Blind People’s Head Cap
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
Introduction
The concept for a smart skull cap for blind people arose from observing how blind people struggled to carry out actions that are considered basic and uncomplicated by fully sighted people. Walking to a bus stop or navigating neighborhood paths, for example, was and continues to be a big barrier for blind individuals. The idea for smart head hats for blind people came from this situation. The product’s goal is to make life easier and more convenient for individuals who are blind. The production of these caps could allow a large number of blind persons who are inconvenienced by daily duties to complete them with greater ease, which would improve their quality of life.
The fact that blind persons are deprived of happiness when performing duties such as traveling through a neighborhood or city indicates the level of difficulty they face. This is in addition to the risk of being more vulnerable to crime and other dangers like accidents. The creation and distribution of blind people’s head hats is intended to ensure that their convenience is restored while also lowering their danger of social vulnerability. This can be accomplished by incorporating GPS scanners inside the caps, which can scan the paths surrounding blind persons and subsequently assist them in navigating. Furthermore, the caps may be able to store data and increase accuracy for frequently traveled routes, so improving the user experience. This can save users time and prevent them from undue vulnerability by lowering the amount of time they spend navigating.
Market Research
This product is aimed towards the technology sector, namely the wearable technology sector. This market is appealing since it is a newborn business that has yet to be saturated by a large number of players offering identical products and services to blind individuals. Because the navigation difficulty is such an important part of people’s daily lives when they are blind, it is a market that can be sustained. The issue also extends to indoor settings, such as buildings, where there is a general lack of services that can help such people navigate. Because the costs of wearable technology are lowering, they are now affordable to a larger segment of the target market, and the nature of the problem makes it attractive for those who are impacted, as well as their friends and family, to consider acquiring such items.
Market segmentation is a useful method of conducting market research in order to provide a precise description of the target market. This can be accomplished using survey questions that are meant to elicit feedback on market attitudes, demographics, values, and needs. This method generates primary data and is less expensive than product testing, which may necessitate the complete manufacture of product prototypes and hence be more expensive. There isn’t a lot of information about total category sales over the last three years. Wearable technology, on the other hand, generated total sales of $375 million in the previous three years and is expected to expand at a rate of 4% annually over the next three years (Mamtani, 2017; Liu, 2019). This means that the market for blind people’s smart head caps will rise in size and sales.
Customer Development and Customer Service
Customer development is a four-step process that ensures that a company has recognized a real demand among its potential consumers, that the product has been evaluated and determined to suit those needs, and that the company is sustainable enough to survive. Discovering a consumer, validating needs, forming a firm, and growing a company are the four steps. Customers’ needs, current remedies for their problem, willingness to pay for the new solution, and how the product may be distributed in the market were all gathered through primary and secondary research (Inc., 2014). Interviews with people who are blind were used to gain primary data, while interviews with their friends and relatives were used to gather secondary data.
The Original Source (People with blindness)
1. Mrs. Joan has been blind for 30 years, following a medical problem that caused her to lose her sight in her late teenage years. She learned to walk with a cane and occasionally relied on someone she trusted to accompany her. She has to rely on friends and relatives to accompany her at times, especially when visiting unfamiliar places or navigating through regions where her safety is at risk. She was amenable to wearing a cap to help her navigate routes more easily. She was unconcerned about the cost because she knew the device would improve her convenience as well as her safety.
2. Mr. Rogan lost his eyesight as a result of a work-related accident. It has not been simple for him to adjust to life as a sight impaired person. He admitted that navigating routes on his own was challenging, and he despised having to rely on friends, family, and strangers for assistance at times. He was willing to pay a fee in order to have access to a product that would help him navigate.
3. Mrs. Ahmed was born blind and said that navigating was still difficult for her. She was willing to pay for the product in order to address her navigation issues. She was concerned, though, about how it would conflict with her Arabic cultural attire, which she refused to change. This was identified as a potential design flaw that needed to be addressed so that all varieties of headgear could be accommodated.
4. Susan, a college student, expressed skepticism about the technology’s endurance and stated that she would first try corrective surgery before deciding to use our device.
5. Suarez was receptive to the device and its navigational solutions. He was willing to pre-order the product and have it delivered to him as soon as possible.
6. Mr. Li was open to using a product that would boost his convenience and provide him with more options that he had to reject due to his condition. He was interested in purchasing the product and receiving product updates.
7. Mr. Obi was also interested in using the product because he did not have a lot of people to assist him in navigating when he needed to go out for various activities.
supplementary sources (Family and friends)
1. Mrs. Karen has a completely blind adolescent son. She suspected that her son’s high energy level and the inconvenient nature of his movements had a detrimental impact on his self-esteem. She was willing to invest in the merchandise in order to help her kid gain confidence.
2. Kelvin is a blind friend of Susan’s and has expressed interest in purchasing the goods as a gift for her. He claims that if they can navigate more easily, they will be able to enjoy their shared activities more.
3. Amina is Mrs. Ahmed’s daughter, and she was open to the product’s use as a way to make it easier for her mother to navigate on her own.
The study revealed that there was a demand for the product, that it could solve the problem, and that there were ready-to-pay clients for the offering. We noticed that the design of the head caps needs to be flexible in order to blend in with ethnic or religious headgear. Our judgment was that the production phase could proceed, but that an efficient distribution system was required in order to reach as many potential clients as feasible.
Positioning and Competition
There are items available for blind people, however they are specialized for activities like swimming. This suggests that existing companies in the field, such as Samsung Electronics Co., Apple Inc., Nike Inc., Huawei Technologies Co., Ltd, Fitbit Inc., and Adidas AG, may enter this category in the near future. All of these businesses are worldwide success stories in the global market. They have substantial resources and can increase production and reap economies of scale in a short period of time. The fact that they already have global distribution networks is a big plus for them since it cuts down on the time it takes to launch a product and deliver it to markets all over the world. Furthermore, the vast quantity of money accessible means that they will be able to invest more in research and development, resulting in better product ideas.
However, they are likely to have flaws in the sense that this product may make up a minor amount of their portfolios, and as a result, they may fail to provide products that match market expectations. Furthermore, this flaw may have a severe impact on their capacity to stay up with client changes. This can be counterproductive in terms of gaining a competitive advantage over a company like ours. Obtaining a patent for our product’s uniqueness can assist us in overcoming competition from large prospective direct competitors. Strategic alliances can also help to increase capacity in terms of the technical aspects of product development as well as the establishment of effective distribution platforms.
Business Plan
The sale of blind people’s head caps will be the primary source of revenue. The overall cost of production and distribution is restricted at 60%, leaving the company with a 40% profit margin. It is projected that considerable marketing and distribution costs will be incurred in the early stages of the firm, with the company breaking even in Year 2 and becoming profitable thereafter. The market is the immediate risk that must be handled. This is in terms of ensuring that an effective marketing strategy is in place to maximize the product’s potential market.
Capital Analysis
$250,000 is required to set up a mini production facility for the head caps for blind people. These funds are to be raised from angel investors who can not only come in with cash but technical advice as well that is important in setting up the required infrastructure. The advantages of angel investors include; the willingness to take risks and invest in early stage ventures and an expansive network that can supplement the financial help with technical advice and sales networking. However, there are disadvantages of taking capital from angel investors. They include; high rate of returns and loss of control in the running of business.
Year 1 Year 2
Sales 400,000 800,000
Total Startup
Costs 240,500 40,000
Total Operating
costs 220,000 250,000
Total Costs 460,500 290,000
Total Profit (60,500) 410,000
Analysis of Legal Matters
There shall be a patent application made to ensure that the product is protected by intellectual Property laws to prevent any copying from potential competitors. The application shall be made under the utility patent that restricts the copying of the design and functions of the head caps and their GPS route scanning technology. This should result to the issuing of a trade license that can make it possible for this startup to engage in business and outsource production at some point in the future (Zhang & Cueto, 2016).
Learning and Adaptation
It is clear from the analysis above that we are ready to start this business. The cost benefit analysis proves that the startup can be successful in spite of the size of potential competitors such as Samsung, Sony, and Apple. The injection of seed capital is critical to hit the market as projected and raising subsequent rounds of financing can play a significant role in expanding market reach.
References
Geissdoerfer, M., Savaget, P., & Evans, S. (2017). The Cambridge Business Model Innovation Process. Procedia Manufacturing, 8, 262-269. https://doi.org/10.1016/j.promfg.2017.02.033
Inc. (2014). Steve Blank: The Key to Startup Success? ‘Get Out of the Building’ [Video]. Retrieved 21 May 2020, from https://www.inc.com/steve-blank/key-to-success-getting-out-of-building.html.
Liu, S. (2019). Topic: Smartwatches. www.statista.com. Retrieved 21 May 2020, from https://www.statista.com/topics/4762/smartwatches/#dossierSummary__chapter1.
Mamtani, K. (2017). Wearable Technology Market Size & Share | Industry Analysis. Allied Market Research. Retrieved 21 May 2020, from https://www.alliedmarketresearch.com/wearable-technology-market.
Zhang, S., & Cueto, J. (2016). The Study of Bias in Entrepreneurship. Entrepreneurship Theory And Practice, 41(3), 4
RUBRIC
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POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
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5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
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5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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