Professional Documents
Culture Documents
) (ENGINEERING ENTREPRENEURSHIP)
SMP22003
TECHNOLOGY ENTREPRENEURSHIP
GROUP ASSIGNMENT
PREPARED BY :
1.0 INTRODUCTION 1
7.0 CONCLUSION 19
REFERENCE 20
APPENDIX 21
1.0 INTRODUCTION
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2.0 BUSINESS DESCRIPTION
This business started operating on 1st January 2024 located at Jalan Forest City 1, Forest
City, Pulau Satu, 81500 Johor Bahru, Johor, Malaysia. The registration number of this
business is 20220516273. Promotion is carried out through the distribution of brochures
and online advertisements on social media. Care Tech Solutions is a sole proprietorship
and was registered on 20 December 2023. This business is managed by Mr Wan Haikal.
The company has 12 workers who specialised in product development and are engineers.
The price of the MediPod is RM85, it is very affordable and caters to the needs
of patients. The customers of this business consist of private hospitals as it is a premium
healthcare product. With the knowledge Mr Wan Haikal have through his degree in
Engineering Entrepreneurship from UNIMAP and experience in working at
manufacturing companies, he started this business with an estimated cost of RM 10,000
(loaned by the bank) as business capital including the cost of renting premises,
purchasing raw materials.
The operational plan includes a flow chart that explains the process of
manufacturing the MediPod. In addition, the operational plan also covers the necessary
production costs for the product to be sold.
Care Tech Solution uses the marketing mix as a marketing strategy. Our company offers
high-quality products and meets the needs of customers. The price offered is reasonable and
more or less the same and cheaper than competitors. Our premises are located in a strategic
location because it has other business activities in the surrounding and facing the main road.
We promote the product through brochures that will be distributed to the public and through
social media.
Slogan
“Where Innovation Meets Compassionate Care”
Tagline
“Anything that Heals”
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2.1 BACKGROUND BUSINESS
The following table shows information regarding the business background.
Details Information
Business name Care Tech Solutions
Business address Jalan Forest City 1, Forest City, Pulau Satu,
81500 Johor Bahru, Johor, Malaysia.
Vision:
To transform healthcare through innovative technologies and empower individuals to lead
healthier and happier lives.
Mission:
Our mission to develop cutting-edge healthcare solution that enhance patient care, improve
outcomes, and promote well-being. We strive to create intelligent and user-friendly porducts
that seamlessly integrate into healthcare systems, empowering healthcare providers and
patients with actionable insights and personalized care.
Objectives:
• Develop innovative healthcare solutions
• Enhance Patient Engagement and Empowerment
• Improve Healthcare Delivery and Efficiency
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3.0 MARKET ANALYSIS, STRATEGY AND SALES PLAN
This report will discuss market segmentation, target market selection, buyer behaviour,
competitive analysis, and a sales forecast for MediPod, a medical device mostly sold in private
hospitals in Kuala Lumpur and the rest of Malaysia.
3.1.1 Geographic
Medipod targets hospitals and healthcare facilities in the region of Kuala Lumpur and
other parts of Malaysia. The focus is on areas with a concentration of private and high-
end medical institutions.
3.1.2 Demographic
• Buyers exhibiting rational buying behavior tend to conduct thorough research and
analysis before making a purchase decision. They assess the features, benefits, and
technical specifications of medical devices like Medipod. Medipod’s ability to provide
advanced medical technology, reliable performance, and integration with existing
hospital systems can meet the demands of these buyers.
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3.2.2 Brand Loyalty Buying Behavior
Some buyers in the medical device market exhibit brand loyalty and prefer established
and reputable brands. However, with effective marketing strategies and a strong value
proposition, Medipod can attract these buyers by highlighting its superior features,
positive customer feedback, and the advantages it offers over competitor brands.
The target market for Medipod, a medical device, includes private hospitals, premium
healthcare facilities, and affluent individuals seeking advanced medical technology and
personalized healthcare services in Kuala Lumpur and the rest of Malaysia.
The demand for advanced medical devices and premium healthcare services is growing
in Kuala Lumpur and Malaysia due to the increasing affluence of the population and
the desire for high-quality healthcare. The market size can vary based on the level of
technology adoption and the concentration of private hospitals in the region.
Identify competitors in the market who offer similar medical devices and premium
healthcare services in Kuala Lumpur and Malaysia. Analyze their product offerings,
pricing, market share, and customer feedback to understand their strengths and
weaknesses.
5
3.4 STRATEGY
Continuously enhance and innovate Medipod to meet the specific needs and
requirements of private hospitals and premium healthcare facilities. Incorporate
advanced features, cutting-edge technology, and customization options to provide
personalized healthcare solutions.
3.4.2 Partnerships
Form strategic partnerships with private hospitals and premium healthcare facilities in
Kuala Lumpur and Malaysia. Collaborate with healthcare professionals to gather
feedback, understand their specific needs, and tailor Medipod to their requirements.
Establish Medipod as the preferred medical device provider in the market.
Develop a comprehensive marketing strategy to create awareness about the benefits and
capabilities of Medipod in private hospitals and premium healthcare settings. Utilize
online and offline channels to target healthcare professionals, hospital administrators,
and affluent individuals seeking advanced medical technology and personalized
healthcare services.
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3.5 COMPETITOR ANALYSIS
The Smart hospital assistance device that is selected as the competitors for MediPod is the
Privia Health and VillageMD.
Expertise Solid 3 years of medical 10 years of More than 16 Privia Health has the
use of experience medical use of years of medical most experience
experience use of experience
Advertising Online and Physical ad- Moderate Minimal cost Medi Pod is a well
vertise as they already advertise as they advertising established Smart
well known already well hospital assistance
known device with online and
physical promotion
Company Stage Very specific and Acquired Public Medi Pod and
Acquired with Public VillageMD is best
interference
Image Strong image Moderate image don’t have image Medi Pod is a strong
yet company
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4.0 MANAGEMENT AND ORGANIZATION DESCRIPTION
Strategies for Care Tech Solutions business plan might include things like staff development
programmes, marketing plans, efficient operations, or anything else related to the business..
CareTech Solutions has unveiled a new gadget called MediPod (Smart Hospital Assistance).
8
The responsibilities of the team Care Tech Solutions Include:
1) CEO
The CEO is in charge of establishing the company's vision and overall strategic direc-
tion, as well as managing significant connections, obtaining finance, reaching important
decisions, and supervising the management staff. In addition to having great leadership
and entrepreneurial abilities, the CEO has a comprehensive grasp of the technology
sector.
2) Human Resources
The HR manager is in charge of overseeing the organization's human resources divi-
sion. They are in charge of finding and employing top people, creating and putting into
practise HR policies and processes, and making sure employment regulations are being
followed. Additionally, they oversee efforts for employee engagement, performance
management, training, and development.
3) Financial:
The accounting & financial manager is in charge of overseeing the company's finances,
including fundraising, budgeting, and financial planning. They also keep tabs on finan-
cial performance, ensure compliance, and provide decision-makers with financial in-
formation. In addition, he has a solid experience in accounting and finance, which he
uses to guarantee the financial stability and success of the company.
4) Executive:
To accomplish their objectives, executives supervise and manage an organization's ac-
tivities, strategies, and policies. They prioritise cost reduction and performance en-
hancement while travelling and attending meetings. They handle budgets, approve con-
tracts, recruit managers, and take part in financial operations while keeping an eye on
sales and financial data.
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5.0 OPERATING PLAN
This includes analyzing the current healthcare scenario, figuring out the challenges faced
by healthcare professionals, and identifying areas where voice command and sensor
technologies could greatly improve patient care and hospital operational efficiency. For
example, market research could indicate a high demand for smart hospital assistance devices
that can assist nurses with patient monitoring tasks. This may include voice-activated devices
that record and transmit patient vitals such as heart rate, blood pressure, and oxygen saturation
to the healthcare team. By understanding this demand, the development team can concentrate
on creating a prototype that improves the workflow of nurses and addresses their specific
requirements.
After an operational prototype of the MediPod has been developed, it needs to be put
through evaluation. For instance, extensive testing may be performed on the prototype to ensure
accurate voice recognition, sensor calibration, and data transmission. During this phase, the
opinions of healthcare professionals who interact with the prototype is essential. For example,
if nurses find the voice recognition system to be inaccurate or inefficient, the development team
may modify the design to improve the user experience.
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5.1.2 Manufacturing
This research identifies the most effective channels to reach this audience, allowing our
company to come up with compelling pitches that emphasize how MediPod could significantly
boost patient care, streamline workflows, and enhance operational efficiency. For instance, the
marketing strategy could highlight the voice command and sensor technologies which enable
healthcare professionals to assist with patient monitoring, resulting in faster response times and
improved care for patients.
By remaining informed, our company should be able to identify the market's emerging
needs and trends. For instance, if there is a growing demand for telemedicine solutions, our
company could look into incorporating telehealth capabilities into their smart hospital
assistance devices or even develop a new product that is tailored specifically to remote patient
monitoring.
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5.1.5 Product Deployment and Support
Professionals are also taught how to use the devices properly and how they function through
extensive training programs. For instance, our company may offer on-site training courses
where nurses and doctors could learn the most effective ways to use the voice command and
sensor functions for patient monitoring and data analysis.
A critical component of the product deployment and support phase is ongoing technical
support. Customers are going to receive regular software updates that improve the functionality
and efficiency. The support team is ready to assist any technical issues or problems. The
customer service staff are also important for dealing with inquiries, warranty claims, and
product returns. We aim to achieve a strong relationship with the customers and maximize
customer satisfaction.
Care Tech Solutions business operating in Jalan Forest City 1, Forest City, Pulau Satu, 81500
Johor Bahru, Johor, Malaysia.
SMK HABIB
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6.0 FINANCIAL PLAN
13
6.2 ASSUMPTION SHEET
Marketing Expenses:
Rent
Utilities
14
6.3 INCOME STATEMENT
15
6.4 BALANCE SHEET
16
6.5 CASH FLOW STATEMENT
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6.6 RATIO ANALYSIS
Liquidity Ratio:
21,000 29,000 67,000
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑅𝑎𝑡𝑖𝑜 11,250 13,800 16,300
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐴𝑠𝑠𝑒𝑡𝑠
=
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠 = 1.9 = 2.1 = 4.1
Efficacy Ratio:
5000 5000 8000
𝐴𝑠𝑠𝑒𝑡𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑅𝑎𝑡𝑖𝑜 54000 53000 57000
𝑅𝑒𝑣𝑒𝑛𝑢𝑒
=
𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑡𝑒𝑠 = 0.09 = 0.09 = 0.14
Stability Ratio:
9950 11000 13000
× 100 × 100 × 100
𝐷𝑒𝑏𝑡 𝑅𝑎𝑡𝑖𝑜 54,000 53,000 57,000
𝑇𝑜𝑡𝑎𝑙 𝐷𝑒𝑏𝑡
=
𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠 = 0.18@18% = 0.21@21% = 0.22@22%
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7.0 CONCLUSION
Care Tech Solutions is a technology company based in Johor Bahru, Malaysia, with a
strong focus on revolutionizing the healthcare industry. Their flagship product, MediPod,
serves as a specialized interface between patients and healthcare services, aiming to improve
patient care and operational efficiency. The device collects and analyzes medical data from
patients and seamlessly integrates with the hospital's electronic health record system, providing
healthcare professionals with real-time access to critical information. The company's target
market for MediPod primarily consists of private hospitals.
Care Tech Solutions recognizes the importance of staying informed about emerging
market needs and trends. By continuously monitoring the healthcare industry, the company can
adapt and expand their product offerings to meet evolving customer demands. This proactive
approach ensures that MediPod remains relevant and aligned with the changing landscape of
healthcare technology. In addition to their marketing efforts, Care Tech Solutions places great
emphasis on providing comprehensive training programs and ongoing technical support to their
customers.
The financial plan of Care Tech Solutions encompasses various aspects, including
sources and uses of funds, assumptions, income statement, balance sheet, cash flow statement,
and ratio analysis. This comprehensive financial analysis allows the company to assess the
viability and profitability of their operations, make informed decisions, and secure necessary.
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8.0 REFERENCES
Asana. (2021, April 26). How To Do Operational Planning the Right Way Asana. Asana.
https://asana.com/resources/operational-planning
ISO 13485 QMS - Medical Devices. (n.d.). SIRIM QAS International Sdn. Bhd. Retrieved July
4, 2023, from https://www.sirim-qas.com.my/our-services/management-system-certification-
related-services/iso-13485-medical-
devices/#:~:text=ISO%2013485%20is%20an%20international
Leonard, K. (2018, August 27). The definition of organizational management. Small Busi-
ness - Chron.com. https://smallbusiness.chron.com/definition-organizational-management-
37684.html
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9.0 APPENDIX
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