Josie Schneider, Marcus Paige­Allen, Ryan Osterling, Alexandria Walters, and Katherine

Marlow

Business 346

Professor Bouvette

California Polytechnic State University

March 11, 2016

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Table of Contents Product Strategy…………………………………………………………………………………………2

SWOT (Strengths, Weaknesses, Opportunities, and Threats) Analysis…………………………..4

Segmenting, Targeting, and Positioning……………………………………………………………...6

Promotion Strategy……………………………………………………………………………………...8

Distribution Strategy…………………………………………………………………………………….10

Pricing Strategy………………………………………………………………………………………….12

Qualtrics Analysis……………………………………………………………………………………….15

Appendix…………………………………………………………………………………………………18

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Product Strategy Product’s Main Features: LockIn offers a revolution in smartphone charging, similar to how WiFi eclipsed physical connections as the main way to connect to the Internet. LockIn shifts charging from a wired connection to wireless. It has the ability to charge smartphones that have access via a secure username and password and are in the device’s connecting reach. Users will have the comfort of charging their smartphones in the same way that they connect to their WiFi at home. LockIn will remember a device and, if the function is turned on, the device will “lock­in”, vibrating to inform the device owner as it begins to charge. Differentiation: The need for smart phones to be charged regularly can be inconvenient when often charging cables are unavailable. The convenience of a mobile phone stems from being “wireless”. LockIn will bring smartphones into a new, completely wireless age. LockIn differentiates itself from current wireless charging options because of the ability to use it from anywhere in the house. With other wireless chargers, such as the Duracell Powermat, the device must contact the mat in order to charge; this is an inconvenience if you need to use your phone while it is charging. (Duracell Powermat, 2016) Packaging: LockIn believes in environmentally sustainable operations, so packaging will come from 100% recycled hard cardboard in order to reduce carbon footprint. The packaging of LockIn will be designed to demonstrate the product’s sleek design and showcase its simplicity. The protective hard cardboard box , measuring 15x10 inches with a picture and logo on the front, will give a customer the visual of LockIn to entice them while the description and warranty information on the back will inform the prospective customer of LockIn’s benefits. The LockIn device measures 9x7 inches, and has a weight of 1.46 lbs. The box will contain one LockIn device, one power cable, the LockIn user’s manual, and a page describing how customers can reuse or easily recycle LockIn packaging and/or products. Branding: Through branding, LockIn will become the new face of charging. LockIn will have an advantage over competitors when customers refer to wireless charging as “locking in.” LockIn’s logo features a lock to create a sense of security for the customer. LockIn’s brand will resonate with consumers as trustworthy, simple, and convenient.

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Logo 1­1:

Warranty: LockIn will offer a 1 year replacement warranty for any broken or defective charging modem. During this same year, if a customer is not satisfied with their LockIn modem, customers will be able to return their product and receive their money back.

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SWOT Analysis

Strengths

Convenience: Phone owners around the world have struggled to find their phone

charger at some point in time. LockIn Wireless Charging could eliminate the time wasted

looking for a phone charger. Unlike current wireless chargers on the market, such as the

Samsung Wireless Charging Pad, LockIn will feature a wireless router making it

convenient to wirelessly charge your phone from anywhere in the house, without having

to leave the phone on a pad to charge (Samsung, 2015).

Simultaneously Charges Multiple Devices: LockIn users will be able to charge

multiple mobile devices from one router. The router will feature a security code that

ensures protection to customers when wirelessly charging their devices. LockIn will allow

more than two mobile devices to charge at once and will allow customers to use multiple

devices freely while charging.

Weaknesses

Limitations in Number of Devices that Can Charge: LockIn Wireless Charging will

have a limited amount of phones that can be connected and charging at once in order to

maintain speed and functionality at high performance. LockIn will be connected to a main

energy source and serve as a wireless intermediary between the wired energy grid and

the user’s device. In the future, LockIn would expand its reach and power to large groups

of people.

Price: LockIn is not a device that is included while buying a new phone. Users will have

to buy LockIn separately and set it up at home. LockIn will be an additional cost that

phone users may not want to pay for; and instead users may settle with using a plug in

phone charger on a daily basis.

Opportunities

Personal Charger Market: There are over 4.2 billion cell phone users in 2014, and an

expectation to have over 5 billion cell phones by 2019 (Forecast of Phone Users, 2016).

These users are potential customers if they choose to switch to an advanced and easy

route of wireless charging through LockIn.

Expansion into Businesses: With over 630,000 restaurants in America, there exists a

prime market to target sit down restaurant owners to offer patrons a new perk to eating

at their restaurant (Restaurants in US, Statista). As there are 5.7 million small business

owners and over 22.5 million employees of small businesses, there exists another

substantial market to target (Small Businesses in the US, Statista). If LockIn can make

these companies recognize the satisfaction customers get from being able to leave the

meal with a fully charged phone, it can achieve success in these markets. Busy

professionals tend to have phones consistently on low battery, and they also tend to eat

out more. Offering wireless charging at a restaurant is a way to differentiate a restaurant

from the plethora of other restaurants.

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Travel Industry: The hotel industry is projected to make $550 Billion in 2016 (Hotels, Statista) and LockIn is looking to work with and cash in on this industry. By working with the 23% of companies which currently provide their customers with phone chargers (Accommodation Industry, Statista) LockIn can ensure it is targeting companies which would be interested in the product. LockIn can reach out to hotels which do not accommodate phone chargers in hopes that they see LockIn and realize the value it would create to patrons. In the future, this product could be utilized as a built in charger in both cars and airplanes. LockIn would look to work with automobile/airplane companies which already utilize in­vehicle accessories for their occupants. LockIn could also look to have these as an after­market product which consumers could buy and utilize to charge their phones while traveling.

Threats

Differentiation from Competitors: IKEA has a series of wireless charging furniture (Petri, 2015). Energizer, the battery company, is also entering this market (“ENERGIZER ®”, 2010). LockIn Wireless Charging must focus on differentiating from these established corporations in its marketing campaign by emphasizing the capability to charge without the necessity of a pad, in order to establish market share.

Universality: A crucial part in the success of this product would be achieving universality, which entails getting wireless phone manufacturers to embrace our technology within the phone. This may be hard to achieve, as Apple has resisted adding wireless charging capabilities with the current Qi standard wireless charging (Petri, 2015). Compatibility with Apple is a crucial part of success in the wireless charging market, since their iOS operating system holds just over 40% of the US smartphone market share in November 2015 (iPhone U.S. Market ­ Statista Dossier, 2013). If LockIn is to become a household name, it must include this large group of smartphone users.

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Segmenting, Targeting, and Positioning Segmenting: The LockIn wireless charger is a technologically advanced product created to satisfy the needs

of people who are on the go and always connected. A charged smartphone is vital for business,

personal use, using a GPS, and in any state of emergency (Phone battery, 2014). LockIn users

can charge and use their phones from anywhere in the house, because LockIn charges based

on Bluetooth technology.

Targeting: LockIn will target people living in cities and suburban areas. In 2013, it was found that 59

percent of adults in the US who lived in urban areas owned a smartphone (Share of adults,

2013). Urban cities are also the most condensed markets; when people visit someone who has

LockIn in their home, it serves as an introduction to the convenience LockIn provides (Swanson,

2015).

The target market for LockIn is a college graduate within the 25­34 year old range, since they

hold the highest smartphone ownership numbers within the age demographics

(MRI+Mediamark, 2014). Also, adults with a household income level of $75,000­$149,999 buy

the most smartphones (MRI+Mediamark, 2014). LockIn targets college graduates because they

are more likely have a stable, well­paying, salaried job where they are willing to spend on new

technology.

The target LockIn consumer is Chris, a 29 year old man living in a loft in an urban city. He

designs websites, values technology, and works for a large corporate company. He has a

French Bulldog with its own Instagram, managed by Chris. Chris stays busy and on the go; he is

responsible for responding to emails wherever he is, but also likes to spend time with his friends

and go to local breweries. Chris uses LockIn in his office and at home, and it allows him to

always be available and have enough battery to tackle his busy lifestyle.

LockIn clients are always on the go and need to use their smartphones as they charge. The

ability to walk around the house, use your phone, and charge it all at once differentiates LockIn

from wireless competitors such as Powermat, as phones must stay on the Powermat in order to

charge. LockIn creates the perfect solution for those who wish to watch television or sports on

their smartphones without draining their battery. This is a helpful selling point, since smartphone

owners watch football more than any other type of TV show (MRI+Mediamark, 2014). LockIn will

target sport fans with the message that they can watch the game without draining their battery,

as LockIn will keep their battery charged for them.

Postitioning: LockIn, the innovative new charging solution on the market, will usher in a new era of charging.

It’s competition, Powermat and traditional charging, will become behind the curve and

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inconvenient. In a way, LockIn will be a status symbol among older millennials who have worked hard for their financial stability, and see the value in cutting the cord from charging. Positioning Map:

References for map: (Duracell Powermat, 2016), (PNY 6’ Apple, 2016), (Wireless Chargers, 2016)

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Promotion Strategy Advertising Thrust LockIn’s advertising thrust will focus on the slogan “Stay Locked In”. This slogan will be used in commercials and advertisements so customers will utilize the brand as slang for charging their phone. Ideally, when people say they are “locked in,” others will know they mean charging wirelessly with a LockIn modem. The catchy slogan reinforces the wireless benefits and purpose of the LockIn device. If someone “locks in” while they eat food, watch a show, do homework, do chores in the house, or any relatively sedentary activity, “locking in” will be associated with pressing a button to charge a phone, without worrying about the inconvenience of being unable to use their phone while it is charging on a pad or plugged into the wall. Consumers will associate “locking in” with an innovative way to wirelessly charge smartphones. Pull Strategy LockIn will focus on a social media based platform to engage potential users and generate interest in LockIn’s unique charging capabilities. Snapchat constitutes one of the main ways people find brands through celebrity endorsements (Share of, 2014). To engage consumers, LockIn will create a custom geofilter to use with Snapchat when users have a low battery. This will generate interest, especially by using celebrities with a large amount of people viewing their stories. The filter should intrigue users and make them desire to learn more about LockIn; thus it leads as the first phase of the advertising campaign. Snapchat Geofilter Examples:

LockIn will utilize word of mouth by having a presence on Instagram, Facebook and Twitter, allowing consumers to connect and share LockIn with their friends via these channels (Forms of, 2014). LockIn will focus on Instagram because about 90% of millennial internet users­LockIn’s target audience­are on Instagram (Share of Millenials, 2014). To engage Instagram users, LockIn will create contests that users can enter by adding a LockIn related hashtag to a picture. An idea for a contest could be “share a picture and story that wouldn’t have happened without LockIn wireless charging”. Additionally, this contest would serve as a form of public relations. By

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beginning these contests a few months after LockIn’s launch, LockIn should have a decent

amount of innovators and early adopters by that point who will be willing and able to participate.

LockIn will base its advertising platform on situations that can result from traditional charging

and how LockIn solves these issues. These situations will incorporate humor, the value created

by a LockIn device, and real life scenarios, which are the three most resonant advertising

strategies for North America as of 2015 (Most Resonant, 2015). The top 5 shows LockIn would

target to advertise on are The Big Bang Theory, The Walking Dead, NCIS/NCIS: New Orleans,

Empire, and major sporting events­especially NFL Sunday Night Football during football season,

since these programs are the most watched and would generate the most exposure for LockIn

(Most Viewed, 2015).

Table­1: LockIn’s Pull Strategy Timeline

Push Strategy LockIn’s push strategy will utilize visually appealing and interactive displays rather than low

pricing or discounts which could erode perception of LockIn’s brand quality (Kahn, 1990). In

brick and mortar establishments, LockIn will use demonstrations as personal selling to show

consumers how LockIn works. LockIn will incentivize employees to provide superior in store

service and to sell the product by creating a two tier commission system which utilizes customer

satisfaction surveys and gross number of sales for salespeople to earn incentives such as a box

of chocolates or a bonus (Steenburgh, 2012).

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Distribution Strategy

LockIn will be manufactured by Cisco Systems, Inc. located in San Jose, California. The

company manufactures and offers products for a growing array of household, industrial, medical

and other gadgets that connect to the Internet (Hoover’s, 2015). Cisco welcomes new products

and new equipment, its next­generation networking routing gear accounts for 16% of its revenue

(Hoover’s, 2015). LockIn will benefit from Cisco’s work culture by bringing in a new product

using technology that has never been used before to create a device for the next generation.

Cisco’s mission, “Shape the future of the Internet by creating unprecedented value and

opportunity for our customers, employees, investors, and ecosystem partners ”, exemplifies why

Lock In believes that they are the best to manufacture the Lock In product (Cisco, 2016).

After LockIn devices are manufactured, they will be transported by UPS supply chain and freight

to LockIn’s main retailers: phone carriers and Best Buy. UPS best fits LockIn’s shipping needs

with their simple return policy, which will allow LockIn to fulfill its return policy with minimal

impact to the consumer (“Simplify Your Processes”, 2016). Additionally, UPS provides online

services such as tracking, rerouting deliveries, and online management and paying of bills

(“Simplify Your Processes”, 2016). These services will simplify LockIn’s management of

deliveries and potentially reduce cost and maximize efficiency.

The purchase of phone chargers often occurs at the same retail location as the phone itself, so

including phone carriers as a main retailer will introduce LockIn to the segment who would

consider purchasing the accessory, people with smartphones (MRI, 2014). The second channel

will be through Best Buy. Best Buy is “the sole surviving national specialty retailer in a category

with increased product excitement,” said Goldman Sachs analyst Matthew Fassler. Best Buy

generated 47% of its total revenue from computers and mobile phone sales in the fiscal year

2015, while 31% of its revenue came from consumer electronic sales (Hoover’s, 2015). Best

Buy ranked number 72 in the Fortune 500 (Best Buy Co. Inc, 2016). By initially working with only

Best Buy, both through the website and in store, LockIn will establish an exclusive and

trustworthy relationship to keep the charger in reach of tech­savvy consumers nationwide. A

cutting edge product such as LockIn would be expected at Best Buy, and the customer service

in store at Best Buy will help in gaining confidence from consumers. LockIn will have Best Buy

handle online purchasing, and will direct consumers to purchase from the Best Buy page by

linking to it from LockIn’s website. This helps LockIn minimize the risk of investing in its own

warehouses, while avoiding the price wars that can happen through Amazon. Amazon was once

known to offer the lowest prices on products, but according to a CNN report, Target and Best

Buy now offer price matching to Amazon, limiting price wars (CNN Money, 2014).

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Figure­1: Distribution Map

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Pricing Strategy

Table­1: Income Statement for Years 1 & 2

Year 1 Year 2

Revenue

Quantity Sold 37,843 38,978

Unit Sales Price $99.99 $99.99

Unit Cost per Item $35 $35

Total Revenue

$3,783,921.5

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$3,897,410.2

2

Expenses

Cost of Goods Sold $1,324,505 $1,364,230

Advertising and

Promotion Expense $20,075 $20,602.25

Salaries and Wages

Expense $376,412.40 $490,734.22

Rent Expense $76,440 $76,440

Operation Expense $567,645 $584,670

Net Income

$1,418,844.1

7

$1,360,733.7

5

LockIn will charge customers $99.99 for a resonant wireless charging device. This price

was decided by a review and discounting for intent analysis of Qualtrics survey data.

The Cost of Goods is estimated at $35 per unit, but may change based on the amount of

investment money required to perfect the science of resonant frequency charging, a technology

which has advanced exponentially in recent years and will continue to improve through time.

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Over time the Costs of Goods will decrease, and it will change depending on the amount of units

purchased.

LockIn’s advertising campaign will spend $25/day through Facebook’s Ad Manager, to

gain exposure to 17,000 ­ 45,000 people per day on Facebook and 9,100 ­ 24,000 people per

day on Instagram (Ads Manager, 2016). While official information could not be found for Twitter,

LockIn will estimate to spend about $5/day, as Facebook and Instagram are used more than

Twitter (Tepper 2015). Snapchat geofilters are estimated to start at $5.00 per filter (Dave 2015).

Assuming that Snapchat works similarly to Facebook advertising, LockIn expects to spend

$25/day advertising on that platform. LockIn will increase advertisement expenses by

approximately 3% in Year 2 to promote anticipated company growth.

The estimated cost of labor expense is $34.47 per hour per person, based on the labor

average in the industry from the U.S. Bureau of Labor Statistics. LockIn expects to employ 7

people at the LockIn headquarters to control order tracking and shipping, customer service,

returns, and website management. This will result in an expense of $376,412.40 for salaries and

wages the first year. For year 2, LockIn will hire 2 new employees due to projected increase in

sales and labor tasks. After adjusting for inflation of 1.4%, salaries and wages expense will

increase to $490,734.22 (US Inflation, 2016).

Expected rent expense is $76,440 a year based on leasing 4,200 square feet in San

Jose, California (Loopnet, 2016). The average cost per square foot is $18.20; this was

calculated based on 3 industrial spaces available in San Jose ranging from 4,000­4,400 square

feet.

Operations expense was calculated by number of units anticipated to be sold (from

Qualtrics) times shipping expense, LockIn’s main operating expense. Based on a rough

estimate taken from the UPS site, shipping can range from around $270­$1,400 per 20 LockIn

devices (UPS Calculator 2016). LockIn hopes to take advantage of economies of scale to

decrese this expense.

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Year 2 revenue statistics and advertising expense are based off a 3% growth rate

(Industry Profile, 2016). Year 2 operating expense is based off a 1.4% inflation rate (US Inflation

2016). Cost of goods sold and rent expense occur at the same rates as in Year 1, as these are

expected to be contractual. The number of units sold is calculated using discounting for

intention, based off the assumption that LockIn reaches 5% of its target market: college

educated individuals with income ranging from about $75,000­$150,000, constituting a market

of around 67,000,000 people (MRI+Mediamark, 2014).

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Qualtrics Analysis Segmentation graphs that help modify marketing to appeal to different segments.

Graph 1: How men view LockIn qualities compared to Powermat

Graph 2: How women view LockIn qualities compared to Powermat.

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Product Attributes graph that allows for comparison to competition.

Graph 3: How survey respondents rated LockIn attributes compared to main competitor

Powermat and the ranking of the importance of those attributes (Qualtrics 2016).

Graph to determine LockIn’s final price.

Graph 4: Survey respondents’ attitude toward price (Qualtrics 2016).

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Graph to determine where LockIn should be sold. Graph 5: Where survey respondents expect to buy LockIn (Qualtrics 2016).

Graph to determine where LockIn should advertise. Graph 6: Where survey respondents expected to see LockIn advertised (Qualtrics 2016).

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Appendix

Discounting for Intent: After discounting Qualtrics results for intent, based on a rough but conservative estimate of people reached by the promotion strategy, gross margin in the first year would be around $722,962.96. Charts and Graphics Included in Plan: Product Strategy: Logo 1­1:

Segmenting, Targeting, and Positioning: Positioning Map:

Promotion Strategy: Snapchat Geofilter Examples:

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Table 1: LockIn’s Pull Strategy Timeline

Distribution Strategy: Figure­1: Distribution Strategy

Pricing Strategy: Table­1: Financials for Years 1 & 2

20

Year 1 Year 2

Revenue

Unit Sales 11,300 11,639

Unit Sales Price $99.99 $99.99

Total Revenue $1,129,887

$1,163,783.6

1

Expenses

Cost of Goods Sold $395,500 $395,500

Advertising and

Promotion Expense $20,075 $20,602.25

Salaries and Wages

Expense $376,412.40 $490,734.22

Rent Expense $76,440 $76,440

Operation Expense $169,500 $177,029.19

Net Income $123,804.60 $3,477.95

Price Elasticity of Demand Calculations

Based off data from a Qualtrics survey in 2016, LockIn has a Price Elasticity of Demand of

0.0003148, making it inelastic.

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Qualtrics Survey:

22

23

24

25

(Qualtrics 2016)

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