business idea example

MUHAMAD IKHWAN BIN MUHAMAD AZIZIE (MIMET) EDUCATIONAL PURPOSE ONLY BUSINESS IDEA EXAMPLE

BUSINESS IDEA

Business Title : Digital Al-Quran Read Pen

Team Name : Gah Samudera Enterprise

Names : Muhamad Ikhwan bin Muhamad Azizie

Contact Details


Contents

Address Jalan Ambang Botanic, Bandar Industri, Manjung, Perak

Tel 056837361

Mobile 0177194928 Title Page/s


Section 1.0 EXECUTIVE SUMMARY 1

Section 2.0 PRODUCTS AND SERVICE DESCRIPTION 2

Section 2.1 PRODUCT INTRODUCTION

Section 2.2 PRODUCT FUNCTIONS

2.2.1 PEN FUNCTIONS

2.2.2 QURAN INK

Section 2.3 PRODUCT FEATURES

2

3

3

4

5

Section 3.0 TECHNOLOGIES DESCRIPTION 6

Section 3.1 MATERIALS

Section 3.2 PRODUCT DESCRIPTION AND PROCESS

6

7

Section 4.0 MARKETS AND COMPETITION 8

Section 4.1 MARKETS

4.1.1 MARKET TARGETS

4.1.2 POTENTIAL BUYERS

4.1.3 POTENTIAL MARKET REGIONS

4.1.4 POTENTIAL RANGE OF CUSTOMERS

Section 4.2 COMPETITORS

4.2.1 SALES STRATEGY

4.2.2 SALES STRATEGY - INDIRECT

4.2.3 MARKETING STRATEGY

4.2.4 MARKETING STRATEGY PROCESS

8

8

9

9

9

10

10

11

13

14

Section 5.0 BUSINESS MODEL 15

Section 5.1 COMPANY PROFILE

Section 5.2 BUSINESS MODEL DEFINITION

Section 5.3 BUSINESS MODEL FOR READ PEN

15

16

17


Section 1.0 EXECUTIVE SUMMARY

Digital Quran read pen is an important breakthrough to the modern world of Islam. It has

different voice recitations and let you choose your favorite recitor’s voice. You can repeat as

much as you need to hear the ayat (verse) or complete surah (chapter) so that you can over listen

to it till you memorize. Just turn on and point it to the verse then it will recite for you.

It is nice since you are using for memorizing Quran and also you can get translation of

Quran. There are several languages that you can choose whichever language you are comfortable

to study with. It has Quran book which was programmed to the Quran reciting digital pen so you

can use only with that book. I believe if you use, it will be very helpful to memorize the Quran

and also to know the best way to recite the Quran.

There are many technical and non technical aspects that surround these ideas of digital

Quran read pen. There are many features included in this small read pen. Users need to press the

button for 2 seconds to turn it on/off, turn on the pen with blue light on, same way to turn off the

pen. Read any ayat, whole surah and whole page by pointing the read pen to the ayat, Surah

name or page number. The other important part of this pen is it has 1 complete Translation

Voices (English) Other Translations Available. Other than that, this digital Quran read pen is

also built in speakers. It is supported by PC connection and allows the user to connect the USB

with the PC. It will automatically power off if not in use for 3 minutes. Users also can use it to

Store and play the MP3 files. In order to make it effective working time, one should recharge it

for six hours until the LED turns into green color.

We already plan well to have around RM30000 as a possible return on investment. By

having that amount of return on investment, we are able to supply stock to forty retail outlets

throughout Malaysia and surrounding city areas. We are also able to reach this much of turnover

if we will sell our product even at an evening market every Saturday and Sunday to be able to

reach that amount of profit. Lastly, we recommend customers to just buy Quran read pen with

Quran book and memorize right away.


Section 2.0 PRODUCTS AND SERVICE DESCRIPTION

2.1 PRODUCT INTRODUCTION

Digital Al-Quran Read Pen

Digital Quran read pen has become one of the popular tools for the new comers to the

religion of Islam or also known as mualaf and not to miss the youngster who are still in the

process of learning Quran. Digital Quran read pen acts as one of the important breakthrough to

the modern world of Islam because of its benefits and enhance the quality of learning of Al-

Quran.

Quran memorizing is very important for your hereafter life. It is very important because

when you recite the Quran, it means that Allah is talking to you. So the Quran will remind you

do have and don’ts to follow what are being ordered and stay away what is being prohibited. You

are connecting your heart to God so he will shower you his mercy. There is hadith from the

Prophet meaning that your dwelling in paradise will be the last verse that you read. That is that

paradise ranks from down to the peak so you are going up like you are riding elevator and your

position will be where your recitation of Quran ends. So if you need to memorize, you can use

Holy Quran Pen to memorize the Quran.


2.2 PRODUCT FUNCTIONS

2.2.1 PEN FUNCTIONS

Function: Long press on/off for 2 seconds, turn on the pen with blue light on, same way to

turn off the pen. Read any aya, whole surah and whole page by pointing the red

pen to the aya, Surah name or page number.

Button functions:

Reading state MP3 state

On/off, MP3

Short press: Change to MP3

Long press: Turn on/off

On/off, MP3

Short press: Change to read Quran

Long press: Turn on/off

Next/sound

Short press: read the next aya

Long press: Language

Next/sound

Short press: next song

Translation

Short press: Translation

Long press: Change different book or

reciters

Translation

Short press: Previous song

Pause/repeat

Short press: Pause/play

Long press: Repeat

Pause/repeat

Short press: Pause/play

Long press: Repeat reciters

Vol+, Vol-


2.2.2 QURAN INK

Based on the picture above, blue circles show an example of the ink used to detect the readings

by using the digital Al-Quran read pen.

The ink can be custom made by giving us the owner’s copy of Quran. Just supply us your Holy

Quran in any size; we will supply the owner with the pen a transparent plastic film with invisible

code. With this film, our Read Pen will work on each user’s own Holy Quran. That means, one

Read Pen can read any Quran of different size.


2.3 PRODUCT FEATURES

There are many technical and non technical aspects that surround these ideas of digital Quran

read pen. There are many features included in this small read pen.

The main features include:

• 4 complete reciters of complete Holy Qur'an by Al-Afasy, Ajmi, Abdul Basit, Al-Me'aqli and

Ayyub etc.

• 1 complete Translation Voices ( English ) Other Translataion Avaible.

• To read user’s own Holy Quran:

Just supply us your Holy Quran in any size; we will supply you with the pen a transparent plastic

film with invisible code. With this film, our Read Pen will work on each user’s own Holy Quran.

That means, one Read Pen can read any Quran of different size.

• Complete Holy Quran Book in well printed Othmani font on precious paper with beautiful

cover.

• Read Pen can read any page, Sura or Aya by only touching the text in the Holy Qur'an Book.

• Simple and easy way for people with reading difficulties, learning disabilities or dyslexia to get

immediate word support when they are reciting.

• Perfect for those who want to learn how to Recite (Read) Holy Quran without a teacher

especially for non-Arabic People.

• With the help of Read Pen, children and adults can conveniently recite Holy Quran anywhere

any time.

Other features include:

• built in speakers

• PC connection. USB allows the user to connect with the PC

• Effective working time after fully-charged: over 6 hours

• It will automatically power off if not in use for 3 minutes

• Storing and playing MP3 files


Section 3.0 TECHNOLOGIES AND PROCESS DESCRIPTION

3.1 MATERIALS

A) Read Pen

1. Cover made of plastic

2. Electronics

3. Wires

B) Al-Quran

1. Paper (For new set of Al-Quran)

2. Special ink used to detect aya/surah using the read pen

3. Plastic

C) Others

1. Wires

2. Battery charger / Charger

3. Plastics to cover accessories

4. Cardboard for storage


3.2 PRODUCT DESIGN PROCESS

All Industrial Design projects follow the following process in order to launch a successful

product into the marketplace. We work with our clients in using the following model to insure

that all phases of the design process are addressed.


Section 4.0 MARKETS AND COMPETITION

Section 4.1 MARKETS

Section 4.1.1 MARKET TARGETS

In general, the market targets for buyers of this product of digital Al-Quran read pen are

ranges from youth to elder community of Islam. Just like ordinary Quran, non-Muslims also can

participate in buying this product if they are really wanted to get know of Islam. Muslims

consists of different kind of people from many part of regions in the world, thus the markets are

huge especially in developed country such as Malaysia, Arabs and Indonesia.

The markets are expected to have better impact in Europe and North and South America

because of this advanced technology it carries which could impress world community of the

modern world. Even though Muslims community in North America and Europe are less than

other part of regions such as Asia and Middle East, they prove to be much potential buyer

because of their higher level of wealth and are mostly are able to afford the cost of digital Al-

Quran read pen.


4.1.1.1 POTENTIAL BUYERS

General : 1. Muslims community

2. Non-Muslims community (Atheist and other religions)

Detailed : 1. Mualaf (New comers of Islam)

2. Muslims in process of learning Quran

3. Muslims who are learning certain/specific kind of recitation

4. Qari / Qariah (Persons who learn/read Quran)

5. Person who seeks for paradise hereafter

4.1.1.2 POTENTIAL MARKET REGIONS

In a future planning, regional market will include Islamic country, Europe, North/South America,

and Middle East. Unfortunately for now, we are going to start off in Malaysia as a headquarters

for our company.

4.1.1.3 POTENTIAL RANGE OF CUSTOMERS

Potential range of customers helps to develop our overall

promotional strategy. By knowing range of customers, we are

able to understand their characteristics which will help us in

our sales strategy.

Religions : Not limited to Muslims only

Age : youth from age 8 years old

Sex : Male / Female

Income Level : Able to afford at any level


Section 4.2 COMPETITORS

Competitors are any person or entity which is a rival against another. In business, it is a

company in the same industry or a similar industry which offers a similar product or service. The

presence of one or more competitors can reduce the prices of goods and services as the

companies attempt to gain a larger market share. Competition also requires companies to become

more efficient in order to reduce costs. Our competitors in Malaysian market will be:

1. A S Noordeen

2. Yusran Publishing House

3. IBT Books (Islamic Book Trust)

Those 3 are examples of our market competitors which are really strive in producing books or

tools which are related to Islam. In order to be the best among them, we will take steps in

planning strategies and ways to be ahead of them. Thus, we are able to rank against them in order

to achieve a high profit due to sales. The strategies will be discussed on the smaller topics below.

Section 4.2.1 SALES STRATEGY

There are different methods in order for sales strategy. Each strategy has it owns advantage and

disadvantage. Since nowadays, markets have been widely spread as a result of the internet, eBay

and Amazons website.

4.1.1.1 SALES STRATEGY TECHNIQUES

Sales strategy is often overlooked in a presales

planning. Learning from military strategists, there are 2

basic types of sales strategy. No company can succeed;

much less survive, without effective sales strategies.

Two basic strategies are the direct sales strategy and the

indirect sales strategy. Understanding what these

strategies mean and how they can best be implemented

can are essential to long-term success.


4.1.1.2 SALES STRATEGY - INDIRECT

An indirect sales strategy is a less used, but more sophisticated sales technique. To use an

indirect sales strategy means to change the rules of the sales evaluation process. It can be apply

by doing this by introducing new capabilities and criteria that the competition may not have and

making them essential to the buyer's evaluation criteria.

For digital Al-Quran read pen, we are going to use this indirect sales strategy because of its

feasibility to handle. We just need resellers, franchise partners and licensed partners to able us to

sell our product. Around 20% of the product profits were given to them. It is also because we

would like to reduce our costs in terms of money.

1. Focused on the various sales channels you can leverage to increase your sales success.

For example, this could be resellers, franchise partners and licensed partners.

2. Conducted through affiliates or a reseller. Two examples are Avon or any product that a

person purchase at the local grocery store

Benefits of indirect sales strategy:

1. Company can expand its geographic reach without having to hire hundreds or even

thousands of sales representatives.

2. The costs associated with sales are directly in proportion to how successful the reseller is.


4.2.2 MARKETING STRATEGY

The marketing concept of building an organization around the profitable satisfaction of

customer needs has helped firms to achieve success in high-growth, moderately competitive

markets. Customers have it own needs. As technologies developed, everything is getting easier.

Peoples around the world have the needs to continue their learning process in daily day. We

provide Digital Al-Quran Read Pen in order to satisfy our customer need. Thus, Digital Al-Quran

Read pen is not just a technology breakthrough but also as an improvement in Islamic world

which really encourage the believers to learn and implement Quran in daily lives.

We have listed on how or strategy to market our products as below:

1. Through advertising on newspaper

Newspaper such as The Star and Metro is a good starting place to start advertising. This

is because they have more readers than other newspaper thus giving us advantage in

exposing this product to the community.

2. Mass media by using television as a medium to expose the product to the public

TV3 station is the best amongst other local television station in order to gain more

publicity.

3. Take advantages of Islamic reality television series of Youth Imam and Al-Quran

Academy.

Through this kind of television, the contestants are able to apply our product in their

lesson of learning Quran. Thus, by sponsoring this kind of television show will make our

company name raised and known to the Muslims community

4. Use agents to promote.

By using agent to promote our digital Quran read pen, we do not have to focus on long

term advertising and thus able to save costs of money.

5. By having vendors to distribute all over Malaysia.

Having a signed contract with stall and vendors around Malaysia will able us to sell our

product in much higher efficiency and thus able to return profit in a small amount of

time.


1.2.2.1 MARKETING STRATEGY PROCESS

This marketing strategy process will be implemented in our own marketing strategy.

The picture above shows the process for developing and aligning marketing strategy.

These are the steps you should follow to create and execute a winning marketing strategy.

I’ll briefly review each step in turn:

1. Understand Your Customer

Develop a clear picture of your target customer using market research and analysis.

Understand their pain points and the benefits of your solution.

2. Analyze the Market

Some basic market research should allow you to find market data such as total available

market, market growth (historical numbers and projections), market trends, etc.

3. Analyze the Competition

Ask yourself what other choices your target customers have to solve their pain point.

Research and assess the strengths and weaknesses of each. Take a look at this article for

more info on competitive marketing strategy.

4. Research Distribution Channels

What is the best way to deliver your product or service to your target customers? This

will impact your sales strategy and your financials, as well as your marketing mix.


5. Define Your Marketing Mix

Check out this article about defining your marketing mix: Product, Price, Place and

Promotion.

6. Analyze the Financials

Put together your marketing budget and evaluate projected marketing ROI, customer

acquisition costs, etc.

7. Review and Revise

Continuously evaluate the effectiveness of your marketing strategy, and revise or extend

as needed.


Section 5.0 BUSINESS MODEL

5.1 COMPANY PROFILE

Our company is one of the companies that create a new product which related to Islamic value

such as Quran translation book and Islamic studies text book. It is a huge step up for us to create

entirely new products which are really a breakthrough to Islamic community. Our company was

established less than a year ago and still standing strong in terms of financial.

Core values

As a Development Foundation, our core values are designed to enhance good corporate

citizenship. There are four core values that the Eskom Development Foundation subscribes to:

Excellence Acknowledged by all for an ingrained drive for exceptional

standards and professionalism.

Innovation Value adding creativity and results oriented

Customer

satisfaction

A commitment to exceed the needs of the receivers of products and

services

Integrity Honesty of purpose

Core Strategy

The Khilafa private limited is a company that supporting social and economic objectives in

Malaysia and vigorously promoting Muslims economic growth in Malaysia.

PROJECT MANAGER

(IKHWAN)

TEAM DESIGNER & TEAM FABRICATOR

( IZZUDDIN )

TEAM FUNISHER & TEAM PLANNER

(AKMAL)


Goals

Strategic goals express the things that must be achieved to enable us to move to our desired state

of being one of the leading socially responsible organizations in the development of communities

for growth and prosperity. Our goals are:

To develop Islamic Entrepreneurs

To develop Islamic educational programs

To develop a high quality products

To improve business efficiency of Islamic world.

5.2 BUSINESS MODEL DEFINITION

Converting innovation to economic value

A business model describes the rationale of how an organization creates, delivers, and

captures value- economic, social, or other forms of value. The process of business model design

is part of business strategy. Business plan is implemented by a company to generate revenue and

make a profit from operations. The model includes the components and functions of the business,

as well as the revenues it generates and the expenses it incurs.


In theory and practice the term business model is used for a broad range of informal and

formal descriptions to represent core aspects of a business, including purpose, offerings,

strategies, infrastructure, organizational structures, trading practices, and operational processes

and policies. Hence, it gives a complete picture of an organization from high-level perspective.

Business model is that it defines the manner by which the business enterprise delivers value to

customers, entices customers to pay for value, and converts those payments to profit: it thus

reflects management’s hypothesis about what customers want, how they want it, and how an

enterprise can organize to best meet those needs, get paid for doing so, and make a profit.


5.3 BUSINESS MODEL FOR DIGITAL AL QURAN READ PEN

As an introduction to our business model, we would like to brief of our idea. The idea

sparks when seeing our Muslims brother reading the Quran. We are also impressed seeing of our

Muslims brother memorizing the Quran, aya by aya, surah by surah and pages by pages. It is not

an easy task to do so. So by introducing our products, we will enhance the experience that

enables Muslims to easily memorize, reading and hearing the Quran and recitation.

The market we are planning focusing in operating in includes Muslims community in Malaysia.

While the industry we are heading into are generally in publishing and manufacturing of this

digital Al-Quran read pen.


KEY BUSINESS OBJECTIVES

Business objectives and associated strategies could also be called defining your business goals.

No. Key Business Objectives Associated Strategies

1. To establish a workplace

that functions at

optimum capacity

1. Rent workshop or factory space with a lock up storage

area

2. Ensure all raw materials are on regular auto-order

2. Have RM30,000 turnover

in first year of operation

1. Supply stock to forty retail outlets throughout Malaysia

and surrounding city areas.

2. Start a stall at evening market every Saturday and Sunday

3. Offer free product to a variety of home ware

4. Develop a referral reward program for those retail outlets

that refer me to other potential suppliers

3. Build a reputation for

quality, error-free

products and service

1. Ensure that raw materials are purchased from suppliers of

the highest quality

2. Encourage constructive feedback from customers and

suppliers

4. Build a solid customer

base on which to expand

product range

1. Undertake networking activities to build up name and

reputation

2. Always provide exceptional, on-time to customers

3. Keep up to date with trends in the industry and constantly

provide new products for customers to choose from.

5. Have product range

expand to include a

variety of functions by the

end of the first twelve

months

1. Spend time each week sourcing new product

2. Take short courses to learn how to produce items that

interest me

3. Encourage continued feedback from retailers on shelf life

of various products and consumer buying patterns


REASONS

The reason why we chose this product is because it is a brand new idea, which most of

the Muslims community doesn’t know. We seize and took this opportunity to introduce our

product to the market because it will become an iconic symbol of technology development in

Quran since 1400 years ago. Instead of using paper as a medium of writing on top of it, we

implement it by includes special ink for the read pen to read it and produce sound such as the

recitation of the pointed ink of the surah.

NEEDS

Customers will have their own needs to satisfy their own needs. As stated at the start of this

business plan, our targets or potential buyers are:

General : 1. Muslims community

2. Non-Muslims community (Atheist and other religions)

Detailed : 1. Mualaf (New comers of Islam)

2. Muslims in process of learning Quran

3. Muslims who are learning certain/specific kind of recitation

4. Qari / Qariah (Persons who learn/read Quran)

5. Person who seeks for paradise hereafter


HOW

The product is already exist in current market and yet still unknown to most of the Muslims

community. What our company are better preparing to do is the by promoting this product. The

product is an innovation to an existing product. The technology is already there, so it wouldn’t be

hard for us to apply It in our own digital Quran read pen. The ways we are going to earn profits

are by selling our products to the market by:

1. Online, through website such as Amazons.com and eBay.com

2. Common types of direct sales are those you sell over the counter to your

customer

3. Through direct mail marketing

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