Solver Case Study

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- Long Term (5 years’ time)

Our long term competition will be the direct competitors such as KeyRinger and ClickNDig that produce such device with same/extra feature as Solver’s product. In the future, these companies may come up with a product with better and extra features. Therefore, they will be their long term competitor.

- Long Term Opportunities

- Market Trends

- Business Opportunities

- Expansion Opportunities

- Business Strategy

- Product

The material of the product used is Acrylonitrile Butadiene Styrene (ABS) plastic, a high quality plastic which does not leach toxic chemicals for the everyday use. ABS plastics are high quality plastic with increased strength, rigidity, toughness and temperature and chemical resistance. For packaging, it will be a cardboard box.

Firstly, for the core products

Benefits: FMKeys is that it will help consumer to locate their keys by saving their time for searching high and low for it. This will benefit the consumers by saving their time and found what it is needed in order to get out from their houses.

Next, the actual product,

Features: FMKeys’s features include one set of two devices which are the key holder and tag. The functions of the both devices are personalised which the button on the key holder will be linked to the tag below the key holder’s button through colour coding. For example, Key holder’s button colour is green which will be linked to the tag colour green. Therefore, consumer need not worry about whether the buttons are mixed up or unsure whether this button belongs to the tag or have to hang back to the original position. The tag helps to signal the consumer the location of the keys by producing a loud beeping sound and the key holder is the main device that when consumer lost the keys, they can simply press the button above the hook (where the tag is hanged). Furthermore, FMKeys are functioned by battery, so the consumer will have to buy new battery in long term run when the product is not functioning. Last but not least, consumers do not have to worry that the main device which is the key holder would be lost as it is attached to the wall.

Quality level:

Packaging: the key holder is a photo frame, so the consumer could have their family photo to be placed there, the design of the tag has various forms of shapes and it is convenient for consumer to hold since it is the size of the keychain, which is a perfect size to throw it in their pocket, purse or bags. So the packaging of the product would be transparent in a rectangle shape to allow consumers to see the design of the product.

Brand: the brand for FMKeys is Solver, which indicates that it will help consumer to find their lost important items.

Lastly, augmented product,

Additional benefits: this product has an additional feature of the main device being a key holder instead of the device itself to find the misplaced keys. It also acts as a reminder to encourage consumer to hang back the keys after use.

Delivery: For now, the product can be only purchased through online shopping website which is Qoo10.

Installation: FMKeys is required to have the key holder to be installed against the wall and as for the tag, to be hang together with individual consumer’s keys

After sales services: any there will have 31 days of money back guaranteed when consumers did not receive the product or the product is defected. Hence, they would receive their money back.

Payment scheme: Consumers can purchase FMKeys through credit cards or paypal on Qoo10.

The most suitable place to use FMKeys is currently at home. When the keys are lost, it is only able to locate the misplaced key within the household area, anything beyond that, FMKeys would not be able to locate. For example, the consumer loses keys outside or family mistakenly took the keys, the tag would not produce any beeping sound because it is not within the household. This product helps to prevent users from misusing it, so it would only respond within the limited distance.

To the poor memory consumers who like to misplace their keys, 20 to 45, who want to find keys as fast as they can and prevent from losing keys. FMKeys is a solution to locate the misplaced keys that enables consumer to find their keys conveniently in a short period of time and a reminder to remind consumer to hang back after use. That is because this product is a two in one product which is one of the first products that are available in the market

- Price

There are companies that also sells key finder such as KeyRinger, Click n Dig and Stick N Find. However, there are no companies that sells key finder that does not need a portable remote. Therefore, Solver will be the first company that introduce “FMKeys” to find the keys without using any applications on the phone or a portable remote. Comparing Solver’s competitors, FMkeys selling price is lower than other competitor’s products.

Solver is new to the market, thus, their aim is for customers in Singapore and Asia Countries to know about their brand and product. Moreover, this can create some public awareness of the company. Although there are already some competitors out in the market, they are not well-known around the world. In order for the company to be recognize Singapore and other Asia countries in the future.

Cost and Profit Margin

Cost price = $8

Sales Price = $20

Profit Margin: ($20-$8=$12)/20 = 60%

This is the amount by which revenue from sales exceeds costs in the business.

Markup: ($20-$8/$8) =150%

This is the amount added to the cost price of goods to cover overheads and profit.

- Place/Distribution

The location of the product that will be selling and distributing to the consumer is on Qoo10. Consumers can purchase the product on Qoo10 without coming down to a store. This was