Idea explanation To create a cheap product, which makes life easier for the customers, who can buy a very useful product for a low price.

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Presentation transcript:

Idea explanation To create a cheap product, which makes life easier for the customers, who can buy a very useful product for a low price.

Goals To create a product with low production costs and high profit margins To make life easier

Why should people buy the product? Low price for a useful product Solution for the known problem of tangled earphones Good as a present (big target group) Everybody who uses earphones Especially for people doing sports

Competitors A lot of internet websites with explanations for creating an earphone holder. Auction houses, which are not specialized on producing and selling earphone holders.

Timetable First year: price 3€/holder, customers need to request for other colours, shapes etc. Aim: sell the first exemplars in year 1, own internet shop Second year: choose different product variations to sell (shapes, colours, other materials like acrylic and plastic) Aim: to increase sales in the second year

Plan B and C Highest risk: nobody buys the product Risk isn’t even that high (low price of materials) Plan B: lower price of product (still huge profit) Plan C: use more advertising

General costs Material costs for one unit: < 1 cent Salaries 5€/hour 800€/month -> above the average salaries of Latvia (606€/month) Production costs (salaries included): ~ 50 cent