Timetech Company

T i m e T e c h C o .

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LETTER OF TRANSMITTAL

Business plan on “TimeTech co.”

MGT 368

Section-6

Submitted to:

Saad Md. Maroof Hossain

Lecturer,

North South University.

Submitted by:

Sohel Mahmood 083 033 030

S.K. Shamim Faisal 082 527 030

Nasir Uddin Mulla 083 254 030

Md. Samsur Rahman 083 406 030

Md. Saiful Islam Sourav 083 133 030

Raeesul Islam 082 343 030

Date: 07/08/2012


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LETTER OF TRANSMITTAL

August 08, 2012.

Saad Md. Maroof Hossain,

Lecturer,

School of Business

North South University

Dhaka, Bangladesh.

Dear Sir,

It is been a great pleasure for us to submit this report on the Wrist Watch making Industry.

This report has been prepared by group of 6 people as a part of MGT 368, Entrepreneurship

course. It is prepared after doing some surveys, gathering information about the different

wrist watch making industries and also by taking some exclusive interview of some

entrepreneurs. All the required information have been tried to be included in this report.

This report gave us an opportunity to apply theoretical knowledge in real world. It also gave

us a glimpse of our individual understanding & skills in various situations. We sincerely hope

that you will enjoy reading this report & will get some idea about the wrist watch making

industries of the world along with the huge market of starting this business in Bangladesh.

If you have any further enquiry concerning any additional information, we would be very

pleased to clarify that. Thank you.

Sincerely yours,

Sohel Mahmood _________

Raeesul Islam _________

Nasir Uddin Mulla ________

Md. Saiful Islam Sourav ________

Md. Samsur Rahman _________

S.K. Shamim Faisal ________


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“TIMETECH Co.”

Tag line: Doesn’t only give you time, it gives you STATUS!


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Table of Contents

Contents pages

1.0 Introductory Page 06

2.0 Executive Summary 06

3.0 Industry Analysis 07

4.0 Description of Venture 20

4.1 Products 20

4.2 Size of business 26

4.3 Office equipment and

personnel

26

5.0 Production Plan 27

5.1 Manufacturing process 27

5.2 Physical Pant 29

5.3 Machineries & equipments 29

5.4 Name of suppliers of raw

materials

30

6.0 Operational Plan 31

6.1 Description of company’s

operation

31

6.2 Flow of orders for goods and/or

services

32

6.3 Technology utilization 32

7.0 Marketing Plan 32

7.1 Pricing 34

7.2 Promotion 34

7.3Distribution 39

8.0 Organizational Plan 39

8.1 Senior management team 47

8.2 Salary structure 48


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9.0 Assessment of risk 48

9.1 Evaluate weaknesses of

business

48

9.2New technologies 49

9.3Contingency plans 49

10.0 Financial Plan 49

10.1 Pro forma Income Statement 50

10.2 Pro forma Cash flow 55

10.3 Pro forma Balance sheet 60

11.0 Conclusion 61

12.0 Bibliography 62


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1.0 Introductory page:

Name and address of Business:

TimeTech Co.

Timetech head office: House 153, Road # 11, Ground floor, Banani, Dhaka, Bangladesh.

Timetech plant: Plot no: 37, Road no: 4, Ashuliya Model Town, Savar, Dhaka.

Names and addresses of principals:

Nature of Business:

Wrist Watch Manufacturing Company.

Statement of confidentiality report:

TimeTech Co. is a partnership business. The partners of TimeTech Co. are Nasir Uddin

Mulla,Md. Samsur Rahman, Md. Saiful Islam Sourav, Raeesul Islam, S.K. Shamim Faisal,

Sohel Mahmood. All the six partners have equal control and majority rules that says 16.67%

for liability and profit. The terms and condition of the partnership is equal right over the

business. If the business earns a net profit/ net loss, each partner will get equal amount of

the profit/loss.

2.0 Executive Summary:

In this whole project we have tried to explore our own creativity to make the repot a good

one. There is no wrist watch manufacturing company in Bangladesh. “TimeTech co” will be

the first of this kind. The first ever wrist watch made in Bangladesh that not only provides

time but gives the person who put it in his or her hand a great satisfaction level with the

pleasure. In terms of the business, with the hard work & effort we will make the best use of

our resources. All the latest technological advancements will be applied. The Mechanical

movement and also the Quartz movements will be our main focus to develop our watch. To

convert our planning into reality, we have implemented all our knowledge, skill & have done

some realistic market research; which gave us the actual scenario and guideline so that we

can start our business, make our product and sell it to the customers. Throughout the

business plan, all the relevant and necessary research & information are discussed and

explained in details, including- the industry analysis, description of our venture, production

plan, operational plan, marketing plan, organizational plan, risk assessment and financial


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plan(including assumptions, pro-forma income statement, cash flow projections, balance

sheet & sources-applications of funds for five years.

TimeTech co. is a wrist watch manufacturing firm, which includes two product categories

including- TimeTech Gent’s and TimeTech Women’s. All the two product categories are

operated under the same roof and the same brand name, ‘TIMETECH’ so that it creates

credibility of the entire firm and also establish the name ‘TimeTech’ as a BRAND in the

market. The main view of this company is to create a Bangladeshi wrist watch which will be

categorized as a brand to all the customers and the target markets of the company and to

reach the end customers in a most pleasurable, realistic & authentic way by providing them

a feelings that “It doesn’t only give you time, it gives you Status” and also offer the

consumer a genuinely comprehensive choice of products.

3.0 Industry Analysis:










Mission:

Our mission is to compete with the established foreign brands existing in the market with

the relevant product from the day we enter the market. As there are no brands from

Bangladesh in this industry, it’s a great opportunity for us to grab the market. Within two

years of our business, we want to expand our market. We also have a mission that by 2015

we will grab the market of wrist watch in Bangladesh.

Vision:

Our main vision is to serve the need of the market and to run a profitable business

maintaining a high standard of our product. We really want to contribute to the market and

be the market leader in Bangladesh.

Business Philosophy:


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Our business philosophy is simple; to satisfy customers with our quality products and

providing them a feeling of elite in the society. And build a strong customer loyalty, so that

they can completely rely on us.

Objective:

Our objective is to create a new era of the Watch manufacturing company with various

dimensions that would make and keep us the best one forever in our country.

Goal:

We want to be the best in our business. We want to establish the name ‘TimeTech’ as a

‘BRAND’ in the market, which will create an appropriate brand, image in consequence.

TimeTech Wrist Watches:

There are numbers of specification we will be dealing with while making a wrist watch.

Chronograph, Alarm, Swiss technology quartz, Date function, Guarantee, Crystal glass, Case

Diameter, Digital Compass, EL Backlight, 2 - 50 BAR Water Resistant, Stainless steel case, Eco

friendly Solar power. All of the above won’t be available on a single watch. Different watch

different combination of specifications. As our product line is TimeTech Men’s, and

TimeTech Women’s, so it is clear that our market segmentation is the male and female who

are not child, not teen, not young, but who are adult. We will make different types and

designs of watches for both the segments. We got two segments in our product line. They

are:

TimeTech Gent’s

TimeTech Women’s

We will make different types of wrist watches. There will be both analog watches and digital

watches for both the category. In Gent’s section, there will be 3 types,

a. Sport look

b. Classic look

c. Corporate look

In women’s section there will be two type like,

a. Fashion look

b. Designer’s edition


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PESTLE Analysis:

P E S T E L analysis is generally referred while evaluating an industry analysis in any country.

It deals with the six factors of the country, where any specific industry is operating its

business. Moreover, it highlights the effects of the six factors on the industry & its business.

The six alphabets in the word P E S T E L have six meanings according to its abbreviation.

They are:

P- Political (security of that country)

E- Economy

S- Social (scenario)

T- Technology

L- Legal (laws)

E- Environment


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P- Political:

It discusses about the political security of the country where the firm is operating its

business. The political condition, the political trend and the political stability are also the

matter of concern under this issue.

E- Economy:

The economical condition, progress and stability of the country; in one word, the entire

economical effect on the firm is discussed under this point.

S- Social:

The social structure & scenario of the country is the main matter of concern in this aspect.

T- Technology:

Technological condition, advancement and progress of the country is the key issue under

this point.

L- Legal:

The effects of the legal environment of the country on the firm are focused in this aspect.

E- Environment:

The overall environmental impact of the country is discussed under this point.

PESTLE analysis of TimeTech Co :

Political

Government approval & Tax:


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It’s a bit tougher to get the trade license of a Watch Manufacturing Industry. The law

demands previous involvement on this trade. But this is a disadvantage that we are purely

new in the market.

Funding, grants and initiatives:

For initial set up, it is difficult to get big amount bank loan. So, we have to go for an

entrepreneurial loan.

Home market pressure groups:

So far, according to the context of local market, there are no pressure political groups

against/for our business plan. Because there are no watch manufacturing company in

Bangladesh.

International pressure groups:

There are international pressure groups, means, the international brands of the same

industry who already made themselves a brand.

Economy:

Home economy situation:

So far, it’s good. Day by day, standard of living is being upgraded. Urban people are getting

more involved into a high standard living. And we are targeting that particular segment

along with them who are already upgraded to the standard living.

Home economy trends:

It was rising day by day, but due to some political instability, the economy slowed down

little bit in between. But these days, it’s on the rise.

Seasonality/weather issues:

Bangladesh is a land of occasions. And different occasions like, Eid, Father’s day, Mother’s

day, Women’s day, Pahela boishakh, Pohela falgun, Valentine’s day, New year eve these are

our peak season of the business which occupies more or less every months of a year.


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Market and trade cycles:

Now market condition of Wrist watch is quite good. People’s buying power in our country is

increasing day by day. People are becoming more fashion conscious & more festive. So

current market trend is very good for this business & this trend will continue.

End-user drivers:

People’s purchasing power is increasing day to day. And our product is a must for every

person who works in the different level of the society. So, it won’t be a big issue to cost you

some money to get the best in the market.

Social:

Lifestyle trends:

Bangladesh is a country where the social principles are strictly followed and the entire social

structure is driven by norms. But, the Bangladeshi people are not stubborn in terms of social

culture; rather they humbly accept things which are new and socially accepted. Besides we,

the Bangladeshis are very much nationalist. Any product which will bring quality with the

essence of culture and dependability will sure be accepted.

Demographics:

Bangladesh is ethnically homogeneous. Indeed, its name derives from the Bengali ethno-

linguistic group, which comprises 98% of the population. In 2009 the population was

estimated at 156 million. Religiously, about 90% of Bangladeshis are Muslims and the

remainders are mostly Hindus.

Consumer attitudes and opinions:

Bangladeshi people are very much social. They humbly accept things which are new and

socially accepted. Day by day people in here are becoming more conscious about their

lifestyle & fashion. And our product got both the feature of fashion and need. So, it’s a great

market to catch.

Consumer buying patterns:

Purchasing power of Bangladeshi people is increasing day by day. Now a day’s these watch

has become an important part of every person who are contributing in the nation’s

economy, because, ‘Time is money.’ So, we have a very positive sign to do business in this

area.


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Major events and influences:

Bangladesh is a land of events. Different occasions like, Eid, Father’s day, Mother’s day,

Women’s day, Pahela boishakh, Pohela falgun, Valentine’s day, New year eve these are our

peak season of the business which occupies more or less every months of a year.

Technology:

Competing technology development:

Today in the world of business technological change is very drastic. It is both good and bad

for us. Good in a sense that in by acquiring new technologies we are able to give better

quality with enhanced durability and guarantee. But, technological change is so drastic in

this sector that it might not be possible to acquire those technologies before our

international competitors. So, there are some chances to have some problem in business &

it also increase the investment cost.

Research funding:

Research funding is not that much in our country because it requires a lot of money.

Replacement technology solutions:

In this sector of watch manufacturing different technological solutions are available. So

sometimes it increases the cost of investing.

Information and communications:

Now a day’s Bangladeshi people are depending more on information & technology. As a

result technology plays a very important role. So, make a fool around the customer’s won’t

do in that way, otherwise we may loose the market share.

Consumer buying mechanisms/technology:

Technology reduces the price & increases the quality of different products. As a result, it

plays a very important role in buyers buying decision.

Legal environment:

Bangladesh had a very poor reputation in terms of ethical and legal environment, but at

present the country is overcoming the dilemma. Yet there is a long way to go, as the

standard of legal environment is still below the mark. The country is still suffering from

corruption which is posing threat to many businesses. Therefore, this standard of legal


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environment is also a matter of concern for this new sector of manufacturing watches in

Bangladesh.

Environment:

The geographical environment of Bangladesh is quite unstable, as the country faces natural

calamities almost every year and as a result; many businesses get adversely affected. In

terms of the watch manufacturing, the adverse effect of the environment is quite less but

not nil in comparison to other firms. Therefore, the environment can be a matter of concern

for a totally new business to operate in the market.


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Porter’s Five forces Analysis:

Porter's five forces is a framework for the industry analysis and business strategy

development developed by Michael E. Porter of Harvard Business School in 1979. It draws

upon Industrial Organization (IO) economics to derive five forces that determine the

competitive intensity and therefore attractiveness of a market.

These five forces are:

1. Bargaining Power of Suppliers:

In Bangladesh the market is dominated by a few large suppliers which are international

brands rather than a fragmented source of supply but competition is increasing in this

industry as a result suppliers bargaining power is decreasing day by day. Sometimes there

are some other problems among suppliers such unfair practices of supplies. But still it is a

very good market for suppliers. So, it can be said that the bargaining power of suppliers in

our industry is high.


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2. Bargaining Power of Customers:

Bargaining power of customers was very low in previous years. But now as the demand is

increasing market is also increasing. As a result many of different companies are coming to

this industry as a result customer’s buying power is increasing day by day. But still it is

favorable for the companies because demand & market is growing rapidly in Bangladesh. So,

the bargaining power of customer will be moderate in our industry.

3. Threat of New Entrants:

In this area of market there is rarely a threat of new entrants. But as Bangladeshi’s are

follower type of people so, there can be other company which may want to start producing

watches. New entrants always increase the competition in the market. But new entrants

face some problems like: customer’s brand loyalty, high switching cost for customers etc.

But new entrants can recover these problems by changing some major determinants like

‘Price’. The major problem for a company who wants to come in this industry sometimes

they don’t get permission as Bangladesh has some Administrational problem.

4. Threat of Substitutes:

In this market there is always a big threat of substitutes. In Bangladesh, there are no local

watch manufacturing brands so the people here tend to go with the foreign brands that give

them a feeling of elite. So, there is a high level of threat of substitute here.

5. Competitive Rivalry between Existing Players:

This force describes the intensity of competition between existing players (companies) in an

industry. High competitive pressure results in pressure on prices, margins, and hence on

profitability for every single company in the industry. As this industry is captured by foreign

brands, competition is multinational and high. For a high growth rate of market & intense

competition among the big companies of this market this market is very competitive.


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ABELL’s Framework:

What is customer’s need?

A Bangladeshi Wrist Watch.

Good quality of the product along with durability.

A feeling that they can be proud of wearing the watch.

How that can be fulfilled?

Opening a new company which will manufacture wrist watch.

Providing good quality product along with maintain a good customer relationship.

Making the product a Brand that fulfills the esteem need of a customer.

How your organization can fulfill the need?

We are the first wrist manufacturing company in Bangladesh.

Our products will be highly classified and qualified, and we will maintain a high

customer relationship that will eventually grab the loyalty of customers.

We will make our product as best as possible and we will promote in such a way

maintaining the quality that the customer will get the feeling of superiority over

their friends and society that will give them the ‘STATUS’ they always wanted.


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SWOT Analysis:

This situation analysis starts with a snapshot of the current environment in which TimeTech

co. finds itself providing a brief SWOT (Strength, Weakness, Opportunities and Threat)

analysis. TimeTech co. will be in a favorable position through the whole market because of

its brand name. We can easily understand this by the SWOT analysis. Here we can make

sure that the condition we have to expand, minimize and control. The foremost

concentration is that there are some huge competitors in the market and they actually

maintains and controls the whole market, the price and supply. Most of the traders mainly

collect products from them. The following SWOT analysis captures the key strengths and

weaknesses within the company, and describes the opportunities and threats can be faced

by TimeTech co.


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4.0 Description of Venture:










4.1 Products:

We will be producing two types of watches.

1. TimeTech Gent’s

2. TimeTech Women’s

Under this two product lines there will be different types or designs of watch. It is because

every person is different from others and their choices vary from others. There will be loads

of designs to choose from in both the categories. And each type of watch will carry different

combination of features from below:

Chronograph

Alarm

Swiss technology quartz

Date function

Guarantee

Crystal glass

Ceramic Bazel

Digital Compass

EL Backlight

2 - 50 BAR Water Resistant

904L Stainless steel

Precision Hairspring

As like some of the watches will be designed with Chronograph, date function, crystal glass,

Stainless steel case. Other may be designed with Swiss technology Quartz, Crystal glass, Bar


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water resistance, solar power. And it will go like this way. Below are some designs of

watches categorized by male and female.

TimeTech Gent’s:

a. Classic look


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b. Corporate look


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c. Sport look


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TimeTech Women’s:

a. Fashion look

b. Designer’s edition


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4.2 Size of business:

As Timetech is targeting to capture the whole market of urban people of the country who

leads standard life, the size of business must be large enough.

We have found 2 locations for our business. One is for our office and another is for our

production.

Addresses of our business:

Timetech head office: House No: 153, Road No: 11, Ground floor, Banani., Dhaka,

Bangladesh.

Timetech plant: Plot no: 37, Road no: 4, Ashuliya Model Town, Savar, Dhaka.

Area & location:

Both the areas are in capital city so the communication will be easy. For the office we have

rent a 2,100 sq ft. flat which is suitable for our head office. Moreover, it is located in a busy

commercial place so that the office can be easily noticed by all. Our plant where we actually

will produce our product is just outside proper Dhaka city but it is very close to the city. As

for the production of Timetech watch we need a large area and for that reason we choose

this land. The locations of our business are equipped with all necessary facilities which are

important for the success and cost efficiency of the business.

4.3 Office equipment & personnel:

The head office of our business is mainly the information centre of our product. There will a

display center also with in the office area. The office equipments of the office will be

furniture, photocopy machines, computer, printer, show case, papers, stationeries,

projector, chairs, tables etc.

Personnel of the office will be staffs for doing photocopies, receptionists, computer

operator, security guard etc.


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5.0 Production plan:

In production planning, we will discuss about the production of our product, Manufacturing

process, machineries, physical plant, machineries & equipment and supplier of raw

materials.

5.1 Manufacturing Process:

The layout of our office is given below.

A. Customer will enter in our office, sit in the reception and they will give an order.

B. The receptionist will convey that order to the sales and marketing executive to make

sure the order can be taken.

C. Sales and marketing executive will ask the finance sector if the company is able to

cope up with the demand.

D. Finance section will ask the production manager if the order can be produced in

time.

E. Production manager will finally ask to the BOD’s that if the order can be taken or not

considering all the facts.

F. BOD’s will give feedback.

G. The production manager will then send the order to the production plant.

Entry /

Exit

Reception Sales and

Marketing

executives

Finance Section

Production

Manager Board of Director’s

Office

Production Plant

Display center

Accounts section

A B C

D

E

F

G

H

I

J

K


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H. Production plant will complete the order and send it back to the office where the

display center is.

I. The customer will move on to the display center where he will be guided by a sales

person and he or she will choose a wrist watch.

J. Make payment to the payments or accounts section.

K. Leave the office with proper satisfaction.

The layout of the production plant or the physical plant is given below.

A. Receive the order given by the BOD’s office.

B. Gather all the raw materials needed to precede the order.

C. Send those raw materials to the Research and development section and Engineers

section for proper checking, designing of the given order.

D. Send those finalized raw materials along with the designs to the production process

E. Here the main production of the Wrist watches will be held. Here, the production of

the wrist watches will be done by the skilled personnel who will use different

sophisticated machines using the two movements we are planning to use, i. The

Quartz movement and ii. The mechanical movement.

F. After the production of a wrist watch it will be sent to the quality assurance

department.

G. If the watch is made not maintaining the quality it will be again sent to the R & D

section and engineers section to find the problem exactly and solve it and then again

the process will follow C, D, E & F continuously.

H. Otherwise, if the quality is maintained from the first production it will go through

Packaging department.

I. Finally, it will be stored in the finished goods warehouse for supplying the order.

Entry Raw

Materials Office

R & D section

Engineers

section

Production Processes Packaging

Quality

Assurance Finished

goods

A B C

D

E

F

G

H I


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Mainly, the manufacturing process of our wrist watch will be held at the production plant.

But, initially, the major structure and layout will be designed in our office. Therefore, our

entire production process will be divided in 2 sections.

There will be 1 receptionist, 1 sales & marketing executive, 1 Finance executive, 1

production manager, 1 sales person, 1 accountants in our office to serve the company in the

beginning. The number will be increased by day and also by the development of the

company. In the production plant, there will be manager sitting in the office to make sure

everything is going well, receive the order given by the production manager and convey it to

make things done. There will be 10 workers to receive the orders from manager, arrange

the raw materials and take it to the R & D section and Engineer’s section. There will be 2

part time researchers and developers who will design the product and 2 part time engineers

to develop the production process. After that the workers will take the raw materials to the

production process. Here there will be around 20 skilled and highly trained watchmakers to

make the watch. The watchmakers must be highly trained because watch making is not for

everybody; it takes time, patience and commitment to make a single piece of watch. After

that the produced watches will be sent to the Quality assurance dept where there will be 2

quality checkers. They will check the quality and send it to the next section packaging. There

will be 5 workers who will work continuously to do the packaging of the product. The

packaging ingredients will be printed in the EVENTS under the observation of Md. Nurul

huda, COO, Events. The office of events is situated in 29/1/2 Toyenbee circular road,

Motijheel C/A, Dhaka. Then the finished goods will be sent to the main office for display and

sell by transportation system of TimeTech co. where there will be 2 workers.

Initially we will produce 500 pieces of the wrist watch within June 2013 as we are going to

start our business in 1st January 2013. As we will be going for mass promotion in the mid of

1st year, our sales are likely to increase by the next few months because there are lots of

events coming right after July specially Eid. Therefore we will increase the amount of

production to 1000 pieces and later on we will make the production as per the market

demand.

5.2 Physical Plant:

The physical plant of TimeTech Co. is in Ashuliya model town where we will do all our

production for the TimeTech Co. From our office at Banani we will provide information and

orders of our customers depending on which the watches will be produced.


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5.3 Machineries & equipments:

Many sophisticated machineries are needed for the production of TimeTech CO. The list of

machineries and equipment is given below in alphabetic order.

904L Steel and 316L Steel

Barrel contractor

Blower

Case opener

Ceramic material

Depthing tool

Eccentric arbor

Fly cutter

Hairspring vibrating tool

Index plates

Leather

Lubricants

Microscope

Modern Upright tool

Movement holder

Pinion cutter

Poising tool

Precision Screw drivers

Roll top bench

Rounding up tool

Staking tool

Swiss Lathe with mandrill and bearing

The form tool

Tweezers

Wheel cutting tool

Wheel stretcher

5.4 Supplier of raw materials:

We will buy our raw materials and machineries from an Indian organization. The company

information is given below.


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Company Name: SUNRISE TOOLS (INDIA) PVT LTD.

Business Type: Manufacturer, Distributor/Wholesaler, Other Product/Service

Products & services: Jewelry Tools, Watch Tools, Hobby Tools, Carvers & Probes, Beading

Tools, Tweezers, Pliers S/S, Goldsmith Tools, Jewelers Tools, Jewelry Tools Supply, Watch

makers Tools, Diamond Tools & Supplies, Diamond Tools, Clock Tools/Parts & Supplies,

Hobby/Woodworking Tools, Spring Hooks, Electronic Tools, Gemological Tools, Horological

Tools.

Brands: SunTools, STIPL

Website: http://www.sunrisetools.com/index.html

We have selected this organization because it is more near to our country so the import cost

will be much lower.

6.0 Operational Plans:

6.1 Description of company’s operation:

Operation plan of Timetech co. will be done by few steps. First of all we have to start our

manufacturing process. We must order in the way that we can get raw materials before 7-8

days before the production for the safety purpose. The raw materials will be stored on our

warehouse which is located in our production plant in Ashulia. We will make sure that we

will not be ever short of supplies while manufacturing products. After producing products

operational manager has to make some decisions. Some products should be taken to

consumer market. According to market research, Company has do decide the amount of

products they should sell. Then we have to find some key wholesalers for the distribution

process. As it is first time, we have decided to sell our products only in main two cities of the

country Dhaka and Chittagong. We have found dealers in all these cities. We will make

another warehouse in Chittagong for finished goods and we will store the products there.

We will provide customer support service in our head office located in Banani. The contact

number and address of our head office also will be given to our dealers so that customers

can easily contact us and get information.

http://www.sunrisetools.com/index.html


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6.2 Flow of order of goods & services:

The regular office materials will be bought from different places of the city as per

convenience. But, the machineries and raw materials will be outsourced from SUNRISE

TOOLS (INDIA) PVT LTD. We will arrange the raw materials and other office stuffs at least 7

days prior to they are used off. The raw materials will be stored inside our warehouse of

physical plant, so that we are never short of supplies. Just after the production, the wrist

watches will be stored in the finished goods section of our production plant. Then, we will

divide them in two parts: for the display in our office and will be given to the distributors of

our product. A customer database will be developed so that a good customer relationship

can be maintained. Specific cash/order memo will be given to the order holders or the

customers to make the future transactions easy and convenient.

6.3 Technological utilization:

We will take help of the technology to the best possible extent. The total operational

activities of the firm will be highly based on technology. In our office and also in the physical

plant, we will use a MAC BOOK of APPLE for designing of the watch. We will also use other

PCs in our office as like core I-7 processor with 4-8 GB RAM for other activities. We will also

have a regular CANON PIXMA laser printer for regular office printing (official letters & etc)

and will also have a photocopy machine inside the office. The entire office will be viewed

with a close circuit camera (cctv) and the space will be centrally air-conditioned. We will also

have a power generator for instant power supply. Besides all these materialized stuffs, we

will also include 2-3 land phones, internet connection for all computers and other

technological factors as per the requirement.

7.0 Marketing Plan:

The marketing strategy is designed on the basis of personal interviews with the

businessmen and the customers of the respective business. It definitely responds our target

market. These interviews undoubtedly show us some of the facts that are required and

demanded by the customers. It helps us reach new customer levels. These interviews lead

us to some fresh new marketing goals, marketing objectives and some highlighted portion

of the target segments.


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Marketing goal:

To meet the growing need of the market defined on the basis of

geography, demographics, and lifestyle and buyer intensions.

To evaluate the competitive environment and continue to establish a

differential advantage.

To establish an effective and profitable marketing mix of service,

place price and promotion.

Marketing Objective:

To establish a customer base of 20%-25% for TimeTech co. of the

defined target market in the first year.

To generate Tk. 500,000 sales in the first year for TimeTech co.

To increase sales by 30% annually for the first three year and a stable

10% annually after that.

Market Segmentation:

Since TimeTech co. is doing a business for the people in the society who are very much

fascinated with the fashion, lifestyle and classy people. As our product line is TimeTech

Men’s, and TimeTech Women’s, so it is clear that our market segmentation is the male and

female who are not child, but who are teen, young and adult. We will make different types

and designs of watches for both the segments.

So, TimeTech co. is basically targeting the city dwellers since it is launching the business in

Dhaka city for the first time. People who belong to a middle class family and upper class

family are the segmented customers for the monthly magazine. These include the people of

cultured society, who are fashion conscious and fascinated with a nice living. These include

people of this particular background of any profession.

If we consider TimeTech co. then we can say, city dwellers having any profession, any family

background can be targeted as customers. Because, people from all walk of life need to

know the exact time for their daily uses. But, specially, for events mostly upper classed

people are targeted.


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7.1Pricing:

Price of the wrist watch is set at Tk. 10,000 to Tk. 100,000 for local market. This is a

subsidized price, because each piece of watch will costs more than Tk. 5000 to Tk. 50,000

for being produced. It includes all the cost of the company along with the payment of the

salary, office equipment cost, machinery cost, repair cost, work force labor cost, production

plant cost, maintenance cost and last but not the least production cost.

Pricing range of different watches as per category is given below:

We got two segments in our product line. They are:

TimeTech Gent’s

TimeTech Women’s

In Gent’s section, the pricing will be like,

a. Sport look – price starting from Tk. 10,000 to Tk. 50,000.

b. Classic look – price starting from Tk. 7000 to Tk. 80,000.

c. Corporate look – price starting from Tk. 10000 to Tk. 100,000.

In women’s section the pricing will be like,

a. Fashion look – price starting from Tk. 10,000 to Tk. 50,000.

b. Designer’s edition – price starting from Tk. 20000 to Tk. 100,000.

Payment system:

Mode of Payment: Cash/ Cheque / Pay Order.

Cheque / Pay Order should be in the name of “TimeTech co.”

7.2 Promotion:

Promotion plays a very important role for running the business successfully. It is also very

important for reach the target customer and achieving the projected sales figure in the

upcoming years of the business.


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Basically, TimeTech co. will have a massive promotional activity during the first two quarters

of the business. Then, we will have a controlled budgeted promotional activity achieving the

major portion of the targets.

For TimeTech co. the promotional activities which are going to be followed by us are given

bellow:

Fliers:

we are going to distribute the fliers in some specific zones of Dhaka City, for

example- Bashundhara City, Eastern Plaza, Rapa Plaza, New Market, A R Plaza, Pink City

Shopping mall etc with some selected private university and so on. The costing of fliers is Tk.

5 each.

Billboard:

TimeTech co. is going to be upped in the billboards by rotation in Dhanmondi, Gulshan,

Banani and Uttara area. The selected zone can be Dhanmondi 27, Dhanmondi 2, Gulshan 2

circle, Banani Bridge, Uttara sector 4, Airport road etc. Each billboard is going to cost Tk.

20,000 to 25,000 for a month. In first 6 months we are planning to cover billboards in

Gulshan-2 and Dhanmondi sectors. During last 6 months will be doing in the rest of the

areas.


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Billboard sample:


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Paper ads:

Paper ads will be there according to the season. We have a budget and we’re going to

publish our advertisement during launching which is allocated in the launching budget. The

advertisement in the back page of a news paper costs 10,000 tk.

Sample 1,


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Sample 2,


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Online Promotions:

The most enhancing promotional plan includes online promotion. We will be giving

advertisement by opening a group or page in the most renowned social networking

websites like Twitter and Facebook in Bangladesh. Besides, our registered members can

have subscription online. Also we will be having our very own website of TimeTech co. in

which there will be an archive of the products of TimeTech co. for the segments, recent

designs, reviews, comparisons, history, production line specification, sponsorships etc. It’s a

win-win situation for both customers and sponsors.

Radio Advertisement:

Radio advertisement will also be implemented for the first two quarter. It is because Radio

stations are very much popular these days in Bangladesh. We will go for the popular radio

channels like Radio Foorti, Radio Today, Radio Amar, ABC Radio etc.

7.3 Distribution:

TimeTech wrist watches will be distributed only in Dhaka in the beginning. Timetech head

office: House 153, Road # 11, Ground floor, Banani, Dhaka, Bangladesh will be the first

distribution center of our wrist watches. We have selected this place because Banani 11 is a

place where all the high class society people come to hangout and also for official purpose.

8.0 Organizational plan:

Line of authority and responsibility for TimeTech Co.

Board of Directors:

All the six partners are assigned to play the role of board of directors. All of them are

business graduates from North South University of Bangladesh. They did their major in

finance/ Marketing and minors in different subjects.

Among the board of directors,

MD. Saiful Islam Sourav - CEO and CMO

Sohel Mahmood - CAO and CHR

Raeesul Islam - CFO


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SK Shamim Faisal - CLO

Nasir Uddin - COO

MD. Samsur Rahman - CIO

Background of entrepreneurs:

Md. Saiful Islam Sourav

House #175, Block# B, Road no # 4, Bashundhara R/A, Dhaka 1210

Cell Phone: 01914 060013; E-mail: [email protected]

PERSONAL DETAILS

Father’s Name : Md. Abdul Kader

Mother’s Name : Surayea Kader

Date of Birth : 20.01.1990

Blood group : O+

Religion : Islam

Nationality : Bangladeshi by Birth

EDUCATION

Bachelor in Business Administration North South University 2008-2012

Major: Marketing and Finance( CGPA 3.30)

12th Semester (continue…)

Higher Secondary Certificate Narayanganj college, Narayanganj

2007

Subject: Business Studies

GPA: 4.56

Secondary School Certificate Adarsha School, Narayanganj 2005

Subject: Business Studies

GPA: 4.60

COMPUTER SKILLS

Fluent in Operating with WINDOWS and MAC Operating System, Excellent in MS-

Word, MS-Excel, MS-Access, MS-Power point and utility software and Internet and

Browsing.

COMMUNICATION SKILLS

Have ability to work in a Team environment.

Leadership role in group activity.


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Experienced in working in dynamic and pressurized situation.

INTEREST AND ACTIVITIES

Meet with different business and political leader. Learn from their experience that

how to manage unfavorable situation.

Love to travel in different beautiful places.

LINGUAL STATUS

Fluent in Bengali (Spoken and Written)

Fluent in English (Spoken and Written)

Short run objective: Earning good educational skill.

Long run objective: Establishing own unique business model

Set objective and successfully accomplished.

Visionary.

Self-motivated

Hard working.

Strong Leadership

Permanent address:

House #54

Block# B

Lane # 2

North Masdair, Narayanganj

References

Dr. Salehuddin Ahmed

Former Bangladesh Bank Governor

Mob: 016 825 699 55

Sohel Mahmood

1/8 block A Lalmaita, Dhaka, Bangladesh-1217.

Phone: 01720124528

CAREER OBJECTIVES:

STRENGTH:


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E-mail: [email protected]

Objective: I believe my knowledge, skill and attitude will cope with the environment &

give me a scope to apply my learning, explore my creativities & ideas that will result in

contribution to the organization.

Education: Bachelor of Business Administration (B.B.A.)

North South University.

Major in Finance.

12th semester

Fall 2008 – continuing

Higher Secondary Certificate (H.S.C.)

Dhaka Commerce College

Commerce

G.P.A. – 5.00

2007

Secondary School Certificate (S.S.C.)

St Joseph High School

Science

G.P.A. – 5.00

2005

Extracurricular Activities: Senior member,Nsussc

Student Of classical music, Chayanot.

Computer skills: Operating systems: Windows (98, 2000, XP, Vista, 7)

Software applications:

Microsoft Office suit (Word, Access, Excel and PowerPoint).

Adobe-Photoshop, Adobe-Illustrator.

Proficient in operating computer peripheral such as Internal parts of computer, Typewriter,

Printer, Scanner, Multi-media devices, CD or DVD-Writer.

Internet Usage- Web Browsing, Social Networking & E-mail.

Interest & Activities: Cricket, Music, Social networking

Reference: Arif Shahriar

COO- corporate & group head of HR

Rahimafroz (Bangladesh) LTD.

14,gulshan avenue, Dhaka

Personal Details

S.K. Shamim Ahmed Faisal

mailto:[email protected]


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Present and Permanent Address

71/1 A Siddique Bazar

Dhaka- 1000

Phone: +88-02-7121181 Mobile: 01715566436

[email protected]

Father’s Name: Al-Hajh SheikhSalim Ahmed

Mother’s Name: Shaheen Ahmed

CAREER OBJECTIVE

To reachprosperous career through hard work, commitment and to achieve real life

experience by working in yourreputedcompany.

EDUCATIOn

Bachelor of Business Administration (BBA)

North South University, Dhaka, (Year of 2008-2012)

Overall CGPA: 3.01 on a scale of 4.00 (Up to Spring 2012)

Major:

Finance, CGPA: 2.95 on a scale of 4.00 (Up to Spring 2012)

Advance Level (A’level)

Saint Jude’s International School, Dhanmandi, Dhaka.(Year from July2006 to January 2008)

GPA: 4.50 on a scale of 5.00

Ordinary Level (O’levels)

Saint Jude’s International School, Dhanmandi, Dhaka.(Year from May 2004 to June 2006)

GPA: 4.4 on a scale of 5.00

COMPUTER SKILLS

Operating System: Windows XP and below Software Application: MS Office Suite (Word,

Excel, and Power Point), Internet Explorer.

Completed:Advance Certified in Information Technology.Year (June 2008 to November 2008)

Institution: NIIT (Bexico System LTD, Dhanmandi Centre)

LANGUAGE SKILLS

English, Bengali (Fluent in speaking, reading and writing)

ASSIGNMENTS, REPORTS & PRESENTATIONS


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A research on “Earnings Management of Confidence Cement Ltd for the year 2001 to

2010”

A complete Research on “Exchange rate problem in Bangladesh”

A Detailed Project on “Financial Market Crisis Analysis & Proposed Financial System

Development”

A Project on “Ratio analysis of BRAC”

PERSONAL STRENGTHS

Active in accepting the responsibility

Having good interpersonal skills

Skillful of doing hard work and bringing innovative ideas

PERSONAL INFORMATION

Date of Birth: November 20, 1990

Nationality: Bangladeshi by Birth

REFERENCE 1

Al-Hajh Sheikh Salim Ahmed

Owner

S.S. Salim Screen Print

Phone: +88-02-7120966

Mobile: +8801715527223

Email:[email protected]

REFERENCE 2

Md. NayeemUddin (Kallu)

Manager

Titas Lozenge co.

Address: 126/A, Siddique Bazaar, Dhaka-1000

Mobile: +8801619252368

Raeesul Islam

H-21, R-5, Block-B, Banasree, Dhaka-1212.

Mb: 01756098899 Email: [email protected]


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Career Objective: To make a sound position in an environment where I can utilize my skills

and knowledge that will give me the opportunity of self development and help me achieve

personal and organizational goals.

Education:

Bachelor of Business Administration (BBA) Present

North South University CGPA: 3.17 up to spring 2011

Major: Finance and Accounting 3.52 (1 course left)

Minor: Economics 3.12 (1 course left)

H.S.C. Science Exam 2007

Adamjee Cantonment College

Dhaka Board

S.S.C. Science Exam: 2005

Uttara High School

Dhaka Board

Work Experience:

Currently working part time on online as an independent contractor in Odesk. Works are

related to SEO.

Co-curricular Activities

Member of NSUSC. The club in charge of all the sporting events in NSU.

Computer Skill:

MS Word, MS Excel, MS Access, Adobe Photoshop, EViews.

Language Skills

English, Bengali (Fluent in Speaking, reading and writing)

Personal Strengths

Possess good interpersonal, oral and writing skills.

Capable to work hard under pressure and in challenging environments

Have strong leadership capabilities and a very good team player

Personal Details:

Sex: Male Date of Birth: May 30, 1990


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Marital Status: unmarried

Nationality: Bangladeshi

Religion: Islam

Father: A. F. M. Jalal Uddin

Mother: Hasina Akther

Permanent Address: Cha 59/4/1, North

Badda, Dhaka - 1212

References:

Md. Ruhul Amin

Deputy General Manager,

Agrani Bank Limited.

President Bangladesh writers’ forum.

Md. Shamsul Alam

Assistant General Manager, BTCL.

M achineries & equipments T i m e T e c h C o .

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MID-level management team:

The business has got three broad departments; one is the operational department where

the head is Operational Director who will look over the entire operation of TimeTech Co. In

operation department operation managers will work under the operational director and

their job is to sourcing raw materials, production etc. The other department is the

Marketing department where the mid level managers are the sales and marketing

executives and Finance department where the mid level managers are the accountants.

Sales & marketing executives will take over the responsibility of the promotions, sales of the

watch and also they will make sure on time delivery from the suppliers and to the

distributors.

8.1 Senior management team:

The CEO’s responsibility will be to have an eye on the entire project, the Finance Director

will take care of the financial sector of the business; he will make over view the entire

financial performance of the company and the Operation Director’s responsibility will be to

have an eye on the operations of the business and Marketing Director will take care of the

marketing sector of the company. Although the senior management’s responsibility is

divided, each members of the board of directors have to be aware of all the information of

the company.


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8.2 Salary structure:

Member of the management team Pay scale

Operation Managers Tk. 15,000

Sales & mkt. executive Tk. 15,000 each

Accountants Tk. 8,000

9.0 ASSESSMENT OF RISK:

9.1 WEAKNESS OF BUSINESS:

Though the business is very much potential, there are still some weaknesses for the

business and the entrepreneurs. They are stated below:

1) New firm and new brand.

2) Has no reputation in the market so far

3) Lack of experience ‘as an entrepreneur’ for the individuals starting the business.

4) High investment cost

5) Low return or low cash flow at the time of starting the business.

Initially, the main weakness is that the brand as well as the firm is new in the market.

Besides, the firm has no reputation also. But, any business that makes a start is new in the

market. The thing which differentiates the firm or the brand is, ‘its performance and

quality’. Therefore, if the firm operates as per the plan & if the quality of the product &

service is good, then it won’t be that tough to make a good first impression about the brand

in the market.

We (The individuals starting the business) are experienced in terms of the type of the work.

But don’t have the experience of being entrepreneurs and operating a business. But, as we

are business graduates and have experience in terms of the criteria of the work, therefore it

doesn’t seem that we will have much problem making a start as an entrepreneur.

Budgeting, costing and cash inflow is a major concern for the business. But as per the cash

projection is concerned (which is based on real market research of the existing market), it


Page 49

would start to bring some positive effects in the cash inflow within two years from starting

the business; which is indeed the reflection of a good venture to start with.

9.2 NEW TECHNOLOGIES:

In terms of the business, along with the hard work, effort & experience; useful resources

have been applied. All the latest technological advancements, related to the business are

planned to be applied in order to give a touch of ‘perfection’ in our products. We will

include technological factors in such a way, so that it gives us a ‘competitive advantage’

over our competitors, both in terms of quality and cost.

9.3 CONTINGENCY PLAN:

Every business shall have a contingency plan before it starts its operation. If any of our

businesses fail to succeed in the market, then we will take a number of steps to make a turn

around, as we already have and will spend huge amount of time, effort & money for the

business; definitely we will not turn our back from the business. If a turnaround is not

possible, then we will plan either to merge with any other firm to run the business, or we

may think of selling the entire business. But, all of these actions will be taken based on the

exact scenario and condition of the market at that specific time.

10.0 Financial Plan:

Our financial plan is based on several assumptions. We have developed these assumptions

from related industries.


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10.1 Pro-forma Income Statement:


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10.2 Pro-forma Cash Flow:


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10.3 Pro-forma Balance sheet:

TIMETECH Co.

Balance Sheet

Five Years Summary by Months ( 2011 - 2015 )

Years

1st 2nd 3rd 4th 5th

Assets

Current Assets :

Cash 450000 700000 950000 1500000 1800000

Account Receiveable 140000 160000 98000 120000 155000

Total Current Assets 590000 860000 1048000 1620000 1955000

Fixed Assets :

Equipment 30000000 30000000 30000000 30000000 30000000

Less: Depreciation 1200000 1200000 1200000 1200000 1200000

Total Fixed Assets 28800000 28800000 28800000 28800000 28800000

Total Assets 29390000 29660000 29848000 30420000 30755000

Liabilities & O.E.

Longterm Liabilities 14375000 14375000 14375000 14375000 14375000

Current Liabilities 8375000 8245000 5968000 4655000 6275000

Total liabilities 22750000 22620000 20343000 19030000 20650000

Owner's Equity :

Owner's Equity 4690000 4690000 4690000 4690000 4690000

Retained earnings 1950000 2350000 4815000 6700000 5415000

Total owner's equity 6640000 7040000 9505000 11390000 10105000

Total liabilities &

owner's equity 29390000 29660000 29848000 30420000 30755000


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11.0 Conclusion:

Nothing in this world is easy to achive. To achive something special one need to give his/her

best. We, six partners, will also give our best to accomplish the goal, mission, vision of

“TimeTech”. Our mission is to compete with the established foreign brands existing in the

market; our main vision is to serve the need of the market and to run a profitable business

and our goal is to be the best in our business market. Our mission, vision and goal is tough

to achieve but not impossible. “TimeTech” is our passion and it would drive use to become

successful entrepreneurs.

Our main strategy is to attach our product with our customer’s emotion. Our wrist watches

are premium product and the best way to run a successful business of a premium product is

by making the product desire for a customer. Our average expected sell each year is around

16,000,000 taka and our average expected net profit each year is 2000,000 taka. Our initial

investment is 50,000,000 taka. Of this 50,000,000 taka 60% is equity and 40% is debt. We

will be the first company to start the watch industry in Bangladesh so we will get the first

mover advantage. Six of the partner will have the equal share of ownership. All the six

partners have equal control and majority rules that says 16.67% for liability and profit. The

terms and condition of the partnership is equal right over the business. If the business earns

a net profit/ net loss, each partner will get equal amount of the profit/loss. Each of us would

invest 5,001,000 taka.


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12.0 Bibliography / Reference:

Robert D. Hisrich, Michael P. Peters (2008), Entrepreneurship, 7th edition

http://www.google.com/

http://www.rolex.com/

http://www.youtube.com/

http://us.tagheuer.com/en/luxury-watches/carrera-watch

http://www.omegawatches.com/

www.rado.com/

http://people.timezone.com/msandler/Articles/CarlosFinalParadigm/FinalParadigm.html

http://en.wikipedia.org/wiki/Watch

http://en.wikipedia.org/wiki/Quartz_clock#Mechanism

http://www.firstclasswatches.co.uk/dkny-ladies-ny4358-p-4790.html


http://jewellerytools.trustpass.alibaba.com/

http://www.csparks.com/watchmaking/SmallTools.html

http://www.csparks.com/watchmaking/GearTools.html

http://watchmakingtools.346973.free-press-release.com/

http://forums.watchuseek.com/f6/watchmaking-tools-books-511906.html

http://www.watcheshead.com

http://www.google.com/

http://www.rolex.com/

http://www.youtube.com/

http://us.tagheuer.com/en/luxury-watches/carrera-watch

http://www.omegawatches.com/

http://www.rado.com/

http://people.timezone.com/msandler/Articles/CarlosFinalParadigm/FinalParadigm.html

http://en.wikipedia.org/wiki/Watch

http://en.wikipedia.org/wiki/Quartz_clock#Mechanism

http://www.firstclasswatches.co.uk/dkny-ladies-ny4358-p-4790.html


http://jewellerytools.trustpass.alibaba.com/

http://www.csparks.com/watchmaking/SmallTools.html

http://www.csparks.com/watchmaking/GearTools.html

http://watchmakingtools.346973.free-press-release.com/

http://forums.watchuseek.com/f6/watchmaking-tools-books-511906.html

http://www.watcheshead.com/

Documents

Timetech Company