Elevator Pitch Report
NEWBORN BABY VOICE TRANSLATING TECHNOLOGY
Executive Summary
Newborn baby voice translating technology is a unique idea. However, there are many strategic considerations to make this product successful. The company has identified the needs of target customers. To eliminate the problem, the company intends to provide a solution through this innovative product. Along with elaborating the overall description of the product, the overall business strategy has been elaborated with some key insights. Some key competitive factors, core competencies, and strategic analysis tools have been used to depict the relationship between the product and the strategic business management. Based on the industry data and customer insights, the firm has created strategies to make this product successful. Furthermore, key success factors, strategic options, and actions in translating the strategy are also illustrated. The company will contain the markup revenue model, as it is less risky as compared to other revenue models. Newborn baby voice translating technology is a new product in the baby care market. In the Middle East, the baby care market is quite competitive, and some strategic considerations, elaborated in the report, are to be implemented effectively to make the difference for the long run.
Introduction
In the new product development process, it seems mandatory for the company management to come up with an appropriate plan. The most important thing is to make the product successful in the competitive market. In this competitive era, product innovation is necessary for business management to get an advantage over other rivals in the market. Streamlining innovative ideas in the market through some key strategic considerations is a good approach. This elevator pitch report includes different strategic considerations to get a particular product or an innovative idea in the limelight. It is a great opportunity for the different group of investors to navigate this pitch report and take key business initiatives in Dubai.
· New Innovative Product
Newborn baby voice translating technology is an innovative product. This product is to be developed to enhance the visibility of benefits for customers. Target customers are mothers, as they can use this technology to understand what the child needs. This innovative product can help mothers to translate the child effectively. Interestingly, this product is to be developed for up to 3 years baby.
· How Innovative is the Idea?
The idea is quite innovative. It seems interesting to translate different sounds of the baby. It can save time and facilitate the mother to capture different varieties of cries. Finally, the mother can get the answer from this technology and meet the needs of the child. It is a remarkable innovation that has never been depicted before. Through this technology, both mother and child can get comfort.
Customer Problem/Pain Being Solved
Baby is crying. Mother always wants to provide comfort for her child. Sometimes, it is tough for the mother to understand what the child needs. Usually, it creates frustration among mothers. In short, it creates a huge gap in the childcare process. A mother has to change the diaper and get him to feed or swing. The big issue is the mother cannot understand the noises of cries. It is difficult for a mother to provide an appropriate answer to the child. For up to 3 years of the child, there is a need for a certain environment. The child cannot communicate clearly to mother accordingly, which makes him cry in different situations. In the baby care and technology market, there is a need for an innovative product that can resolve this issue for both mother and child. Enabling better growth and learning is a big challenge for a mother, and it seems a current problem.
Target Customers
Target customers regarding this innovative product are mothers in Dubai. It has been revealed that the numbers of women are working in different organizations, and it is tough to give proper time for kids. Investors in this region want to target mothers, especially working women to understand the need of kids and save their time. Interestingly, this technology enables quicker response in homes. Along with mothers, this technology is also pertinent to different babysitters in homes, as they can also understand the noises of the kids and make decisions quickly. The most important thing is to keep the child happy and comfortable. In short, along with mothers and babysitters, a person who is taking care of the child is to be targeted by the company.
Solution to the Problem/Pain (Product Description)
The Infant Cries Translator is an innovative product that is to be used by mothers to eliminate this issue. This app contains almost 200,000 examples of crying sounds of the baby. This product can depict the difference between crying varieties and provide the answer accordingly. These sounds have been recorded, as the child’s voice can be compared. The Infant Cries Translator contains a huge database, which is enough to provide the appropriate answer or response. This app can be loaded on a Smartphone, as the mother can analyze or identify the baby’s sound in a few seconds (Dormehl, 2018). For Instance, the big problem, as mentioned, is to identify or analyze the wet hunger diaper, and pain. Accordingly, the Infant Cries Translator can communicate in no time. Initially, the product development team is looking to depict 92% accuracy, and it can be decreased, as the baby gets older. Often, the child cries when the environment is not comfortable or suitable. Through this innovative product, it is easy for the mother to create a pertinent environment for the child. Interestingly, this product is integrated with the cloud system, as sounds are to be updated with the passage of time. After creating the environment for the child, the product becomes less useful for both mothers and child. After downloading this app in the device, the mother has to add the date of birth and nationality. When the baby starts crying, the mother has to hold the record button in the app and send it to the sound database to get the right answer (Shah, 2016).
This product is a pertinent solution to the problem. The mother also has to learn to use this technology to depict an effective use. Updates are to be enabled or installed in the device to get new noises or sounds, as it can make this innovative product more effective and applicable. It seems a good idea to develop or launch this product, as it is workable, as far as the child fare is concerned. The issue can be identified early, and the mother can understand the environment that is appropriate for the child.
http://www.letustweak.com/news/newsinfant-cries-translator/
Value Proposition to Customers
As mentioned, the target customer is the mother. The management of the company is looking to create value through attraction and the elimination of the problem. The company has to depict the promising value of customers through extraordinary features in the product. For Instance, this product is workable for all mothers, as an immense range of noises or sounds is to be updated to facilitate mothers. Moreover, the company wants to create value by streamlining customer satisfaction. Getting the child and mother out of trouble is the main output that the company expects from this product. Through workability, effectiveness, quality and low price of this product, the company is in the best position to create value for customers (Liberatore, 2015).
Customer Benefits
The mother does not have to guess what the baby wants. It is the biggest benefit of these target customers. It has been revealed that many people, especially mothers and babysitters, are not fluent in baby talk. The mother can predict what is wrong with the kid and takes care accordingly. Guessing what the baby may take much time of mothers. Translating the baby’s cry accurately is the biggest benefit to come up with the accurate action. The frequency of the baby crying can be reduced dramatically through this product, and it seems quite beneficial. For Instance, usually, a mother cannot identify the wet diaper. It may cause infection, which makes the baby cry. This product can help to recognize the sound and change the diaper early. It enables better care of the kid, as different diseases can be prevented. Another big benefit is the availability of the information, as immense sound database helps mother learn with the passage of the time. After some time, even without technology, the mother can schedule the time to feed and change the wet nappy. The reaction of hunger can also be noticed by this product, which enables the growth and good health of the child. These are some prominent customer benefits, which are to be utilized effectively (Huffingtonpost.com, 2010).
Source: https://www.patrika.com/mobile-apps-news/infant-cries-translator-app-can-tell-why-babies-cry-1154022/
What is Different or Unique about the Idea?
The difference or uniqueness of the idea is intelligence. For Instance, mostly, mothers look immature after the first baby. It is a great opportunity for these customers to learn different things regarding baby care. Using the technology to take care of the child (up to 3 years) is a unique idea, as it accelerates the baby care and learning process of the mother. The baby care has not been integrated with the technology so far, and it looks like a new journey in this regard. Interestingly, guessing the needs of the child seems traditional. The Newborn baby voice translating technology is a new way of perceiving baby’s reactions. It can be said that this product is unique or different regarding the decision-making process, as far as the childcare is concerned. Using Newborn baby voice translating technology to make the child happy is a different approach, and it is to be executed (Babymed.com, 2013).
Source: https://janicehearts.wordpress.com/2010/09/12/pragmatic-perspective-of-communcation-a-guide-to-infants-cries/
Gaps in Current Solutions
There are some gaps in the current solution. For Instance, baby’s reactions may vary in different countries. Updating sounds and noises is a good idea, but it may take a lot of time. It is to be said that this technology is not applicable to ill or disabled children. This product has been designed for normal situations, as in specific circumstances, customers may face difficulties or find this product less useful. Furthermore, this product has been designed for kids up to 3 years old. Thus, the gage limitation depicts the prominent gap. 100% accuracy has not been ensured by developers, as ultimately, the mother still has to guess in different situations. The child may react differently in different environments, as the same sound cannot be used to take action every time.
Competitive Advantage
It is a high quality and differentiated product in the baby care market. These two elements are leading towards the competitive advantage. However, relative to this product, there are many factors which can lead towards a sustainable competitive advantage in the competitive market. For Instance, the company has identified the needs of customers and accordingly targeted customers. In Dubai, baby care and babysitter services are in the limelight. Interestingly, this product streamlines rapid baby care as compared to these service providers. Thus, due to the uniqueness and differentiated features of this product, the firm is looking to gain a competitive advantage over these service providers. Major baby care and babysitting service providers in Dubai are Night in Gale, My Nurse, and Babies and beyond and Malak. These firms are not using the technology to enhance baby care, and it is the biggest factor in terms of the competitive advantage. The product is available at low cost in the market that is also a competitive factor. Concerning the future perspective, the company can sustain the competitive advantage through focusing on the product feature. Expanding the sound database is a good approach to keep an advantage over rivals. Ultimately, high-quality product features create the attraction for customers. Thus, being an initiator of this particular idea, the company can grab the immense range of customers in the baby care market, and it is also a top competitive factor (Dormehl, 2018).
http://www.bitrebels.com/apps/translator-app-decodes-crying-babies/
Overall Business Strategy
The overall business strategy of the firm is the product differentiation strategy. The firm management intends to make the product quite different or unique to get the competitive advantage of other firms, which are intended to imitate or develop the similar product. It is a unique and innovative idea and differentiating the product can help to justify the purpose. Baby care technology is in the limelight in this modern era. Therefore, the overall business strategy is differentiation, as it can make the company different from other rivals in the market. Company management can enhance the differentiation process through quality, pricing, and features. Making this product inimitable is a good consideration by the Company to make the difference and become the first preference of the customer. If the company wants to expand the product through the pertinent product line, it can only survive through the differentiation process in the intense rivalry (Grünig & Kühn, 2018).
Vision & Mission Statements & Business Model
The vision of the company is to bring mothers and children closer through Newborn baby voice translating technology
The mission of the company is to reach the global market by expanding its cloud system in the next five years.
Company’s Core Competencies
There are many core competencies of this firm. However, it is necessary to streamline some core competencies, which are pertinent to the development of the Newborn baby voice translating technology. For Instance, the prominent core competency of the firm is managing the change. To enhance the visibility of innovation in product development, the firm management has to evolve with time. For Instance, in this particular product development process, the firm management depicted the support for innovation and the organizational change. Internally, the company has created the environment to facilitate each stakeholder in managing organizational change. Thus, due to this change process, the company has successfully created the culture of innovation. Due to this core competency, Newborn baby voice translating technology has been developed (Whitehead, 2012).
Another core competency is analytical thinking. By using the logical approach, the company can find the problem and come up with the best solution for customers. Along with logic, the company also uses a systematic and sequential approach to streamline different solutions. Similarly, the firm has logically and systematically rationale development and benefits of Newborn baby voice translating technology.
The third core competency is technical expertise. Based on technical knowledge, the company can develop some unique or innovative ideas. For Instance, the company has successfully applied the technical knowledge to eliminate the main issue. The development team navigated the big sound database, and based on it, developed the Newborn baby voice translating technology. Through deep knowledge and skills, the company managed to come up with the differentiated product for target customers.
Industry, Customer & Context for the Company & its Competitors
In the Middle East, the baby market is blooming. Competitors are developing different products for customers, which enhances baby care facilitation. In the baby care market, apparel, food, toys and skin care products are quite visible. Thus, in Dubai, Newborn baby voice translating technology is a kind of new additions to the market. This product can lead towards the attraction, as it is quite new and never experienced by customers before. Customers are trying new products for kids to adopt the new method of baby care. Different types of newborn baby products are available, as the industry is growing with the number of competitors such as Night in Gale, My Nurse, Babies & Beyond and Malak.
As mentioned, target customers for this product are mothers and babysitters. These customers can learn and use this technology to translate the noise of crying and meet the needs of the child accordingly. The context for the company is also visible, as the Newborn baby voice translating technology is a valuable addition to the baby care market. Along with toys, foods, clothes and many other products, this product can be placed on the top shelves of stores in the market. It is attractive, unique, and differentiated enough to attract target customers in the industry (Klein, 2007).
SWOT Analysis
· Strengths
The main strength of the company is its financial condition, as the company contains enough financial resources to develop this innovative product. Furthermore, the company has a skillful workforce to streamline creativity and innovation. It is the prominent strength of the company that helps to rationale the Newborn baby voice translating technology. The sustained brand image is also a big strength of the company as all business stakeholders, including customers, will generally accept the new innovative product. The company has streamlined these strengths effectively to meet to justify the mission and vision statements in the competitive market.
· Weakness
Developing innovative products is a good idea in the market. However, the firm lacks advertising and promotion. It is the biggest weakness, as many customers do not know about the product and its features. Another weakness is the possible gap in the current solution, as features and workability are pertinent to up to 3 years child. It is less usable when the child gets older. Moreover, another weakness of this firm is lacking the product line. It is a single innovative product, as the revenue of the company is quite dependent. These weaknesses have created the solution gap, and the company must work on it.
· Opportunities
It is a great opportunity for the firm management to expand the product in different countries. The company can integrate with the sound database of different countries, as it can help to expand the workability or usability of the Newborn baby voice translating technology. Another opportunity for firm management is the development of several segments. For Instance, it can be expanded up to 5 years baby. Along with Dubai, the product can be launched in different Asian countries, as the cost of doing business in China and India is low. Thus, these opportunities must be exploited effectively.
· Threats
Different firms are coming up with innovative and differentiating baby care products, and it is a threat to this company. The product imitating capability of several rivals is also a big threat. There is a perception that Newborn baby voice translating technology will decrease the importance of mother, as she looks depending on the technology. Thus, many customers may deny using this product, which is a direct threat to revenue streams and profitability of the company. Doing business in Dubai is risky nowadays due to some economic spikes and taxes. Thus, when making the business strategy, these treats are to be kept in mind.
Key Success Factors
The main key success factor for this company is the strategic focus. For Instance, the firm has to navigate different opportunities regarding product improvements, market channel distributions, and positioning process. For Instance, strategy, the company can decide to increase the product line to grab more customers and increase the profitability. Another key success factor is to develop people regarding the learning process and skill development. In innovative culture, it is quite relevant strategic consideration. People integrated with the knowledge management process can justify the differentiation for a long run as well. The third key success factor is marketing, as the most important thing is to position better in the minds of customers in the competitive baby care market (Campbell et al., 2011).
Strategic Options & Selecting the Appropriate One
The big strategic option for the company is to contain the merger or acquisition with the local baby care manufacturer. Another strategic option for the company is to reduce the cost. As mentioned, the business strategy of the company is differentiation. After justifying the differentiation, the cost of leadership is an attractive option to maximize revenues and profitability. However, the best strategic option for the company, as far as the future is concerned, is a merger or acquisition. Aligning with the local technology giant is the best option for the company to gain market share quickly and streamline innovative products. It seems a big opportunity to utilize the big distribution network of another company to reach the target customers. Thus, a merger or acquisition is the appropriate strategic option for this company.
Translating Strategy into Action Plans with Measures & Controls
The business strategy is product differentiation, as there are many steps or action plans to translate this strategy. Deriving insights from strengths, weaknesses, opportunities, and threats, the company can focus on the quality of the product to enhance the visibility of the differentiation (Nijssen & Frambach, 2013). Moreover, the differentiation can also be translated through the pricing strategy. For Instance, the income level of people in Dubai is moderate, and accordingly, penetration pricing is a key factor to justify the differentiation. Big measures for the company are sales, profitability, and assertiveness of customers. If the sales increase, it is to be said that the differentiation is working. Relative to control, perfect marketing intelligence is required by the company. Product development, improvement, and uniqueness can be controlled by navigating the market or customer data.
Media for Marketing Communications
The most appropriate media channel for marketing communication is social media. Interestingly, the company can integrate with different social media platforms such as Facebook and Twitter to reach the target customers. It is a cheaper marketing channel as compared to the traditional one. The attraction can be enhanced through visualization and simulation of these media channels. Social media channels can help the company contain customer engagement effectively, which streamlines the customer feedback as well (Cohen, 2015).
Money Making and Revenue Model
The revenue model for this innovative product is Markup, as the company intends to set the selling price, which includes the profit and different overhead charges. Interestingly, the company wants to sell the Newborn baby voice translating technology, including the profit over and above the cost. It is a good approach to earn more money through sales (Whitehead, 2012).
Conclusion
In the end, it is to conclude that the Newborn baby voice translating technology is an innovative product for mothers to take care of the child. It seems vital for the business management to come up with a proper plan to develop, launch and streamline this product in the come0ptitve market. Through the differentiation process, the firm can gain and sustain the competitive advantage along with the long-term sustainability.
References
Babymed.com, 2013. New App for Translating Your Baby’s Cries. [Online] Available at: https://www.babymed.com/blogs/jaclyn-stewart/new-app-translating-your-baby’s-cries [Accessed 2 August 2018].
Campbell, D., Edga, D. & Stonehouse, G., 2011. Business Strategy: An Introduction. 3rd ed. Macmillan International Higher Education.
Cohen, G., 2015. The Bible of Options Strategies: The Definitive Guide for Practical Trading Strategies. 2nd ed. FT Press.
Dormehl, L., 2018. Fussy, hungry, or in pain? This app accurately translates your baby’s cries. [Online] Available at: https://www.digitaltrends.com/cool-tech/chatterbaby-app-deciphers-baby-crying/ [Accessed 2 August 2018].
Grünig, R. & Kühn, R., 2018. The Strategy Planning Process: Analyses, Options, Projects. 2nd ed. Springer.
Huffingtonpost.com, 2010. Baby Cry Translator App Knows Why Baby’s Crying, How To Fix It. [Online] Available at: https://www.huffingtonpost.com/2009/11/05/cry-translator-app-knows_n_347404.html [Accessed 2 August 2018].
Klein, G., 2007. Strategic Marketing. GRIN Verlag.
Liberatore, S., 2015. No more guessing what your baby wants: ‘Baby translator’ app can decode what their crying actually means. [Online] Available at: http://www.dailymail.co.uk/sciencetech/article-3379113/No-guessing-baby-wants-Baby-translator-app-decode-crying-actually-means.html [Accessed 2 August 2018].
Nijssen, E.J. & Frambach, R.T., 2013. Creating Customer Value Through Strategic Marketing Planning: A Management Approach. 2nd ed. New York: Springer Science & Business Media.
Shah, S., 2016. This new app claims it can translate your baby’s crying sounds to predict what’s wrong. [Online] Available at: https://www.digitaltrends.com/mobile/baby-crying-translation-app/ [Accessed 2 August 2018].
Whitehead, J., 2012. What You Need to Know about Strategy. 1st ed. John Wiley & Sons.
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