Punjab College of Technical Education

Baddowal, Ludhiana

MBA 1 C 2nd SEM

TOPIC: SMART DOOR LOCKS (NEW PRODUCT DEVELOPMENT)
SUBMITTED BY: HIMANSHU RAWAT
ROLL NO: 2011185
SUBMITTED TO: Prof. NARESH SACHDEV
(Dean Corporate Relations)
Business Management

SMART DOOR LOCK:

A smart lock is an electromechanical device that performs locking/unlocking operations using

wireless protocols.
It is an improvement over the previously used key based locks.
Wired networks were previously replaced by wireless communications as they tend to provide
more flexibility and extensibility with an easy installation.
The smart lock is operated wirelessly by a cryptographic key on authentication providing access
only to the authorized personnel.
With the advancement of technology and research, more robust security mechanisms are
developed.
Accessing the smart lock system using a fingerprint biometric system provides for increased
levels of security.
Some smart locks have added camera functionality to enhance their security.

NEED AND USAGE:

A smart lock can be used for either commercial (offices, hotels, malls, etc.) or residential (i.e.,
Home security) security purposes.
It allows third-party entities to access the lock utilizing a virtual key that is sent to the recipient
smartphone over Wi-Fi, mobile app, proximity sensors, BLE enabled devices, etc. Integrating
Wi-Fi into the smart lock can have several benefits among which is all-time status OTA updates.
The number of smartphone users is rapidly increasing, and its uses are tremendous. Usage of a
smartphone or other gadgets to monitor and control the security of domestic or commercial
buildings makes the task much easier.
It is, however, possible to easily misplace keys than to lose a phone hence, the smart lock system
uses this fact to its advantage.

UNIQUE SELLING PROPOSITION OF AUGUST SMART LOCK:

 1. CONVENIENCE
Getting in and out of your home has never been more convenient, more secure, and smart.
a. Auto-Lock + Auto-Unlock:
Set automatically to lock when you leave – immediately or up to 30 minutes after. Auto-Unlock
recognizes you when you arrive and unlocks the door as you approach. With hands full of kids and
groceries, don't worry about juggling your keys.
b. Full control with Smart Phone and Apple Watch:
Your smartphone or Apple Watch is now your key. Lock and unlock your door with a simple tap. The
August app works with iOS and Android devices. Check your phone compatibility.

2. ACCESS
a. Remote Access:
Maintain full control of your door from anywhere. Lock, unlock, and check the status of your door from
everywhere. Never worry about your deliveries left out on the porch or grandma stuck waiting outside
for you to get home.
b. Guest Keys:
With the August app, grant guests’ access for minutes, hours, days or more. Set up a recurring access or a
single occurrence. Allow people you trust like babysitters, dog walkers, house cleaners, or extended
family let themselves in and out of your home. No more copies of keys floating out there.

3. SECURITY:
a. Door Senses:
August’s exclusive Door Sense technology tells you when your door is open or closed. So, you can have
peace-of-mind knowing your door is both locked and closed. You can also check your activity feed to
know whenever your door was physically opened or closed.
b. Activity Feed and Notification:
See who comes and goes with the Activity Feed. Check who unlocked the door and if or when it was
actually opened. Set-up alerts to notify when specific people arrive home
c. Biometric Verified Access:
Enable your smartphone's fingerprint or facial verification for unlocking and locking your door. Get extra
peace-of-mind to ensure your front door is always safe and secure.

MARKET SHARE OF SMART LOCK:

 SMART LOCK MARKET REPORT
Report attribute Details
Market size value in 2021 UDS 1.64 billion
Revenue forecast in 2028 USD 5.28 billion
Growth rate 18.2% from 2021 to 2028

TARGET CUSTOMERS:
Target customers in this smart lock is the rich class or high-class peoples only as these devices a very
expensive then a casual lock and requires a technically well-developed environment.

SMART LOCK MARKET COMPETITION:

AUGUST SMART LOCK
WORKING VIDEO.