Reference no: EM131175816
Business plan
Group R Work Plan
Product: We have decided to develop a multimedia fitness product called 1-2-3 Fitness specifically tailored for beginners and those who are looking to get in shape. The package will include workout DVD's with beginner, intermediate and advanced programs, membership to an online support community to keep clients motivated, and a free app for their mobile devices to track progress and calories burned. The idea behind this concept is that a lot of fitness products on the market right now such as Insanity, P90X, and Crossfit can be really intimidating for beginners. Chances are, if they are intimidated, they won't be likely to try it. We plan to market 1-2-3 Fitness as 'fitness for the rest of us' by making it easy and fun.
Each group member will be required to write 3-5 pages and submit them to the Group Coordinator (Sara Nittinger) no later than midnight on Sunday, May 18th.
Sara Nittinger - Group Coordinator (3-5 pages)
- Provide a description of the product or service, supported by references from articles, websites, and/or interviews with prospective customers
- Compile final paper, edit, and submit to Dr. Malone
Nicole Nash (3-5 pages)
- Create questionnaire on Survey Monkey and send link out to the group (each group member should distribute the survey to at least 5 people)
- The industry in which this business would operate.
- A discussion of who the potential consumers are and an estimate of the size of the market.
- A discussion of how your product or service fits in the global market. Use at least two references from scholarly articles in this discussion.
Kevin Alexander (3-5 pages)
- A justification as to why there is a need for the product or service, supported by references from articles, web sites, and/or interviews with prospective customers.
- A list of possible substitutes for the product or service and both current as well as potential competitors.
Juliet Amorighoye (3-5 pages)
- An explanation of the proposed business model. In other words, explain how you expect to make a profit. You need to think about how the product or service will be produced and marketed. If your team selects a product, will you manufacture the product yourself or outsource the manufacturing to another company? Where would you produce the product? In discussing the marketing of your product or service, you should decide whether you will sell the product directly to consumers or have a retail firm (e.g., a department store) sell it for you. You might decide to sell it over the Internet. You should explain why your chosen methods of production and marketing are the best for your product or service.
Joseph Anokye (3-5 pages)
- A recommendation for the price of the product or service. You should conduct a simple research study to support your recommendation. You should survey at least 30 respondents. It might be easier to split the survey data collection among the team members in order to reach the desired goal of 30 responses. Your report should include the following:
* A discrete frequency distribution of the responses.
* A listing of basic descriptive statistics for central tendency (mean, median, mode) and variability (standard deviation, variance, range and interquartile).
* A discussion of which measures of central tendency and variability were chosen to help with your decision for price. For example, if you chose the mean describe why this measure was chosen and what it tells us about the price of the product.
Hotenesia Jenkins (3-5 pages)
-An estimate of revenue and expenses for the first year. It is important that you provide as much justification for your estimates as possible.