Business Venturing - Market Feasibility Assessment Answer

• Subject Code : MNGT2002
• Subject Name : Business Management

Business Venturing & Market Feasibility Assessment

Introduction

The study aims to focus on the new business idea in New Brunswick. The motive of this business is to enhance the livelihood and the health of the individuals living in New Brunswick. The business is the online 7S fitness courses for the aged people of New Brunswick. The main motive of these classes is to make people aware of the fitness in day to day life. However, due to Covid-19 pandemic, the lifestyle and the physical activity entirely change for every individual and exercises are essential for wellbeing during Covid-19 pandemic. Due to this pandemic, all the gathering areas are closed such as gym, park, fitness studio etc. Therefore it becomes very difficult for the individual to maintain their physical and mental health(Huang &Kirchhof, 2017). Therefore, online fitness classes help the entire individual to stay fit and combat with Covid-19. It is also noted that the number of seniors’ projector to increase over the coming decades and the issues of fitness is highly impacting on senior citizens of New Brunswick. The main aim of this business idea is to not only make people aware of fitness to combat with the pandemic but also to make them aware of the benefits of fitness even if anyone is not allowed to join any gathering places such as gym, parks, etc.

Market feasibility

Market feasibility refers to the understanding of the market on which the new business will enter and its capability to withstand the present circumstances. Innovativeness in this idea is that the online courses will only available for the senior citizens as they need some different workout training as the present online courses are focus on the youth not on the senior citizens(Wang & Nguyen, 2017). The focus of the venture is on the senior citizens as they seem to have a high impact of this pandemic. This section will discuss the strategic competitive advantage with all the fitness industry and their competition and target market. 

Target market

The target customers of this venture are the senior citizens as the senior citizens must be healthy and fit at this age. The pandemic is highly targeting senior citizens due to the less immunity they have and also the health issues they already acquired. The target audience of this venture is the old age persons(Warren, 2020). The number of senior citizens in New Brunswick is highest compared to adults therefore this online fitness venture has a high success rate of expansion.

Values

The main motive of this business is to make people aware of fitness especially the senior citizens not only to fight with Covid-19 but also for pursuing a healthy lifestyle. It is noted that there are various challenges and issues faced by senior citizens living in their homes due to this pandemic as they cannot afford to have a healthy lifestyle and maintain their health. This business provides online classes to the senior citizens to keep them motivated and encouraged in combating the Covid-19 as well as providing them classes in order to pursue a healthy lifestyle. Different programs will be conducted on online platforms in order to keep them engaged and more senior citizens get engaged. Fitness training does not include any equipment that are not affordable and includes all the training and such activities will be easily conducted in their home as per their age of the customer and all training will be set up.

Market size and trends

The fitness industry is booming from the last decade due to the awareness among the youth has been increased and also due to the present pandemic effects. Due to the effects of the pandemic, everything is going online from education to purchasing everything is based on online so that the social distancing will be maintained with the utmost level. The present trends on online platforms have increase and every business venture is expanding the business on online platforms. The online fitness business is highly increases but the main difference between this venture is that it focus on the health of senior citizens and providing special training and sessions to them. The main benefit of online business is that it is very affordable, easy to implement and targets much audience from one stage.

Strategic competitive advantage

Strategic competitive advantage refers to the strategies that permit the organisation to produce goods and services in better well more affordable rates than the rivals. This factor aids the organisation to be more productive in order to generate more sale and super margins as compared to the competitors(Bezerra, Rodrigues, Ayan, &Cancela, 2018). Competitive advantage for this organisation is not only to provide fitness training but it also provides sessions of meditation and a healthy nutritious diet for every member of this fitness club. As the organisation will make an entry at free of cost in the initial days then it will start to have a small amount of payment from the members to earn the membership. The price of the organisation fitness club will be very low from different competitors as it helps the organisation to make space in the market as well as to engage a large audience especially the senior citizen that organisation is targeting.

Competitors

The online competitors of the organisation are the different online fitness club that are pursuing online fitness business at a large scale. These organisations have experience in delivering fitness training on the online platform and other centres. These online fitness clubs are the great competitors of the organisation but the 7S fitness club focus on the old age people fitness care.All the fitness activities, training and procedure are focused on the senior citizen as most of the population of New Brunswick are belong to senior age(Boerlage, Elghafghuf, Stryhn, Sanchez &Hammell, 2018). 7S fitness club not only covers the fitness centre but also collaborate with different companies that are providing work from home so these online classes will help them to keep them motivated and encouraged during this pandemic. The main focus of this study is to deliver online fitness classes for senior citizens of New Brunswick.

Price

Online courses and training are free of cost at initial stages in order to grab the market and also to engage people with these courses. However, the organisation will always follow the policy of free trial in order to make people comfortable with classes and after some time the organisation will start taking entry fees for the club membership (d'Entremont el al., 2020). Apart from this, the prices of these training courses will be quietly low from the other competitors as the main motive of this organisation is to just expand its business in the present stage and not to generate a profit on the initial stage. Therefore, the price of the services is quietly low for the membership but the free trials will always involve in the online courses. However, from online training, the organisation will also provide medication training as well as the precautions that every individual specially senior citizen should take.

Distribution channels

The distribution channels for the business are social media and online platforms. YouTube, Facebook, Instagram and all other social media platforms and highly used in order to deliver online services to the customers(Millington, 2017). These online platforms will target the specific audience and the online course will be conducted through a special app designed by the organisation. This app will have information of particular customer their eating habits, their diet and everything.

Market share

This business will cover most of the market in the upcoming years. If the business will succeed then it will capture the whole market and as online platforms are already engaged with many comparators, therefore, three years is very much needed for the organisation to settle their presence in the market. The estimated market share that this business can achieve is quietly high because the fitness industry is now booming due to the awareness among the peoples of all the ages. 

Service feasibility

Service feasibility refers to the overall analysis of the product that is going to be proposed. There are various imperative things to consider when proposing a new venture and especially the services that will be provided through business. This section will address how the services will be produced to the customers, what is the services and experience specification required. The skills and capabilities required to deliver the services and what will be the rules and responsibility in this business.

Required skills and capabilities

The required skills and capabilities for this venture is the proper management of all these services provided by the organisation and the proactive staff. The proactiveness in staff is very important because the organisations have to make videos at different levels and the proper management is required to handle all the information of each customer in the app(Masuki, Morikawa& Nose, 2019). As some people have different health problems while others have different so proper information about their health should be maintained and then providing them fitness training according to that is important.

Technology requirements

Delivering the best services to the customers in the field of fitness is very important. It is significant to make the online app more understandable and visible for the old age people. In order to make this app, there are various requirements such as a professional web developer and proper digital marketing team is required to make a strong position in the market. A deep understanding of technologies that are required in digital marketing and making this kind of apps is really important to develop an app for this fitness club(Perumal, Mensink, Keil, &Finger, 2017). The organisation needs to make a profit understanding of the market requirement as well as the need of the aged peoples in order to manage their needs as well as the organisation goals.

Service and experience specification

To deliver the services to the customers it is very important to have an experienced staff that deeply understand the needs and requirements of the customers as well as the core understanding of fitness. The trainers and experts are required to make proper videos of meditation, nutritious diet, exercises, etc. As the organisation is providing fitness training to the aged people along with the proper training of meditation, nutrition diet, healthy lifestyle etc therefore experiences staff is required(Młyńczyk, Machniak, Podhorecka&Paprocka-Borowicz, 2019). All the services are presented in a form of combo for all the customers at a very lower rate as compared to the present market competitors.

Roles and responsibilities

The roles and responsibilities that are required to undertake this venture successfully are a proper trainer, digital marketing team, developers etc. Experience staff is highly important for the management and collaborations with organisations that allow work from home to their employees because these online fitness classes help them to maintain a healthy lifestyle and be encouraged and motivated.

Conclusion 

It is concluded from the study that the innovative idea that is the online fitness courses have high success possibility in the present stage. The motive of this business is to enhance the livelihood and the health of the individuals living in New Brunswick. The business is the online fitness courses for the aged people of New Brunswick. The main motive of these classes is to make people aware of the fitness in day to day life. The target audience of this venture is the old age persons. The number of senior citizens in New Brunswick is highest compared to adults therefore this online fitness venture has a high success rate of expansion. The estimated market share that this business can achieve is quietly high because the fitness industry is now booming due to the awareness among the peoples of all the ages. As the organisation will make an entry at free of cost in the initial days then it will start to have a small amount of payment from the members to earn the membership.All the services are presented in a form of combo for all the customers at a very lower rate as compared to the present market competitors. A deep understanding of technologies that are required in digital marketing and making this kind of apps is really important to develop an app for this fitness club.

References 

Bezerra, P., Rodrigues, L. P., Ayan, C., &Cancela, J. M. (2018).The influence of winter and summer seasons on physical fitness in the aged population. Archives of gerontology and geriatric. Berlage, A. S., Elghafghuf, A., Stryhn, H., Sanchez, J., &Hammell, K. L. (2018). Risk factors associated with time to first clinical case of Bacterial Kidney Disease (BKD) in farmed Atlantic Salmon (Salmosalar L.) In New Brunswick, Canada. Preventive veterinary medicine, 149, 98-106. d'Entremont, K., MinichZitske, L., Gladwell, A., Elliott, N., Mauck, R., &Ronconi, R. (2020). Breeding population decline and associations with nest-site use of Leach's Storm-Petrels on Kent Island, New Brunswick from 2001 to 2018. Avian Conservation and Ecology, 15(1).

Huang, C. M., &Kirchhof, M. G. (2017). A cross-sectional study of indoor tanning in fitness centres. Journal of cutaneous medicine and surgery, 21(5), 401-407. Masuki, S., Morikawa, M., & Nose, H. (2019, December). High-intensity walking time is a key determinant to increase physical fitness and improve health outcomes after interval walking training in middle-aged and older people. In Mayo Clinic Proceedings (Vol. 94, No. 12, pp. 2415-2426).Elsevier. Millington, B. (2017). Fitness, technology and society: Amusing ourselves to life. London: Routledge. Młyńczyk, J., Machniak, M., Podhorecka, M., &Paprocka-Borowicz, M. (2019). The assessment of functional fitness and risk of falls in people aged 70 and older.

Perumal, N., Mensink, G. B., Keil, T., & Finger, J. D. (2017). Why are some people fitter than others? Correlates and determinants of cardiorespiratory fitness in adults: protocol for a systematic review. Systematic reviews, 6(1), 102. Wang, C. N., & Nguyen, X. T. (2017).A Hybrid Approach for Measuring Productivity in the Global Fitness Industry by Using Grey and DEA Model. American Scientific Research Journal for Engineering, Technology, and Sciences (ASRJETS), 38(1), 33-47. Warren, N. (2020). Faith and the Pursuit of Health: Cardiometabolic Disorders in Samoa: Jessica Hardin New Brunswick, NJ, Rutgers University Press, 2018.