The group members plan to form a private limited company in making this echo chair in order to commercialize the idea in real market in the UK. The business is going to be funded 67% by the group members 33% by investors who are interested in our business. The mission of the business is to produce furniture that are environmentally friendly and use naturally available products that are cheaply available. The report presented the key elements of a conventional business plan such as production, marketing, profitability, and competitive advantages (Rumelt, 2011, p.66). The business concept of the group is based on environmental trends of concern to people’s daily life and the social importance of outdoor activates and events. The large printable surface of the chair can be a major strength in the commercialization process since it provides a special channel for advertising the product to the market.
The process from market analysis to company financials guides the walk through the essential components of the plan. This includes how to come up with funding request or obtaining additional funds for the project (Vesper, 1996). These key elements of a business plan include product description, people involved in the project, marketing, and finance.
The echo chair is a new and the unique product from the conventional innovative products. The concept is inspired by the need for environmental protection and use of natural renewable resources. The product developed by the group will use cheaply available renewable resources making it a viable idea.
Initial production process of the product is to be outsourced to external manufacturers who will help with the design. This will help in reducing initial cost of establishing a manufacturing unit, human resource management, and equipments.