INFLAFOUR
Business plan
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Team Members:1)Amruta Kamath
2)Ishita Raval
3)Mahek Buddhdev
4)Nidhi Thadeshwar
5)Twinkle Bodar
Q.1 What Problem are you solving?
Outing trip days become a lot more hectic when you are with your friends and family since you have to look and arrange for changing rooms, sunbathing mattresses and pool mattresses. Also, when we go out for a trek, it becomes difficult to set up a whole tent just for a 1 night stop.
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Q.2 What is your innovative idea? What makes it unique?
Our product InflaFour is a 4-in-1 inflatable solution for all these problems. When the product is placed
horizontally, it acts as a sleeping pod for 1-day trek or a sunny beach day. When vertically placed, it can act as a changing room. When laid on the floor or on the water surface, it acts as an excellent foldable mattress or floating mattress respectively. The solution to the problems just becomes a matter of aeration.
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Q.3 Who is your largest audience?
Our largest audience include the travellers, vloggers (who make videos on travelling), photographers, trekkers and mountaineers. Besides them, average income earners can also use our product on a number of occasions such as travelling or going to beach.
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Q.4 Who are your direct/indirect competition?
Our product doesn't have any direct competition but its indirect competitors include portable tents, portable changing rooms and other inflatable mattresses.
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Q.5 How will you reach your target audience? What would be your
marketing activities?
Since Social Media is one of the best ways of marketing in the modern world, we would use all the prominent social media networks like Instagram, Facebook and other platforms. If we procure a certain profit, we will broadcast television ads as well.
A few other marketing activities that we are working on are as follows:-
ï‚· Free holder provided with the product
ï‚· Organizing lucky draws and giveaways
ï‚· Pamphlets
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Q.6 a.) At what price will you be selling the product? b.) How did you arrive
at this cost? c.) What will be your margin of profits?
a) We have decided to sell this 4-in-1 product at Rs.2499/- which is less compared to its utility.
b) The cost prices of the raw materials and labor work are mentioned below:-
ï‚· Cover material=Rs.520
ï‚· PVC=Rs.35*20metre=Rs.700
ï‚· Valves=Rs.60
ï‚· Stitching work=Rs.600
ï‚· Welding work=Rs.320
TOTAL CP=RS.2200
c) We have decided to keep a profit margin of approx. 13% of our cost price i.e.Rs.299.
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Q.7 How many units will you produce & expect to sale in year 1,2 and 3?
Have you done any demand analysis?
Initially, the demand might not be high but slowly and steadily when our target customers (which includes vloggers, youtubers, etc.) will start using our product we can expect our product to become a trend! Hence, our production strategy is as follows:-
1st year we plan to produce 50 units of Inflafour.
2nd year we will produce 150 units of Inflafour
3rd year we will produce 315 units of Inflafour.
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Q.8 If you have to start this business, how much fund you will require?
Please show the cash flow projections?
We will need funds of minimum Rs.200,000 to start and run the business. The cost of production which includes the raw materials as well as the tailoring and welding work will be
Rs.2200 for each product. So, 2200*50=110,000 (since our production strategy is 50 units in the 1 st year)
will be the total cost of production for the 1 st year. The remaining amount (Rs.90,000) will be our working
capital in case of any damages caused during the making of the product.
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Q.9 Please explain your human resource requirements?
We will need workers for sealing/welding plastic material and tailors for stitching the waterproof covers with all the amenities. We also need laborers for assembling the final product, for fixing of valve and for the
testing of the product.
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Q.10 What are the other resources will you need in order to run this business?
The other resources include raw materials required for the production of the product such as:-
-Plastic material(PVC)
-Waterproof covers
-Zippers
-Air valves