English for Business (EAP105) Year 2022-23 Semester 1

EAP105 Model Evaluation Report

1. Background
Global society is experiencing an unprecedented phenomenon of population aging;
according to the United Nations (2002), the population of elderly individuals has
witnessed a threefold increase within the last half-century and is projected to
undergo a further tripling in the upcoming half-century. With the advancement of
technology, smartphones can provide many benefits to older people. For instance, as
Hammoud et al. (2017) perceptively state, using a smartphone-based application for
monitoring activities can yield accurate estimations of physical activity levels.
However, as elderly users, those suffering from memory impairment and attention
deficit caused by physical and mental degradations persistently encounter particular
challenges in effectively utilizing technology. Polnigongit, Chanwimalueng and
Fitzgerald (2023a) observe that elderly individuals frequently hit obstacles when
learning new tasks and comprehending information. Their limited familiarity with
mobile phone terminology exacerbates their difficulty adapting to newer,
technologically advanced phones and applications. Hence, there is a significant
market potential for a voice-controlled device designed specifically for individuals
who struggle with comprehending complex functions, reading on-screen text, or
typing on smartphones. This report will present a proposal for the technologically
advanced company Voicetech, which innovatively offers a Voice-activated Phone
(VAP) product that caters to specific populations' needs. The SWOT framework will
be used to assess the feasibility of the proposed business development activities, and
recommendations for further business growth will be proposed.

2. Business proposition
Recognizing the market demand for assistive devices that cater to the needs of
vulnerable populations, Voicetech has announced plans to introduce VAP in 2024.
This technologically advanced electronic device aims to provide a seamless user
experience for individuals facing barriers in using conventional smartphones, thereby
ensuring equal access to modern communication technology across diverse age
groups. Aligned with the objective of enhancing specific customer satisfaction, the
VAP software emphasizes voice commands, while mobile applications prioritize
convenience through prominent icons, fonts, distinguishable colors, a streamlined
structure, and user-intuitive visual representations. Voicetech, with its headquarters
located in Suzhou, exhibits aspirations to extend its operations to other economically
thriving metropolitan areas within the upcoming period.

3. Evaluation of proposition
The SWOT Matrix for Voicetech is shown below in Table 1, and the points will be
expanded upon in the following text.
Table 1: SWOT Matrix for Voicetech
Strengths
 User-friendliness and safety
enhancement cater to customer
needs
 Expand market penetration
through high-quality customer care
 Strong communication channels
due to the utilization of social
media platforms
Opportunities
 Further market expansion through
wider adoption of voice-activated
technology.
 Growth of key partnerships by
integration with IoT or other
related industries
Weaknesses
 Reduction in revenue streams
caused by a decline in sales
 High costs of production and
marketing
Threats
 Competition from companies
offering products of similar
functionalities
 Brand recognition influenced by
privacy and security problems
 Unstable supply chain
3.1 Strengths
Voicetech's main strengths lie in its dedication to meeting customer needs,
expanding market penetration, and establishing a robust communication
infrastructure. Firstly, Voicetech could show strength in customer needs through the
user-friendliness of VAP and safety enhancement. As Polnigongit, Chanwimalueng
and Fitzgerald (2023b) point out, elderly users may face challenges in manually
adjusting the intricate settings on their mobile phones. Accordingly, VAP offers a
hands-free and intuitive way to interact with smartphones, allowing users to perform
various tasks without the need for manual input. Besides, one of the pain points is
that nowadays, many people ignore security risks when looking down at their
phones. Soori and Khorasani-Zavareh (2019) note that smartphone usage with
lowered heads is a significant factor in increasing global road traffic accident
fatalities. By eliminating the need for manual interaction, VAP can reduce distractions
while driving or performing other tasks, potentially improving overall safety.
Secondly, Voicetech could show strength in market expansion through high-quality
customer care. Nicklas et al. (2014) suggest that elderly patients with chronic
illnesses should self-monitor their daily physical activity. Accordingly, VAP would be
strong in attracting customers by incorporating diverse health monitoring
capabilities, enabling tracking users' health status to detect latent or sudden
illnesses. Lastly, Voicetech could show strength in its communication channel. The
brand would become competitive in its use of social media by engaging customers,
responding to queries, and utilizing social platforms for marketing without heavy
reliance on traditional advertising. Hence, identifying and analyzing internal strengths
in customer needs, market expansion, and channels is crucial for understanding the
competitive advantages inherent in the proposed business proposition.

3.2 Weaknesses
Notwithstanding the aforementioned advantages, Voicetech exhibits certain
weaknesses, primarily concerning its revenue generation and relatively elevated
expenses. At first, Voicetech has the potential to reveal weaknesses in revenue
streams. Despite its versatility, VAP might have command range and task capabilities
limitations, potentially causing prospective buyers with specific requirements to
abandon their purchase. This deficiency in certain functions will definitely result in a
decline in sales. In addition, Voicetech has the potential to reveal weaknesses in costs
and customer segments. Aligned with its differentiation strategy, Voicetech
strategically positions VAP as an exceptionally intelligent and ground-breaking
offering, resulting in substantial costs related to production and marketing.
Consequently, the company will resort to the implementation of premium pricing
strategies to preserve profit margins, potentially leading to the alienation of price-
sensitive consumers. Therefore, candid assessment of internal revenue stream and
cost weaknesses is essential for addressing vulnerabilities and improving overall
business resilience.

3.3 Opportunities
Multiple advantageous trends can be observed for Voicetech, encompassing the
expansion of the market and key partnerships. To begin with, Voicetech holds the
potential to capitalize on opportunities for market expansion. The work of Xu et
al. (2023) reveals that approximately 40% of households within the United States
possessed smart speakers in 2020, which is projected to exceed 75% by 2025. The
market for VAP is expected to grow significantly as more consumers embrace voice-
activated technology. Apart from this, Voicetech holds the potential to capitalize on
opportunities for growth partnerships. As Spachos, Gregori and Deen (2022) have
indicated, intelligent IoT devices will play a crucial role in shaping future healthcare
infrastructure, and voice-activation capabilities are expected to enhance the
potential and effectiveness of these devices further. VAP can be integrated with the
Internet of Things (IoT) or other related industries, enabling seamless control and
interaction across multiple devices, which will certainly lead to co-branded
promotion. Subsequently, exploring external opportunities in market expansion and
key partnerships is pivotal for capitalizing on favorable market conditions and
enhancing the viability of the business proposition.

3.4 Threats
Voicetech faces potential threats, including competition, poor brand recognition, and
an unstable supply chain. At first, Voicetech is susceptible to competition stemming
from companies that manufacture alternative voice-activated devices, posing a
potential threat to its market position. Competition from smart speakers and
wearable technology companies may cause a decline in Voicetech's market share due
to niche market overlap. Later, Voicetech has the potential to pose a threat to brand
recognition caused by privacy and security problems. Hao et al. (2022) emphasize the
growing concerns about privacy security, especially regarding voice spoofing attacks.
Recording and storing voice commands and conversations can potentially
compromise users' data, which, in turn, could damage a company's reputation and
result in legal consequences if there is any privacy or security breach. Moreover,
Voicetech could pose a threat to key resources. The production of Voicetech products
is reliant on a complex global supply chain, in that case, any disturbances, including
natural disasters, trade tensions, or pandemics, can significantly affect the
manufacturing process, resulting in production delays and escalated costs. Thus,
recognizing and evaluating potential threats of competition, brand recognition, and
supply chain in the external environment is crucial for preemptively addressing
challenges that may hinder success.

4. Recommendations
Drawing upon the aforementioned SWOT analysis, this study proposes three strategic
recommendations for Voicetech in order to enhance its market presence and expand
its market reach. Initially, it is imperative for Voicetech to meticulously examine and
exploit potential avenues for worldwide expansion as a means of delving into
burgeoning markets and lessening reliance on particular geographical areas.
Additionally, Voicetech should educate consumers about the benefits and capabilities
of VAP through targeted marketing campaigns, highlighting the convenience,
accessibility, and safety features to attract new customers and expand the market.
Furthermore, Voicetech should stay ahead of the competition by investing in
continuous innovation. Monitor emerging technologies, such as natural language
understanding and voice synthesis, and explore their integration into VAP to offer
unique and advanced features. Through these strategies, Voicetech can stay
competitive in the existing market and get more opportunities to expand the market.

5. Conclusion
In conclusion, Voicetech offers VAP aimed to serve vulnerable people and caters to
their needs of using smartphones without barriers. The findings of a comprehensive
SWOT assessment suggest a positive trajectory for the electronics industry, thereby
indicating a favorable outlook for Voicetech's prospects. Focusing on customer needs
and the growth of key partnerships, Voicetech is likely to grow and earn profits
gradually. Nevertheless, as a new startup, Voicetech faces the challenges of high
costs, which are possible barriers to the company’s ability to maintain a positive cash
flow in the initial stages. Furthermore, since there are already other kinds of voice-
activated devices on the market, it would be a technical challenge to make VAP
outstanding from them. Looking ahead, Voicetech is implementing a strategic and
efficient marketing campaign aimed at engaging both customers and potential
investors.
Word count: 1404
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