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Freewheeler Product: Advanded Entrepreneur

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Abstract After creating a proposal for the Triangle Solution Company data will show why our product can work well in the market. Demographic and geographic data will provide a look into our desired target market. Research detailing the evolution of technology used to invent our product along with how it works and can be used. Lastly, the money element of the proposal such as cost, labor and material expenses round out our presentation.

Industry Within the United States there are about 700 companies that produce apparel accessories. These companies will bring in a combined revenue of $1 billion. In turn, there are some major hitters with in the industry. These major hitters are Randa Accessories, New Era Cap, Tandy, and Brands Accessories. The top fifty companies make up about seventy percent of the sales. In turn, the industry is said to be concentrated (Apparel Accessories Manufacturing, 2012). Our product will rely on the willingness of our customers to use their discretionary income. Therefore, we will manage the profitability through effective manufacturing controls, in turn, keeping the manufacturing cost down. Our competitive advantage will come into play as a specialized product. In turn, makes this manufacturing a labor-intensive endeavor in the industry. However, the annual return per employee is approx $105,000 (Apparel Accessories Manufacturing, 2012). Within the industry twenty- five percent of sales is caps and hats, twenty percent are just in neckties, and ten percent are mittens and belts. In which, will leave approximately forty- five percent of sales for other products to be sold; our product will fall within this percentage. We can position our company well with good pricing policies (Lambing & Kuehl, 2007). In cooperation within the industry are helpers known as jobbers. Their assistance is in gathering raw materials, marketing the finished product, and making sample products. Please note that there are manufactures that design and market their own product such as Totes Isotoner (Apparel Accessories Manufacturing, 2012). The manufacturing of our product will in tail developing the design, receive the needed materials, cutting the patterns, and assembling the final product. Therefore, it can be seen that we may need specialized sewing machines, and the product may require some extensive hand-finishing, which will lead to the inspection and packaging of our product (Apparel Accessories Manufacturing, 2012). Our sales will be through the major retail distribution channels. Such as: retail stores, department stores, which are considered mass merchants. The industry is considerably high with competition but with our product being specialized we can keep better touch with more customers by maintaining a direct relationship. In turn, we will be able to keep up with the seasonal demand that best fit our customers. Two thirds of our business will be in the export side, most of which will be Mexico, Japan, Canada, and the Dominican Republic (Apparel Accessories Manufacturing, 2012). The regulatory said will be from the US Department of Labor (USDOL) and the Fair Labor Standards Act (FLSA) that will inspect our facilities. Our work force will need to be moderately skilled. However, due to the shrinking employment opportunities their wages have decreased. This is primarily because of the off shore labor movement. In retrospect, the industry indicators show an increase in accessories by 23.9 percent in January 2012 compared to last year this same time. Also, the average US income rose by 3.6 percent in January 2012.This will help us drive the customer to make a discretionary purchase (Apparel Accessories Manufacturing, 2012). In order to maintain our product we must stay in focus with pace of the fashion world. There is a trend of third-party suppliers in China as well as other counties that work as contractors to US manufactures. In turn, the trend is lowering the cost even more by providing a cheaper labor force and dealing directly to the manufacturer. However, the opening of stores in the US is up by twenty percent. Totes Isotoner is one such company that has moved to open outlet stores (Apparel Accessories Manufacturing, 2012).

Free Wheeling In today’s society, people are looking into all different types of technical devices such as computers, iPads, and even Smart Phones. Convenience is, in most cases, what everyone desires. Before there were Smart Phones there were regular cell phones. Before iPads there were just MP3 players, and before lap tops were desk tops. Although the iPad can’t do all the things a computer can do, it’s a supplemental device for computing needs. Now when we talk about students, whether in high school or college and even business people, the idea of convenience plays a big part. The easiest and best way to get your things around is with a back pack or a bag with wheels. The idea of a remote control back pack could be the way to go. In today’s market, there are products that have wheels attached to bags. Flight attendants, business people and even school children are the usual suspects seen using them. This product will be different because it will have four wheels, be rechargeable, and have a remote control. This will alleviate the problem of the bag tipping over such as the ones that flight attendants and students use. Before this product can be introduced it needs to be researched. A detailed description of the product is very important. “First, the idea of the product needs to move from the idea stage to something more tangible. Second, the reader of your business plan better understand your business Lambing & Kuehl, (2007).” Giving a description of your product such as height, weight, shape, and so forth is very important if you plan to sell it.
Design
As a company we will look into the industry along with its competitors. Our company’s name will be “Free Wheeling.” This product will be a basic back pack with shoulder straps and four wheels instead of the two. The bag will be made of light weight material and initially will weight approximate two pounds with the capacity of holding up to twenty- five pounds or more. It will have a receiver type device for receiving commands. This receiver will be place onto the frame keeping it away from its mobility. The remote will be a simple joy stick for forward, backward and circular motions. This will allow the person to control the pack with just a simple touch of a button. For older people using this product it could be abatable for blue tooth; this would allow it to have blue tooth capability. A person owning a smart phone would have to have a remote control app or free rolling app. While this idea is being pitched, looking into the demographics is important as well. The target market is the consumer we want to try and attract. High school student as well as college student will be our main focus, but this could extend to business professionals as well. This idea is not limited to these different demographics because other professionals would also benefit from our product. By expanding our target market we can get a better idea of the groups of people with similar needs or characteristics. Showing that this product can be used by other working classes can also benefit our presentation. Being prepared for demonstrations, questions, and explaining how the product can change the way the industry will help us sell our idea to the Triangle Solution Company. Having the numbers for cost, labor, materials and expected budget will show the executive that we are serious about get the launch for our product going smoothly.
SWOT Analysis In retail, small companies can compete effectively by selling unique merchandise such as a remote controlled back pack, and by providing superior customer service while offering their customers a distinctive shopping experience. Our best strategy and/ or strength tactic will come from our ability to give our customers quality merchandise that they can depend on and cannot get from our competitors. Also that our group has chosen the intrapreneurial approach of business, we plan to have sufficient funding and knowledge of what is necessary to reach and maintain success status within our chosen industry. We as a group decided on intrapreneurship, (Lambing & Kuehl, 2007) instead of entrepreneurship because of the many special talents that can be recognized from a team of thoughts as opposed to just one creative mind. One of the main weaknesses of this industry is that the workers receive wages that are significantly lower than the national average, and this tends to hurt the employment end of the industry. Some of the reasons for this can be put on shrinking employment opportunities; the other part is due to the many jobs that have moved off shore or simply out of the country. Still another weakness for this industry is the dependence it has on consumer income, as it is considered to be a discretionary purchase to buy accessories and not a needed one. The remaining weak points evolve around or depend on the ever changing fashion trends and the easily changeable consumer preferences. A company’s success usually and almost always depends on the anticipating responses to the fast pace of the fashion world, (First research, 2011). Our opportunities at the beginning can seem endless but we have done our research and tend to see more clearly as they pertain to the industry of our choice, which are retailers and apparel accessories. Many apparel accessories companies like the one we are building up tend to grow their businesses by adding valuable license agreements. A sure way to diversify a customer base is in developing a strong stable of licensed brand names, (First Research, 2011). Product innovation can also bring attention to a brand name or new product that is initiated and associated with a brand name, and can easily attract new customers by using this method. We can stretch our opportunity window depending on the market channels, (Market channels, 2006) that we use to introduce our new product, including but not limited to TV commercials, radio, the newspapers and magazines, and even the internet. We intend to keep our options open to any and all means of communication. As for threats to our product and our business, they will include any and all of our major competitors that exist presently and those that we will encounter in the future. Copy cat manufacturers who will try to duplicate our product, changing minor details just enough to stay under the patent laws that we are covered by. We will have to be careful and watch out for hidden threats as well, especially the kind that can present themselves as help but will hurt the business in the long run. Many apparel accessories makers manufacture their products in foreign countries which brings with it certain risks. We plan to avail our company with a strong legal team to help out with this and many other legal areas that we may encounter. We are ready and eager to get our remote control back pack on the market and in stores.
Competitors
When considering the competitive landscape of the product one must consider the personal incomes of the targets, the consumer’s confidence of the product and economic conditions, and the demand which is driven by the interest rates. Companies must have advantages that affect distribution, purchasing, and marketing. How can one make their product stand out above the competitor? This can be achieved by understanding the competitor’s techniques, product, and their target market (Lambing & Kuehl, 1997). Benchmarking the competitor can help a business to achieve the competitive advantage (Retail Sector, 2012). Some of the competitive retailers that offer products that are similar to the one offered by this business are; Wal-Mart, Target, and K-Mart. However, the product we intend on introducing to the market will have an intrapreneurial approach capturing the value that is already present with a technology approach. The company will maintain the sale of the back pack meanwhile, capturing the technological advances within the product. By offering the uniqueness of the Remote Control Back Pack the company will capture the new improved needs of the consumer (Retail Sector, 2012). The competitors do offer back packs that can be carried and or pushed. We will offer the consumer the ability to carry, push, or be controlled electronically through a remote control or a smart phone with the built in application to control the product. This application can be downloaded to any smart phone or android phone in the market. The markets for innovated products that are run via the smart phone or android are the fad now days. The degree of specialization will separate the market by using the new innovated design (Retail Sector, 2012). Since this product is not marketed by other retailers the interest in the product will captivate a large audience. By captivating the audience the competitor will lose no time to try to capture the value this company has offered the consumer. The demographics of the market for this product will consist of the population, growth, and income. Other demographics may consist of student demographics such as elementary, middle, high, and college. The professional business demographics of the area could also be collected (Retail Sector, 2012). The target market for this product may consist of its own attributes. With this specialized product offering the audience could be a mixed bag of opportunity. Opportunities will be consistent with boy, girl, men, and women. The audience will consist of those within school and or business. The schools consistent within the usage of this product could be elementary, middle, high school, college, and or professional business men and women (Retail Sector, 2012). The product itself will target these markets using size, color, and design. This product will have a price range affected by the needs of the end user. The pricing will range from low, medium, and high dependent upon the size, color, and or design of the back pack (Retail Sector, 2012). There will be the need for consumer research to ensure that the product need is present and interested. Once this market has opened up the company will have to maintain the product effectiveness and begin improving our product because the competitor will now be looking to seek more innovations to your existing product to capture the market value of your company’s idea (Gopinathan, 2009).
Different Than Competitors To effectively understand your competitor in business, a company must analyze the competitor. To understand the competitor is the goal, this may be achieved by; understanding who and what your competition is, there strategies and actions that may be planned, how the competitor will react, and how you can influence them to behave in a way that works out to your advantage. Knowing your competitors objectives, assumptions, strategies, and very important their capabilities (Competitor Analysis, 2010). Competition is having a superior product that others in the same or like business do not have. There is a proposal of building a remote control backpack. The competitions for regular backpacks are numerous. There is no direct competition for a remote control back pack. No other company builds this type of product. When a new product is introduced there is no guarantee it will be successful. One major concern is how the consumer’s will react to the new product (Lambing & Kuehl, 2007). Not having any other companies that sells back packs with remote controls will be a plus. All other back packs are ones that have straps that can be worn on one shoulder or both depending on the weight inside the back pack. There is one that has been made like a piece of luggage that has an extended handle and rollers. Once again no remote control back pack is in production at this time.
Promotion
By completing a SWOT analysis and understanding our competitors we can then create our marketing strategy and focus on how to promote our product by putting emphasis on our strengths and the competitor’s weaknesses, when thinking of how to promote our product there are many ways to do so in our case our product fits the needs of students and business men alike. The mission statement of our product is to alleviate the pain of carrying or holding your belongings by offering an easy to use mobile backpack. Being that our target market is so broad the best approach is to first purchase advertisement space on popular social networks and search engines such as Facebook and Yahoo!. Currently if Triangle Solutions were to run an ad on Facebook we could reach out to over five million people. By also creating a business page for our remote controlled backpack, consumers can “like” our page and that will share with their friends as well (Wenzel, 2010). One CEO reports that spending fifty dollars on Facebook ad space brings in between two hundred twenty and two hundred fifty dollars per month (Greenstein, 2011) . We reach the in between age group of 15 to 25 by using Facebook as a tool for high school and college students, being that the average user spends about forty six minutes per day That is three thousand dollars profit aside from commercial advertisement and display within resale stores, which I can only assume would be multiplied due to how broad of an audience we are targeting.

The stress of carrying your belongings in a traditional backpack or oversized person strains the muscles on one side of the body and shifts the bone structure causing you to always stand at an angle. With this knowledge I think we should get a chiropractor’s blessing to appear on a commercial explaining the benefits of using our remote controlled backpack. This commercial I think would appeal more to the older crowd looking for a little relief. The second commercial I would suggest is one that is appealing to younger students, showing how fun and easy to use the back pack is. Running the first ad would be perfect for running during primetime hours when the work day is out on news channels for the business person, while running the ad around three or four pm for kids to see on cartoon stations. By running these two commercial ads I believe we can effectively reach out to our selected targeted age groups ranging middle school to the business room. The last effective way to promote our product is to have actual displays in malls and retail stores such as Target and Wal-Mart. If potential consumers can see how it works and try it out for themselves I believe this product will sell itself, and word of mouth will come into play. Word of mouth can not be fabricated it is genuine and the positive feedback equals profits for Triangle Solutions. Customer referrals sell more units than any type of advertisement could, and once people see how beneficial it is to them and/ or children I think this will be a necessity for every student and working person.
Conclusion
In conclusion my colleagues and I believe Free Wheeling would be a product worth Triangle Solutions´ consideration. Its strengths and opportunities outweigh its downfalls; and the potential to make a substantial profit is far too great to be turned down.
References
Apparel Accessories Manufacturing. (2012, February, 6). First Research, Retrieved April 12, 2012, From AIU Library First Research Database The Find (2012) retrieved from http://www.thefind.com/software/info-game-pad-joystick First Research Industry Profile (2011). Apparel Accessories Manufacturing Retrieved from ¡Error! Referencia de hipervínculo no válida. Competitor Analysis. (2010). Strategic Management. Received April 13, 2012 from, http://www.netmba.com/strategy/competitor-analysis/ Giampa, A. (2011, January 27). How much time does the average user spend on facebook?. Retrieved from http://www.quora.com/How-much-time-does-the-average-user-spend-on-Facebook Gopinathan, T. (2009). Market Research – Importance, Goals, and Methods. Received April 13, 2012 from, http://tgopinathan.suite101.com/market-research-importance-goals-and-methods-a101241
Greenstein, H. (2011, July 28). Do facebook ads bring customers?. Retrieved from http://www.inc.com/howard-greenstein/do-facebook-ads-bring-customers.html Lambing, P. A., & Kuehl, C. R. (2007). Entrepreneurship (4th ed.). Upper Saddle River, N.J.: Pearson Prentice Hall. Market channels (2006). In Collins Dictionary of Business Retrieved from http://www.credoreference.com.proxy.cecybrary.com/entrycollinsbus/market_channel Retail Sector. (2012) Retail Sector. First Research, AIU Library. Retrieved April 13, 2012 from, http://mergent.firstresearchearn.com.proxy.cecybrary.com/industry.aspx?pid=360&chapter=0 Rockwood Frabrics, (2010) Retrieved from http://www.rockywoods.com/Fabrics-Kits/Hunting-Camo-Heavyweight-Fabrics/What-is- Cordura Wenzel, E. (2010, September 15). Facebook ads: Success secrets from a facebook insider. Retrieved from http://www.pcworld.com/businesscenter/article/205483/facebook_ads_success_secrets_from_a_facebook_insider.html White Mountain, (1998) Retrieved from http://www.whitemountain.com.au/backpack_construction/material_faqs.html
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...Edison comes up with a Boston steamship, landed in New York City. This project left him poor and penniless, and in debt. Today with Thomas Edison electrical invention we now have the ability to have electricity to turn appliances on and off like dishwasher, washers and dryers. According to Anita Ruddick, founder of the hugely successful fair trade outlet The Body Shop’ said, “Nobody talks of entrepreneurship as survival, but that’s exactly what it is and what nurtures creative thinking. Innovation plays a large role in the study of entrepreneurship and the two ideas are closely linked. Entrepreneurship involves the creation of new products with new ideas at the forecourt of new products and it is important that entrepreneurs have the imagination and vision in order to make their ideas a success. Anita Roddick develops and markets natural cosmetic products during the research on Anita Roddick I learned she looks for employees who show their interest for what they are doing rather than their qualification for the job. She employs people with bid ideas. Employ people that will contribute to or detract from their association’s presence in the marketplace. Anita Roddick makes it easy for people to under and how their contribution to the work program makes a positive difference in the world and productivity will increase dramatically. Anita Roddick said “Nothing is more motivating than giving staff, employees, and associates the opportunity to express their own individual......

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Entrepreneurs

...then says that this was also one of the best decisions he ever made. I believe that any decision he makes will end up working out because he believes in himself. He says you can’t connect the dots looking forward, only looking backwards afterwards, so you have to trust that they will connect. You have to trust in something; your gut, karma, destiny, something. He believed in something whatever that something was. Steve Jobs said he used to walk downtown to receive one good meal a week. He slept in his friends dorms every night. He made the sacrifice, he took the risk, never settled, and he never gave up. He did what he loved and did “great work”. Every characteristic of an entrepreneur I can think of, Steve Jobs has it. As a future entrepreneur, this video inspires me to make sacrifices. Every good entrepreneur must make some sort of sacrifices in their life to do what they love and truly believe in. Whether that’s living off ramen noodles for a couple years, sleeping on the floors of your friends dorm room, or giving up social life sacrifices must be made in order to succeed. “If you live each day as if it were your last, someday you’ll most certainly be right.” This is a funny quote, but at the same time it is powerful. Far too often I find myself being lazy and not how I would want to live my life. He said he’s looking in the mirror every morning and said, “if today were the last day of my life, would I want to do what I’m about to do today.” This is something that I......

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Entrepreneur

...the course of this semester An entrepreneur is someone who has the control of an enterprise, venture new ideas and accountable for inherent risk and outcome of the product. The five entrepreneurial concept that I have thought over are 1) Franchising * Franchising is using another firm's successful business model.  A franchise is an alternative 'chain stores' to distribute goods and avoid investment and liability over a chain. The franchisor's success is the success of the franchisees. The franchisee is said to have a greater incentive than a direct employee because he or she has a direct stake in the business. Franchisors need to pay a sum of royalty fees in order to have the license to operate the chain store. 2) Acquisition * In business field, acquisition is taking over by purchasing the company. If one company is making good profits and etc, the opponents will offer a price to buy and taking over their opponents. This will then reduce the competitors of the companies. 3) Family business * Family business is a business where it is inherited from someone older in your family. A family business is often operated more than 20 years before it is passed down to the younger generation. A family business is where everything is build up by the older generation and the younger generation is to maintain it or even expand it further. 4) Manufacturing * A manufacturing company is where a company manufactured products and supplies it to the......

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