...Will Bury Business Proposal Will Bury Business Proposal To maintain its health with the current economic conditions a business must remain competitive and increase profits. Will Bury developed technology that will allow him to convert printed text to into a digital format for reading or an audio format for listening. Will Bury holds the patent to his technology that makes his business a monopoly. This gives him an advantage by creating a barrier to entry for competitors. Although he has had his business for a few years, Will Bury has not been able to make it profitable enough to allow him to quit his full-time job. Additionally, he does not know how to market or price his product. Recommendations will be made for increasing revenue, achieving ideal production levels, adjusting fixed and variable costs to maximize profit, and identifying methods to reduce cost. Increasing Revenue Will Bury set up a website to introduce his products. In the first six months he sold 1,000 of the older books that sell for $10 and 2,000 of the copyrighted materials that sell for $15. Altogether his revenue was $40,000. Will Bury’s friend Elsa suggested that he increase the price of his product to allow additional funds for advertising. Elsa is selling artwork that is a good of conspicuous consumption meaning that increased price of the product brings about increased sales. This is rare with the law of demand. According to Investopedia...
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...Team D's View on Economic’s in the World Theresa Brooks, Maria Hooker, Robert Pontau, Ira Smith, Nicolle Timmons ECO/561 January 20, 2014 Alfred Igbodipe Team D's View on Economic’s in the World Introduction The objectives for week two are to 1) identify production level to maximize profits, 2) explain how to balance fixed and variable costs, 3) and apply economic cost concepts in making business decisions. The group discussed these objectives and came to the following conclusions. Identifying Production Level to Maximize Profits Profit maximization is a company’s process they undergo to determine the price levels and the best output in order for them to maximize their return. Usually the company will adjust factors that are influential such as sales prices, output levels, and production costs to reach its goal of profits. It can be a daunting task with maximizing the profits through the planning of the production level, but when a comparison to the total revenue per item, and total cost at various levels of production, any company can zero in on the output that is of perfect level. In some cases where production is restricted and in determining just how much of a product to make will keep the endeavor profitable. When the company’s maximum capacity is lower than the company’s profit maximizing level than the time to diversify or downsize into a new kind of product is needed. Maximizing profits is the firms ultimate goal, and to get as much for the firm as possible...
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...University of Phoenix Material Will Bury’s Price Elasticity Scenario Will Bury, an enterprising inventor, is convinced that soon everyone will be reading or listening to everything digitally, including books that have been mostly available in hard copy. He knows that there are books on CD, but these are relatively expensive and have been recorded using human readers. He also knows that there is technology that can transform the printed word into audio, but the sound is somewhat inhuman. Will plans on speeding up the transformation with a proprietary technology he has developed and patented. This technology takes the printed word for text materials and creates a file with the option of reading it digitally or listening to it with a realistic synthetic voice. Will knows that he has free access to books no longer under copyright protection, and he figures he can pay a royalty fee of $5 per title for copyrighted books that will greatly expand his catalog. So far, he has limited himself to English-language books but is working on a language translation option as well. To date, Will’s technical skills outpace his business acumen. He is struggling with some basic decisions. He has been working on his invention as a garage operation for the last few years and has missed many of his daughter’s soccer games while working at High Tech Digital Industries to keep his family comfortable on his $200,000 annual salary and benefits package. Will may eventually have to decide whether to...
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...Business Proposal ECO/561 June 24, 2013 Daniel Rowe Business Proposal Will Bury’s is an entrepreneur seeking to engineer digital and audible books with realistic voices. He understands the copyright limitations and technological concerns ahead in the future. This business proposal with discus methods to increase Will Bury’s revenue, profit-maximizing quantity, marginal cost and marginal revenue, mixture of pricing structures, determine his business fixed and variable costs, product differentiation and techniques to minimize production cost. The elasticity of demand and market structure of the company is review in this proposal. The knowledge and comprehension of the topics mention above will aid Will Bury with the success of his business Will Bury predict to enter the market soon with his invention. Recently he manufactured new technology which converts printed conventional books to digital and audible books. This idea is patent due to the competition market. Audible book currently exists in the form of CDs. Due to this market rivalry Mr. Bury understands he is entering into a monopolistic competition. A monopolistic competition market is characterized by a large quantity of merchants manufacturing dissimilar products (McConnell, Brue, & Flynn, 2009). Entering into a monopolistic market is a difficult task which takes commitment and dedication. Mr. Bury will have to understand the barriers of entry into this market. Barriers to entry are elements that prohibit companies...
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...Business Proposal Bradley Jameson ECO/561 July - 21 2014 Professor Seyed Baladi Business Proposal The technology market is a lucrative, ever-changing, and consistently growing business market. Will Bury (University of Phoenix, 2014) has developed a digital reading application that is simple to use, and necessary in today’s world of academics, business, and pleasure use. It is the intention of this business proposal to acquire the financing needed to begin launch of this new application and the following in-depth information will show that the numbers support Mr. Bury’s proposal. Market Analysis In the growing technological age and with the introduction of digital reading devices like the iPad® from Apple Inc. or the Kindle® from Amazon.com, the demand for digital reading formatted books has begun to surpass the demand for audio books. With the introduction of this technology, improvements and advances have led to devices that the hearing and visually impaired can also enjoy (National Library Service, 2009). The need for a physically printed book in the modern age is falling behind thanks in part to technology and the internet, and with eBook titles now taking up an estimated 30% of all book titles sold (Bercovici, 2014), it has become apparent that there is a marketplace for applications related to this field. While 30% may not seem like much, take into consideration that eBooks have been around less than a decade, whereas paperbacks have been in print for centuries...
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...Business Proposal-Will Bury Through the current economic condition, remaining competitive and growing profit is essential to sustaining a vital business. Mr. Will Bury has developed proprietary technology that will allow him to convert printed text into a digital format for reading, or audio for listening. Since Mr. Bury holds the patent on his digital and audio converting technology, his company fits the criteria of a monopoly. In addition, he is not clear on how to market or price his product, (University of Phoenix, 2003). This proposal will endeavor to provide essential ideas for improving revenue, attaining ideal production levels, regulating fixed and variable costs to maximize profit, and finding methods to lower costs. Current Fixed and variable cost: Currently, Mr. Bury has fixed costs that include a portion of his mortgage and utilities, (his business operation is out of his home). His variable costs include royalty fees for copyrights of book titles, his time, and any resources he uses to transform the text and place them in a digital and audio format. In order for Mr. Bury to maintain his lead he must constantly improve the technology of his product. Furthermore, Mr. Bury will need to employ additional employees to run the transformation process. They will also assist in seeking, and safeguarding the company copyrighted information and resources suitable for conversion. While this will increase his variable costs, it will allow Mr. Bury to increase production...
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...Business Proposal Desirae Candelaria ECO/561 May 11, 2015 Joseph Krupka Mr. Will Bury’s Business Proposal In this present economic state maintaining competitiveness can be challenging along with the vital importance of increasing business profits in order to maintain healthy businesses. This proposal will discuss Will Bury and his privately developed technology that allows him to transform a piece of writing into a digital format for audio and or reading. This proposal will also discuss basic recommendations on how Mr. Will Bury may increase his revenues, adjust variable and fixed cost in efforts to maximize profits, reduce costs, and achieve ideal production levels. Mr. Will Bury holds the registered trademark on this audio and digital technology that is to be converted; therefore, by definition this business is considered a monopoly (McConnell & Brue, 2009). Mr. Will Bur’s monopoly will create a barrier of entry to competitors, which will give him an advantage. Although having been in the business for a few years, Mr. Will Bury’s business has not been profitable nor does he comprehend how to market this new technology that he has developed. Because of this Mr. Will Bury must continue his commitments to his fulltime job. Mr. Will Bury demand curve is downward sloping because he is operating as s monopoly. The amount of demand increased as the price decreased. Mr. Will Bury must decide the price elasticity of demand for this commodity. For example, when the price...
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...Business Proposal Week 4 LaKeeta Seals University of Phoenix Samuel Imarhiagbe/Instructor February 29, 2011 Abstract Will Bury, an enterprising inventor, is convinced that soon everyone will be reading or listening to everything digitally, including books that have been mostly available in hard copy. He knows that there are books on CD, but these are relatively expensive and have been recorded using human readers. He also knows that there is technology that can transform the printed word into audio, but the sound is somewhat inhuman. Will plans on speeding up the transformation with a proprietary technology he has developed and patented. This technology takes the printed word for text materials and creates a file with the option of reading it digitally or listening to it with a realistic synthetic voice. In addition, Will Bury know that he has free access to books no longer under copyright protection, and he figures he can pay a royalty fee of $5 per title for copyrighted books that greatly will expand his catalog. So far, he has limited himself to English-language books but is working on a language translation option as well. The purpose is to create a business proposal to improve the existing goods and services for Will Bury’s new product. In this paper the subject to discuss is profit-maximizing and increasing revenue. Marginal cost, marginal revenue, credit markets, and the unemployment rate are briefly covered. Additional sections will...
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...Business Proposal for Will Bury’s Price elasticity Scenario The purpose of this proposal is to provide recommendations to Will for increasing revenue, maximizing profits, determining the company’s profit-maximization quantity, increase product differentiation, and minimizing product costs. The proposal will also include the correlated processes for determining the appropriate recommendations and their correlation to pertinent economic principals. Company Overview Will Bury is an architect of innovation who has the foresight to forecast future trends in digital book technology. He has developed and patented a proprietary technology that takes printed words from text and creates a file which provides the option of reading digitally or listening to a synthetic voice rendition. Will is aware that he has access to books no longer under copyright protection at no cost. Furthermore, according to his assessment, he can significantly expand his catalog by paying an estimated $5.00 royalty fee per copy for copyrighted books. Although technologically savvy, Will appears to display deficient business aptitude which, thus far, has culminated in his lack of adequate facilities, human resources, and indecisiveness. This proposal will detail the measures Mr. Bury should take for optimal results within the present and subsequent speculative conditions. Efficiencies in production levels and price changes will be reflective of prescribed actions. This proposal was prepared under...
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...Business Proposal ECO/561 August 08, 2011 Abstract Will Bury, an enterprising inventor, is convinced that soon everyone will be reading or listening to everything digitally, including books that have been mostly available in hard copy. He knows that there are books on CD, but these are relatively expensive and have been recorded using human readers. He also knows that there is technology that can transform the printed word into audio, but the sound is somewhat inhuman. Will plans on speeding up the transformation with a proprietary technology he has developed and patented. This technology takes the printed word for text materials and creates a file with the option of reading it digitally or listening to it with a realistic synthetic voice. In addition, Will know that he has free access to books no longer under copyright protection, and he figures he can pay a royalty fee of $5 per title for copyrighted books that will greatly expand his catalog. So far, he has limited himself to English-language books but is working on a language translation option as well. The purpose of this paper is to create a business proposal to improve the existing goods and services for Will Bury’s new product. In this paper the subject to discuss is profit-maximizing and increasing revenue. Marginal cost, marginal revenue, credit markets, and the unemployment rate are briefly covered. Additional sections will discuss pricing and non-pricing strategy, barriers to entry, product differentiation...
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...ll Will Bury’s Business Proposal Laura Nash ECO/561 July 11, 2011 Alexander Heil Will Bury has decided that he needs a change in his professional life since he feels as though he missing out on too many family functions. Will has come to the conclusion that he will resign from his current position with his employer and will start up his own business. Recommendation Process for Star-up Willy Bury must submit a layout of a business outline for his business proposal showing the positive and negative parts of opening up his own business. Will must choose the option that will lead to the most profit gain. One thing for Will to consider is if he will hire someone at first or if he will be doing the digitizing himself at the beginning of the start-up process for his business. Will needs to decide how much of his time it will take to work alone or if it is actually more effective hiring someone to bring the highest profit. Once Will Bury has an understanding of each start-up process he will be able to obtain his end goal of the highest profit. One thing Will must know is that customers will be hard to obtain at first with not possessing many years of the business being in service but what Will does have is experience. Will must learn what marketing tactics it takes to obtain and maintain customers along with knowing the best suitable price for each market. Business Assumptions Some assumptions from...
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... consumers are still enjoying it literacy within the computer realm. The focus of this proposal paper is to analyze Will Bury invention for the digitized program which allows readers to read on heighten levels. The paper will also identify the market structure, elasticity of the product marginal cost and marginal revenue, mixing prices and non-pricing strategies. Will Bury Invention Entrepreneur Will Bury is an inventor who has dreams of expanding his invention to a wider domain, however order to accomplish this a change in his current business structure will have to take place. The type of changes that MR. Bury has considered implementing is adding staff and providing a workable environment to continue to invent the latest digitalize program. Research reveals that when changes such as this take place, it can help to improve consumer satisfaction, increase work productivity, increase quality and lower cost. Therefore, if Mr. Bury chooses to implement this changes it will not only provide improvement within his product, but also the longevity within a competitive market Identifying the Market Structure The type of market that Mr. Bury operates within is an monopolistic structure which is define as "relatively large number of sellers producing a differentiated products" (McConnell, Brue &Flynn, 2009, p.277). Mr. Bury product falls within the category of a non-price...
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...Revenue, Cost Concepts and Market Structure Proposal Economics/561 November 16, 2010 Revenue, Cost Concepts, and Market Structure Proposal Will Bury’s innovative thinking has created a new technology that transforms books into a digital copy that can be read on a computer, portable device or listened to on any auditory device. This technology started out with an inhuman voice, but with time and research the voice improved to be a more smooth practical synthetic voice. Will Bury have no intentions of selling the technology to convert books into digital copies, but he will eventually translate a copy of the books into a digital version. The overall goal of the company is to provide digitally converted copies of books at a sensible price to a product that will ensure a high level of customer satisfaction. This can assist in the increase of books read and minimize the hassle of retrieving a hardcopy of a book. Recommendations Today’s market for this type of device has no limit it can expand into all ages. The suggested recommendation would be to target young adults. Research have revealed that adults between the ages of 18-32 read the most books, commonly due to acquiring a higher education, and this age group is also more in tuned with the latest technological advances. With the focus on this market, certain devastating economic factors will be minimal due to the competitive advantage this company has over getting a hardcopy as well as the inelasticity of individuals...
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...Research Proposal Lillian Wilson-King Western International University RES 600 Graduate Research Methods Professor Mary Anne Moore November 14, 2010 Table of Contents Research Problem 3 Research Questions 5 Importance and Benefits of the Research 9 Research Objectives 9 Research Design 10 Data Collection Methodology 10 Summary/ Conclusion 12 References 13 Introduction The research proposal will focus on the implementation of change, the management problem and the specific reasons why employee resists change. Therefore, the research proposal provides theoretical support of this research proposal and shows the academic explanation and principles for investigating the problem. In addition, the proposal identifies the intention of the research and emphasizes the essential research questions to be considered as part of this research, discussing the academic reasons for and against the research topic. The research proposal will discuss the research method that will used to collect data. In addition, the research study will research the problem and describe the research design. In addition, several appendixes the writer has composed a survey and survey letter for the completion of the Change Management Project which will investigate present and summarize facts about why employees resist change. Research Problem The organizational issue that I will identify is management problem of implementation...
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...Will Bury Business Proposal Econ/561 March 2, 2011 To: Whom it May Concern From: Will Bury Date: March 2, 2011 I have gathered you here today to discuss the future of my company Will Bury’s Digital Books. My company’s structure is monopolistic competition, which mean as demand increases, prices decrease. To make any profits, I have to make sure that my product is in demand (Halmos, 1995). After that, it is in my best interest to determine ways to increase revenue, minimize cost, profit maximizing quantity, concepts of marginal cost and marginal revenue, pricing and non-pricing, barriers to entry, and product differentiation. The things I have listed will ensure the success of my company. Increase Revenue and Minimizing Cost Increasing revenue and minimizing cost is what we strive to do as an organization. Many things considered in the process of creating a plan to increase revenue and minimize cost. I believe that I first need a budget to be set so I do not overspend; therefore, I will minimize cost because I will not spend any unnecessary money. One way to cut cot is to do just in time processing; orders are produced when orders are complete. This will prevent overstock. Instead of hiring a high school graduate or overseas staff, my plan is to partner with local colleges and getting some interns. I can get interns to work free; this will cut cost and ultimately increase revenue and minimize cost. Minimizing my variable cost is also away to minimize cost and increase...
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