Executive Summary
Study Tech Rentals aspires to be a provider of more student-centered laptop rental services than are currently available at the New York Institute of Technology (NYIT) Vancouver campus. We will focus on quality laptops with great speed, customized for education purposes, and with significant settings like energy management and cybersecurity in mind. We are committed to bringing affordable rental options, superior technical support, and tailored devices to students in a way that will help them reduce costs and, at the same time, be fully equipped to handle their academic work.
Business Description
The office of Study Tech Rentals will be situated near the NYIT Vancouver campus, where students can access our services with ease. We will not provide just one laptop type. Still, we will instead provide several laptop options with varying performance levels, focusing on meeting the needs of students pursuing Energy Management and Cybersecurity concentrations. Our business model follows the principle of positioning ourselves in the market by offering convenience, affordability, and customer service that is second to none.
Market Analysis
Research that was done within the NYIT Vancouver campus found a total need for dependable laptops, in particular among students pursuing special subjects, which include Energy Management and Cyber Security. Many students vented their frustration with their current devices, which did not have all the essential functions, and with the inconvenience of borrowing from the university. Through our market research, a massive market for catering to the particular rental demand exists, and our business of providing custom rental solutions can fill the gap.
Unique Selling Proposition
Specialized Laptops: As for our rental fleet, we will be having high-end laptops with features suitable for our academic subfields of Energy Management and Cybersecurity
Convenience: Students can rent laptops as they need them- in the short or long term, without incurring huge costs of buying devices or relying on schools’ borrowing systems.
Technical Support: We will conduct comprehensive 24/7 technical assistance and maintenance services to students where they get immediate support whenever they need it.
Marketing Strategy
Firstly, we intend to employ targeted advertising (Jacobson, Gruzd, & Hernández-García, 2020). Utilize social media platforms like Facebook, Instagram, and Twitter, campus bulletin boards, and digital advertising to reach students at NYIT Vancouver.
Secondly, we are considering the use of partnerships (Pinz, Roudyani, & Thaler, 2021). Foster partnerships with the university departments and student organizations in a bid to advertise the services of our store and offer special student discounts.
Lastly, the use of a Referral Program will also be beneficial (Cao & Li, 2020). We are instituting a referral system that provides discounts or rewards to students who refer their friends to our rental option.
Financial Projections
Based on the findings of our market research and the projected rental rates, we expect the generation of revenue to be steady for the first three years of our operations. Primarily, the initial capital to start the business will mainly include the purchase of laptops, the marketing costs, and the leasing agreements of our rental location. We expect to reach the profitability milestone by the end of the 2nd year thanks to mindful cost management and an intelligent pricing strategy.
Conclusion
Study Tech Rentals is an ideal vendor for the community of NYIT Vancouver as it will bridge a significant gap in the circle of students by providing affordable and specialized laptop rental services. We believe in our business model of customer satisfaction, convenience, and reliability as it puts the essential technology tools into the hands of students and ensures their academic excellence. Adopting meticulous marketing tactics and focusing on excellent service, we are confident in our aspirations to make Study Tech Rentals the number one laptop rental service for NYIT Vancouver students.
References
Cao, E., & Li, H. (2020). Group buying and consumer referral on a social network. Electronic Commerce Research, 20, 21-52. https://link.springer.com/article/10.1007/s10660-019-09357-4
Jacobson, J., Gruzd, A., & Hernández-García, Á. (2020). Social media marketing: Who is watching the watchers? Journal of retailing and consumer services, 53, 101774. https://www.sciencedirect.com/science/article/pii/S0969698918307744
Pinz, A., Roudyani, N., & Thaler, J. (2021). Public-private partnerships as instruments to achieve sustainability-related objectives: the state of the art and a research agenda. Sustainable Public Management, 3-24. https://www.taylorfrancis.com/chapters/edit/10.4324/9781003202479-2/public-private-partnerships-instruments-achieve-sustainability-related-objectives-state-art-research-agenda-alexander-pinz-nahid-roudyani-julia-thaler
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