Frame
ptics
Created by: Madison Farnes, Tulsi Patel, and Erica
Semenyuk
Clackamas High School
Mr. Kirby
5/22/15
Table of Contents
I.
Executive Summary
i. Business Description......................................................................................3
ii. Overview of Business....................................................................................3
iii. Legal Form..................................................................................................3-4
iv. Mission Statement.........................................................................................4
v. Management Team........................................................................................4
II.
Product
i. Description of Good........................................................................................5
ii. Need Met......................................................................................................5-6
iii. Uniqueness....................................................................................................6
iv. Barriers & Solution Plan/Market Analysis..............................................6-7
v. Market Size and Potential for Growth.........................................................7
vi. Target Market..............................................................................................7-8
vii. Competition...................................................................................................8
III.
Marketing
i. Plans for reaching goals................................................................................8
ii. Marketing Mix..............................................................................................8-9
iii. Product............................................................................................................9
iv. Price...........................................................................................................9-10
v. Promotions.....................................................................................................10
Executive Summary
Business Description
Ever take a picture of a breathtaking view only to realize that what’s on your
screen is different than what you saw with your own two eyes? What if there was a way
to capture exactly what what you’re seeing? Introducing Frame Optics, an evolutionary
photography tool that allows users to not only use their camera, but wear their camera
with style. In the form of prescription and non-prescription lenses, these glasses let
people take pictures of the view they see right in front of them, exactly how they see it
themselves. All one has to do is focus on the subject/view of interest, and click a button
on the side of the frame.
Overview of Business
Our product that appears to be just a simple pair of glasses is actually much
more. The small 20-megapixel cameras, conveniently located on each corner of the
frames, work together to take one full view picture of whatever one is looking at. The
end product is a beautiful photo rivaling those by taken by professionals. Connected to
your smartphone via bluetooth, it allows easy access to sharing and downloading
pictures.
Legal Form
As a partnership, we are all liable for our business’ profits and losses equally.
We have split up the business in that we all own a third of it. This number may change
depending on whether or not we gain/lose partners of if we decide to offer shares in our
company.
A partnership is beneficial because it allows us to play to our strengths and
implements a system of checks and balances so that not all power goes to one person.
Our skills complement one another and allow us to be efficient in our duties. In a
partnership, we share our gains and losses. Partnerships are easy to form, and it only
takes a small amount of money from each of us to start up and operate the company.
Partnerships have some drawbacks as well. Disagreements can arise between
partners that could delay decisions. Furthermore, it could lower employee morale and
lessen efficiency. Partnerships also involve the sharing of profits - we have to split the
revenue rather than 1 person getting all of it. Due to the dependency between us all, if
one person is doing poorly financially, we all suffer a loss as well.
Mission Statement
Our mission is to help others capture magnificent pictures just as they see them
so that a moment can be relived over and over.
Goals & Objectives
Our goal is to allow users to easily take pictures of events without having to grab
a traditional handheld camera. Instead, people can look back at these pictures and be
transported back to those moments. Because these glasses take images of exactly
what is being seen, it is easy to feel like you’re reliving the experience.
Management Team
Due to our individual skill sets, we’ve divided the jobs with each of us responsible
for a different task: Erica is in charge of product design and manufacturing, Madison is
in charge of marketing, and Tulsi is in charge of finances and order filling.
Product
Product Description
Frame Optics will be the new hot item in the technology department. It combines
the simplicity of eyeglasses and sunglasses with the complex technology of a camera.
Our eyeglass frames come with two built in cameras at each corner of the frame, an
on/off switch and built in bluetooth connector on the left side, a shutter button on the
right side and a CR2032 flat battery on the left side as well. To get customers more
interested in our product, we will be offering different standard styles of our product as
well as a custom option available online. The custom option will allow consumers to pick
a frame width, color and style. This of course, would come at an additional cost. Aside
from appearance, our eyeglass frames offer a sense of convenience to users. All it
takes for them to do is focus on the point of interest or a specific subject and then press
the shutter button to take a picture. Meanwhile, the glasses will be connected to one’s
smartphone through the bluetooth system so pictures will automatically save to a
phone.
Need Met
According to Global Eyesight Now, 6 out of 10 people in the world wear glasses,
wear contact lenses or have had corrective eye surgery. It is also estimated that
Americans spend approximately $28.7 billion annually on vision products and services.
Within this amount eyeglass frames and lenses make up about $16 billion. It’s easy to
see that eyeglasses are in great demand in our economy. Not only does our product aid
in this significant need, but it does so in a new innovative way. We give customers not
only what they need, but something they’ll want as well.
Uniqueness
Unlike other standard glasses frames, Frame Optics bring in the new technology
of two built in cameras with easy access. Whereas typical cameras may be fragile and
extremely expensive, the cameras we use are high quality without the extra bulk and
zeros in the price. The easy access via a bluetooth connection also makes our product
unique. No longer do you have to worry about transferring pictures from a camera to a
computer for hours, the pictures taken by the glasses’ frame are immediately saved to
the smartphone’s storage that is synced with the glasses.
Although this hardware may sound like it adds a lot of weight to the glasses, they
actually weigh a surprising 35 grams (1.23 ounces). The small compact battery and
hardly noticeable cameras not only add very little to the weight but also do stand out like
a sore thumb. They blend in well with the frames based on the pattern chosen by the
customer to appear as if they are the classic pair of glasses.
Barriers & Solution Plan/Market Analysis
Being a small emerging company amongst many well-known and well-supported
companies means there are bound to be many issues ahead. The fact that people may
solely buy their glasses frames at their local optometry shop could also mean not selling
enough to gain a profit.
However, we believe that we can bring in customers by advertising everywhere
possible. Along with that, we can sell our product in as many locations as possible.
Including, but not limited to, optometry shops and online. By advertising the unique
features of our frames, and showing people the end product (the stunning pictures that
they get) it will draw them in. After all, who doesn’t want to capture memories that will
last a life time.
We understand that our business will not go through the roof at first, but with
dedication, lots of advertising and promotions, we know we will slowly develop into a
strong and successful business.
Market Size & Potential for Growth
The eyeglasses with built in camera industry is monopolistic competition at its
finest. It’s a large industry which allows sellers to enter and exit freely with few barriers.
Unlike other market structures, this one won’t drive our business out through price wars
amongst sellers. Instead, we can set and manage our own prices depending on what
we see fit. Our main goal right now to help develop our company is advertisement. We
need to get the word out about Frame Optics, and then we can start offering our
customers more. In the future we could add video cameras with time lapse or slow
motion settings instead of just cameras alone. However, this all take time and finances
we first must obtain through selling our current product.
Target Market
Because the software we use requires a smartphone to connect to the frame, our
target market is anyone with a smartphone or those thinking of buying a smartphone.
More specifically young adults and up. Since our frames are not limited to prescription
glasses alone, anyone wanting sunglasses or just regular glasses will be drawn to the
product because of its innovative technology.
Competition
In the eyeglasses industry our biggest competitor is Lenscrafters, and in the
camera industry our biggest competitor is Canon. Both are well known companies that
people are widely familiar with. However, Lenscrafters only offers the standard version
of different styles of frames. Canon, although their cameras are known to give great
quality pictures, they are also known to be extremely expensive. Frame Optics
combines both items at a reasonable price, while also allowing customers to add their
own sense of style to the frames they choose.
Marketing
Plans for Reaching Goals
Reaching our customers is a huge part in our business, which means we
will be very thorough with our marketing plans. Our product will be based out of
Portland, Oregon starting out at various optometry offices in the area. Aside from that
our products may also be customized and ordered online off of our website. By reaching
our customers in this way we are confident in also reaching our sales goal of merely
making a profit. Being that the minimal profit off one pair of glasses sold is $110.00, our
goals will be easily attained.
Marketing Mix
In order to begin making profits we will need to get Frame Optics out to the
public. We will begin by promoting our product on social media sites such as Facebook,
and Twitter. Flyers will also be handed out in the area of which the optometry offices
that carry our products are located. Because we are looking for maximum exposure we
will also be heading towards not only radio advertisements but also televised
advertisements as our business continues to grow.
Product
Our product is indeed an evolutionary photography tool that all smartphone users
will be very interested in due to our sleek plastic frames and easy operational
technology. Frame Optics can be bought in 2 basic colors or our customers can even
customized their frames online for just $15 more. We also uphold an on-time shipping
policy or your shipping is free!
Price
Frame Optics will be marketing our two basic colors; black and tortoise, at the fair
price of $135.00. We will also be offering sunglasses for $140.00 and lense free frames
that will be sent to the optometry office in your area so prescription lenses may be
professionally placed in your hightec frames for just $130.00. Along with these great
deals you may also customize the perfect frames for you on our website for the small
additional amount of $15.00. What a deal! Frame Optics, if ordered online will have a
shipping fee of $14.99. In the present time of our business we are only offering our
products in the United States however with our first year of revenue we plan on
spreading international with our online website.
The great thing about our frames is the low cost of $25 it takes to produce them.
We will be making a profit of at least $110.00 per pair which in turn gives us the ability
to not only expand our product across the world to smartphone users but also to keep
developing and improving our product.
Promotions
Frame Optics will also offer amazing promotions to our customers. For starters
offered on our website is a guaranteed 50% off your second pair of frames! Our biggest
promotion however is directly connected to our advertisements. On each radio,
television, tweet or flyer there will be a promotional code that customers can then take
and enter into the top right corner of our website when ordering our products. With this
code our customers not only receive a 25% discount but also a free case just for them
and your their new technology!
Works Cited
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2015.
Stevens, Jen. "Nerd Glasses Clip Art." Clker. Rolera LLC, 6 Mar. 2012. Web. 21 May
2015.
"The Problem." Global Eyesight Now RSS. Web. 22 May 2015.
Zhou, Kevin Zheng, Chi Kin Yim, and David K Tse. "The effects of strategic orientations
on technology-and market-based breakthrough innovations." Journal of
Marketing 69.2 (2005): 42-60.