1. What other business controls do you plan to introduce into your business at the outset?
2. Why do you consider them important?
Answer based on company information attached below has to relate
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1. Briefly explain your business idea and how you arrived at it.
The concept of IoT (Internet of Things) are implemented everywhere. Devices are getting interconnected to be capable of more things. If we combine the big screen of the smart TV with the convenience of the smart phone, it would be promisingly popular.
2. If you are still considering what business to plan to enter review the options outlined in this chapter in particular:
1. Can you identify a market gap that you could meet?
There’s no smartphone synchronized smart TV in the market. Our TV will fill the gap.
2. Is there a new twist that you could put onto an old business idea?
That would be the idea of getting smartphone work with a smart TV and other smart features.
3. Do you have an idea for an innovation or novel product?
Yes. We make the TV work perfectly with the smartphone.
4. Is there a franchise or network marketing proposition that you could plan for?
Yes. We’ll specify it in our business model.
5. Have you explored the possibility of buying out a business?
We are new entrants with unique differentiation. This industry has got history. We are not planning to buy out a business.
1. Using Porter’s five forces, analyze the factors at work in your industry.
Porter’s five forces：
1. Competitors in an industry: Apple TV, Amazon Alexa; Samsung; LG；Sony
2. Threat of new entrants to the industry: Hisense; TCL-Chinese low-price rivals.
3. Threat of substitute products：Personal Computer, Home theater center, projectors
4. Bargaining power of Suppliers: Foxconn; BOE—Medium
5. Bargaining power of customers: Weak
2. If you are expecting to be first to market, what other advantages for your proposition can you expand on in your business plan?
Since smart TV is not a brand-new concept product, we are not the first to the market.
Our smart TV have its unique differentiation compared with the ones in the market. It has very user-friendly interactions especially when paired with smart phones. Using that advantage, we have unique selling point.
3. Describe the strategic direction being pursued by the business you are/will be competing with, ie focus, differentiation, cost.
We are going to appeal our smart TV particularly in online and offline shops with its unique smart features to the potential users to let them know that it’s more than convenient to use our products.
4. What strategic option will you be going for and why?
Smart TVs in the market have some smart features but young users are using more of smartphones because it’s more convenient to the information source. For example, photos and videos taken by phone, smart phone games that can be played once they had time. They will have better experience to have a big screen to do these things. If they can easily put the images onto the big screen and operate on either screen, they would have much better experience.
5. Explain how you arrived at your proposition.
It’s a trend to have traditional home appliances into smart and interconnected ones. IoT has been developing fast and leading the industry onto another level. Our smart TV get users better experience at home. Whatever you do on your smartphone can be done simultaneously on the smart TV.
6. What makes you believe it will succeed?
We have market information about the existing TVs and our product have the chance to fill the blank part for its unique smart features.
7. Write a mission statement linking your product or service to the customer needs it is aimed at.
Mission statement: Addition to traditional smart TV, we aim to help our uses get extremely convenient in using smart services with great experience.
8. Write vision and values statements.
Vision and value statement: We can have your images displayed and processed synchronized anywhere with your smart device.
9. What are your principal objectives: short term? long term?
Short term objective: To get our products into the market and cooperate with major distributors in 2 years.
Long term objective: To have competitive market share and continuously provide users with more convenient experience.
10. List your tasks and action plans as you see them at present.
Tasks and action plans: Test the reliability and start the market investigation. Advertise through multiple ways. Establish cooperation with distributors. Make sure the products in mass production.
1. How did you arrive at this new Idea?
Every household or institution requires television, and with the steady advancement of technology, most of our tasks have been digitalized and are growing more expensive in the modern era. Our smart TV will not only have advanced capabilities, but we also want to equip the community and give environmentally friendly materials by offering durable and inexpensive everyday pricing to everyday people.
2. What is your business name and why have you chosen it?
· This brand name symbolizes unity, uniqueness, unlimited, interconnection and it’s easy to remember.
3. What experience and skills do you have and are they particularly relevant to this venture?
· A marketer by profession and specialized in sales risk assessor.
· Four years of international market experience in electronics gadgets and three years of experience in brand management.
· These experiences and skills of Risk assessors will aid in overseeing the possible risks involved in company transactions and decisions making.
· Conduct market research to evaluate and manage the severity of potential risk and forecast market trends.
· Knowledgeable in international legislation to provide trade guidance in government regulations, policies, political and economic trends.
· Also, skills in drafting contingency plans will be useful in an event of a business emergency.
4. Who else will be working with you and what relevant skills and experience do they have?
· Skilled in business management with 5 years of experience in tech industry.
· Experiences gained will aid to define business requirements and streamlining internal and external reporting.
· Conduct variance analysis for the company.
· Conduct research on effective product pricing for the market.
· Develop new models that underpin sound business decisions.
· A market researcher by profession and with 5 years of experience in the statistical data analysis area in the retail industry.
· Analyze data on consumers, competitors, target market and consolidate data to develop an action plan.
· Create a visual representation of industry developments and rivals to help the organisation forecast how items will perform in the market.
· Evaluate the success of marketing campaigns and tactics.
· Moderating focus group.
· Skilled in export and import business transactions with five years of experience working with the electronic manufacturing industry in global supply chain management.
· Facilitate conformance customs rules and regulations.
· Advise the board of directors on possible savings on taxes and duties.
· Provide expertise in product package designing for transporting purposes
· Facilitate effective supply chain, logistics and account management.
· Skilled in accounting and finance and with 5 years of experience in the banking industry.
· Produce financial statements and reports that summaries and forecast the company’s operations and financial situation.
· Prepare, maintain, and examine the accuracy of all financial documentation.
· Create internal rules and processes for the administration of the business budget, cash and credit management, and accounting functions.
· Develop improvements strategies for operational efficiencies through costs reduction and increased revenues.
5. What professional advisors have you used, or do you intend to use?
· Legal Expects drafting contracts and legal documents, protecting intellectual property, settling disputes, debt, and bankruptcy, patent agent/attorney.
· Human Resource Personnel
· Hardware and Software engineers
· Financial Advisors: developing financial strategies
· Licensed Custom Broker
· Sales Representative
· Public Relation Manager
· Outsourcing Manufacturing Advisor
6. Under what legal form will you trade and why?
· A CRA business number and import account form. CRA will use this to process customs documents, avoiding delays and confusion at the border.
· Global Affair Canada import permit. Controlled goods are available in Canada. Obtaining a license stipulates the volume of imports permitted and serves as a guideline to avoid exceeding quota.
· Declaring or reporting goods to the Canada border services agency to make certain that all relevant taxes and duties are paid.
7. If your business is already trading give a summary of financial and marketing results and achievements to date?
· Our business has not commerced yet.
1. What is the geographic scope of the market you intend to serve and why have you so chosen?
Well, Smart TVs are having the geographical scope of Mexico and the United States of America. We have decided on these areas because of the growing popularity of digital media and the introduction of improved recreational technologies. Moreover, the widespread adoption of the rising internet and the use of smart gadgets by customers are expected to accelerate market expansion throughout the region. So, that is why the TVs are demanded more in North America region.
2. What customer needs will your product or service satisfy?
Our smart TV will offer different types of features to the customers which are as under:
A) Surfing the Internet
B) Broadcasting on the internet
C) Connections via smartphones
D) Apps and gaming
E) Communicating over the Internet
F) Controlling Movement
G) Link to a keypad
H) Size of the screen can be changed
I) Uses environmentally friendly material.
J) 90-degree rotation of the screen
3. List and describe the main different types of customers for your product/service.
TV is watched by many age, lifestyle, and population groups such as:
A) Tech Savvy People
B) Early Adopters
4. Which of these market segments will you concentrate on and why?
To sell smart TV’s we would like to concentrate on medium and high-end income segments. We would sell them because by selling them we can have a good reputation in the region. Moreover, the chances of debt can be reduced. And there will be less bargaining power, as a result, the profits can be maximized.
5. Match the features of your product/service to the benefits on offer to customers in each of your chosen market segments. Provide proof, where possible.
A). Tech Savvy People: Tech people watch TV so as to have the latest knowledge regarding technology.
B). Early Adopters: Early Adopters watch TV so as to equip themselves with the latest knowledge.
C). Families: Families love to spend quality of time with their family members. They watch movies, comedy shows for their entertainment. They also get the latest news of the world.
6. Who are the innovators in each of your market segments?
For our product they are two types of innovators namely:
Consumers: It is said that consumers are the lifeline of businesses. The demands of consumers change rapidly from time to time. In order to meet their demands, the innovation of the product is done so as to maximize the profits.
Competitors: In the modern era competition is increasing in every field of life. In order to beat the competition, the product should have unique features as compared to the competitor. As our company is offering the TV in which the size of the screen can be altered according to the requirement.
7. What factors are important in the customer’s decision to buy or not to buy your product/service?
There are different factors that affect the purchasing power of the buyer such as the age of the person, gender, profession, personality, socio-economic factors, and many more. So, these all are the factors which the person has to consider while purchasing the TV from us.
8. Is the market you are aiming at currently rising or falling? What is the trend over the past few years?
In the past it has been noticed that the trend of people watching the TV in the Mexico and U.S. was declining but due to covid-19 people were doing work from home as a result individuals are having sufficient time to spend quality time with their beloved ones. They love to watch movies, comedy scenes and so on. So, the percentage of watching TV has risen to 74%. Moreover, technology is increasing rapidly. People are advancing themselves with the latest technologies. So, it is expected that in the coming time the trend of smart TVs would rise rapidly.
9. What share of this market are you aiming for initially?
UNITV is demanding high in Mexico and the U.S. Our main focus is on small businesses by penetrating. They are not focusing on big companies as they are ruling in their own way. So, our main target is to focus on small and medium-size businesses to make the life of individuals easier through our service.
1. List and briefly describe the businesses with which you will be competing directly.
The electronics industry is one of the more competitive industries with companies such as Samsung, TCL, LG, Hisense, and Sony. Many of these competitors produce various electronic products, with smart TVs being one of the most popular. The entities have, over time, provided the customer base with TV sets that feature different aspects of technology integrated into their functionality (PR Newswire, 2021). However, the market has experienced a decline in the utilization of smart TVs. There is a need for more innovative products to garner the interest of individuals in using smart TVs. Over time, the competitors have come up with various technological developments that have defined top-notch products’ status quo. The trend should continue to sustain the interests of customers.
2. Analyse their size, profitability, and operating methods, as far as you can.
The competitors are majorly multi-national corporations with establishments in numerous countries worldwide. Samsung has more than $500 billion as the second largest technology company and has north of $200 million in revenue, and Sony has approximately $85 billion, while LG Electronics has about $53 billion. These companies form the top cream of organizations that produce smart TVs, among other products. They employ thousands of people in multiple countries and control most of the market share. They are highly profitable, with Samsung boasting a $63 billion profit margin, and the industry as a whole is worth $970 billion. (PR Newswire, 2021). The operating procedure of the organizations generally features solid human resource management and supply chain management, which are integral in the success of the companies. The focus of the operation process is on quality production and cost competitiveness, appropriate delivery of the products and suitable response to market dynamics.
3. What are their relative strengths and weaknesses compared both with each other and with your business?
Among the companies’ strengths are technological advancements that have fueled the continuous production of regular products they deal with regularly. Innovation is, in many ways, the driving force behind a company’s success.
Entities such as LG have substantial design capabilities. The research and development branches of the companies are strong and instrumental in their success. They are significant entities with solid global brands, high levels of expertise in manufacturing, and various subsidiaries that support the leading organization (Omer, 2019). The weaknesses are majorly based on the competitiveness of the electronics industry as it is relatively easy to upstage a company’s products due to the growth of technology. Many of them are dependent on consumer markets with low growth potential. The majority of the organizations have these strengths and weaknesses, and they also factor in the business. They serve as the points of emphasis in evaluating the business (Omer, 2019).
4. What, in the light of this competitive analysis, do you believe to be the critical factors for success in your business sector?
Technology, innovation, and manufacturing capacity are essential components in a company’s success. These core features have allowed the companies to gain significant market share. They are constantly able to develop unique and advanced electronic products that are attractive and desirable to customers. Over time, the clientele base has invested in getting electronics with the latest technological developments, leading to the high demand that has characterized the industry for a long while. On the other hand, the companies have been able to meet the demand thanks to their manufacturing capabilities (Bloomberg, 2021).
5. What is unique about your proposition that makes it stand out from the competition?
The product should stand out amongst competitors as it puts together the functionality of a smartphone and smart TVs. Currently, no smart TVs are synchronized with smartphones, leaving a market gap that the company can fill. The integration of TV and smartphone functions should provide a different perspective to the current utilization of smart TVs.
1. What information do you currently have on customers, competitors, markets, etc?
· TV consumers in Mexico and the US.
· According to Statista Data (2021), number of TV households in the US are 121 million.
· In the US market the sizes of TVs purchased are getting bigger and TV sales are up %19 in 2020. Apps within the TV and HDR are becoming more important for consumers (Munson, 2020).
· In 2018, 92.5% of Mexican households own TV (Statista, 2022).
· Samsung dominates the US market. Alcatel/TCL, Vizo, LG, Panasonic, Hisensei Insignia, Sony, Sharp are the other actors within the market. Alcatel’s market share is increasing in the US; therefore, it is important to follow the brand closely (Multichannel News, 2020).
· Growing market, worth US$35.8 billion in 2020.
· Deriving forces of growth are increasing online streaming and diversification of entertainment tools (playstation, xbox and so on). High speed of internet and synchronous electronic devices also pushed growth in the US market. (MarketWatch, 2021)
2. What information do you still need to find, and why specifically do you need it?
· Understand Covid-19 impacts on TV market To realize shifts in market and customer behavior, if any. Covid can end up, but the habits created during pandemic could remain.
· Analyze consumer trends also in streaming and entertainment via TV Growth of the market is closely related to these subfields. It would be critical to follow consumer expectations in these areas to offer the proper TV.
· Evaluate perceptions against competitors Consumers’ perceptions will lead us especially in our marketing goals.
· Scrutinize market share history To pinpoint shrinks or growths in the market.
· Identify unique demands of the US and Mexican customer in terms of TV To shape and communicate our unique selling point.
· Identify the dominant channel where TV purchase is made To allocate our resources to the right channel.
· Frequency of TV purchase TV is widely used in the US and Mexican market, however we need to understand purchasing frequency to evaluate our market.
3. What desk research will you have to carry out to answer this question?
· Market research reports
· Market share and industry reports
· Competitors’ available growth numbers
· Competitors’ speeches and news focusing on the US market
· Articles on Covid-19 impacts
· Online consumer reviews analysis via amazon or other available platforms
· Statistics about the purchase habits, watching habits of TV
· Competitors’ marketing portfolio analysis
· Channels market share analysis
4. What field research will you have to carry out?
· Quantitative and qualitative market research to understand our market segment
· Ethnographic research to analyze the role of TV at the US and Mexican households
· Field trips to stores where TV purchase is made like Best Buy (qualitative observation)
· Interviews with the sales team to gather information about shopping journey
5. How much time and money will be needed to carry out this market research? 6. Who will be responsible for each element of the research?
· Research is key when entering a new market; thus, we need to allocate enough time and budget.
· The data on TV usage in the US and Mexico is not limited, we will have resources to make projections. Desk research will take almost one month. However, we still need to understand the differences between US, Mexican and Canadian consumers. Therefore, we need to deep dive. Thus, the field research might take two months after we negotiate with our research agencies to utilize their expertise.
· In terms of budget, desk research and filed trips will be completed in-house. For market segmentation and ethnographic research, we will allocate CAD$ 50.000 and try to negotiate with market research agencies to receive reasonable budgets.
7. When will all the key market research information be available?
· The deadline for the key market research information will be 25.03.2022.
1. Describe your product or service, as if explaining it to a novice.
This is a smart TV that can work with a smart phone and gives you great experience of both big display and user interaction. You can use the TV as the display of your smart phone and do whatever you do on the TV, because it’s a touch screen. Your operations on the smart TV will be simultaneously processed on the phone. You can browse whatever stored in your phone on the TV. So, you can enjoy the full high-definition photos, videos, and online games.
2. Is it currently available for sale? If not, what needs to be done, how much will that work cost and how long will it take?
It’s a concept product. Not available in the market for the moment. The initial model will be displayed online and will be delivered to major distributors in 3 months. The cost of each smart TV would be around 1300 CAD. It would take 3 months to do that.
3. Do you have, or plan to have, any legal protection such as patents? If so, explain what you have done so far to establish your rights.
The patent will be registered to keep the advantage in the competition and prevent from other competitors to be the free rider of this innovation.
4. How is your product or service different from those already on the market?
The smart TV is interconnected with the smart phone to be capable of whatever things were done on the smart phone. It has combined the big screen of the smart TV with the convenience of the smart phone. This is different with the TV in the market. And this display is a touch screen, users can operate on the TV as same as on a smart phone.
5. Will you be providing any warranties, guarantees or after-sales service?
Yes. It will be following the mandate rules in line with other TV makers as well as the 2-year warranties. We will provide the same after-sales service and return policy with main competitors. The quality will be assured by the OEM factories.
6. Are there any possibilities of developing new products or services complementary to the one(s) described above?
Yes. A TV should have abundant video resources for the users to watch. We plan to cooperate with online streaming service providers to get a portal on the TV. Or our TV can get the admission to share the account with their phone to watch the same content wherever on a phone or on the TV.
1. List all the costs you are likely to incur in making or marketing your product.
a) Salaries and commissions for the marketing team.
b) Cost of buying advertising resources and materials such as printing materials for newspapers and magazines.
c) Design costs
d) Travel expenses
e) Marketing analytics
2. Refer forward to section 2 and then calculate the fixed and variable costs associated with your product.
Looking at the sale of the synchronized smartphone TV the fixed costs of the item will be around $10,000 on monthly basis while the variable cost per unit for each item will be $1000 per item. The variable costs include the costs of purchasing the materials, paying salaries and other direct overheads (Kravchyk et al., 2021). The fixed costs are the costs that do not change when the number of TV sets that are produced increases while the variable costs change when the number of TV sets that will be produced will change and are thus stated per item.
3. Using the costs as calculated above and your profit objective, calculate the optimal price you should charge.
Looking at the variable and fixed costs, the smart TVs should be sold from $1300 and to cater for all the costs and still get a profit. The pricing of the smart TVs will be depended on the size of the TV and this is because the TVs come in different inches. This is the optimal price that will be charged for each TV set because for UNITV to make profits then the selling price of the TVs has to be higher when compared to the costs that are incurred when producing the TVs. The total costs of producing one tv set will be around $1100 if the fixed costs are distributed and that means that selling a TV set for $1300 will earn the business more profits.
4. What price do your competitors charge?
The price of smart TVs by other companies such as Samsung and LG range from $1000 to around $2000. The main competitors in the market right now are Samsung, LG, Sony and Phillips. The competitors in the market all have smart TVs whose prices are different depending on the specifications of the TV sets and the size of the screen. Most of the TVs sold by these companies go for around $1000 to $2000 but there are TV sets which are sold for a price that is above $2000 and even others sold below $1000 to make sure that they accommodate the entire market.
5. Compared with your product/service how much better/worse are those of your competitors?
The competitors have an advantage of being known in the market and some of the smart TVs such as those produced by Samsung have been reviewed by customers as being high quality and having a good resolution which means that people do not have to strain to see the images which are displayed on the screen. Samsung and other brands such as Sony and LG are known for durability where the customers know that buying TV sets from these companies will mean that they last longer than some other brands in the market. UNITV is however focusing on offering benefits that do not exist in the current brands such as eco friendliness. Most of the current TVs are made with materials that are not eco-friendly and contribute negatively to the environment.
6. Are any of your possible market segments less price-sensitive than others?
This market segment is less price sensitive and this is because we are targeting people whose major concern is quality and using products that incorporate the latest technology in the market (Deepak & Jeyakumar, 2019). The market segment has a good amount of income and since this is a luxury good then price is not the main factor for the market segment.
7. Does your answer to question 6 lead you to believe that there is an opportunity to sell at different prices in each market segment – and so enhancing profits?
Yes, the type of the market determines how price sensitive they are but when you are selling a product that is considered as a luxury good then most customers do not consider the price but how long a product will be able to last. There are different customer groups that have different income level and look for different features when they are purchasing a TV set and hence the pricing will differ from segment to the next depending on the quality of the TV sets. There are people who believe in buying expensive and buying quality which means that they will pay a high price as long as they are sure it is worth it.
1. Prepare a leaflet describing your product/service to your main customers. (Don’t worry if you don’t plan to use a leaflet – the exercise will serve to ensure you have put your offer in terms that recognize customers’ needs, rather than simply being a technical specification.)
2. Write a press release announcing the launch of your venture. List the media to whom you will send the release.
If we could only say a little about our product, but we think we may understate the specification of the quality we bring to the market. Our technical manager will accurately handle that part. We are sure our new smartphone-controlled television will disrupt the market and above all solve the ever-recurring customer needs. The world has gone entirely tech and anything less than it is easily rejected by the consumer. The clients Infront of our television will no longer need to hold a remote again, instead, they will simply use their smartphones to control the television after efficient synchronization. This TV is a big thing, a big innovation, a big convenience, and the best cost-saving venture of the century in the entertainment world. We will be giving the television at 70% their retail process for our first 50 customers for the television.
3. Prepare an advertising and promotional plan for the upcoming year, explaining:
a. what you want to happen as a result of your advertising;
Advertisement is vital in creating awareness of the project. As the marketing team, we project that proper marketing will send the product brand beyond the country’s borders and bring change in the predicted life cycle graph. Since it is a new technology, creating good awareness is vital for early adoption. Our main aim is to increase brand visibility of the product and that increases the sales turnout during the adoption phase.
b. how much it’s worth to you to make that happen;
The early adoption phase is so vital for the sale of household products. if the early adoption is well ensured, the product may not penetrate the market widely hence reduced sales potential. Hence marketing is important to the success of sending the product to the market.
c. what message(s) you will use to achieve these results;
the message to the clients will be, new, affordable, and efficient smart TVs. The message will stress the fact that the TV can be controlled from the comfort of using the phone. This message will outline the product differential attributes /specifications.
d. what media you will use and why;
We will involve social media platforms and email to promote the products. These include Facebook, Twitter, and Instagram.
e. how the results of your advertising will be monitored;
Through the social media platforms, the engagement and communication from the market segment. The result will be recorded in terms of the percentage engagement with the potential clients. It is not important whether they buy or not the engaged customers have a connection with the brand.
f. how much you will spend.
The marketing process will cost the company a lot. In marketing, the company will spend 82,000 monthly on advertising for the products. since the company seeks to sell more than 1 million devices within 4 months of the launch. The ads will be high, consuming ads which can cover areas 2 million people a day.
4. If you have already done some advertising or promotional work, describe what you have done and the results you have achieved. Has your work on this assignment given you any pointers for future action?
The promotional of the product is not done yet but it is wet to are bound to implement the idea in the next 2 months. the marketing will start 2 weeks before the product is launched to increase awareness from the segment of the market we want to tap. There is a lot to learn from this assignment and one of their prioritization of the expenses in the budgeting for marketing project.
1. What type and size of premises are required for your business?
The premises required will be an Industrial site with a size of 200,000 square feet.
2. Describe the location.
The chosen location is Dryden, Ontario, which is the province’s least populous community. It has a lot of warehouse space and is close to key transportation routes (the Trans-Canada Highway). It’s also a good place to keep pollutants contained during the production process. Most of the goods and tools we’ll need are readily available in this area, and it’s less expensive than in other Ontario cities. It will be less expensive in various other parts of Canada.
3. Why do you need this type of premises and location? What competitive advantage does it give you?
This is a good location for us because we are just starting and require a less priced location that is yet friendly to our business. About 45 per cent of the raw materials we’ll need for production may be obtained with less risk and expense, allowing us to increase sales; there’s also skilled labour available. Because the population of this village is small, providing jobs will also aid in the development of the community’s vision.
4. If freehold what is/are the:
– Value / mortgage outstanding / monthly repayments / mortgage with whom?
5. If leasehold: What is the unexpired period of the lease? / Is there an option to renew? / What is the present rent payment? / What is the date of rent payment? / What is the date of the next rent review?
We have signed a lease agreement for five years and given the owner the advance payment. We are aiming to own our place for business within the lease period if all things are equal. If not, we can renew the lease after five years. The present rent payment is CAD$9,000 on 1st June 2022 and the date for the next rent review is 1st July 2022.
6. What rates are payable on your business premises?
· Rent: We will be paying rent of CAD 9,000.
· Hydro: We assume that according to the number of equipment we will be using for production our bill will be between CAD 1,500-$2,000.
· Other maintenance bills: Our monthly maintenance bills can be between CAD$2,000-$3,000.
7. What are the insurance details?
There are several insurances that we are covering: (“(Intact Insurance, 2022)
· Employee coverage: It must provide health benefits to employees as if something happens to employees while working so it can cover their medical health expenses.
· Fire insurance: If there is any damage in the kitchen while cooking as can happens fire so it can cover all the damage.
· Production machinery breakdown.
· Business Interruption.
· General risk insurance: This insurance covers the replacement of buildings, like anything from the weather.
· Product liability insurance: The liability insurance will cover the insurance if anyone damages any property it may be transportation or raw material.
8. Are these premises adequate for your future needs? If not, what plans do you have?
No, these premises are not adequate for your future needs as we are planning to set up our warehouse for manufacturing and distribution because for growth.
9. If you have not found your premises yet, what plans do you have to find them?
We have already found the premises as we have a lease contract with the owner for a period of five years.
10. What channels of distribution are used in your field; which do you plan to use and why?
The channels of distribution that are used in our field are direct selling, selling through intermediaries, dual selling, and reverse selling. We will focus on direct selling for now since it’s a small business and a new market; therefore, we will distribute directly to customers without intermediaries for the first two and half years.
11. What operating risks – fire, health, safety etc., need to be considered?
Fire, health, safety, and environmental risks are all operational risks that must be addressed in our organisation. It’s a manufacturing firm with enormous machinery and a human presence on the job every day. As a result, the above-mentioned dangers are likely to occur. To minimise or eliminate these risk factors, we shall implement all required procedures and assure compliance.
1. Are all people who come in contact with customers the right people for that type of work and have they been properly trained? 2. Are customers being given the right level of after-sales support and advice? 3. Can customers reach you by phone, email or your website and get their questions answered quickly and efficiently?
· Customer service representatives will receive extensive training. They need to answer all questions coming from the customers properly. We will also train them about the appropriate way of greeting which will be in line with our brand image and marketing.
· We will hire people who has background in technology since we are also targeting tech savvy customers. They need to be able to not only answer the questions but to guide customers with current trends.
· We will also recruit personnel who are friendly and problem solving. Delivery processes can cause problems for customers in this industry that is why we will require employees to approach customers with problem solving manner.
· In electronics market, customers are aware that they have multiple options to purchase. This might complicate their purchasing journey, but at the same time brand loyalty may decrease (Hawkins, 2018). Thus, we really need to differentiate ourselves via customer service and satisfaction during the shopping experience.
· Customers will be given a detailed manual which is easy to read. The manual will also be provided as e-manual. Localization processes of the manuals will be conducted by a localization expert firm. We will allocate a specific budget of 20.000$ for Mexico since the language will be different.
· Through our website, customers will have 24/7 online customer chat service. In addition, we will outsource and train a team of customer telephone line.
4. Do customers know where their order is in the production–dispatch–delivery process?
· We will both provide e-mail notifications and track feature via their own account. According to Retail Dive (2020), 70% of customers mentioned that tracking orders was one their purchasing criteria. This is a very important data, if we won’t provide tracking we will first lack transparency, and also might lose customers.
5. Can you demonstrate in some way that is visible to your customers and employees that you are meeting the appropriate quality standards?
· We will issue all the necessary international quality standards (ISO) needed for smart TV (ICS, 2021). These standards will be made visible via:
· Stickers on the packaging
· Technology blogs
· Social media
· Press release
· We will upload all the certificates to our website. However, we must acknowledge that reading these documents can be hard for customers, thus we need to promote our quality standards via our marketing tools as well such as advertising too.
1. To gain visibility, run a competitive website analysis into the performance of your website or proposed website with those of your competitors. Use Alexa or any similar website comparison tool.
· We need to watch out the following analysis before we establish our website When we analyze competitors in Alexa, we realize (Alexa, accessed on February, 2022);
· Consumers use keywords such as pixel, brand names, model names
· The brand name website does not necessarily receive enough attraction
· Technology forums websites, technology markets also receive traffic. We might need to consider affiliate marketing in detail.
2. Brainstorm a list of key words that people could use when searching for your products or services online. Then see how those could be built in and repeated on your website.
· Smart TV / Mobile Experience / Innovation / UNITV / Pixel Details / Synchronized / Vertical TV / IOT / Touch Screen
· Use these keywords in
· Product comparisons, product explanations.
· About us page
· News page
3. Decide on your domain name, making sure first that you can use it. Test it out online to make sure it can be found easily does not conflict with similar names that might steal your web traffic and does not pull up your direct competitors.
· www.unitv.ca as a domain name is available. UniTV is available, there is an overlap with youtube channel name. We can try to boost our searches with increasing online advertising with Google search.
4. Review social media activity in your market and see which channels – _Instagram, Pinterest, Twitter, Facebook, LinkedIn etc are most used by current players.
· Since our product will be available for general audience and tech savvy segments we need to utilize all main social media channels: Instagram, Twitter, Facebook, Linkedin, Tiktok, Youtube.
· We need to utilize and understand growing market of Tiktok. Marketing strategies are very versatile at Tiktok.
· Influencer marketing is necessary. Consumers these days trust social media personas before purchasing an item. We need to collaborate with important influencers within the sector. It should contain life style influences as well as comparison channels of Youtube (review channels watched frequently before making TV purchase).
· Digital media is used frequently by the competitors, especially during launch of a new product. Samsung uses social media trend analysis frequently by also creating their own algorithms (Businesswire, 2019).
6. Start using Google Analytics to track and analyse your website traffic.
1. Who will conduct the selling for your business, and have they been professionally trained to sell?
· Our product will be sold by sales professionals. Also, one aspect of selling is online customer service. They will also be trained.
· As mentioned in previous sections, we will employ intensive training for our staff. They will be trained in below areas:
· Details of the product
· Recurring educational seminars
· Communication skills
· Consultation skills
· Customer insights
2. What selling methods will they employ?
· Electronics and TV industry are growing, thus we need to employ tailored marketing and selling strategies to make our customers feel more special (Amalia, n.d.)
· We will employ consultative selling.
· Understand customers’ needs better
· Offer knowledge unique to their expectations
· TV features might sound distant, thus guide customers when needed
3. Will you use point-of-sale material – leaflets, brochures, or videos, for example?
· We will mostly use digital materials
· To decrease waste
· To target our main consumers
· We will adopt digital:
· Campaign announcements
· Informational videos
4. Who will manage, monitor, and control your sales effort and how will they do so? Who will direct, monitor, and control your sales efforts and what experience/skills do they have?
· We will issue SMART goals to manage and MEASURE our sales efforts
· After every campaign we will measure before and after sales numbers
· In addition, we will measure employee motivation via surveys before and after to see how their motivation affect the sales efforts
· We will subscribe Freshsales for our CRM management
· We will build a data management team to track trends and insights
· Our KPIs will be determined from bottom to up to achieve employee commitment
· We will measure them within the context of sales
· CEO & CFO will manage sales efforts with their teams.
· Sales Team will be the main operating department. While recruiting we will pay attention to the following skills and experience.
· Motivation to increase sales
· Leadership skill
· Good with challenges
· Experience in different sales tools
· Experience in technology or related industry
5. Describe the selling process, leading from an unaware prospect to a converted client, covering identification of decision makers, overcoming objections, gaining agreement etc.
6. What procedures do you have for handling customer complaints?
· Customers must share their complaints easily. We should not add another trouble to their experience by keep them waiting. Thus, we will have website complaint form which will include the following
· Subject of the complaint
· Preferred communication information
· Through our chat and mobile customer service we will apply the following procedures
· Disclaimer of data collection
· Listening the complaint attentively
· Provide understanding
· Offer solution
· Apologize and thank customer
· Ask for feedback if they want to share any
7. What incentives are there for people to meet sales targets and how will you motivate them to do so?
· Our main motivation will come from the salaries and the benefits
· Salaries will be determined based on the industry, but still competitive
· Benefits will include
· Healthcare (dental and mental health included)
· Personal development budget of $100 per month
· Birthday day-off
· One meal free (through cards)
· We will employ group-based incentives
· Sales team will work in groups, and they will be incentivized based on group’s sales number
· Teams will adjust every 6 months to challenge the teams
· If there will be pressures based on incentives, we will immediately conduct retrospective to alter incentive system. Because, research show that incentives could create double pressure for the employee and could disturb the working environment (Roche, 2021).
8. How long is the process from becoming aware of your product or service to making the buying decision, receiving the product or service, and finally paying for it? This will have an important bearing on your cash flow and initial sales forecast.
· Minimum 5 days
Maximum 7 days
9. What sales volume and activity targets, such as calls per day, etc, have you set for each salesperson or selling method?
· In TV industry the sales are expected to be mostly online. Initially we are not aiming very risky numbers, we need our customers to trust us. Thus, we project the following numbers:
10. What process will you use to ensure you are paid on time?
· We will receive payment at the time of the purchase via debit, credit, bank draft or Apple pay.
· No cheques are allowed at the purchase
1. How much of your product or service do you plan to produce in-house?
Our smart TVs will all be made by OEM factory in-house. Small number of prototypes would be made in our R&D department in the office. For aftersales service, maintenance and repair would be in OEM factory. Software adjustment and updates would be accomplished in the office.
2. If you are making a product, describe the production process; also explain how your principal competitors go about manufacturing.
First, we have our R&D team design and make the first prototype, then we work with OEM factory to produce a small lot to prove out. We’ll make decision of the parts list and outsource the purchasing and production to the OEM factory. Some components are generally used in the industry and the LED panel can be made from our indirect or direct competitors like LG or SHARP. Some of our competitors have their own factories like TCL, SONY, LG. Some are made in OEM factories like MI, SHARP. But the ICs would be bought from the major IC makers like NVIDIA and Intel.
3. What plant and equipment will you need, what can it do, how much will it cost and where will you get it from?
To reserve capital, we decided to cooperate with an OEM factory to produce out smart TVs. We don’t invest on plant and production equipment. We’ll pay for the final products on purchasing order basis. We’ll have stage prices at different lots. The price will be revealed in the last stage of negotiation. We’ll get the fund from our founders and investors in the second round.
4. What bought-in materials and/or services will you need, where will you buy them from and how much will they cost?
We would need production standard insured by OEM factory. We’ll make sure their production fulfills our design and reliability. Some customed parts will be solely provided by our partner venders. Most merchandise of the parts will be outsourced to the OEM factory. We need to check and make sure the parts are original. The great effort would be on quality assurance. The average cost of a TV is around CAD 1000~CAD 1300. It differs from the panel size, processors, ICs, and flash memory chips used.
5. How will you equip your office?
It would be consisted of exhibition center; sales department; finance department; customer service center; R&D department and general affairs department. Each has its aera. For sales department, we’ll equip them with CRM system. Also, e-mail, phone, network will be equipped.
1. Does your venture require a license to operate?
In Canada, there are laws and regulations governing the manufacture of computer and electronic goods, which our company falls under. To operate in the city of Dryden, we will obtain a one-time business license with no expiration date together with a zoning requirement for sign permits (Business Development Canada, 2021). We’ll register our business name (Unique TV) to make the brand legal, with a five-year renewal period; we will get trade certification to meet provincial requirements. We will obtain a business number for Harmonized Sales Tax (HST) / Government Sales Tax (GST), and export/import account permissions as required by federal regulations (when the business earnings exceed $30,000).
2. Will you be holding data on consumers, suppliers, and employees and if so, what is the implication on the data processing activities of your plan?
For the company to provide better services in the future, we will save data about our consumers, vendors, and workers. The corporation shall follow Personal Information Protection and Electronic Documents Act of Canada (Office of the privacy commissioner of Canada, 2022). Our Data Protection Plan ensures that we meet our legal duties. We will also ensure the following actions:
· Data is handled for specific purposes and will not be transferred outside of the country.
· Data is kept secure, correct, and updated.
· Data is lawfully governed, kept for an assured period and no longer than the time stated in the company policy.
3. Does your proposed advertising, both print, and website, comply with the various advertising regulations?
Certainly, each of our planned advertisements complies with Canada’s advertising standards because they do not contain any inaccurate information or provide unlawful services. We’ll enforce honesty and transparency, avoid monopolies, prohibit unfair commercial practices, acquire an opinion from the Competition Bureau to ensure appropriate and fair disclosure in contests, and recognize and prohibit anti-competitive behavior.
4. How will you handle refunds?
Only when the reimbursement requirement is met will we initiate a refund. We shall set a reasonable time limit to provide our customers enough time to consider their purchases, the sort of refund that will best fit them, and the circumstances under which a refund will be permitted. To lower the likelihood of refunds, we must educate our consumers about the policy before they place an order, which will reduce the likelihood of any returns. We shall also make every effort to respond to their questions as quickly as feasible. Otherwise, we’ll make sure the return process goes as easily as possible for our consumers. To begin, we will provide our consumers with options for keeping their orders live. If we fail to do so, we shall make refund arrangements.
5.Will you have to register for VAT, or could it be to your advantage to do so?
Yes, we would register because, while getting a VAT registration number may not seem like a big deal, having your VAT registration number displayed on all of your paperwork, website, and stationery will help your business. This will offer your company more credibility and provide you with a more respectable and competent image. You can also seek VAT refunds on all company purchases items and services. The fact that most individuals are aware of the VAT threshold is another advantage of being VAT registered. By displaying your VAT number, you give the impression to your potential clients that you are better than you are. Furthermore, you can reclaim the VAT from the past. By registering for VAT, you may be eligible to claim VAT for things purchased in the previous four years that you are still using. This would need you to have been in business for this amount of time and to have preserved VAT invoices and records during that time.
6.If you have to register for VAT, which is the best scheme for you?
The best scheme for us would be the Annual VAT Accounting Scheme because We would simply have to pay VAT returns once a year under the VAT yearly accounting method. This single yearly return aims to make small business administration easier.
7. How much tax do you expect to have to pay?
Because this is a small business entity (corporation) with more than one owner, we anticipate paying a tax of 26.9 percent on average, as required by state tax regulations (McCaffery, 2012).
8. Will you have to collect and pay tax for any employees?
Yes, our business will be liable for paying some of the employees’ tax obligations. These include job rights (such as redundancy rights) and the obligation to pay taxes and National Insurance contributions (McCaffery, 2012).
9. How much NI will you be responsible for paying?
As previously stated, the many types of insurance coverage that this company will obtain include the following: It will provide health benefits to employees if something happens to them while they are at work, and it will cover their medical and health expenses. The insurance against fire: If there is any damage in the kitchen while cooking, such as a fire, the insurance will pay for all damages—breakdown of production machinery, resulting in business interruption. The General Risk Insurance Program (GRIP) includes the following coverages: This insurance covers the replacement of structures in the event of a natural disaster such as a hurricane. In addition, product liability insurance is required: The liability insurance will cover the insurance if someone damages any property, whether it is transportation or raw materials. Furthermore, because this company is an employer, it will adhere to the rule that employers pay various National Insurance depending on the category letters assigned to their employees (Liraz, 2019). Employers are responsible for paying Class 1A and 1B National Insurance on expenses and benefits they provide to their employees, among other things, because they obtain benefits from their employees. They must additionally pay Class 1A on certain other lump-sum payments, such as redundancy pay-outs, in addition to the above. The amount due under classes A1 and B1 corresponds to approximately 13.8 percent of the total amount that this company will be accountable for.
10. Have you incorporated the cost implications of these operating regulations in your financial forecasts?
Yes, by creating financial statements to predict how an organization’s performance would turn out in the future. We must assemble the internal and external accounting data that we already use in your day-to-day operations. One may better understand how effective your firm can be by forecasting your income and costs. The financial estimate will inform you which goals to maintain and eliminate.
1. Provide details of any firm orders on hand.
We don’t have any orders yet. But we will give our free models to retail stores and social media platforms for advertisements. We will be giving the television at 70% of the retail price for our first 50 customers for the television.
2. Provide details of all customers you expect to sell to over the forecast period, and how much you expect to sell to each.
We are targeting people whose major concern is quality and using products that incorporate the latest technology in the market. Our initial groups are such as:
A) Tech Savvy customers-About 100 sets
B) Early Adopters-About 300 sets
C) Families-About 1300 sets
The first stage would be expected to sell above amount to our initial users.
The estimation results show that female and younger consumers have significantly lower purchase intention than male and older consumers. (Shin, J., Park, Y., & Lee, D.,2015)
We will focus on male and older customers as our first targeting group.
3. Give market research data that support or verify these forecasts. This is particularly important for ventures in the retail field, for example, when names of customers are not necessarily known in advance.
The global smart TV market reached a value of US$ 202.1 Billion in 2020.( Business Insights,2022)
We are focusing on high end users who need great performance.
(Frankel, D. 2020).
We are expected to have 3-8% share of the market. In the high-end TV market, Samsung is taking the lead by one third of the share. Given our potential product power for its unique functions, we are gradually taking 3% of the share. At the same time, we have to realize that our cost is higher than Samsung due to mass production amounts resulted unit cost. The competition in this segment is not fierce. We should take advantage of our technology.
4. Prepare a sales forecast by value and volume for each major product group (eg for a hotel: bedrooms, restaurant, off-licence) throughout the whole period of the business plan – _eg up to five years (monthly for years one and two and quarterly thereafter).
For the three-year sales plan, the first year should be focused on advertising and promoting.
The second year would focus on expanding sales. The third year would focus on international trade, especially exporting to the US and Mexico.
Y1:2,000 Sets Value: CAD 3,000,000
Y2:20,000 Sets Value: CAD 30,000,000
Y3:40,000 Sets Value: CAD 60,000,000
5. Support your forecast with examples from other similar ventures started recently and drawing from company accounts and other sources.
We are noticing that sales of other brands in Frankel’s research, is rising from 8% in 20t7 to 13% in 2020. So, we are similarly predicting that our brand would go and expand at the pace. We set our initial goal of 5% market share.
6. Give an estimate of the likely market share that these forecasts imply.
According to Frankel’s research, high quality TV brand like Sony and Sharp are not the major choice for the customers. One of the reasons is that it comes along with high price. Our products would be targeting at the high-end customers. So the share would not be competitive to the major brands like Samsung and TCL. They’re in the segment of good picture and cheap price. The ultimate selling point would be our unique functions of joint content and smart phone synchronization.
Below are our cash flow projections. Our key assumptions include the following:
· Sales will be low in the first year, since our brand will be new. Thus, advertising budget will be high to achieve brand awareness.
· Usually campaign seasons are important. The sales will be high during Christmas and holiday seasons.
· Each year, we plan to receive loan or investment.
The inflation rates were considered in the increase of rates, wages and additional budgets.
1. Construct a profit and loss account for years 1, 2, 3, 4 and 5, assuming you achieve the level of sales in your sales forecast. Include a statement of key assumptions made.
Below are our cash flow projections. Our key assumptions include the following:
Income expenses and taxes were determined based on available Canadian expense and tax data.
2. Construct a four-line summary (sales, gross profit, operating profit and profit before tax) of your profit and loss accounts for the full five years (annually).
3. Carry out a sensitivity analysis, noting by how much each of the following must change seriously to affect the apparent viability of your business plan:
a. Sales lower by 5%
b. Fixed costs higher by 5%
c. Cost of goods sold higher 5%
1. Construct a balance sheet for your business as it might look on the day before you start trading. This should be done now. List and explain the assumptions underpinning your financial forecasts.
1. Construct a break-even analysis for year 1 of your business from the figures calculated in the last three chapters.
· Break-even point = Fixed costs / (Selling price – Unit variable cost)
= $980850 / ($1300 – $1100)
= 4904 units
· Break-even during January
2. Estimate the effect of the following events on your break-even point for each year:
a. a 10 per cent rise/fall in sales volume;
Break-even during December
b. a 10 per cent rise/fall in unit selling price;
Break-even during November
1. Based on the maximum figure in your cash-flow forecast, how much money do you need and what do you need it for?
· Based on the data we need $1.150.000 for our investments. We need $400.000 for initial start-up process.
· Initial office expenses
2. How does this compare with the sum that you and your partners or shareholders are putting in (ie level of gearing)?
· Us owners will put in $650.000. It makes 56% of the borrowing. We will contribute as much as we can.
3. Where do you expect to raise the funds you need to finance your business?
· Networks for start-ups
· Government funding
· Investors via network groups
· Incubation programmes of MNCs
· Competitions with prizes
4. Prepare a schedule showing when you need these funds.
· We will need funding for the first five year. We will receive the funding based on sales.
5. How and when will any borrowing be repaid?
· Stock options
· Bank payments
· Share management (Investors will receive percentage based on their investment amount)
6. What percentage of your venture would you be prepared to sell to raise the required funds?
· 10% will be allocated for venture development
7. What exit route(s) could be open to potential investors?
· Reduction of ownership
· Selling company to big competitors
8. What are the key risks that could adversely affect your projections? (These could include technical, financial and marketing risks.)
· Risk 1: Financial risks Increasing raw material costs, increasing delivery costs
· Risk 2: Technical risks Withdrawal of certain materials, test errors
· Risk 3: Marketing risks Limited reach of targeted consumers
9. What contingency plans do you have to either manage or minimize the consequences of these risks?
· To minimize risks we will increasingly pay attention to research and development.
· Market research to overcome marketing risks
· High technical risks
· Searching for alternative markets for raw materials
1.List the key assumptions that underpin the projections for your business.
The following will be the five major assumptions that will underpin the projections of the business (Xu & Koivumäki, 2019).
1. Financial – the business will make profits to pay off the initial investments.
2. Profitability – An assumption that financial planning and sales projections will be the major determinant of profitability
3. Customer base – Customers will be keen on buying smartphone synchronized smart TV; hence it will generate sufficient sales.
4. Resources – this assumption is based on the availability of talent.
5. Management expertise – the assumption that the management of the business idea will be armed with accounting, marketing, organizing, and finance
2.List five factors that could adversely affect your sales projections.
The following are the factors that will adversely affect the sales projections of the business (Putra, 2019).
1. Marketing spend
2. Budget allocation
3. Economic conditions
4. Customer satisfaction
5. Current global conditions
6. Current technological advancements
1. List five factors that could adversely affect your costs and expense projections.
The following factors will adversely affect cost and expense projections in the business.
1. Labor wage rates in the country
2. Inflation factors in the country
3. Quality plans and specifications
4. Regulatory requirements in the country
5. Insurance requirements in the country
2. Under which of these circumstances would your plans be unviable?
The main circumstance under which the business plans would be unviable is the low profitability. Finding paying customers would not be enough to make the business idea succeed. Another circumstance that would make the business plan unviable would be not enough talent and expertise to ensure quality smartphone synchronized smart TV.
3. What could be done to mitigate these risks?
The best way to mitigate low profitability is to reduce costs and increase turnover. The next approach to ensure talent is to adjust the hiring criteria.
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