Business Development and Entrepreneurship.

Introduction.

In the UK, some people need help monitoring their water intake properly, but introducing the smart bottle into the UK market will help curb this problem. These smart water bottles will help to track their water intake and help remind them to drink more water throughout the day (Bald and Fairbairn, 2022). These water bottles will be sold at hospitals and supermarkets, where customers can access them easily. These water bottles will be made from stainless steel or glass to make them sustainable and durable (Cromie, 2020). Moreover, the smart bottles will come in different designs, colors, and sizes depending on the customers’ preferences.

Description of the Product.

Smart bottles will be a new invention in the UK market that will help improve the health status of the people. They will have inbuilt sensors, which are synced with their smartphone app to help track owners’ water intake. The apps on their phones will be able to provide customized reminders to drink more water based on the person’s activity level, location, and weather conditions (Hall and Lenox, 2020). These water bottles will be made of durable and sustainable materials such as stainless steel and glass to satisfy customer use over time. Moreover, these water bottles will have a detachable bottom, easing the cleaning process.

These smart bottles will be sold at affordable prices, and their added advantage of monitoring the tracking of people’s water intake will be a competitive advantage in the market. People who find it difficult to track their water intake and those who associate themselves with fitness and exercise will use these water bottles (Luiz, 2021). Since many people go to the gym every day and do not know how to monitor their water uptake, there is a ready market for these products and a rare chance they will have a good return. Moreover, people like to associate themselves with technology, and this will be one of the technological innovations to associate with.

Industry and Competitor Analysis.

Smart bottles will be an invention and a solution to health problems because they will ensure that people are healthy, as their water intake will be monitored (Luiz, 2021). PESTLE Framework will help analyze smart water bottles concerning political, Economic, Social, Technological, Legal, and Environmental factors.

Political.

The stable political state of the UK will enable the growth of any new business. This is because the country encourages people to develop inventions by investing money in their projects. The nation believes in inventions to grow its economy (Matlay, 2021). Moreover, the government will set national laws and regulations to encourage people to develop new businesses, and the government will support the smart bottle introduction into the market.

Economic.

UK nation has a stable economy with good cash flow and customers. Therefore, with the introduction of smart bottles, there is a sure market, and customers will buy the products (Becky, 2021). Customers of the smart bottles will range from those who have health problems and cannot track their consumption of water and those who involve themselves in exercise and fitness activities.

Sociological.

People who live in the UK support any new idea that might come up in their society, and they are ready to support it and see its fruit. Therefore, the people of the UK will positively take the introduction of smart water bottles.

Technological.

The availability of modern technology in the UK will support the introduction of smart bottles because people have smartphones and know how to use various apps on their phones. This shows that it will be easy for the UK people to absorb and start using smart bottles (Cate, 2022). Moreover, they are elite and will easily learn how to operate smart bottles.

Legal.

Laws and regulations in the UK are good as they support upcoming businesses and other small businesses. The government always goes the extra mile to support those businesses by giving those loans. This is a clear indication that the smart bottle business will boom.

Environmental.

Smart bottles are environmentally friendly because they are made from stainless steel and glass, which makes them durable, and they can be recycled for something else if they get broken.

Porter Five Forces.

Threats of New Entrants.

Smart Bottles in the UK market are a new business idea, which will take time before other people start doing the same business (Dan, 2020). This is because people need more knowledge about smart bottles, which will take time to understand before starting the business.

Bargaining Power of Buyers.

Buyers are likely to buy smart water bottles compared to other ordinary bottles because of their advantage (Hall and Lenox, 2020). Smart water bottles will be going at affordable prices, reducing the buyers’ bargaining power because they will consider the advantage that comes with the bottle.

Bargaining Power of Suppliers.

Suppliers will contribute to the supply of the bottles and the sensors, and the company will connect those sensors to the bottles and mobile apps (Cromie, 2020). The good relationship that exists between the suppliers and the company will ensure that the bargaining power is good.

Threats of new Substitutes.

Smart bottles will be a great invention, and there will be no threats of new substitutes. This is because smart bottles will take the position of ordinary bottles, and it is challenging for people to develop products to substitute smart bottles.

Competitive Rivalry.

There will be less competition for smart bottles because people will choose them from ordinary bottles because of their added advantage.

The competitors too smart water bottles will be ordinary water bottles (Matlay, 2021). However, with the new technology and the added advantages of the smart water bottle, most people will use the smart water bottles compared to ordinary water bottles.

Market and Operational Feasibility.

Smart bottles will be sold to people with health problems and who engage in fitness activities. These bottles will have to be connected to the users’ phones, as it will help them track their water intake throughout the day. Users will have to download an app that will help in connecting bottles to their phones (Becky, 2021). These bottles will be sold in hospitals, pharmacies, and supermarkets. In hospitals and pharmacies, patients will take advantage of these bottles, as they can drink enough water during the day. In the supermarkets, everyone will have access to the bottles, and they will buy them depending on their preferences, ranging from sizes, designs, and colors. Moreover, advertisements will be made on television and in newspapers.

Production of smart bottles will involve three steps. This will involve making the bottle, making the sensors, and connecting the bottle, sensor, and mobile application. The modern technology of using mobile applications in smartphones will encourage the use of smart bottles (Luiz, 2021). These smart bottles will be made from stainless steel and glass, which will help make the bottle durable and sustainable. Smart bottles will be packed and transported to various areas depending on the number of orders made. The business will be located in London because it will be closer to buyers.

Financial Forecasting.

Table 1

The market progressively absorbs the new product, increasing sales revenue to £13,000 and profit to £3,000 as a result. In addition, structures near London are often pricey, costing $2,000 each. The whole cost of these expenses, which exceed £8,000, includes the high cost of transportation, labor, technology, and upkeep in and around London. However, the company will succeed because it will make a profit and grow in line with customer demand over the next several years.

Future Plan and Development.

The future of the water bottle business is a smart water bottle. Because of the benefits that come with smart water bottles, the firm that makes them will have traveled great distances in 5 to 10 years. People will be able to keep track of how much water they consume throughout the day to ensure their health. However, people who participate in fitness-related activities will be aware of how much water they have consumed during the day in relation to their health, location, and weather (Cate, 2022). London is home to a sizable population, which will initially spur the expansion of the business since customers from other cities and countries all over the globe like using London-made goods.

The company’s expansion will be aided by the usage of contemporary technologies. This is because mobile apps’ cutting-edge technology underpins the whole process. These applications will be used to link smart water bottles to smartphones so that users may track their daily water use (Cromie, 2020). Additionally, smart water bottles will be aggressively advertised in all media by outlining the benefits they provide to readers. As a result, the firm will expand as a result of increased demand for the bottles.

Conclusion.

The next innovation will be smart water bottles, which will support the UK population’s overall good health. This is due to the fact that drinking water is good for you since it helps the body’s processes function normally when it has enough water. Many useful technologies that can aid mankind and keep them from the issues they have been facing may be found in modern technology. When compared to regular water bottles, the competitive advantage of smart bottles is the ability to track your water consumption. The adoption of smart bottles and people’s reliance on existing technologies will determine how successful the firm is.

References.

Bald, G. and Fairbairn, T. (2022) Entrepreneurship and small business development. Journal of Small Business & Entrepreneurship, 19(4), pp.331-340.

Cromie, S. (2020) The role of the individual in small business development. Journal of Management, 15, p.62.

Hall, J. and Lenox, M. (2020) Sustainable development and entrepreneurship. Journal of business venturing, 25(5), pp.439-448.

Luiz, J. (2021) Small business development, entrepreneurship and expanding the business sector in a developing economy. Journal of Applied Business Research, 18(2).p. 90.

Matlay, H. (2021). Smart bottles entrepreneurship and small business development. Journal of Small Business and Enterprise Development, 11(3), pp.408-414.

Websites.

Becky, B. (2021). Entrepreneurship and Business Development. [Online] Available at: https://www.tandfonline.com/doi/abs/10.1080/08276331.2006.10593376 [Accessed: 9^th May 2023].

Cate, D. (2022). Smart water bottle business. [Online] Available at: https://www.sciencedirect.com/science/article/pii/S2212567114001117 [Accessed: 9^th May 2022].

Dan, C. (2020). Small business development. [Online] Available at: https://www.tandfonline.com/doi/abs/10.1080/08985620110052274 [Accessed: 9^th May 2022].