Revenue
Since GenieChip is a product-based business, revenue streams will all be from the sale of the product. Sales will offer a starter pack called the Lamp Package, which includes five chips as well as an app download, additional chips are sold in packs of three (the Three Wishes Package) and one (the Magic Package). In order to determine the price of each package, we approximated costs of producing each and set a revenue goal. The starter pack would cost the company $22 500 to produce 900 packs of the chips alone. Therefore, these will cost $40 in order to cover both the application and the chips themselves and make a profit. For packages of three, a goal of $1000 profit was set to sell 100 units, resulting in a price of $25. As for single …show more content…
The CEO’s role entails all the day-to-day management decisions and is responsible for developing GenieChip’s long and short term plans. The CFO’s responsibility lies with managing the company’s finances appropriately, dealing with tasks such as: obtaining funds, planning budgets, and managing the company’s financial risk. The COO oversees the ongoing business operations and helps make sure that the CEO’s visions are implemented. Finally, in order to ensure that GenieChip remains competitive in the market and is consistently providing high-quality products, it is important that there is a CINO. This role will entail the constant updating and improvement of the production process as well as the product …show more content…
These hires can be as interns and later as full-time employees. It would be ideal to hire these students as interns during the beginning stages of the company and then to internally promote them to full-time employees once the funds are available. So, even when we are hiring for interns, the hiring process (e.g. recruitment, application and interview) will be done very carefully so that it is certain that the interns hired fit the company culture. This will improve the possibility of the intern returning as a full-time, thus, reducing employee turnover and the resources spent on training.
In terms of employees, GenieChip is currently composed of an Electrical Engineer, who is the fifth founder of the company. A Software Engineer and a Web Developer, will also be hired as interns to contribute their expertise with research and development process. The main role of the Electrical Engineer is to design a prototype of GenieChip and to later improve the design. He will work closely with the CINO as well as the Software Engineer. This will be the foundation towards the creation of the GenieChip and ensuring that the product is both functional and
Since GenieChip is a product-based business, revenue streams will all be from the sale of the product. Sales will offer a starter pack called the Lamp Package, which includes five chips as well as an app download, additional chips are sold in packs of three (the Three Wishes Package) and one (the Magic Package). In order to determine the price of each package, we approximated costs of producing each and set a revenue goal. The starter pack would cost the company $22 500 to produce 900 packs of the chips alone. Therefore, these will cost $40 in order to cover both the application and the chips themselves and make a profit. For packages of three, a goal of $1000 profit was set to sell 100 units, resulting in a price of $25. As for single …show more content…
The CEO’s role entails all the day-to-day management decisions and is responsible for developing GenieChip’s long and short term plans. The CFO’s responsibility lies with managing the company’s finances appropriately, dealing with tasks such as: obtaining funds, planning budgets, and managing the company’s financial risk. The COO oversees the ongoing business operations and helps make sure that the CEO’s visions are implemented. Finally, in order to ensure that GenieChip remains competitive in the market and is consistently providing high-quality products, it is important that there is a CINO. This role will entail the constant updating and improvement of the production process as well as the product …show more content…
These hires can be as interns and later as full-time employees. It would be ideal to hire these students as interns during the beginning stages of the company and then to internally promote them to full-time employees once the funds are available. So, even when we are hiring for interns, the hiring process (e.g. recruitment, application and interview) will be done very carefully so that it is certain that the interns hired fit the company culture. This will improve the possibility of the intern returning as a full-time, thus, reducing employee turnover and the resources spent on training.
In terms of employees, GenieChip is currently composed of an Electrical Engineer, who is the fifth founder of the company. A Software Engineer and a Web Developer, will also be hired as interns to contribute their expertise with research and development process. The main role of the Electrical Engineer is to design a prototype of GenieChip and to later improve the design. He will work closely with the CINO as well as the Software Engineer. This will be the foundation towards the creation of the GenieChip and ensuring that the product is both functional and