Market Entry of Lifekey Company - Report Example

Lifekey Lifekey if founded on the basis that a stable mind is vital for any success. The main purpose of this websiteis to launch a web psychological therapy platform. The main aim of the entity will be providing important advice to the populace that entails dealing with the basic issues in life under the supervision of professionally trained therapists. Lifekey is formed with the notion that in today’s busy world, everybody is under pressure due to a multiplicity of demands of life and certain difficult situations that are experienced during the daily course of business. Such situations make people lose their healthy mind sets and this warrants intervention in the form of professional help from individuals equipped with the requisite capacity to help this type of individuals to get back on track and conduct their daily activities normally once more. Lifekey intends to bring together a team of medical professionals who have adequate knowledge in this field. This group of individuals will consist of professional therapists and intern therapists, known in this case as assistant therapists. We are, therefore, thinking of launching an online store that will provide internet users with easy access of such features. The main target of Lifekey is people who need psychological help but do not want to be associated with psychological treatment or they simply do not have the time to go and seek the appropriate help they require. This website will be a web-based rehabilitation center where patients can access personality strengthening tactics and the necessary motivation that is bound to improve their situation. The manner in which customers can access help from our website: When customers open the website there will be the option to log in or sign up if it is a new user The customer will choose which type of service they require; web therapy, discussion platform or direct therapy sessions The user will then choose their location, state their gender and age The user will be connected to the appropriate service needed It should be noted that our team of professionals will be available on a 24-hour basis. Legal Perspective Lifekey will ensure that it abides to all the legal regulations as outlined in the constitution of Kuwait. Presently; it has a certified business license. Before the business starts operating, all licenses will have to be obtained. Furthermore, in order to have a KNET, a legal license will be required. Given that this is the first type of website dealing in this type of business, Lifekey has obtained the required copy rights to ensure that this business model is not copied by other websites. To enable the easy identification of the business, Lifekey has a trademark that is listed with the relevant Ministry, the Kuwait Commerce Ministry. All the employees will be predominantly of Kuwait citizenship with the required paperwork and their treatment will be as per Kuwaiti Labor Laws. Although Lifekey is designed by experts it should be easy to use and therefore provide a comfortable atmosphere where people can easily access the necessary medical practitioners for the necessary help. Lifekey will be held responsible for any complaints that may arise from the customers. State of the Company Lifekey is determined to provide the users with easy access to psychological help. The customers will be treated with a very comfortable and friendly approach that will ensure that the patient therapist relationship does not only exist online but there will be follow up emails, the ability to participate in online discussion forums and the opportunity to indulge in direct sessions with the therapists in settings away from the website. This can be in restaurants or cafes. Vision and Mission Use of the internet is common all around the world. However, in case of psychological problems most people do not know where to go to or who to talk to. Lifekey will be able to provide these products at the click of a button and users can access these services from the safety of their homes. Given that we are emphasizing on the quality of the professionals that we will be using in this project, this approach is likely to be popular with the people of Kuwait. This is because the people of Kuwait are drawn to this type of creativity and this will most definitely attract them. Vision “Provide premium web based psychological help” Mission “To be the most preferred website in terms of offering psychological treatment” Short and long term Objectives To protect the privacy of customers and maintain the time schedules Ensure that individuals maintain healthy mind sets due to regular web and direct sessions Provide a conducive and free environment where customers can actually speak freely in regards to what is on their minds Enable the customers to access help at any given time of the day or night Provide a forum that can be used by customers when they are seeking help in regards to advice about general life issues. Be the source of inspiration to the varied portfolio of clients. Provision of a series of activities apart from the main consultations that the customers can use for their own benefit Provide cheaper alternative to clients in regards to psychological help. Lifekey should be able to offer the same type of advice but at greatly subsidized rates. To make use of technology to show that psychological therapy must not only be provided on a personal contact level but can also be made possible by use of modern platforms Strategy Lifekey aims to be able to have different access levels for different types of clients. This will ensure that they not only receive the correct type of help but the therapists can also maintain follow up with the clients to follow up on their progress. The model of the website will allow for different sections to be created. One section will cater for patients who just want to talk online with the professionals, there will be a separate section where members can log in and poet items for discussion by their fellow members, although this will also be under close supervision of the team. The final section will be or the clients who want a more personal approach to psychological therapy and as such they will require specialized treatment. Lifekey plans to use the Direct Strategy Approach to the market. This is because this is the first time the product is brought up and there is no competition yet. The website will aggressively market its product and by the provision of different access to the customers, the company aims to be able to gain a large clientele base. Company Physical Description The Head office of Lifekey will be located in Doha, Kuwait. There will be an office were the customers can be assisted by professionally trained Customer Service Representatives in regards to any issues that may arise in the course of using the website. The office will have several psychologists who will be at hand in case of any psychological issue. Cost/Benefit Analysis (Net Present Value) The costs that will be used to run Lifekey will be divided based on initial costs and recurrent costs. This will determine the capital needed by the company for its establishment. INITIAL COSTS Cost of website development = KD 20,000 Purchase of servers = KD 30, 000 Purchase of furniture for the Head Office -= KD 25, 000 Shipping Expense = KD 500 Total fixed cost = KD 75500 The tables show exactly how much needs to be spent monthly and annually to efficiently operate. Fixed recurrent expenses Monthly(KD) Annually(KD) Rent 400 4800 Marketing -- 5200 Website maintenance 320 Electricity 150 Depreciation exp. 600 Telephone 50 Stationary 250 Total recurrent expenses 11370 *Lifekey will rent approximately in Doha. The required space is about 100 m2 and each m2 for an average of KD4 Salaries Monthly(KD) Annually(KD) Accounts directors 100 1200 Marketer 100 1200 Customer service(10) 500 6000 Operations staff 100 1200 Web crew 150 1500 Professional medics(5) 150 7500 Interns(10) 80 9600 Total salaries 28200 Fixed assets schedule Asset Purchase Annual depn Servers 30000 3000 Furniture 25000 2500 Computers(5*200) 1000 100 Electronics 300 30 Annual depreciation expense 5630 *Electronics are the following items: a. Printers (3) = 120KD b. Telephones (5) = 80 KD Depreciation charges (per Year): Electronics and servers = 10% Furniture = 10% Variable Expenses: Cost per Unit= KD 10 Delivery Cost Per Unit= KD 0.5 Total Variable Cost per Unit= KD 5.0 Pricing Strategy and Tested Price The subscription fee for the website shall be= KD 50 This is an initial fee and a monthly figure of KD 5 is payable The expected number of users per month is expected to be 10,000 in the first month with a possibility to increase to 20000 by the end of the second year. Total Fixed Cost per Unit = Total Fixed Cost for Year / Expected subscriptions per Year 75500/10000 = 7.5 Work Cited Pilone, Dan. Head First Website Development. Farnham: OReilly, 2007. Print. Read More