First Draft (a minimum of 700 words): You must cite at least 2 credible sources, using APA format –to be uploaded to Blackboard on Sunday, April 17.

Second Draft (a minimum of 900 words): You must cite at least 3 credible sources, using APA format –to be uploaded to Blackboard on Sunday, May 31.

Objective: Now it is time to explain in detail the information presented in your previous assignment –the Memo– and to include some more in order to decisively convince the CEO of a fictitious company that the electronic gadget of your choice could be successfully commercialized in the low-income area you have proposed.

Your Business Plan should feature the following sections:

Brief description of the electronic gadget (mandatory for first draft): You must introduce the electronic gadget, describe its main features, briefly but precisely, emphasizing its usefulness and/or purposefulness. You must also provide a general overview of the demographic group it would mainly serve.

Description of low-income area of your choice (mandatory for first draft): You must identify the low-income area of your choice to commercialize the product. You must demonstrate a thorough knowledge of that area and of some prevalent problems that the electronic gadget would help address.

Please provide graphs, graphics, figures and statistics when needed.

Description of target market (mandatory for first draft): You must identify your target market, the specific demographic group to which you are mainly trying to appeal. Why would they need the electronic gadget? How would they benefit from owning the electronic gadget?

How may certain aspects of their lives improve if owning the electronic gadget?

Please provide graphs, graphics, figures and statistics when needed.

Discussion of pricing (mandatory for first draft): You must propose a price your target demographic group –or those they would rely on to purchase the product– would find reasonable and affordable, given their financial means. In the process of figuring out a price for the product, you must take into account the overall market price. Anticipate the consequences of pricing too high or too low.

Please provide graphs, graphics, figures and statistics when needed.

Discussion of Risks and Advertising Strategy (optional for first draft, mandatory for second draft):

Risks: What are some circumstances that may prevent your target market from purchasing the electronic gadget/product or paying for the service you are offering?

Possible circumstances: the pandemic (COVID-19), the financial struggles of the residents in the area of your choice (the area’s median household income, high unemployment rates, rent burdens, etc.).

Please provide graphs, graphics, figures and statistics when needed.

Advertising Strategy: Aware of these risks, you are encouraged to resort to video marketing. You must discuss a video that you would create –or you could create your own– to appeal to your target market and probably millions of potential customers beyond your target market.

What would you include in this video? What would you say in it? Would you tell a story? Would you include background music in your video? Would you create your own song? Would you use humor in it? Would you use a catchy slogan, name or jingle? Would you recruit a well-known iconic figure, in politics, sports, the media and/or entertainment industry that your target market could identify with? How would you promote your video? By means of YouTube, TikTok?

Please provide graphs, graphics, figures, statistics, and/or audiovisual materials when needed.

Discussion of how electronic gadget is to be sold (for second draft only): You must present a plan to sell and distribute the electronic gadget. You must identify the means through which it may be purchased. How are you going to put the electronic gadget into the hands of your customers?