High TechMobile Company Plan
High TechMobile Company will be involved in phone interpreting services and will be based in California, Bunker Hill Ln, Santa Clara, CA 95054 where it will serve the needs of customers in different markets across the world. As a limited liability entity, the company seeks to redefine the High TechMobile Company by ensuring clients in various regions access high-quality services that fulfill their needs. Similarly, the firm will ensure that the roles of all workers and managers are defined appropriately so that they attain good results in different activities they do. In the last three months, the firm conducted a test marketing initiative that enabled it to examine the viability of the business model and specific issues it needs to consider to achieve positive results. Further, the organization examined regulatory challenges that are likely to affect the way it does business in different locations. Consequently, various sections of the business plan address the factors the organization needs to consider to ensure it achieves its long-term purpose in the industry.
Table of Contents
Short Term and Long-Term Goals. 13
High innovative abilities in the organization. 14
Strategic Location that is accessible. 14
High level of investments that would increase the asset base of the company. 14
Abides by the Legal requirements. 14
Limited Technical competency. 14
Low information accessibility. 14
Poor response to uncertainties. 14
No legal structure to deal with emerging issues. 14
Expected number of visitors from non-English speaking. 14
Partnership with international organizations. 14
An increase in global trade will create more demand for its services. 14
Artificial intelligence allows the organization to explore new areas of future growth. 14
Key Performance Indicators. 15
Sales Performance Indicators. 16
Finance Performance Indicators. 16
Product and Service Description. 17
Research and Development Activities. 21
Corporate Social Responsibility. 22
Competitive Profile Matrix. 36
STRATEGY AND IMPLEMENTATION.. 39
Sales and Marketing Strategy. 39
ORGANIZATION AND MANAGEMENT. 46
Job Titles and Descriptions. 47
Table of figure
Figure 4. United States Tourist Arrivals. 22
Figure 5. Number of international Tourist to Europe. 23
Figure 6. Medium Annual Wage for interpreters. 24
Figure 7. - Language analysis. 30
Table of tables
Table 6 Competitive Analysis. 33
Table 7 Competitive Profile Matrix. 35
Figure 1. Google Maps (n.d.-a) [2953 Bunker Hill Ln, Santa Clara, CA 95054]. Retrieved July, 30, 2019 from https://goo.gl/maps/Yo1h5d8wy77vdvFZ6
Figure 2. Google Maps (n.d.-a) [2953 Bunker Hill Ln, Santa Clara, CA 95054]. Retrieved July, 30, 2019 from https://goo.gl/maps/Yo1h5d8wy77vdvFZ6
High TechMobile Company seeks to offer high quality English, Spanish and Hindi phone interpretation in U.S, Canada and U.K. Its mission will be driven by values that focus on excellence, fulfilling consumer expectations and being innovative in various activities employees will undertake in the market. The firm seeks to build partnerships with both for-profit and nonprofit entities that allow it to realize its long-term purpose in the phone interpretation industry.
High TechMobile Company intends to become a symbol of excellence in the industry by allowing its clients to benefit from cutting edge technological solutions and services that improve their lives. Through imparting high-quality skills to its employees, the firm will be driven by best social, environmental, and economic practice standards in various activities it does in the phone interpretation industry and expand into Europe, Asia and Latin America and provide more languages in the next 5 years.
The firm’s main purpose is to offer high-quality High TechMobile Company services to a diverse clientele globally. Such an objective requires the firm to assess its competitive advantages that will offer value to its clients in various locations where they are based. In the same vein, the organization intends to partner with vendors and other information technology service providers to ensure it offers consistent services to its clients . Therefore, such a focus will allow the organization to be innovative in various activities it does to achieve better outcomes in its operations in the long-term.
The company will be a limited liability company that will have 2 shareholders whose ties to the company will be defined by a legal contract. In effect, the organization will be involved in various activities that will affect how it obtains revenues in the market it will be operating in. By defining the role of the two managers and employees, the organization will be in a position to take on any challenges that are likely to affect its performance in the industry. In future, the organization might decide if it needs more shareholders to help it acquire more capital to improve its business operations in the industry (Mckeown, 2012). Therefore, all shareholders will be allowed to contribute their ideas in different company meetings that bring about the desired changes in the way the organization operates.
Advantages of limited liability company Legal structure
- The Legal structure do not have any restrictions on the member show are allowed into the company. In this case, High TechMobile Company will increase its shareholders in the coming years leading to increased level of investments. High investments would lead to high revenues.
- The legal structure allows High TechMobile Company too have a flexible management system for its success. The success of the company is tied to the company management and the quality of top level managements.
- High TechMobile Company will have reduced formalities that affect the company operations.
- The debts in the High TechMobile company cannot affect the shareholders. The business is liable to its liabilities in the operations.
Disadvantages of limited liability company Legal structure
- Unlike the advantages of limited liability company Legal structure, the structure is quite expensive as compared to other legal structure such as the Sole Proprietorship.
- It is also hard to transfer the ownership of the limited liability company Legal structure
The organization will focus on offering phone interpretation services to different clients who seek to communicate with other parties in diverse locations. The service will allow clients to enter special numbers where they would be able to talk to a specific language interpreter who will connect them to another party. It is worth noting that there has been an increase in the number of telephone users who seek to conduct business with people from other geographic or cultural backgrounds who speak different languages (Mckeown, 2012). Ultimately, the organization will make it easy for organizations that seek to contact suppliers, clients, or regulatory agencies in other locations to communicate in a confidential manner. Significantly, the service will make it possible for all parties involved to reach their intended targets more effectively through available interpreters in less than 60 seconds. Significantly, customers will be able to rate the service after their calls are completed to allow the organization to improve its operations in the industry.
The company has developed a strategic plan that ensures company competitive positioning. It is worth to note the core competencies will make the company acquire high level of revenues, high profitability, and high market shares. Among the key competences in the company include the flowing;
- Ensure professionalism in handling all levels of service. The phone
interpretation should be prompt and accurate thereby gaining the loyalty of
satisfied customers and generating new customer growth.
- Employment of skilled personnel that ensure effective services deliver to the
customers leading to improved customer satisfaction. Such a step would make the
company more competitive.
- Reward high creativity and innovation in High TechMobile company that would increase the company performance. Such a step would lead high company performance and competitive advantage.
High TechMobile Company will offer phone interpreting services and will be based in California, Bunker Hill Ln, Santa Clara, CA 95054 where it will serve the needs of customers in different markets across the world. The company has been conducting test marketing in the last three months meant to assess the viability of its business model in the industry. I have decided to start up the company because of the market niche that is in the phone interpreting services. The market has not need ventured and I believe I can make high profits from the venture. Consequently, the approach has allowed the organization to understand the needs of various client groups and how they can be fulfilled by the services it offers. It has gathered information from hotels, conferences, travel agencies and other organizations regarding the best way it can roll out its services to help it achieve its goals in the High TechMobile Company (Ozolins, 2011). Further, the company has used test marketing to determine the types of product packages it can offer its clients so that their expectations are fulfilled in the long-term. The approach has enabled the organization to understand the costs associated with its operations and some of the regulatory challenges it needs to deal with so that it solves existing problems in the market. However, the firm is still assessing how it can overcome its rivals in the industry to enhance the overall appeal of its brand.
The firm will mostly specialize in business and hospitality phone interpreting services for its clients from diverse locations. The first service will target professionals from various parts of the world who visit the United States, Canada, or the United Kingdom with limited fluency in English (Ozolins, 2011). On the other hand, the second service will target international tourism visitors who cannot speak English seeking to book hotels and airlines in the three countries. The third service entails offering interpreting services to hotels, airlines and travel agencies seeking to attract various firms and people in countries where English is not widely spoken. Therefore, the three services will allow the organization to develop a business model that is responsive to most clients to ensure the organization achieves better outcomes in its operations.
Short Term and Long-Term Goals
Short-term goals in the firm will mainly be;
- Increasing awareness about the value it offers to relevant client groups
- Complying with regulatory objectives in all countries where its operations will be based
- Attracting qualified personnel to ensure essential tasks are performed accordingly
- Selecting appropriate technologies and suppliers to enhance its overall performance in the industry.
- Increasing its presence in various local and regional markets
- Achieving efficiency in its operations
The long-term goals of the firm include:
- Expansion into Europe, Asia and Latin America
- Achieving high levels of profitability
- Increasing the number of services it offers clients
- Getting involved in more complex projects that help it achieve competitiveness
- Increasing the number of partnerships it has in local and foreign markets.
SWOT Analysis
Strengths.
The firm has a strong financial position that allows it to explore various ideas that are crucial to growth. The organization has skilled personnel who are willing to sacrifice to achieve objectives. The firm has networks in the U.S., Canada and Europe. (Kelly, 2008). The firm has obtained all required permits and licenses (Kelly, 2008). High TechMobile Company will have high innovative abilities and qualified peroneal that would lead to company development. All these will lead to high level of investments that would lead to company stability.
Weaknesses. Inadequate information about various aspects of the market might expose it to risks. It does not have the technical capabilities needed to compete effectively
There are business uncertainties that might affect its overall competitiveness (Kelly, 2008).
Opportunities. An increase in the number of visitors from non-English speaking countries such as China, Brazil and Russia offers the company a chance to grow its services.
An increase in global trade will create more demand for its services.
Improving partnerships with other organizations in other countries will make it easy for the firm to expand in future (Kelly, 2008).
Artificial intelligence allows the organization to explore new areas of future growth (Kelly, 2008).
Threats. High levels of competition might affect the returns realized in its business:
- Employee turnover in future might affect its growth potential.
- Changes in technology might hamper their competitiveness (Kelly, 2008).
- Currency changes might affect the overall stability of their business.
- Cultural factors might make it harder for the firm to expand into new markets (Kelly, 2008).
There are several key performance indicators that will determine whether the firm is performing its responsibilities as expected. The main categories for key performance indicators in the organization will be sales, finance, project management, and marketing.
Customer satisfaction will enable the organization to determine if it offers value to clients using the client feedback systems that will be established. Advertising return on investment will allow the firm to determine effective approaches it needs to use to reach out to the necessary clients (Schermerhorn & Bachrach, 2015). The sales revenues attained by employees in various departments will allow the company to determine whether it is making enough returns in its business.
Finance Performance Indicators
Assessing costs associated with different departments will allow the firm to establish if it is on the right track. Measuring quarterly profits, revenues and expenditures will allow the organization to find out if all essential activities are being performed as expected. The average daily rate will allow the firm to establish the number of clients that use its service on a given day and how such metrics affect its profitability (Schermerhorn & Bachrach, 2015). The average length of calls will make it possible for the organization to determine the time spent by clients whenever they use its services and how such metrics affect profitability. It will also be necessary for the firm to assess its liquidity to establish if it can execute day to day functions in the industry.
The time taken to complete technological projects will allow the organization to determine if it is likely to satisfy the expectations of its customers. Value to be realized from various projects conducted will make it easy for the firm to establish whether it has the required personnel to fulfill the demand of its clients (Schermerhorn & Bachrach, 2015). The nature of long-term contracts the firm has with clients and suppliers will enable managers to establish if it is capable of performing multiple functions simultaneously. The life cycle value of various activities will make it easy for the firm to assess its overall benefits to its survival in the industry.
The nature of clients who purchase its services will determine the overall reach of services the firm sells in the market. The performance of each product category will allow the firm to determine if the marketing strategies it has used are effective in attracting clients from different backgrounds. The number of repeat clients will allow the organization to find out if its services are considered valuable by clients who purchase them in various markets (Schermerhorn & Bachrach, 2015). The reactions to its services in social media and other traditional media platforms will allow the organization to establish if its overall strategies have yielded the expected results.
Product and Service Description
The firm’s business model will focus on offering Phone Interpretation services. The specific services that would be offered in High TechMobile Company will be;
- Teach people to be bilingual.
- Offer training on the medical terms.
- Teach people various cultures.
There will be three main service packages targeting selected clients groups to help it achieve the desired results in its operations. The first package will serve professionals from various parts of the world who visit the United States, Canada or the United Kingdom with limited fluency in English who seek to engage in different business activities. On the other hand, the second service will target international tourists who cannot speak English seeking to book hotels and airlines in the three countries (Ozolins, 2011). The third service entails offering interpreting services to hotels, airlines, and travel agencies seeking to attract various firms and clients in countries where English is not widely spoken. Lastly, the firm intends to develop data labeling and speech refining services to firms seeking to communicate via video conferencing solutions to different clients globally.
Pricing strategy of the Products
High TechMobile Company would consider the prevailing market prices before it set its prices. The prices of products need to be well analyzed for the company to get high number of customers. In this case, the company will have number of customers as prices have direct correlation with the demand. The interpreting service fee for the first month will be:
Monthly service fee
|
|
HOTEL |
HOSPITAL |
TRAVEL ANGENCIES |
CONFERENCES |
|
Service Fee/Monthly |
$510 |
$350 |
$300 |
$150 |
However, there will be costs associated with suppliers, services, and products in various locations. Some of the benefits customers are likely to experience will be lowered transaction costs whenever they communicate with other individuals from different parts of the world. Further, the firm will create innovative products and services that serve all needs of consumers to satisfy them in the long-term. Similarly, the organization will focus on creating good relationships with consumers to enhance its overall reputation in the industry. Flexible interpreting services offered will allow customers to send different files beforehand to ensure parties they transact with are informed of their expectations and requirements (Spender, 2014). The firm has an edge over its competitors due to the way its service solves cross-cultural differences that hamper international business and socialization.
The main suppliers will be telecommunications and internet product sellers and service providers to allow the company to reach out to various clients it seek to attract in the market. For planning, the following items will be supplied;
- Seven Computers for interpreters, two managers and owner
- 13 Headsets for 8 interpreters, 2 independent contractors, two managers and owner: myself
- Phones with recorders
- Printer
- Fax Machine
- Tables and chairs
|
EQUIPMENT |
ESTIMATED COST |
|
7 computers |
$56,00 |
|
Headphones (13 Pieces) |
$,650 |
|
Telephones(with recorders) |
$150 |
|
Printer |
$100 |
|
Tables and chairs (8pairs) |
$600 |
|
Total |
$7100 |
Component suppliers and external technical teams will offer crucial support to the firm’s technical infrastructure to ensure all activities run smoothly. Moreover, the organization will sign contracts with service providers for maintenance and network upgrades according to the functions it performs in the industry. Such an approach will allow the organization to determine how suppliers affect its operations and some of the changes it needs to introduce to enhance its competitiveness (Pinson, 2008). As a result, the organization will be in a position to strengthen various internal and external systems to achieve the value it seeks in its operations.
Table 3. Equipment and Cost
The firm’s operations will focus on offering high-quality services to customers in the industry. All complaints will be assessed based on their merits and dealt with accordingly to ensure clients get positive experiences whenever they use the firm’s services. Alternatively, the firm will introduce loyalty points where repeat customers will be given discounts and other benefits to make them understand how the firm appreciates them (Pinson, 2008). Customers will also be encouraged to engage in other activities that are crucial to the development of the brand in the industry. In the same vein, the organization will introduce consumer loyalty schemes to reward loyal clients who purchase different service plans it sells in the market. Therefore, they will be offered discounts on their future purchases to encourage them to maintain long-term relationships with the organization in the industry.
Research and development will be an ongoing process that will allow the organization to experiment with various innovative ideas before they are made part of the business model. By introducing the services to the market, the firm will be able to find out their viability and how they are likely to be perceived by various consumers. It is worth noting that the firm will rely on various promotional approaches to increase the growth of its brands in different locations (Hoffman & Ford, 2009). When the market matures, the firm will focus more on markets in other countries with low levels of saturation to increase its overall visibility in the market. Thus, the organization intends to use innovative approaches to ensure that its brands remain attractive to clients in diverse locations. Further, constant improvements will allow the organization to deal with new trends in the market to ensure its products and services satisfy existing needs in different segments.
Research and Development Activities
Research and development functions will allow the organization to assess specific processes it needs to utilize to achieve high levels of efficiency in its operations. Moreover, investing in research and development will allow the organization to establish specific markets it needs to enter to increase its returns in the industry. The firm seeks to make all its processes innovative to enable it to have a higher competitive edge over other organizations in the industry (Hoffman & Ford, 2009). Such an approach will allow the organization to fulfill the needs of its clients in various markets more effectively. On the other hand, effective investments in research and development will enhance the capacity of the firm to respond to new challenges that affect its business model in the industry. As a result, the firm will be in a position to experience long-term growth in various activities it does.
For this case, the company will undertake the following R&D activities in order to become innovative;
- Analyze on the Market segmentations for easily delivery of services to the customers.
- Develop new technological advancements that improves on the company performances and makes the organization succeed.
- Undertake a market research to analyze on the market niche and ways to cover up the market niche.
- Analyze and brainstorm on the customer feedbacks on the company performances and the quality of products.
- Undertake product experimentation and also on product modification.
Corporate Social Responsibility
It is worth noting that the firm intends to collaborate with nonprofits and other community-based organizations to ensure it is business activities satisfy environmental and social best practices. In effect, it will partner with various human rights organizations. First, we will partner with World Vision and the United Nation to increase awareness of human trafficking and sexual exploitation of minors in poor communities (Wheelen & Hunger, 2015). One Environmental Matters, the company will partner with United Nations Environmental Programme (UNEP). Thus, the approach will allow the organization to create awareness about these salient issues that impact negatively on the wellbeing of different communities. CSR enables an organization to use sustainable business practices to make a lasting impact in various locations where its operations are based. In effect, it will be vital for the organization to build and maintain strong networks that allow it to utilize its expertise for the greater good of various communities where its operations are based.
According to Nimdzi (2019) market report, the language and interpretation industry is expected to grow rapidly in the next five years. At the moment, the market is valued at 53.5 billion but is expected to be worth 70 billion by 2023 because it will be growing at the rate of 6.8% in the coming five years (Nimdzi, 2019).
Figure 3. showing expected growth of the language services market in the next five years. Source: https://www.nimdzi.com/2019-nimdzi-100/#BUs
The largest organizations are based in Western Europe and North America even though there are other smaller and medium sized organizations operating in the Far East and Australia. More than 50% of the language and interpretation market in the world is occupied by the European nations while the US constitutes 39.41% of the market share (Mazareanu, 2019).
Demand for translators such as French, German, Portuguese, Spanish, and Russian, who frequently translate English as a source language, will continue to be high. In addition, demand for Arabic and other Middle Eastern languages, Asian languages such as Chinese, Japanese, Korean and Hindi is also expected to be high. In addition, the number of tourists traveling to North America and Europe is increasing year by year, and the number of foreign residents in these counties is also increasing each year.
Figure 4. United States Tourist Arrivals
Figure 5. Number of international Tourist to Europe
Telephone interpreters are mainly used by foreign tourists and foreign residents.
It is used in various situations such as hotels, airports, hospitals, courts, police stations, travel facilities, travel companies, and restaurant reservations globally. Moreover, telephone interpreting services are usually provided 24 hours a day to deal with various situations.
The services are usually offered on the big airport to direct clients on arrivals and departures, on plane transit offer explanations to the passengers on necessary information passed clearly, in big hotels and also in various tourist attraction sites.
In many instances, firms need to hire multilingual interpreters who are fluent in more than two international languages. Good communication skills enable interpreters to handle customer requests more effectively and connect them with the people they seek to speak to.
The industrial wage for a worker in the translation and interpretation industry amount to a total of $49,930 as of May 18. The wages for the translators and interpreters had a varying medium wage depending on the industry. For example, the medium annual wages for translators and interpreters in scientific, professional, and technical services amounted to about $55,450, followed closely by an annual wage of $54,940 for the government interpreters and translators.
Similarly, the states, local and private hospitals constituted an annual wage of $49,560 while state, local and private educational services amounted to about $47,940 ("Interpreters and Translators: Occupational Outlook Handbook: U.S. Bureau of Labor Statistics," 2019). The varying in the medium value of wages for the workers in the translation and interpretation industry was influenced by the level of skills required, language, specialty, education, experience, the type of employer and the certification of the translator or interpreter as demanded by the employer. For example, interpreters who offer conference interpretation services earn higher due to the high level of skills required in this job. Conversely, interpreters and translators who work independently as individuals offer hourly rates depending on the complexity of the job and the skills demanded by the job.
The table below shows medium annual wages for interpreters and translators as of 2018.
Figure 6. Medium Annual Wage for interpreters
The table above was retrieved from https://www.bls.gov/ooh/media-and-communication/interpreters-and-translators.htm#tab-5
Under the market analysis, the analysis will focus on the demographics, market segmentation, the competition level, barriers of entry into the market and the regulations. On demographics and market segmentation, High TechMobile Company will crucially access the size of the market and level of investments that it come market. The market size is huge especially after identification of the market niche that was needed. In the analysis, the volume and value of the market size will be determined. All these will play a significant role to decide on the feasibility of the analysis. From this case the analyses could be as follows,
|
TARGETED MARKET |
ANTICIPATED GROWTH |
|
Major hotels |
70% |
|
University hospitals |
65% |
|
Travel agencies |
60% |
|
Business people |
87% |
Figure 7: A graph showing the projected amount to be received for the targeted market audiences against the projected customers outcomes
Y-axis
|
90
80
|
|
70
|
Percentage 60
amount to be 50
received 40
30
20
X-axis
Customer shares
Table 5
KEY
|
A |
Major hotels |
|
B |
University hospitals |
|
C |
Travel agencies |
As much the objectives of the enterprise are concerned, the management authority will take the task of meeting the need of its clients especially major hotels, university hospitals, travels agencies, as well as other people who are interested with the services it will be offering. The reason for that is because it is the one that has the propensity of enabling them to have a higher assessment to high-quality services that has the ability of enabling the company to improve its image in the industry (Longenecker, 2013).
Major hotels
In the process of utilizing the existing services in major hotels, it is evident that it will be easier for the customers to understand the services they offer taking into consideration that they will be receiving customers from different ethnic backgrounds. This in return will assist management authorities of the major hotels to be approached to realize better communication results in the process of serving their customers, especially tourists. Moreover, the use of the market interpreters will enable such business organization to be in the position of examining the viability of the existing communication models in the hotel industry as well as some of the issues that can enable it to realize positive results (Ruzzier et al., 2013).
University hospitals
Always in hospitals, each day physicians end up serving patients from different ethnicities. In addition to that, market interpreters will be used by the organizations in university hospitals for the purpose of enabling the doctors to understand the signs and symptoms of the patient. Moreover, that will assist physicians to better explain to patients the available medical attention to be provided to them as well as other out-patient services to be provided. Accordingly, the use of the market interpreters will enable these organizations to be in the position of identifying the best means of meeting the requirements of their patients (Crane, 2010).
Travel agencies
Nonetheless, travel agencies also take the task of offering travelling services to people from different ethnic background. Therefore, through the use of market interpreters, it will be easier for individual working in such organization and the client to understand the needs of each other using interpreters. Ideally, the infusion the insights of the interpreter will have the potential of making a huge difference for traveling agencies because of the need of retaining customers. That in return will aid in aligning the strategies to be used in meeting customer needs and wants in such organizations (Orcullo, 2008). In return, it will be easier for the management authority to be in the position of coming up with the best means of handling some of the problems they could have encountered as a result of language barrier.
Business people
As much as communication technological advancement is concerned, the services to be provided by the company will enable people to explain to their clients about the product or the services they offer. Moreover, the use of interpreters of the company will enable business people to be able to respond to the complaints of customers taking into consideration that they will be serving people from different ethnic background. On the other hand, regardless of their ethnicities, it will be easier for the receiver of the information to be able to understand the message that they receive. The use of market interpreters will enable the company to be in the position of connecting them with customers who desire to speak amongst themselves although might not be sharing the same language (Samson & Daft, 2012).
With regard to the above mentioned organizations, the use of the marker interpreters those organizations will assist the business to be in the position of understanding the language of a person as well as how to make him or her comprehend the message being received. There are various business organizations that offer the same services, including governmental organizations, for-profit business organizations, non-profit organizations, and so on (Phelan, 2001). This will also have to take into account the mechanisms the enterprise will use to analyze how customers are contented with the services they will be receiving. Such a procedure will of course give it a competitive edge.
High TechMobile Company will seek to ensure that the potential customers are utilized to ensure company development. Exploitation of the potential market would ensure that the company has a high revenues and high competitive advantage over its peers. The market values that have been elaborated enable the company to improve and strategically position itself. Finally, the barriers that could be available to enter into the other market will need to be illustrated in the market. All these will be useful for company development. The analysis will involve both qualitative and quantitative analysis. It will critically analyze on the size of the market and its value, customer segmentations, level of competition on the interpreter sector and other economic environment such as barrier of entry and exits in the market. In the marker analysis, demographic segmentations will be analyzed. In this analysis, the competitive position, value of the firm and the target population.
Demographic market analysis
After the analysis of the market, It has been noted that some languages are common than others. This has been shown the diagram below;
Figure 8. - Language analysis.
In the market, more firms are improving their overall technical competence to enable them achieve their objectives. The language services sector is divided into various segments and the largest 20% of the companies account for the highest revenue obtained from different operations. Similarly, about 74% of medium and large firms in the industry have their headquarters in either the United States or Western Europe (Nimdzi, 2019). Other nations whose firms have a significant presence in the market include China, South Korea, Taiwan, Singapore and Japan. Significantly, changes in currency are likely to affect companies in various regions and their overall profitability. In this regard, it is vital for organizations to streamline their operations to ensure they are not affected by unexpected changes in foreign currency values in various markets. On the other hand, mergers and acquisitions still play a critical role in the market because they allow large corporations to purchase small and medium-sized firms that have a strong performance in specific niches. Similarly, there is likely to be an increase in firms that exploit opportunities in artificial intelligence to allow them to serve the complex needs of various clients. Therefore, it is vital for the firm to plan for future growth to help it fulfill complex expectations of customers from diverse social and economic backgrounds.
High TechMobile Company will mainly target Marriott and Hilton hotels, international conferences, university hospitals, travel agencies and other organizations that need interpreter services. Hotels deal with clients from diverse backgrounds and the organization will focus on offering them high-quality services that are designed to fulfill the expectations of their customers. In the process of utilizing the existing services in major hotels, it is evident that it will be easier for the customers to understand the services they offer taking into consideration that they will be receiving customers from different ethnic backgrounds. This in return will assist management authorities of the major hotels to be approached to realize better communication results in the process of serving their customers, especially tourists. Moreover, due to the fact that the number of guests who visit the hotels, especially Hilton and Marriot are increasing tremendously, there is the need of ensuring that they have understood each other well in the process of offering the services required. Therefore, since the majority of the customers they serve do not speak English, the hotels will be in the position of using our services more frequently to foster their day-to-day operating activities. What this implies the fact that the hotels will continue to seek the services we will be offering so as to maintain, retain, or increase the number of customers that they will be serving (Ruzzier et al., 2013).
Always in university hospitals, each day physicians end up serving patients from different ethnicities. In addition to that, market interpreters will be used by the organizations in university hospitals for the purpose of enabling the doctors to understand the plight of the patient. Accordingly, the hospital will require our services, especially medical interpreters who have the ability of interpreting the medical terms to the patients. Moreover, in using our services, it will assist physicians to better explain to patients the available medical attention to be provided to them as well as other related services. Therefore, the use of the interpreters in university hospitals will enable physicians to be in the position of improving the therapeutic services they offer (Crane, 2010).
On the other hand, travel agencies and conference organizers will need the services to help them streamline their operations and offer clients more value for their money (Pinksteret al., 2013). As explained from above, travel agencies also take the task of offering travelling services to people from different ethnic background. Therefore, through the use of interpreters, it will be easier for individual working in such an organization and the client to understand the needs of each other using interpreters. The use of tour guides from our business will enable travel agencies to better meet the needs of tourists through enabling them to understand all that transpires in the regions they might be visiting. Therefore, the infusion the insights of the interpreter will enable travel agencies to a huge difference for traveling agencies because of the need of retaining customers. In return, it will be easier for the management authority of travel agencies to be in the position of coming up with the best means of handling some of the problems they could have encountered as a result of language barrier (Orcullo, 2008)
As much as communication technological advancement is concerned, the services to be provided by the company will enable business people with high income to understand all the details concerning the international conferences they will be attending. Moreover, the use of interpreters in international conferences will enable the attendants to let everybody understand their views taking into consideration that they will be coming from different ethnic background. As a result of that, this will make it easier for such individual to understand each other hence improving their business terms
Table 6
|
MARKET SERVICES |
PEOPLE SERVICED |
SERVICES PROVIDED |
ANTICIPATED SERVICE GROWTH BY THE END OF THE YEAR |
|
Major hotels |
Non-English speakers, especially Spanish, Chinese and Hindi |
Translators who translates English to Spanish, Chinese, or Hindi |
89% |
|
University hospitals |
Non-English speakers, especially Spanish, Chinese and Hindi |
Medical translators who translates English to Spanish, Chinese, or Hindi |
80% |
|
Travel agencies |
Non-English speakers, especially Spanish, Chinese and Hindi |
Tour guides who translates English to Spanish, Chinese, or Hindi |
75% |
|
Business people |
Non-English speakers, especially Spanish, Chinese and Hindi |
Translators who English to Spanish, Chinese, or Hindi translators |
95% |
Figure 9: A graph showing the percentage projected amount to be received for the targeted market audiences against the projected customers by the end of the year
Y-axis
100
|
|
90
|
|
80
70
Percentage 60
amount to be 50
received 40
30
20
X-axis
Customer shares
Table 7
KEY
|
A |
Major hotels |
|
B |
University hospitals |
|
C |
Travel agencies |
|
D |
Business people |
In essence, the organization will focus on creating strong working relationships with such entities to ensure they are satisfied by the services it sells in the market. In the first two years, the firm will mainly target English, Spanish, French, German, Portuguese, and Chinese speaking clients to develop a strong reputation in the market. Afterwards, it will consider adding other languages such as Japanese, Arabic, Italian, and Russian to appeal to clients from other cultural backgrounds. Offering services in many languages will make it easy for the organization to understand intercultural dynamics that are critical to its performance in different locations in the long-term.
Most of the targeted consumers will be middle and high-income individuals who are willing to pay for premium phone translation and interpretation services whenever they visit western nations. Both male and female clients who verify their identification using different online tools will be allowed to use the services to prevent any instances of online fraud. Similarly, the organization will focus on creating loyalty programs for different categories of clients to help it achieve its long-term goals in the industry (Pinkster et al., 2013). Crucially, the service staff will be required to be fluent in more than one language in addition to English to help them respond to customer queries more effectively. Such an approach will allow the organization to safeguard the wellbeing of its clients in the industry by ensuring they are not misled into dubious transactions that are harmful to their wellbeing. Similarly, it is necessary for the organization to ensure all service staff understands their legal and ethical responsibilities whenever they deal with clients so that different problems do not arise.
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