Dragon Pen: Innovative Learning Device For Children In Australian Education Industry
Business Type
The term business plan is being considered as the important strategic tool that can help to focus on the necessary steps for making the successful business ideas (McKenzie, 2017). In the business plan, Dragon pen has been decided to be introduced in the Australian education industry. In the business plan, important key components, which are influential in terms of implementing thee business idea have been discussed. The purpose of this business plan is to highlight the business type, business problem, marketing strategy, target market and future opportunities of the company with the new product.
The business can be categorized in both the technology and learning industry. According to Duchesne and McMaugh (2018), analyzing the current growth in Australian education industry, it has been identified that with expanding international education opportunities, the enrollment numbers have been increased. By arguing this Arthur et al., (2017) stated that it cannot be denied that with higher study opportunities, education sector has become fastest growing sector in the global industry. It is true that depending on the recent demand of education industry, it can be assumed that within coming 2025, student enrollment number will reach approx. 1000000. It is also true that technological innovation has become necessary in the current education industry. Most of the psychologist have mentioned that audio visual is the most beneficial method of learning, therefore, uses of technology has become necessary (Nghiem et al., 2015). it cannot be denied that although technological innovation has been introduced in different educational sector, but there are many learning institutions which are using traditional earning practices due to lack of financial support. The company has decided to introduce the ‘Dragon pen’ in reasonable price so that large numbers of people will appreciate the product.
Examining the current situation in education industry, it can be assumed that quality management has become the major concern for education institutions (Goodtogreatschools.org.au, 2018). In order to making the learning process interesting is very important for introduce technological innovation in the market. Not only in the higher education, but also technology has become necessary in the child education process. Analyzing the current child education system in Australia, it has been identified that increasing reading, scientific literacy levels and mathematics knowledge of the children for competing the current education trend of 21st century has become the major challenge for this education industry. On the other hand, it is true that poor classroom instructions are the reason behind students’ failure (Goodtogreatschools.org.au, 2018). Not only in the rural areas, but also in case of suburban areas, the child education system is declining due to lack of proper infrastructure (Research.acer.edu.au, 2018). Hence, in order to compete with the global education trend, it has become necessary to introduce the technological equipment that can increase the interest of student towards learning and also improve the educational infrastructure.
Business Problem
The business plan, which has been discussed in the study will be based on technological innovation in education industry. The role of this product will be improve the classroom infrastructure as well as avoid the student failure. It can be assumed that introducing the dragon pen in child education sector, it will be easier to deal with the emerging education challenges. By increasing the learning opportunities, the product will help to provide standard audio visual experience to the students. The educational device will be called as ‘Dragon pen’. As the educational service will mainly focus on the children, therefore, introducing its innovative name, it can help to increase interest of children towards learning.
If the growth opportunities from the last few years will be analyzed, it will be identified that continuous introduction of technological innovation in the education sector has brought new direction in the global education sector (Howard & Williams, 2017). Dragon pen can be considered as the instrumental medium that can help to make the learning process more interactive. It is also true that dragon pen can be beneficial for increasing the accessibility of technology in the class room. As the study has already mentioned that depending on the current educational challenges, it has become difficult for the children to match up with the educational trend of 21st century, in that case, the easily available service can help to increase interest of children towards learning. The device aims to reduce the gap between technology and education. The device can be used for sharing the human message in more innovative manner. Dragon pen can be fitted with the human instincts that can help to interact in the simplest manner.
As stated by Magnani, Zucchella and Floriani (2018), the target market of a product is being selected depending on the segmentation. In case of dragon pen, the market segmentation has been classified into three types. Demographic, psychographic and geographic from demographic segmentation children who are between the age group of 5 to 12 years will be targeted by the company. It is also true that aim of this product to improve the learning infrastructure for better output and due to this reason it will be very cost effective so that people can easily abele the service. Depending on the income level, middle class and upper middle class people will be targeted by the company. As the device will focus on audio visual interaction process, therefore, it can be said that it will target all the students in all over the world. In the geographic segmentation, both the rural and urban learning sectors will be targeted. Psychographic segmentation is being considered as an important key driver in the learning sector. Depending on the interest and needs of the students, the target market will set. The educational institutions, which have not used any kind of technological equipment in the learning process, will be targeted by the product.
Business Solution and Business Name
In the business plan he marketing mix has been discussed for developing an appropriate marketing strategies.
Dragon Pen will be introduced for improving the child educational standard. The device will be structured as pen and thee digital needle will be added in the device. It will help to give thee 3D reflection of every dot.
As the target market of the product is middle class and upper middle class people, therefore per unit price of the product will be 60 US dollar and in the first production, 12000 units of products will be distributed in the market.
The product will be distributed in the market through retailers. In the product distribution process shopping malls and local retailers will be involved.
As stated by Burns, Bush and Sinha (2014), marketing is being considered as an essential element in every business plan. Depending on the marketing initiatives, the proper communication between the marketers and customers can be developed. The purpose of introducing innovative marketing strategies in the market is to promote the product in the market so that people will get to know about the products. By supporting this Olson et al., (2014), stated that analyzing the current market trend it has been identified that people have become highly dependent on social media. In that case, digital media can be beneficial to introduce Dragon pen in the market. In case of promoting dragon pen in the internet, the Search engine optimization technique can be used. With this initiative, Dragon pen can be easily promoted through Google. In order to introduce the Search engine optimization technique in right manner both the long tail and short tail key words will be introduced so that repeatedly the product can be viewed by the internet users.
As it is an education based product, therefore, direct marketing can also be beneficial (Ili?, Ostoji?, & Damnjanovi?, 2014). Printing advertisements, leaflets and newspaper ads will be used for promoting dragon Pen. Using different posters in the schools, people will be aware of the product. Celebrity endorsement through campaigns will help to grab the customers’ attention. In that case, Child celebrities will be used in the campaigns for attracting target customers.
On the other hand, using social media channels such as Youtube, Instagram, Facebook, LinkedIn, Twitter and G+ will be used for increasing the popularity of Dragon Pen in the market. The company will develop an individual product site, where all the information regarding the product will be available. With the help of innovative graphic designer, the attractive page of Dragon pen will be introduced where the pictures of the products will be available.
Service
In case of designing the business ads, the long tail and short tail key words will be used in case of designing the ads. In that case, proper budgeting will be done so that the campaign can be introduced in the right manner.
The vision statement of dragon pen is to introduce technological innovation in the educational sector so that effective audio visual learning opportunities can help to improve the integration process in the global education sector.
Analyzing the Aim of Dragon Pen, it has been identified that it aims to bring technological advancement in the children learning process so that quality of education can be improved. With the increasing educational quality, it will become easy for dealing with the emerging challenges in the Australian children education sector. On the other hand, it also aims to introduce the effective educational equipment that can be cost effective and improve the classroom infrastructure. If the Dragon pen can be introduced in the right manner, it will help to increase the student enrollment numbers in educational sector. By introducing the effective interaction process, creativity in the educational sector can be introduced. In order to achieve the aim, few objectives have been mentioned in the business plan. Those are as follows
- To improve the children learning standard for helping them, to match with the educational trend of 21stcentury
- To earn 25% of profit margin within coming 3 years from thee educational institutes
- To introduce cost effective technological equipment, so that service can be provided in large segment
- To develop its strong brand image in the educational sector by providing innovative audio visual equipment for children learning within coming 4 years
In case of developing a business plan, financial support is very important. Without introducing the effective budget, it cannot be possible for the company to implement its plan in an appropriate manner. In the initial stage, the company need to focus on setting its operational cost. In case of introducing the Dragon pen, initially investment of 3 million is required so that the process can be exceed for at least 1.5 years. With the increasing growth opportunities and technological uses in the educational sector, it can be assumed that within coming 2 years the funding can be increased up to 4 million. If the operational activities will run smoothly, the sales revenue can be increased 10% than the investment. On the other hand, 30% of the total investment will be loaned by three partners, which will be paid within coming 3 years.
In the initial year, total setup cost including location, factory and staffs can reached 2 million. The Head office will be located in Sydney and the manufacturing unit will be located near the head quarter. In the initial stage, the marketing, product development campaign and manufacturing and transportation cost will be included. As the product is totally new in the market, in that case, training process can exceed the budget of 2 million. It has been assumed that within the coming three years, the business revenue can reach 5 million.
The Market
Analyzing the entire business plan, it can be concluded that in order to making the learning process interesting is very important for introduce technological innovation in the market. Not only in the higher education, but also technology has become necessary in the child education process. if the business plan can be successfully implemented, it can bring the revolution in the educational sector. With increasing educational opportunities the quality of education can be improved. On the other hand, by introducing technological advancement in the educational sector, dragon pen will be appreciated in the global market.
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