Solution
Asif answered on
Feb 25 2023
Management
Name and Number of Student
Date of Submission
Table of Contents
Introduction 3
Mission and Objective: 3
Features 3
Value Proposition: 4
Target Market: 4
Business Model: 5
Porter Generic Strategies 5
Differentiation 5
Cost Leadership 6
Focus 6
Value Chain Analysis 6
Strategic Capabilities (Resources + Competences) 8
Route to Competitive Advantages 10
Develop a Blue Ocean Strategy 11
Activity Map and Benchmarking 12
Conclusion: 14
References 16
Introduction
In the present time of globalized and technology based era, each and every company is moving from traditional to online system to grow their businesses in terms of market, revenues, competitive advantages and customer. Online businesses provide a number of benefits to companies like low operating cost, access to global customer, feasibility to operate from anywhere, flexibility, incredible scalability, lower start-up cost, large client and customer base, and several payment modes. Moreover, online business offers a range of financial and non-financial advantages to an entrepreneur or an individual. Therefore, by considering these benefits and advantages of online business, a new online fitness and wellness platform is chosen as a business idea. The main objective of this platform will be to offer more personalized coaching and virtual class for individual or groups seeking to improve their health and wellbeing.
Mission and Objective:
The mission of the new business is to offer a highly engaging and effective experience for users, with customized coaching and classes that are tailored to the specific needs and preferences of each individual. By leveraging technology and a team of experienced coaches and trainers, the platform aims to provide a comprehensive solution for individuals seeking to improve their fitness, nutrition, and overall wellbeing (Suma, & Siregar, 2022).
Features:
The following discussed below are the key features of the online fitness and wellness platform such as:
· Personalized Coaching: The platform will provide personalized coaching from the certified coaches and trainers. These industry experts will provide support, suggestion and guidance to individual based on their individual need, goals, preferences and fitness level (Muin, Syahputra, & Wahyuni, 2022).
· Customized Virtual Classes: The main feature of this platform is that it will offer different kinds of virtual classes including yoga, pilates, strength training, cardio, and more. Users will be able to select the classes that best fit their needs and preferences, and can participate in live classes or access pre-recorded content.
· Real-time Progress Tracking: The platform will use advanced and innovative technologies to provide real time feedback and progress tracking. For example, the technology will allow them to monitor their progress and adjust their goals and strategies accordingly (Darmadi, 2022).
· Nutritional Guidance: This online platform will also provide modified and personalized nutritional support and guidance to individuals with customized meal plans and recipes that are tailored to each individual's dietary needs and preferences.
· Community Support: The platform will provide a supportive community of like-minded individuals, where users can connect, share experiences, and get additional support and motivation (Wirananda, Safina, & Harahap, 2022).
Value Proposition:
The value proposition of the online fitness and wellness platform is to provide a comprehensive solution for individuals seeking to improve their health and wellbeing. By offering personalized coaching and customized virtual classes, the platform aims to create a highly engaging and effective experience for users, with a focus on building healthy habits and sustainable lifestyle changes. Additionally, by leveraging technology and a team of experienced coaches and trainers, the platform aims to provide a highly personalized and effective solution that sets it apart from its competitors (Chapman, Kelly, Bauman, Innes‐Hughes, & Allman‐Farinelli, 2014).
Target Market:
The target market for the new business would be individual and groups those are seeking to improve their health and wellbeing, but may not have the time or resources to attend in-person fitness classes or hire a personal trainer. This may include busy professionals, stay-at-home parents, and individuals who prefer to exercise in the comfort of their own homes.
Business Model:
The company will use a subscription based business model. As per this model, users have to pay a monthly, quarterly and annual fee for access to personlised coaching and virtual classes. On the other hand, it should also be noted down that the platform would also generate sells, profits and revenues through partnership with the fitness equipment and nutrition companies. For example, the company will also develop partnership through advertising as well as sponsorships (Ahmed, Hudson, & Gregoriou, 2020).
Porter Generic Strategies
Porter's generic strategies can be defined as a strategic framework that used by a company to know its competitive position in the related market or industry. Therefore, the new fitness and Wellness Company will use the following generic strategies to gain competitive scope in the market (Mukminin, Semmaila, & Ramlawati, 2020).
Differentiation: According to this strategy, the online platform would differentiate itself from its key competitors like gyms and other healthcare companies by offering unique health and wellness services and feature. For case, the company would focus on offering of more personalized fitness and wellness plans based on individual’s need, preference and fitness level. The platform could also differentiate itself by providing access to a community of experts in fitness and wellness, including personal trainers, nutritionists, and health coaches. These benefits would allow the users to get support and guidance from the industry experts in different areas (Kigo, & Hazel, 2016).
Cost Leadership: According to this, the company will offer its services at the lower or less cost than its key competitors. This could be achieved by focusing on efficiency and streamlining processes, such as by automating certain parts of the platform's operations. The platform could also leverage technology to reduce overhead costs, such as by using virtual coaching and training sessions instead of in-person sessions. Additionally, the platform could focus on offering affordable subscription plans that provide access to a wide range of fitness and wellness content (Siregar, 2021).
Focus: In this strategy, the platform would focus on serving a specific niche within the fitness and wellness market. For example, the platform could focus on offering content and services tailored to seniors, women, or individuals with specific health conditions. By focusing on a specific market segment, the platform could become a leader in that space, offering content and services that are highly relevant to its target audience. This would allow the platform to differentiate itself from its competitors and become the go-to resource for individuals within its target market (Wrigley,2015)
Value Chain Analysis
Value chain analysis is also considered a strategic tool that used by a company to identify the primary and support activities that create value for a business. The value chain analysis for the new online fitness and wellness platform is discussed as below:
Inbound Logistics: The platform would need to ensure that it has a reliable and efficient system for sourcing and acquiring the necessary equipment, software, and content for its services. This could involve partnerships with fitness equipment manufacturers and software providers, as well as the development of original content (Wood, & McCarthy, 2015).
Operations: The core operation of the platform would involve creation as well as delivering of wellness and fitness content like workout videos, coaching session and nutrition plans. Moreover, the company should be ensured that such services are delivered to customer in an efficient and user friendly...