Answer To: Entrepreneurship and Innovation (BUSN3003) Session 3, 2021 Assignment 2: Report (Business Plan) Due:...
Parul answered on Jan 31 2022
ASSIGNMENT II: Business Plan and Report Business Plan - MyFitness
ASSIGNMENT II: Business Plan and Report Business Plan - MyFitness
COURSE DETAILS - ENTREPRENEURSHIP AND INNOVATION COURSE CODE - BUSN3003
Executive Summary
The primary objective of this business proposal is to offer the overall outline of the entire development process for the new venture - MyFitness. This business ide blends the technology and expert service to enhance the physical fitness and mental well-being. Even though developing medical systems for physical fitness is not a novel concept, essential objective is to offer differentiated services and distinctive solutions. We have approached few technology start-ups in Washington, DC for strategic collaborations in order to develop mobile application for "MyFitness". Leveraging different marketing framework to make this application penetrate deeper into market is also covered in the report. Furthermore, it covers various other areas of the company along with advertisements, financials, organisation structures, administrations, long-term strategy, ecological as well as economic integrity. The equity anticipated for the business $2500000 which includes at least 40% of the funds being sourced from long-term loans while remaining 60% being invested evenly within the three members.
MyFitness is majorly accredited through internet and web-based platforms that can initiate the operations from November 5, 2021. With an objective of offering plethora of health-related services like gymnasiums, Zumba, strolling work-tracks, sport activities, racquets sporting initiatives, yoga and meditations along with certain leisure activities. MyFitness is not only an application on the mobile phone device rather a commitment to offer customised physical fitness to the end-user at much lower price relative to opting for these services exclusively in the market. This can also help in attracting lot of customers and gaining strong footfall in the market. Going deeper into the business model also takes into consideration the background of this business venture, audience which are targeted, prices at which this service will be sold, marketing plan and activities, competitive overview, market analysis and overall objective of the company. Furthermore, in this report there is explanation of budget explaining several strategic planning methods which are included in the plan.
Contents
Executive Summary 1
Introduction 2
Description of Business 2
Overview 2
Overall Objective and Business Potential 3
Novel Element in Business and Uniqueness in Value Offerings 3
Key Highlights of Business 5
Identification of Issues 6
Business Goals, Mission and Vision 6
Management 7
Descriptions of Business Offerings and Services 7
Organisational Chart and Structure 8
External Conditions - Response and Action of COVID-19 8
Analysis of Marketing 9
Innovative Model of MyFitness - Competitive Advantage 9
Target Audience 9
SWOT Analysis 9
Marketing Mix Strategy 10
Financial Plan 11
Recommendation 13
References 15
Introduction
The primary objective of the business of "MyFitness" is to offer healthy lifestyle to the audience. With help of technology, this application can be easily installed in the mobile devices and through that application end-user can further connect with different experts in the domain. Even though, the market of physical fitness is competitive since many other businesses are venturing into it yet 'MyFitness' brings a very unique service offerings that engage the end-users in several healthy activities.
Description of Business
Overview
The health living and following a healthy lifestyle seems to be a major objective for informed and evolved masses of 21st century. Maintaining a strong physical regime in order to attain good health and fitness used to be very challenging because of limited fitness trainers and stagnated approach of gym to expand beyond fitness machines (Yan, 2018).
With recent spread of pandemic and penetration of COVID-19, the health, physical fitness and work-out sector have witnessed massive transformation with heavy incorporation of digital technologies as well as customer wanting to work-out at home. Hence, this market can't survive without the incorporation of technology and can thrive with personalisation of services offered. MyFitness App is a unique platform that offers huge spectrum of methods that encourage following a good lifestyle.
Overall Objective and Business Potential
MyFitness is a state-of-art technology that offers platform to health-conscious people and fitness enthusiast. There is no age restriction for becoming a member in this application. Anyone who wants to pursue healthy living and care about the physical fitness can join this through membership. This business is based on the subscription model with monthly fee of $30. Furthermore, in order to acquire customers and penetrate deeper in the market, we will offer free services and demonstrations of various fitness regime for three days. We keep this a locking period, since during period of three days, user can comprehend whether he finds this application suitable or not. MyFitness can deliver specialized services after understanding the personal attributes of the end-user like body structure and daily routine. This further incorporates various fitness as well as health related exercises, fitness challenge which is also platform to network with others and many engaging activities that can offer holistic development the customer. This application can become an integral part of customer's daily routine and scale rapidly with growing customer base. The clientele so formed receives coaching on how to bring behavioural change and develop healthy habits that can bring changes in drinking, eating as well as sleeping.
Novel Element in Business and Uniqueness in Value Offerings
Along with the base model MyFitness we will also offer weekly...