Cap 9
lhutchins
Milestone6.pptxMilestone 6
Name
Class
Institution
Date
Introduction
Today’s market is never steady.
It is dynamic and changing at a faster rate.
Companies are, therefore, required to introduce new products/services to keep up with the changing customer needs and wants.
Companies are also required to ensure that their existing products/services are up to date and are in line with customer desires.
Today’s market is never steady: It is dynamic and changing at a faster rate. The demands for products and services is also always shifting as wants, needs, and technology are changing. Because of that, organizations must always introduce new services/products to keep up with shifting consumer needs and wants. Organizations must also assess their existing products/services and find ways to make sure that they are up to date and are in line with customer desires. Constant innovation of new products/services is, thus, essential for a company to survive and succeed in the market.
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The Business Concept
The new product that needs to be introduced in the market is HWT device.
HWT is an application that will offer visibility to shipments.
The application can also help in tracking shipments from the pickup point to the final point.
The business concept that HW Logistics, LLC need to introduce is the HWT device. HWT is a new software application that will provide continuous and effective visibility to cargo. The application can also help shipment coordinators to effectively follow up their shipments from the initial pickup point to the final destination.
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Problem/Opportunity
HWT device will address visibility issues.
Many organizations do not have visibility potential.
HWT device is, therefore, the suitable and effective solution to the problem.
One major problem that the device will address is the visibility issues. Most entities do not have visibility potential. According to recent research, around 55% of 3PLs have made losses and lost business due to their visibility capacity (Cicerchi, 2018). This is a huge issue that needs to be addressed. HWT device is, thus, the suitable and perfect solution to this problem. The software application will ensure effectiveness in transportation and help in handling service disruptions. The application will also help in reducing cost and delays.
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Competition
HWT device is unique from other software applications in the market.
The device is one-hundred per cent GPS based.
It can provide updates of shipment’s location.
These updates can be provided after every ten minutes.
HWT device is different from other applications in the market. The application is one-hundred per cent GPS based. It can offer clear and precise location information to tablets, desktops, smartphones, and laptops. It is connected to a tracking tool that provides constant and automated updates of shipment location. The tool provides updates on the shipment's location after every ten minutes with the assistance of the GPS.
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Physical and Technological Resources
HW Logistics, LLC will need several resources to implement its business idea.
The company will be recording resource availability and utilization to ensure cost reduction and improved operation.
HW Logistics, LLC will also develop a system that will display how every resource is allocated throughout the project life.
Some of the technological resources that HW Logistics, LLC will need include Java, JavaScript, CSS, Git, XML, SQL, and Lynx, just to mention a few. To ensure cost reduction and improved availability, HW Logistics, LLC will be recording resources availability and utilization. This will make sure that the concept is executed perfectly without instances of resource crunches, clashes, or surpluses. Besides that, the company will allocate resources effectively and accurately. The organization will accomplish this by developing a system that will display how every resource is allocated throughout the project life.
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Project Review
HW Logistics, LLC will be conducting project review during the project lifecycle.
The review will analyze the project against its vital aspects.
The review will also analyze the vital practices of the project.
The review will even identify areas that need adjustive measures.
HW Logistics, LLC will conduct a project review during the project lifecycle. The review will assess the project progress against the initial schedule, deliverables, and budget. The review will also assess the effectiveness of the teams, product management, engineering practices, and many others. The review will also identify areas that require adjustive measures.
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Intrapreneurship
HWT device factors in the aspect of intrapreneurship.
HW Logistics, LLC will test the viability of the idea.
The company will also focus on the discovery phase.
All these are vital aspects of intrapreneurship.
HWT device factors in the aspect of intrapreneurship. The business idea entails feasibility analysis. HW Logistics, LLC will test the viability of the idea. The company will also focus on the discovery phase. The discovery stage is vital as it will enable the project team to understand the concept better. All these are key aspects of intrapreneurship.
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Company’s Core Competencies
HWT device fits with the company’s core competencies.
The entity has the abilities required to execute the concept successfully and effectively.
The major core competencies required in the execution of the concept include innovation, quality, and value.
HWT device fits with the company’s core competencies. HW Logistics, LLC has the abilities needed to execute the concept successfully and effectively. Some of the core competencies needed to implement the concept include innovation. This entails introducing an exceptional product that stands out in a crowded market. Another core competency is quality. This entails developing a product that exceeds every specification, standard, and requirement. The other core competency is value. This means developing a product that generates superior value and benefits to the consumers.
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Corporate Culture
A culture that foster open communication and teamwork will offer the best opportunity to implement HWT device successfully.
Open communication will enable team members to be more engaged.
Open communication will enable allow team members to know that they matter in the success of the concept.
Open communication will boost trust.
Teamwork, on the other hand, will improve communication and strengthen problem solving.
Corporate culture is vital to the performance of any entity. The corporate culture that will offer the best opportunity to implement the concept successfully is a culture that foster open-communication and teamwork. With open communication, the team members will be more engaged. Open communication will also allow the team members to know that they matter in the overall success of HWT device. Open communication will also boost trust among team members. With teamwork, on the contrary, there will be efficient and improved communication (Marquis, 2019). Teamwork will also promote and enhance problem-solving.
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Project Leaders and Key Staffs
The key personnel that will take part in the implementation of HWT device include the business analyst, project manager, product manager, and project sponsor.
All these individuals have the abilities to be the face and drivers of the concept.
They are competent and honest.
They also have communication skills, problem-solving skills, team-building skills, and enthusiasm.
One key personnel in the implementation of the project is a business analyst whose roles include analyzing the viability of the concept. The other personnel is a project manager whose roles include leading and managing the team members. Another personnel is product manager whore responsibilities include analyzing the market and competitive conditions. Another personnel is the project sponsor whose responsibilities include making vital decisions for the concept. These individuals have the abilities to be the drivers and face of the concept. They are competent and honest. They have problem-solving skills, communication skills, team-building skills, and enthusiasm.
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Cross-Cultural, Geographical, and Economic Factors
One major cross-cultural factor that can affect the company’ environment is cultural preferences.
The major geographical factor that can affect the company’s environment is location.
The upturn and downturn of the economy can also affect the entity’s environment and HWT device.
Taxes is also a significant factor in the company’s environment.
Every entity is affected by multiple aspects of the environment. One major cross-cultural aspect that can affect the company’s environment and HWT device is cultural preferences. Every market has unique preferences for brands and products. For instance, the iconic features of the application will have different cultural significance in different markets. In terms of geographical aspects, location is the main factor that can affect the company’s environment and the device. And in terms of economic aspects, the upturn and downturn of the economy is the main factor that can affect the company’s environment. Taxes can also affect the company’s environment.
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Ethical and Legal Environment
Operating in an ethically and legally compliant surrounding is vital.
HW Logistics, LLC will develop a strong and sound ethical foundation.
The company will also build a culture that upholds integrity.
HW Logistics will also file a patent and also ensure it pays taxes for the device.
Operating in an ethically and legally compliant environment is vital for any business. To ensure that the device operates in an ethically compliant surrounding, the company will create a strong and sound ethical foundation. The company will also build a business culture that fosters integrity. To ensure that the application operates in a legally compliant surrounding, the organization will file a patent. HW Logistics, LLC will also ensure it pays taxes for the device.
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Customer Diversity and Stakeholders
Integrating customer diversity and stakeholders in the implementation of any idea is important.
HW Logistics, LLC intends to explore different cultures and create a diverse labor force.
The company also intends to create a stakeholder map and also prioritize key stakeholders.
Incorporating customer diversity and stakeholders into the execution of any business concept is vital. To integrate customer diversity, the company intends to learn about the beliefs, culture, views, and values of its customers and incorporate them in the product. HW Logistics, LLC also intends to build a diverse labor force. To integrate stakeholders in the implementation of the device, HW Logistics, LLC intends to create a stakeholder map. The entity is also planning to prioritize key stakeholders.
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Corporate Social Responsibility
Incorporating CSR in the implementation of a new idea is vital.
Customers are now engaging with companies that foster CSR.
The role of the CSR in HW Logistics, LLC is to make sure that the software application is suitable for the community and customers.
Another role of SCR is to ensure that the company will be accountable for its operations.
Incorporating corporate social responsibility in the implementation of a business idea is important. Customers are now looking for services and products from businesses that uphold CSR. The role of CSR in the implementation of the HWT device is to ensure that the device is suitable for the community and customers. Its role also entails ensuring that HW Logistics, LLC will be accountable for the effects the device will have on the customers, employees, environment, and the community.
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Projected Cost
HWT device will cost approximately $250,000.
The costs are both direct and indirect.
The direct costs will be around $150,000.
The indirect costs will be about$100,000.
The overall cost for implementing the HWT device is expected to be around $250,000. To come up with the cost, the company did a summation of the direct and indirect costs. Direct costs are those that relates to the project directly. Indirect costs, on the other hand, are those that help in running the company (Thompson, 2019). The direct costs are expected to be around $150,000. The indirect costs are expected to be around $100,000.
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Revenue Streams
Understanding revenue streams is important for any business.
HWT device will have multiple revenue streams.
HW Logistics, LLC expect to benefit from those revenue streams in the coming years.
One vital thing companies must do is to understand their revenue streams. The revenues streams for the application will include in-app purchase, in-app advertising, paid apps, and data monetization. HW Logistics, LLC expects to benefit from these revenue streams. This is based on a recent projection. According to (Clement 2019), applications are estimated to create over $935 billion in 2023 through paid downloads and even in-app advertising.
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Sales Forecast
HWT device will be profitable.
HW Logistics, LLC projects the sales in the first year to be $400,000.
The sales for the second year is projected to be $650,000.
These figures are expected to increase in the coming year.
HW Logistics, LLC projects that the device will be profitable. In the 1st and 2nd year, the company expects sales to be around $400,000 and $650,000 respectively. HW Logistics, LLC is certain that the sales will continue to increase in the coming years.
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Sources of Funding
Debt funding is the major source of funding for the application.
The organization intends to take a 5-year loan from a bank.
Equity is another source of funding.
The major source of finance for the device is debt. HW Logistics, LLC anticipate taking a five-loan of a total of one-hundred thousand dollars from a bank. The company’s properties will act as security for the loan. Besides debt financing, the entity intends to obtain a total of $150,000 through equity.
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Summary
Today’s market is never steady: It is dynamic and changing at a faster rate.
Companies are, thus, required to keep up with the changing customer needs/wants and also with customer desires.
HW Logistics, LLC will introduce HWT device.
Today’s market is never steady: it is dynamic and changing at a faster rate. Companies are, therefore, required to introduce new products/services to keep up with the changing customer needs/wants and also with customer desires. The new product that HW Logistics, LLC need to introduce is the HWT device. This is a software application that intends to offer visibility and tracking services to individuals.
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Continuation….
HWT device is worth investing.
It is unique and incorporates several important aspects.
The device will cost a total of $250,000
The device is worth investing. It is unique from other products in the market, it will operate in an ethically and legally compliant environment, it incorporates intrapreneurship, it is profitable, it has several revenue streams, and it incorporates CSR. However, for the company to implement the project successfully and effectively, it needs financing. The project will cost a total of $250,000.
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References
Cicerchi, D. (2018). Opinion: Four Reasons why Freight Visibility should be a Top Focus. Transport Topics. Retrieved from: https://www.ttnews.com/articles/opinion-four-reasons-why-freight-visibility-should-be-top-focus
Clement, J. (2019). Total Global Mobile App Revenue 2014-2023. Statista. Retrieved from: https://www.statista.com/statistics/269025/worldwide-mobile-app-revenue-forecast/
Marquis, A. (2019). Importance of Teamwork in Organizations. Chron. Retrieved from: https://smallbusiness.chron.com/importance-teamwork-organizations-14209.html
Thompsons, J. (2019). How to Make Project Cost Projections. Bizfluent. Retrieved from: https://bizfluent.com/how-8377867-make-project-cost-projections.html
