1. Please review the Executive Summaries of three (3) other peers, providing an objective assessment and constructive feedback that will help strengthen the effectiveness of their efforts and the quality of the finished report.
Deliverable Length: 250 words (minimum) per response
PEER 1: PHILLIP
The household cleaning products industry with several sub-markets such as laundry detergent, laundry care household detergent , dishwashing detergent , and cleaning tools. This company is worth then25 million dollars. The product i invented is for the sub-market for cleaning tools. My product is designed to help the elderly and big families. Other household requires you to get on your hands and knees .Most people have severe back pain. My product will make it easier to clean their bathrooms for people with severe back pain. The product will serve elderly and big families. The development my product needs to have is more options in height adjustments and have different cleaning tools options. Our target customers are the elderly and big families. the total addressable market amount is 10,000.The cleaning tools company is pre-venue but is gaining meaningful traction with customers. The Phillip’s Cleaning Supplies projects that it will be able to capture at least 35% of this market over the next 5 years. Our competition is comprised with Swiffer. The Swiffer competitive advantage lies in that their products is recyclable and that they have many options to use their products. They have been in the market for years. Consumers are more likely to choose Swiffer over my product. There’s really no difference besides there product is for the whole home and mines is made for the bathroom only. Phillip Mosley is the CEO and is tailor made for this opportunity because I’m a leader and have communication skills.. Other members of management will be family members who are motivated in the company . Phillip’s Cleaning Supplies is seeking 10,000 for the development of the product and the cost of shipping in the United States, which will enable us to provide the product a better look and produce more of the product. Out ultimate goal is an exit within 5 years by the way of an IPO that is highly unlikely , but possible and acquistion but more likely but no easy.
PEER 2: PAUL
A revolutionary product is arriving on the market that provides security and peace of mind and is delivered in a cell phone case. It also allows you to carry credit and debit cards without carrying the actual card and you don’t want to be the only one who does not have one.
As consumers one of the biggest things we are afraid of is having someone steal the money we have worked so hard for. In fact, in 2016 there was a 30% increase in credit and debit card readers being hacked and 70% increase of cards being hacked (Pritchard, 2018, para. 2). There is a new product that not only solves these concerns but also is something we already carry with our cell phones.
This phone case is a regular phone case with the added security of protecting credit and debit card information without carrying the actual card. This will not only provide the security of your cards but also contributes to the prevention of lost wallets and purses. The phone case stores the credit and debit card information digitally on the phone case and is only accessed with a fingerprint.
This product will be beneficial for the person that is always on the go and is very social. It will also be beneficial to the college student, stay at home mom, or the average 9 to 5 worker. These target markets use their debit and credit cards a lot to make purchases for gas, food and other items at various stores and merchants.
The estimate to make the phone case will be approximately $6.00 and they will retail for $39.99 with a large profit. The starting funding would be $2 million dollars which would manufacture 250,000 units. The pricing at $39.99 is the same as the other cases on the market and the benefit of this case is the added security of keeping a credit card and debit card secure with your fingerprint. The mobile phone accessory market is expected to reach over $75 billion in the next 6 years (Humbrae, 2020, para. 1).
The strategy is to provide a service to those who forget their wallets or purses at home and those who have lost their wallets or purses. This phone case will prevent you from being without a payment method because we do not go anywhere without our phones. Many consumers spend hours on their smartphones for many reasons and always have the phone with them.
The leadership team would consist of some mobile phone company experts that have been in the business and understand the marketing of mobile phone accessories.
The plan is to partner with a phone manufacturer such as Samsung as well as the 3 major wireless phone carriers. The phone case would be available through Amazon, our company website and through retail stores.
Pritchard, J. (2018). Card Skimmer Scams: How to avoid being a victim. Retrieved from https://www.thebalance.com/skimming-scams-315807
Humbrae, R. (2020). “U.S. Mobile Phone Accessories Market Expected to Reach $75.62 Billion by 2026”. Retrieved from https://www.alliedmarketresearch.com/press-release/U-S-mobile-phone-accessories-market.html
PEER 3: LATRIESA
The purpose of this project is to explain how fast food service app is beneficial to the customer. This mobile food service app has become today’s modern errand assistant. The world as we know it today has high demands in various industries. There are many people that live busy lives and they forget to eat, or they eat late. There are households that are busy, and the last option is cooking for a family of six and that leaves the option of ordering out. How this process works is the customer orders from their restaurant of choice and if the mobile service has a contract with the establishment, the service will deliver the food to the customer home.
Offering an app or a mobile optimized website for your restaurant is simply good business. Statistics show that customers order more often from businesses that offer apps, and when they do order, they order more. Having a menu at their fingertips makes it easier for them to browse items and order more food. They can also customize orders, request extra, and all of it is easier than having to place a phone call and talk over the din of a loud restaurant. When you have an app, you can easily update your menu, post about specials, offer two for one deals or other promotions, loyalty incentives and rewards programs, and more. Your customers will never have to worry about ordering an item that is out of stock or no longer on the menu, because the app will always be updated. They can also see pictures of the food they are ordering, so they know exactly what they are getting. This will cut down on customer complaints (Gazdecki,2020).
The mobile app can be downloaded on any mobile cell phone network, this will be beneficial for customers that do not want to go out in public. This is an exceedingly popular industry and it is used by customers daily. This mobile service will only cover a certain area to deliver too for a test run just to see how many customers are using this service during a certain period. Eventually, this service will cover all area and there will be opportunities for people to apply for employment. There will be advertisement for this service so that customers will have a new option of their choosing. The goal is to provide the customer with reliable and great customer service in a faster time frame.
Gazdecki, A. (2020). Why your resturant should offer mobile food . Retrieved from biznessapps.com.