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This project is based on selling selfie drones. They are the most recent and trending innovations in the market at the moment. They can be used in wide business environment since they provide the best aerial view of the site under view. Looking at the usage of selfie drones in the recent past, it is clearly seen that by the year twenty two most people will be using such devices to take selfies and videos.
Videographers are our main target customers in this business project. They are involved in video production whereby they may be required to go out to the field to capture some images that maybe still or moving. These images form the basis of their stories that they report to various television channels for viewers and subscribers to watch. Recording and capturing of such images and videos is not easy as it requires the videographer to obtain quality videos that are appealing and clear for visibility to the viewer. Looking at this as business idea we can obtain the drones so that they can be sold to videographers who are the main consumers of such products (Epifanova, Romanenko, Mosienko, Skvortsova, & Kupchinskiy, 2015).
Equally important, farmers who grow various crops in large scale are ready market for such products. These drones enable farmers to get view of their crops, monitor their growth so that they can perform the required routine activities on their plantations. These drones will enable the farmers to get an aerial view of the farm so as to control their farming procedures from their homes. Lastly, people who are travelling using ships and ferries to take selfies. This is more applicable to millennials who love such activities since it is pleasure.
Barriers to entry and Competitor Analysis
The selfie drones being new in terms using the most recent form of technology in operation, they can pose serious challenges to the users. They may be difficult to operate in cases where the user does not have the required skills to them. The farmers who form part of the customers of such products are likely to face this challenge given that some of them may have very little knowledge about their operation. However, this problem can be solved by educating and training them on the usage of such devices before they can begin to use them. The usage of selfies may be affected by the geographical location of the user and the prevailing weather conditions. Sometimes, rainy or cloudy weather conditions may affect its usage since the presence of humidity and mist inhibits the process of capturing visible images. However, this varies with location and quality of drone being used. This product is likely to face very minimal competition in the market because comparing the quality of work it produces, it is evident that no other devices can produce such quality work. Nonetheless, selfie cameras of phones may try pose a challenge to the widespread and usage of the selfie drones.
In management of this business project, it is a requirement that employees be IT experts and specialists in business management operations (Bassent & & Tidd, 2011). This will enable smooth functioning of the project since they will be able to tackle any serious matters that may arise in the process of selling the devices and teaching the customers on the usage of the drones. The project will put into use the knowledge from the business experts in determining the required amount of resources that the project may use. It is a requirement that each and every employee in this project be committed in carrying out the assigned tasks so at to avoid a breakdown in the whole process. This is achieved by carrying out a vetting process to ensure that the project hires only experts who are determined in ensuring the project goals are met.
Strategy for Pricing
Due to the fact that these are expensive commodities, there is need to consider the fact that we will be introducing these products to the market. In order for the project to realize profits, there is need to at least reduce the price of these devices so as to attract more customers. The prices will vary according to the geographical location and demand. In areas where there is high demand, the prices will be a bit higher relative to lower demanding locations. These products will be well distributed in the country, especially in urban areas since the demand for such products is higher than in rural areas (Bah & Fang, 2015).
This project requires large financial investment since it involves acquisition of selfie drones, marketing and selling them to customers. But, it is expected that within the few months of selling the drones, all the invested money shall be recovered and the business will just be making profits henceforth. Therefore, we can acquire loans from various commercial banks which will be repaid with interest (Aguilera-Caracuel, Guerrero-Villegas, Vidal-Salazar, & Marquez, 2015). Personal savings are also potential sources of income that the project will require. The required money will be used in purchasing of the drones from the manufacturing companies. In addition to that, it will be used in payment of sales men and funding the process of advertising the drones.
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