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What problem does your solution solve?
Most gamers often argue about how limited their consoles are in reference to freedom of customization within the console. My co founders and I are solely aimed at ensuring that our customers enjoy the usage of a highly effective and quality console, sold at an affordable price.
What’s the market potential for your solution?
Given our console has an inbuilt screen our market research included the screens industry, which primarily means that our total addressable market was much bigger than we expected. We have an estimated total addressable market of $2.5 billion, a growth rate of 58.40% within our first year and a growth rate of 11.70% within 4 years, a market share of of 1.00% within our first year and a steady increase of 2.50% for the next 4 years. Our projected revenue within our first year is $25 million, while our average industry profit margin is 18.50% and our projected profit within our first year is $4.7 million.
Who are your customers?
Our hope is that we are able to sell are products both directly to our customers and through retailers. We plan on having stores within malls , as well as an online store. Concerning our potential customers and users, our products are aimed at both teenagers and adults who find interest in the usage of a highly efficient console.
How will you reach your customers?
Concerning our marketing strategy, we are bent on having a profound online presence, genuine advertisements and a message that resonates the sound of the dawn of a new technological era. We will try as much as possible to enable our customers to envision a window a near future of technological progression.
How will you make money?
considering our company is not primarily aimed at developing gaming consoles alone, we believe our company will generate revenues through the development and sales of technologies ranging from gaming consoles to energy efficient vehicles. Our products seem to be quite a bit of a stretch, but we are more than willing to construct a global power house that develops a series of varying technologies. For the short term, our primary means of generating revenues is through the sales of various versions of our consoles and accessories that are compatible with it.
What kind of partners will you need to make, support and distribute your solution?
We will need to have partnerships with manufacturers to help mass produce of console. We will also need partnerships with both software developers and engineers to help ensure that our productivity remains consistent. We will need partnerships with retailers to help us sell our products, as well as partnerships with financial backers and advisers. We will also need partnerships with marketers to help us promote our products.
What will your expenses include?
Our expenses will include:
Rent and utilities expenses
Who is your competition and how do you differ?
For now considering our current project, our competition will definitely include the likes of Xbox, PlayStation and screen based companies. We fully understand that taking on major giants such as these, will by all means be difficult; but we plan on taking them on by having a different and more reliable approach to our customers as well as letting our technology speak for itself. We aim at ensuring that our product stays on top through collaborations with our very own customers. We will use the data manufactured by our customers to help us continually innovative our products.
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