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The SleePod 3D Render

The SleePod


A one-of-a-kind sleep experience with the newest product on the sleep market, the SleePod. The SleePod utilizes state of the art noise cancelling technology to block out all outside noise, as well as containing the inside noise. The SleePod comes equipped with a set of speakers for a true surround sound experience, enabling the user to upload their own music to the SleePod. The SleePod includes an adjustable stand as well as an optional Serta foam mattress upgrade. The SleePod comes in a variety of colors with the softest materials available to mankind, ensuring you'll get a full night's rest. "Eight hours just got easier." external image moz-screenshot.jpg

Price: $749.99

Promotion: A flyer for the SleePod

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Promotion


Place:

Primarily located in Los Angeles, California with two other locations in the Midwest and Northeast.




A Business Plan and Presentation

With reference to

Gitman, L.J. & McDaniel, C. (2008). Future of Business: The essentials--Title

created for Bloomsburg University, 90.101 Intro to Business. Ed. Mason, OH:

Thomson.

Abstract

This business plan summarizes the creation of TechnoSleep, a company devoted to developing and improving sleep technology and products. This business plan includes the company’s mission, as well as plans for all aspects of operation. This business plan includes a preview of upcoming products, as well as TechnoSleep’s main product: The SleePod.

Table of Contents

Executive Summary........................................................p. 5

Vision and Mission Statement.........................................p. 5-6

Company Overview.........................................................p. 6

Product Plan....................................................................p. 6-7

Marketing Plan................................................................p. 7-8

Management Plan.............................................................p. 8-10

Human Resource Plan......................................................p. 10-12

Code of Ethics...................................................................p. 12-13 (also in Appendix)

Operating Plan..................................................................p. 13-14

Financial Plan.....................................................................p. 14-16

Office Technology Plan........................................................p. 16-17

Establishing Ethics and Social Responsibilities......................p. 17-18

Competitive Advantage.........................................................p. 18

Future of the Company.........................................................p.18-19

Appendices............................................................................p. 20-25

References............................................................................p. 26




Executive Summary

Welcome to TechnoSleep! TechnoSleep is an all-new sleep product company that will be selling a whole line of products including massaging pillows, heated blankets, and our most anticipated SleePod. At TechnoSleep, our management strives for complete customer service and satisfaction. TechnoSleep will soon be advertising on the radio, internet, and in magazines to promote our quality products. TechnoSleep will have many opportunities for new employees including benefits and discounts! Throughout our business plan, one can find a list of our innovative products, our plan for the marketing mix, the management teams that we plan to create for our company, customer service plans, expectations of our employees (including a code of ethics), our plan of operation, the technology that TechnoSleep will be using to create our products, our predicted finances, and our future plans for success. The creators of TechnoSleep are proud to present a brand new company to the market and hopes for many years of success to come.



Vision and Mission Statement

TechnoSleep has the vision of being one of the leading industries in the sleep market, as well as having the best qualified staff available at all times. It is our mission to deliver honesty, integrity, satisfaction, and quality to all of our customers, and to expand our high-quality products, staff, and technology, as management works together as a team on being one of the leading companies in the current and future sleep product market. TechnoSleep strives to be a well-rounded company and believes that our products, technology, employees, and staff should all be of top quality to ensure 100% customer satisfaction.



Company Overview

TechnoSleep is our name, and quality sleep is our game. Our name is short for "technology sleep," hence our management team uses the latest technology to create innovative products for all of our customer's sleep needs. TechnoSleep is located in Los Angeles, California because management believes that it is a popular, growing city, with expanding competition and enough curious customers to last a lifetime. Management believes that TechnoSleep would flourish most becoming a corporation because TechnoSleep needs a team of employees and managers to be successful. As the TechnoSleep Corporation, management offers a wide variety of high-quality sleeping products; from heated blankets to our innovating new product: The SleePod. Our company's objectives include creating top quality sleeping products for the open market, ensuring 100% satisfaction to all customers, and to improve our products with the advancing technology that is readily available to our corporation (Gitman & McDaniel, 2008).



Product Plan

Although the SleePod is our main product, TechnoSleep will produce more than just the SleePod. TechnoSleep will be producing heated slippers, massaging pillows, heated mattresses, massaging mattresses, heated blankets, and extra accessories for the SleePod, such as night lights for inside it, and upgraded music players. In order to compete with other companies, TechnoSleep will strive to create high-quality products and give 100% customer satisfaction. Our company will set strategic goals within short-term plans to long-term plans. Within the next year, TechnoSleep plans to produce even more accessories for our main product (which is the SleePod) and plans to produce more heated sleeping items. As far as long-term planning goes, management plans to keep working to upgrade our SleePod within the next three to five years and have a completely upgraded and new version of it. TechnoSleep plans to work with Serta Mattress Company to upgrade our SleePod and have their mattress built-in to it. This will be a benefit for the customer because they will be receiving a top of the line memory foam mattress and our upgraded SleePod. Also, the customer will receive a discount if they purchase the mattress with our SleePod, as opposed to buying it separately. In order to produce enough products for the customer demand, TechnoSleep will use mass production in our company to manufacture identical products at once (Gitman & McDaniel, 2008). Our location for where we produce is crucial. We will be located in Los Angeles, California; an area that has access to resources and will allow us to serve our customers and distribute our products widely. In this manufacturing environment, TechnoSleep has a sufficient availability of labor. Our products will be produced in an assembly line.



Marketing Plan

In order to be successful our company must have an effective marketing plan. Technosleep needs to satisfy the needs and wants of potential buyers and provide products to exceed their expectations. TechnoSleep will keep our products at an affordable price. Our product is high-quality and made with care. The location of our business will be located in an area where we are able to distribute our products widely and also attract many new consumers. To promote our company, TechnoSleep will advertise to market our products. TechnoSleep will advertise on the radio, TV, in magazines, on the internet, and on billboards. In order to create long-lasting relationships with customers, TechnoSleep will strive to meet their needs and give them the product they want. Management and employees will work to earn their trust in our company, so they will hopefully purchase from us again and tell others to purchase from our company. Our target market will be consumers who are middle-aged, primarily the working class, who need to relax and unwind. TechnoSleep plans to use vibrant colors and very soft material on our products to attract customers and make them feel comfortable. Management will price our products based on the quality of the product and the prices of our competing companies. Our name will become well-known because of our location and the distribution of our products to many areas.



Management Plan

TechnoSleep's main investors will be those who need quality sleep! Whether it is a student, a mother, or a hard working business man, TechnoSleep will provide for the sleepy. TechnoSleep will divide up tasks between employees according to their strengths and weaknesses. TechnoSleep will have four teams of employees that correspond to their strengths. TechnoSleep will create a technology team of employees who possess strong technology knowledge, a financial team for employees who are strongest with the corporation's current financial background and future financial decisions, a team of employees who will manage existing products and new products entering the open market, and lastly, TechnoSleep will have a strong human resource department with employees that have the qualities needed to deal with other employees and customers. All of TechnoSleep's employees will have at least a high school diploma, and some employees will need further education--depending on the department that they are in (i.e. financial, technology).

TechnoSleep will have seven departments that include employees from the four teams. These departments include the following: product department, marketing department, management department, human resource department, operating department, financial department, and the technology department. Each employee will be part of a team and a department and will correspond with their particular strengths and advantages that they can offer the corporation. TechnoSleep's middle management will include division heads, departmental managers, and regional sales managers, who will all carry out the strategic plans for our company (Gitman & McDaniel, 2008). The middle managers will also allocate resources, meet organizational goals, and oversee the supervisory managers of the company (Gitman & McDaniel, 2008). The supervisors, or our first line of management, will design and carry out operational plans; they will also motivate employees (Gitman & McDaniel, 2008). TechnoSleep's managerial hierarchy will include a CEO, CFO, President, and Vice President who will all need at least a Bachelor's Degree in Business Management, or equivalent. This team of top managers will work together in decision making, employee motivation, employee hiring, company planning, company organization, controlling performance, and leading other employees (Gitman & McDaniel, 2008). They will also develop strategic plans, address long range issues for the company, market share, and what to do with profits (Gitman & McDaniel, 2008). They will define our company's values and ethics as well (Gitman & McDaniel, 2008). To control how the employees manage their work, top management provides clear and concise standards that the employees must live up to in order to further progress in the company.

To aid in any misunderstanding of these standards, top management provides highly trained professionals in many fields, to train the employees and improve their work ethic. To measure performance, top management will critique each individual employee according to TechnoSleep's company standards and from there evaluate whether an employee needs extra help with training or just a pat on the back. Although the majority of decision-making will be maintained by top level management, it is not limited to just that. TechnoSleep will provide the employees with surveys each month for feedback, monthly meetings to address any concerns, and last but not least, face-to-face, private interviews with employees by request.



Human Resource Plan

TechnoSleep will have several key jobs that will need to be filled in order to operate efficiently and successfully. Through our HR division, we will find and employ approximately 250-300 employees throughout our three factories. Needing only a diploma, and being of the age of 18, we will employ around sixty-five line workers, twenty-five call center agents and five janitors per factory. The janitors will be responsible for the removal of waste, as well as cleanliness with in the call center. Line workers will be responsible for the efficient, accurate assembly of all TechnoSleep products, as well as basic maintenance and cleaning. The call center agents will be responsible for technical support, customer inquiries, complaints, and orders. Both line workers and call center agents will receive performance-based incentives based on output and customer satisfaction. TechnoSleep will also employ fifteen team leaders, which will be required to have at least one to two years working on a line or in a call center, as well as a diploma or GED, and being at least 18 years of age. Team leaders will be responsible for addressing any line worker or call center agent’s questions or concerns. In the call center, team leaders will also be responsible for taking any escalation requests within the call center. Team leaders will also have performance-based incentives to help spur company morale and growth. The company will also employ six resource managers responsible for ordering parts, logging them in inventory, and organizing storage.

Resource managers will need a minimum of one year experience with inventory, have excellent organizational skills, a diploma, and be at least 18 years of age. We will also need fifteen supervisors responsible for weekly meetings for updates on the company, ensuring that performance goals are being met, as well as rewarding employees for exceptional work. A criterion for a supervisor position requires two years acting in a supervisor role, a Bachelor's Degree, and excellent people skills. There will be three managers responsible for the operation of each factory or call center. They will also act as the human resources department within the company. The requirement to become a manager within in the company is a minimum of five years working within the company, or ten years acting as a manager for another company, a Bachelor's Degree, excellent people skills, technological skills, and a thorough understanding of either call center or factory process. The HR department will be responsible for the hiring and training of all employees below managerial employees. The department will also set up several activities to keep employees happy such as a Winter break party, New Years party, and an Independence Day party. There will also be organized celebrations on the company's anniversary. Employees will also be expected to follow a performance plan to ensure quality in all of our products and keep productivity high. All employees will accrue vacation time based upon the number of hours worked. For every 80 hours worked, the employee will receive 3.67 hours vacation time. At the end of each year, the employees will be able to sell back vacation time to the company for extra money on the following pay check (Gitman & McDaniel, 2008).



Code of Ethics

Follow company policy

It is imperative that all employees follow corporate rules. By doing so, the company can operate efficiently and effectively and allow us all to work in a clean, friendly environment. Follow these guidelines and work will be smooth and fun.

· Follow corporate policy

· Respect guests to the building

· Follow all safety guidelines

· Protect all confidential information

· Take care of customers

All customers should be treated with integrity and respect and every customer’s question or concern should be taken seriously. The following guidelines should be maintained to provide top-quality service to our customers:

·Respect all customers

·Be patient with customers

·Make the customer feel personal

·Maintain a positive attitude

·Provide top-quality service and products

·Provide fast service on all products and service

Take care of employees

At TechnoSleep, we value our employees and the work they provide. We do not wish to ever lose an employee once hired. We strive to have the best-of-the-best and keep them until retirement. That is why TechnoSleep incorporates the following promises to employees:

·Provide excellent wages and benefits

·A safe work environment

·A clean work environment

·Understand that "accidents happen"

·Provide job training and security

·Provide internal job postings before posting externally, as well as promotions

(Gitman & McDaniel, 2008)



Operating Plan

TechnoSleep will have one main operating facility, located in the west and two additional factories in the Northeast and the Midwest. Each factory will use a mass customization assembly line allowing for large output, but still able to meet customer demand for customization. Each factory will employ between 75-100 employees. Sixty-five of the employees will be line workers with six team leaders, four resource planners, and five managers. All parts for the TechnoSleep products will be purchased through other vendors. Resource planners will be responsible for all inventory management. To ease the burden of resource managers, the company will use a combination of MRPII and ERP systems to ensure everything is running smoothly. Managers will be responsible for scheduling and they will use a PERT system to manage and observe. All line workers will be responsible for the assembly of TechnoSleep products as well as ensuring that if any robotics or conveyors are down that the situation is taken care of as quickly as possible. TechnoSleep will also have two customer service centers for both technical and customer needs. Each customer service center will have twenty-five employees; fifteen on the call agents, two team leaders, two supervisors, five janitors, and a manager (Gitman & McDaniel, 2008).



Financial Plan

Factoring in the cost of all necessary materials required to manufacture a SleePod, as well as staying competitive with contending products such as standard bed frames and mattresses, the retail price of the SleePod will be $749.99. The forecasted revenue for the entirety of the first year of retail is approximately $750 million. The low pricing advantage and technological SleePod features will appeal to the crowd as technology further becomes an integrated part of everyday society. Expenses include materials to construct the SleePod, a facility which will house the necessary equipment to manufacture a SleePod and all other TechnoSleep products, marketing and advertising costs, computers, technological fees, and employee salaries. Approximately $582 is required to manufacture one individual SleePod. The forecasted expenses for the first year of retail are approximated at $597,358,850. An unsecured bank loan will allow TechnoSleep to finance the initial front of production, estimated at a value of at least $15,000 (Gitman & McDaniel, 2008). This will allow the necessities to be purchased, employees to be hired, and additional profit throughout the first year of operation will aid in repaying this loan. As profit increases, the additional money will be spent on purchasing new machinery that ultimately lowers the cost of production and increases efficiency. The budget will be readjusted slightly to allow for a greater focus on advertising and within three to five years, upgraded versions of SleePods with additional features will be financially possible.

·Cost breakdown:

oMANUFACTURING fees:

· Fiberglass casing and stand - $350

· Set of speakers - $80

· Pillow - $12

· Serta Foam padding - $60

· Circuit Board and wiring - $40

· Light switch - $30

· Alarm clock - $10

Approximate cost to develop one SleePod unit - $582

Profit accumulated from one SleePod sale - $168

oEMPLOYEE fees:

· Employee salaries - $15,000,000

oTECHNOLOGY fees:

· Company website (monthly fee): $20

· Internet access (monthly fee): $30

· Computer # 1: $2000

· Computer # 2: $1000

· Computer # 3: $600

· Computer # 4: $600

Required software: $5,000



Office Technology Plan

The TechnoSleep facility will, at first, contain approximately four computers. The task of the first computer will solely be creating renderings and simulations of the SleePod and other TechnoSleep products in a 3D environment using CAD software or other such 3D creation suites, such as Maya or 3DS Max. This will aid in creating blueprints of various products and finalizing measurements of the SleePod. Because of the specifications of this particular computer, a powerful processor, high memory, and an adequate graphics card are required, with the cost of this system in the budget as $2000. The employee at this station is required to have a strong understanding and familiarity of CAD software and also be able to effectively and efficiently convert the proposed product ideas into accurate 3D renderings. The second computer will be devoted to artistic developments, designing, and advertising. Using software such as Flash MX and 3DS Max, the employee at this station is required to design the visual elements of the SleePod, including packaging, shell design, instruction manuals, and so forth. The employee who manages the third computer is responsible for internet advertising. This position encompasses promoting TechnoSleep products across the internet through various means, including blogs, RSS Feeds, YouTube, MySpace, Facebook, Wikis, and a company website. The final computer will be devoted entirely to calculating costs, managing taxes, and other tasks in the financial district of TechnoSleep. This computer will run software such as TurboTax and other such database software to organize data (Gitman & McDaniel, 2008). Computers will run on a LAN to utilize sharing of data easily.




Establishing Ethics and Social Responsibilities

Ethical dilemmas faced by my employees may be sexual harassment, insider information trading, theft, giving false impression, conflicts of interest, taking advantage of customers/employees, abuse, rule violation, discrimination of any kind, and condoning of any of these activities. These situations will be handled with proper and just punishment which may result in, termination from employment, legal action, or criminal charges. The company has several social responsibilities for employees, customers, and the community. For employees we will provide jobs, a safe, clean work environment free from discrimination or prejudice, job security, and benefits. For customers, we offer honesty, integrity, satisfaction and quality. For the community we will keep our company as green as possible, as well as sponsor local events and stimulate the economy. TechnoSleep will provide the following special policies to make employment and business with us more pleasurable. All employees will receive a 20% discount on TechnoSleep brand purchases, they will also be provided the best possible health benefits within our budget. On occasion, we may hold a company-wide event or trip to spur work-place friendship and environment. For our customers, we will adopt a "Customer is always right, most of the time" attitude, meaning that the customer will always be right within reason. We will provide customer satisfaction or money back guarantee, as well as keep all technical and customer support domestic to ease frustration of customers. As for the community, TechnoSleep will take part in as many events within it, such as, parades, fairs, tragedies, sponsorships, and anything else that TechnoSleep can take part in.



Our business can sustain a competitive advantage against competition by:

  • Keeping our prices low

  • Creating products that are unique and unable to be imitated or duplicated

  • Serving a significant group of people in our target market

  • Deliver benefits that exceed those of competing products

  • Create superior value for our customers to result in superior profits for our company


Future vision for our company

  • Continue to create high-quality products at reasonable prices

  • Sustain a competitive advantage

  • Enter global market but be aware of threats from foreign competitions

  • Use international distribution networks to obtain raw materials and move finished products to consumers

  • Trade between nations with imports and exports

  • Obtain absolute advantage

Appendices

Code of Ethics

Follow company policy

It is imperative that all employees follow corporate rules. By doing so the company can operate efficient and effectively and allow us to all work in a clean, friendly environment. Follow these guidelines and work will be smooth and fun:

· Follow corporate policy

· Respect guests to the building

· Follow all safety guidelines

· Protect all confidential information

· Take care of customers

All customers should be treated with integrity and respect and every customer’s question or concern should be taken seriously. The following guidelines should be maintained to provide top-quality service to our customers:

·Respect all customers

·Be patient with customers

·Make the customer feel personal

·Maintain a positive attitude

·Provide top-quality service and product

·Provide fast service on all products and service

Take care of employees

At TechnoSleep, we value our employees and the work they provide. We do not wish to ever lose an employee once hired. We strive to have the best-of-the-best and keep them until retirement. That is why TechnoSleep incorporates the following promises to employees:

·Provide excellent wages and benefits

·A safe work environment

·A clean work environment

·Understand that "accidents happen"

·Provide job training and security

·Provide internal job postings before posting externally, as well as promotions

(Gitman & McDaniel, 2008)



Organization Chart

CEO—CFO—President—Vice President

(All top level managers)

Division heads--Departmental Managers--Regional Sales Managers

(All middle managers, oversee supervisors)

Supervisory Management

(Most numerous of the managers)

Employees

Technology—Finance—Product—Human Resource

(Four teams of employees)

Product—Marketing—Management—Human Resource—Operating—Financial—Technology

(Seven departments that include employees from each team)

(Gitman & McDaniel, 2008)



Reference Page

Gitman, L.J. & McDaniel, C. (2008). Future of Business: The essentials--Title

created for Bloomsburg University, 90.101 Intro to Business. Ed. Mason, OH:

Thomson.



Links:

Business Plan

Spreadsheet


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