 

It takes 1 hours to manufacturer 1 board= €9.15 + Employers PRSI @ 10.75%= €10.13 per Board

Marketing Section

Section 3, Marketing

 

We originally began our project with the aim to create an interactive mirror but further research led us to see that this was already on the market and available to consumers but what we did see was that there is a gap for a digital interactive organising board (to replace the white board) available so we decided to pursue this.

Initially we thought to aim this product at home owner/ renters as a household product to assist those with busy schedules but as our primary research continued and we received results and insights from surveys and interviews we chose to aim the product at the hospitality industry, mainly hotels and restaurants. We have all worked in this area and agreed that this piece of technology would work well in this market segment.

 

We began our research by first seeing how many hotels and restaurants there are in Ireland and in each county in order to size our market as we plan to sell our product and focus all of our energy in year 1 to the Irish market hotel industry. We found that there are 798 hotels in total in Ireland,

Carlow: 10 Hotels

Cavan: 14 Hotels

Clare: 38 Hotels

Cork: 78 Hotels

Donegal: 53 Hotels

Dublin: 147 Hotels

Galway: 79 Hotels

Kerry: 73 Hotels

Kildare: 21 Hotels

Kilkenny: 16 Hotels

Laois: 10 Hotels

Leitrim: 8 Hotels

Limerick: 28 Hotels

Longford: 2 Hotels

Louth: 9 Hotels

Mayo: 44 Hotels

Meath: 18 Hotels

Monaghan: 8 Hotels

Offlay: 8 Hotels

Roscommon: 6 Hotels

Sligo: 14 Hotels

Tipperary: 23 Hotels

Waterford: 24 Hotels

Westmeath: 16 Hotels

Wexford: 27 Hotels

Wicklow: 24 Hotels

National: 798

All above figures from Failte Ireland,ie

 

Guest Houses (A potential Future Market):  226 National

 

 

 

 

 

 

Primary Research:

 

For our primary research we carried out a survey, interviews and researched on what organisational boards are being used in hotel in Cork and what the stores have to offer.

 

Survey Created on Survey Monkey to aim to collect data on whether or not there is a demand for this on the market. Out of 25 people surveyed, the results stand below:

  • 43% Males & 28.57% Females Surveyed
  • 58%between 21-29
  • 43% were married
  • 43% had children
  • 60% said they used an organisational tool in the home
  • 85% said they used a pin board or cork board as this organisational tool
  • 85% had a calendar hanging on their wall
  • 57% had a black or white board as a reminder, notes or shopping list
  • 85% said they would use a digital pin board in the home

From these results we are confident that there is a market for MiBoard and it would sell among home owners/ renters.

 

Face to Face interview with Chris Crowley, Operations Manager, Imperial Hotel, Cork.

11th November 2016

09.15 am

Insights:

  • The imperial Hotel has 10 different departments, all with its own manager appointed, all of these managers must be in contact constantly in order to ensure smooth running’s of the hotel.
  • From this interview we feel that a digital board would work well with an organisation like the hospitality industry. An industry that is so fast paced and receives a high volume of enquiries and has a high volume of staff in various departments
  • The constant changes and updates can be stored on this board for all to see in one place
  • The features it would assist in the day to day duties, everything in the ne place and easily accessed
  • Lower the amount of loss on reminders and notes alone would be a huge asset to any business
  • Built in Wifi would mean that managers and staff could communicate via email on the calendar feature on the board
  • Notes and comments for shift change would save time on daily pre shift meetings as staff can see this on the board
  • We must look at the price, originally we were aiming to sell this product for €200 but from this interview and the survey it seems that €150 is the maximum people are willing to pay, therefore we must look at our costings or work on our sales plan to prove that MiBoard is worth the price of €200
  • On hotel could possibly need at least 3 boards as there are a number of manger offices on the property.

 

 

Face to Face Interview with mother of 3 kids aging between 7 and 14 who also owns a restaurant, Pepperstack.

20th November 2016

7.00pm

Insights:

  • Seemed more interested in using it in the business as opposed to using it at home, was open to using it at home for a lower price point
  • Board would be used as a hub for management and staff to keep organized, it could replace every one of the boards I have in the images below
  • With it being able to be accessed from smartphones, it would be useful for staff to check their roster for the week to save members having to ring during the week to check their weekend hours
  • Overall, serious interest was shown over the product so I think the hospitality business is definitely one to strongly market this towards with maybe a smaller cheaper version for home use.

 

From our primary research of what was on offer in stores and what people are using as organisational tools, found that whiteboards, blackboards, planners and calendars are among the most popular in the home and business in relation to organisational tools. Many tend to have a multiple of these on their walls within the various manger’s offices throughout the premises. Look at the two from the Imperial Hotel Events Office in Cork, you will see both a planner and white board. Pepperstack Restaurant has numerous black-boards, white-boards and daily planners displayed on the walls also. What we are offering will be all this and more in one digital board nailed to the wall. It will not only create more space in the office but cant store all data from separate boards into one and hols staff rota’s, reminders, messages, daily specials for the restaurants, manger notes and sift change updates.

 

We also looked at organisational tools used in the home. Calendars were by far the most popular and most of these calendars have a notes section to write extra notes, shopping lists, reminders etc. All of which is offered by MiBoard at the touch of a hand.

 

We visited retail stores in Cork to see what was offered to consumers and found that in stores we found that again white boards, cork boards, chalk boards are all offered individually but nothing that has all in one. MiBoard can combine all these products into one easy to use board.

 

 

 

Secondary Research:

 

Market Segment:

 

Segment

 

Hotels in Ireland
Age

 

Not age specific
Sex

 

Both
Occupation

 

Staff members from all departments
Classification Segment

 

Lifestyle/ Demographic
Specific Requirements

 

2 or more departments within a hotel
Estimated Size of Segment

 

798 Hotels in Ireland
Estimated Maximum Sales Potential

 

399 units
Segment Value

 

€79,800

 

 

There are 798 Hotels in total in Ireland, all of which have numerous departments within the premises and all match our specific requirement of 2 departments. Urban hotels and 5 star and 4 star hotels will be our preference to break into first as these hotels have strong reputations among customers and the equity to purchase our product. There are currently 399 5 and 4 star hotels in Ireland, 50% of our target market.

Some hotels would need a minimum of two MiBoards as there are various staff areas and manager’s offices, we have based our segment value on one board purchased by 50% of hotels nationwide in our first year, this would ensue that we would break even.

‘Failte Ireland Tourism and Research Statistics’

 

Hotels Nationwide/ 4 and 5 star hotels Nationwide

 

798/388= 399

 

399 is equal to 399 units being the minimum amount of sales possible. Our segment is 798 hotels with 50% of that segment purchasing one MiBoard each.

 

€200* 399 Hotels= €79,800 potential sales for year one, our segment value.

 

Though many hotels are using the classic organisational boards these must be replace quite regularly due to wear and tear and damages. While the was some are reluctant we are confident that our product will be worth the money spent due to its long shelf life, easy to use interface and securely stored documents and data feature.

 

 

 

Market trends:

Current trends on the market are the classic White-board, Cork-board and Black-board, we have seen this repeatedly throughout our primary and secondary research. Technology is growing and will soon be the way forward in all businesses and organisations, Miboard will be the new organizational tool, the digital replacement to the current trends on the market.

 

Customers/ Target Market:

From our extensive research we have drawn together our market segment, the hotel industry. Our primary and secondary research has convinced us to aim our product at the Hospitality Industry, hotels specifically. Hotels staff are men and women ages between 16 and 65 who work in the various departments and must in constant contact in order to deal with regular changes that occur hourly in order for a smooth day to day running of the business. There is a need for everything in the one place that can be accessed constantly. This product can be used as a means of communication among staff to save on time. It is a simple product that is easy to use by all ages. It is not gender specific.

 

 

Competitors:

Though, we are not without competition but we are the only 3D physical pin board on the market. Most of our competition is online, Apps, website and features on smart tablets. Our main direct competition being Apple and organiser boards.

 

  MiBoard Apple Organiser Boards
Profitability / Turnover €75,000 $187.6m (2016) €98,000
Pricing €150 $457 €10-€40
Product Range   ·       iPad

·       iPhone

·       Macbook, Macbook Air, Mcbook Pro

·       iPod

·

·       Whiteboard

·       Blackboard

·       Corkboard

·       Calenders

Strengths ·       Easy to use

·       All features in on place

·       Cheaper than iPad

·       Can be mounted on to a wall easily

 

·       Strong brand image

·       Hight profit margin

·       Effective innovation process

 

·       Cheap

·       Well known

·       Easy to use

·       Non complicated

Weaknesses ·       More expensive than organiser boards

·       One hotel could require more than one

·       Expensive

·       Small size

·       Too many features

·       Cannot mount on to a wall

·       Information can get lost easily

·       Cannot store information securely

·       Muliple baords are need for various task/ duties/ information

·

 

 

 

 

 

 

 

 

 

 

 

 

Competitive Advantage:

 

Our product is unique as we are the only product of our kind on the market, there is no other digital organiser board. Our unique features and easy to use interface will set the product on a higher advantage to its competitors. Though we are more expensive than the traditional organiser boards we feel our features are worth paying for and people will see that.

 

 

Place/Channels or distribution/ Roots to market: 

We will sell this product indirectly to the consumer. We will visit hotels and meet with managers and staff members in order for them to test our product and see first-hand the features offered. Future hopes would be to sell in electrical stores across Ireland where there is a test product like that of a tablet or laptop so that potential customers and future target markets, eg, home owners can try this product and buy in the store.

 

Please feel free to be brutally honest guys and make any changes! see ye Wednesday morn 🙂

Trish