This success criteria has been come up with to cater to those with different types of smart devices. This will allow my product to reach different types of customers, which means more sales revenue. Furthermore, the more compatible the Smart Suitcase app is, means more people from all over the world will hear about the product and be able to use the product to
their advantage. This shows that I am taking into account all possibilities that could take place and taking into account the customer's preference. This will overall boost sales and
loyalty with the customers and my team. This is another success criterion that I have set for myself and the Smart Suitcase. There are around 45% of apps that are not compatible with all devices, and this is not what my business aims to do. It aims to reach 100% of the devices that have their latest software downloaded which makes it more accessible. This means that I have achieved my success criteria for the app to be compatible with all devices, which means that it will attract more customers.
Survival in the first year
Another success criterion that I have is the fact that my business survives in the first year and breaks even at a minimum. Research shows that for any new business setting up, profit
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is highly unlikely in the first year of running the business as it is new and will not have the customer base and loyalty as this needs to be built. Due to this, in the first year of running my main success criteria will be to develop these traits and break-even to show that my innovation will become successful in the long term. If I survive in my market within the first year, then this will mean that it was a successful year all around, and I have the chance to become more successful. This success will be measured by the fact that the profit levels will be at around 10 % and the breakeven level will be reached very easily making the loss at 0%. This success criteria is yet to be met as the business has not been operating for a year, however relating to my business model and sales plan, I believe that the Smart Suitcase will survive in the first year and therefore meet the success criteria.
Being ethical
Being ethical is another success criterion that I have set up in order to measure the success of my Smart Suitcase. This criteria is more on the side of how the business runs and how the staff recruitment is achieved. The main reason why I have chosen this to be one of my success criteria is because the market I am entering relies heavily on customer satisfaction. The way this links to the business being ethical is because it is the idea behind the business and how the product is created will interest the customers. If we as a team are ethical, it will automatically attract more customers and therefore lead to more sales revenue. One way that my business will be ethical is in the staff recruitment process as we will not discriminate against any applicant. Furthermore, I have selected staff from the local community which shows that I am giving back to the community by supplying jobs which means taxes are being paid. This allows the community around to advance via the tax and even more the customer will see this as the business is ethical. This is another of my success criteria explained in detail and how I plan to achieve it. Measuring this against my staff selection, around 50% will be selected from the local community which makes it more ethical to the local community, meaning higher profit turnover in due time. In doing these tasks, I have successfully achieved my success criteria in being ethical as a business.
Waste minimization
Waste minimization is an essential part of the success of the overall business as a whole. The main reason as to why this is because of the fact that if there is less waste then that will mean that there will be less money being thrown away. The theory behind this is that it will cost money and time for the waste to be created and if this is at a low level then it will mean that break-even will be reached quicker and survival in the first year will be more likely. Moreover, for there to be waste minimization, an in-depth test will be carried out on how to use the machinery properly after they feel confident. It will be known to the staff that mistakes will happen, however, how often this takes place will need to be controlled overall. In addition, if there is waste minimization, it will mean that the environment will be looked after as well, for example, if there is less paper being wasted then it will allow more trees to be saved. This will be measured against the number 5% as the business aims to keep our waste below that percentage and if this is reached then it will mean that we have succeeded overall. In following this, I have met my success criteria in minimizing waste.
Customer reviews on board (listening to the customers).
This is one of the more important success factors that will need to be taken into account when the product is released to the target market. The main reason for this is because of the idea that their opinion matters and this is how loyalty between customers and a business is created. If this is created, then it will mean a loyal customer base is created and it will also attract more customers in the future, leading to a better business reputation overall. In taking in customer feedback, I have successfully listened to the customers.
Conclusion
In conclusion, in this task, I have successfully shown why I have gone with my idea of Smart Suitcase and have decided to pursue my further research. I have shown through my research tasks what this product entails and how it will work in the market. Moreover, in this task, I have shown what my success criteria are and evidently proved that I have met all my success criteria. This shows that my market research is very detailed and was taken very seriously to meet all my success criteria.
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