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People Involved in Stem Cell Business in India

In: Business and Management

Submitted By Prajesh
Words 746
Pages 3
A. OUR TARGET CUSTOMERS

Being at the introduction stage of Product Life Cycle (PLC), stem cell storage business has a potential to appeal a large base of customers. To develop this business model into a blue chip stock, all which is required is proper awareness in the minds of people. This business model ensures sustainability and growth of revenue. A health secured future of the child is the aim of every parent. Keeping it a affordable cost and delivering a full proof security to the health, customer attraction towards this service is set to rise. As the business model is still mushrooming, entering the market at this stage is legitimate Our target customers are those families who have an average household income of above 0.5 million INR. Well, families earning below INR 0.5 million p.a. can also be bought in our coverage if the Government of India grants some relief in the form of subsidies, however the same cannot to predicted and hence such families are ignored in our other relevant projections drawn in this report. As we are launching our service at an affordable price of INR _____( FILL THE AMT), our service could be labeled as “affordable” and eventually we can grab the customers matching our criteria. It won’t be difficult to attract the urban crowd as people are more educated in such areas so a heavy initial promotion shall do our job. For growth prospective, some future events like stem cell curing a deadly disease of our patient, shall not only attract more customers but also create a trust worthy brand image. As it’s a very sensitive industry, the organization shall ensure storage at the safest possible means and shall cater the customers with utmost diligence. Adopting a market penetration pricing strategy, the aim is very clear, initial years shall see red figures in the financial statements but the same shall be overshadowed by increased revenue as market penetration strategy shall reap its fruits in the near 2-3 years. In view of the above discussions, we can reiterate that our organization is aiming at customer base expansion by adopting several pricing and promotion strategies

B. OUR TEAM

OUR TEAM SHALL CONSIST OF THE FOLLOWING -

1. OPERATING TEAM OF DOCTORS

Launching our service at national level, our team shall constitute of ___ doctors having specialized knowledge in stem cell extraction, and the same shall be headed by respective chiefs at branch levels and a Chief Operational Manager at national level. Also, we plan to participate in campus placements at various medical education institutions to recruit new entrants in this field. In addition to this, we shall have a separate team of doctors conducting relevant tests on the mother before the birth of the child

2. SUPPORT LEVEL STAFF

Each doctor performing stem cell extraction shall be delegated a team of 3 sub-ordinates who are semi skilled in the field of medical science. This shall ensure that the extraction takes place smoothly.

3. ACCOUNTS DEPARTMENT

Our organization plans to hire 5 semi qualified accountant proficient with the SAP tool of accounting at each head branch in the city. We also plan to hire M/s Mahajan & Aibara, Chartered Accountants, for conducting internal audit of the organization and issuing relevant reports to the management from time to time

4. LEGAL TEAM

Since the organization is planning to incur heavy capital and promotional costs, it proposes to outsource its legal matters like drafting of agreements with the clientele, litigation matters etc to AZB & Partners.

5. AUDIT AND COMPLIANCE

We are planning to get our annual financials audited by M/s Khimji Kunverji & Co and M/s Ernst & Young as joint auditors. In addition to this, we plan to hire M/s Bansi H Mehta, Chartered Accountants, as monthly compliance auditors who shall report to the management on various aspects like taxation, company law etc

6. MARKETING AND CUSTOMER REDRESSAL

We plan to set up a call centre for the customers which shall constitute a team of 40 executives, who shall reply to various complaints, enquiries, feedbacks etc from customers all over the country
We also plan to hire McCann Erickson India who shall advise our organization on various promotions and advertising activities of the service intended to be launched

7. OTHER STAFF

As the organization also requires manpower in the form of receptionists, office boys, security guards, cleaners etc, the same shall be hired based on the requirements of various branches.…...

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