Running head: Business plan section 1 1

Business plan section 1 5

Business plan section 1

Regent University

Kristopher Warren

16 October 2022

Problem analysis

The company aims to solve scarce supply and meet the needs of the increasing global wellness market by providing customer-centric products and service solutions. Since the digital revolution took place in fitness, there has been a dramatic increase in the sector over the last ten years; both the availability of exercise programs and the cost of memberships to health clubs have significantly improved. Technology has opened up a massive new market in the health and wellness industry, with boutique fitness studios providing apps for their customers to use while they are on the go and streaming services like Netflix expanding their selection of individual and group fitness sessions that can be watched at home. In addition, as individuals become more health aware in reaction to the pandemic of obesity and other lifestyle illnesses, there has been an increase in the demand for fitness apps, which corresponds with increased rates of exercise-related memberships. Because of this, new opportunities are now available to organizations in the health and wellness industry. Millennials make up a decent portion of the market for fitness apps, and this generation is probably the critical demographic group driving this trend (the largest living generation, adults born roughly between 1980 and 2000). Millions of millennials give birth yearly, and this generation is also the most health-conscious and fitness-driven (Knoll, 2019). Consequently, more and more individuals are urged to engage in physical activity at any hour of the day or night.

Target Market

The company has a target market of people across all age groups but those who need personalized fitness and wellness products. The company aims to market its goods to people and organizations interested in maintaining or improving their health and fitness. The firm's primary objective is to sell exercise and health-related equipment to commercial establishments and individuals interested in establishing home gyms. In order to connect with its target market, the company maintains a physical presence in the form of brick-and-mortar stores as well as an online presence in the form of e-commerce websites. The businesses that are most likely to be content with what they have to offer in terms of health and wellness products and services are the ones that already have a clear idea of what it is that they need (Marsh et al., 2018). Therefore, the products are designed to meet the needs and preferences of different customer categories.

Competition

There are three main competitors to the business. The three are global competitors that have established significant market shares globally. One of the competing firms is Mindbody. This organization offers a vast selection of resources to businesses in the health and wellness field, such as yoga instructors, personal trainers, and gym equipment. One more key competitor is PT Hub. This competing firm markets an app as a personal trainer that provides users with advice on effective training routines and other associated services. The fact that the app can be used on smartphones and other mobile devices is a strong indicator that it can manage clients with a reasonable amount of ease. Trainerize is the third competitor in this space, providing its consumers with a connected fitness experience through online platforms for personal training; This competitor goes above and above in delivering simplicity of use for every one of their customers by allowing the creation of customer accounts and the selection of a subscription plan explicitly tailored to meet their requirements. The company's approach to outperforming rivals in the market is to differentiate its offers from those of its rivals; This is accomplished by surveying the market to ascertain consumer preferences, researching market tendencies, and applying these findings to developing suitable goods and services (Baker, 2022). Consequently, this boosts retention rates among target-market consumers.

References

Baker, S. A. (2022). From the Wellness Movement to the Wellness Industry. In Wellness Culture (pp. 41–73). Emerald Group Publishing Limited.

Knoll, J. (2019). Smash the wellness industry —New York Times, p. 8.

Marsh, G., Lewis, V., Macmillan, J., & Gruszin, S. (2018). Workplace wellness: industry associations are well-placed, and some are ready to take a more active role in workplace health. BMC health services research, 18(1), 1–5.