Is there a trend in society or in this industry that your product or service will seek to capitalize on?
Course Assignment #3 – Business Concept Statement
In this assignment, you will describe a new concept for a business idea. This assignment gives you a chance to brainstorm a creative business idea, study a particular industry, and through that understand how an entrepreneur might start a new firm or start a new line of business for an existing company. (May be done individually or in groups of 2-4 students.)
For this final project, you will research a business concept using the internet and resources in a library, write a paper and do a presentation. Your final paper and final presentation will have these parts:
Business Concept Statement Outline
1. Part 1. The Opportunity
What is the opportunity in the market? Is there a trend in society or in this industry that your product or service will seek to capitalize on?
2. Part 2. Product/Service Concept
Define the new product or service you are proposing bringing to market by describing its features and benefits. In what way is this business idea a good match for your passions and experience?
3. Part 3. Target Customer and the Market
What is the size and growth of the market for your product or service? Use demographic and psychographic variables to describe your target customer. Will you initially sell online, in person or both?
4. Part 4. Revenue Model
How will you monetize or generate revenue with this idea? Will you sell it or rent it? Will you sell services related to a product or service? Will you sell subscriptions or memberships? Will you hold inventory or not?
5. Part 5. Competition, Positioning and Differentiation
In this section describe how you will position your product or service relative to competitors. Include research on (1) one other firm that is competing in your industry and how they position their products to compete; (2) describe how you will position yourself relative to competitors.
Part 6. Sustainability
In what way will this business be designed so that it behaves in a sustainable manner, taking care of profits, people and the planet? Think creatively and don’t worry about how practical your plans are.
6. Part 7. Conclusions
Include a paragraph that summarizes your conclusions.
Presentation: At the end of this course, each individual or group will hand in a written copy of their business concept statement and make a 9–13 minute presentation of their Business Concept with slides.
Concept statement for a hot yoga studio.
Part 1 is the opportunity.
The opportunity in the market is that there is a trend toward wellness and fitness, and people are looking for ways to improve their health and wellbeing. Hot yoga is a great way to improve fitness, flexibility, and a relaxing and enjoyable experience. Many hot yoga studios are already in operation, but there is still room for new businesses to enter the market and tap into this growing trend.
Part 2. Product/ service concept
The new product or service I am proposing is a hot yoga studio. The studio will offer hot yoga classes for all levels, from beginner to advanced. Experienced and certified instructors will lead the classes, and the studio will be equipped with all the necessary yoga props and mats. The studio will also have a retail area selling yoga clothes, mats, and accessories. I am passionate about yoga and health, and I have experience in the fitness industry. I believe that hot yoga is a great way to improve fitness and wellbeing, and I am excited to bring this concept to the market.
Part 3. Target customer and market.
The market for hot yoga is growing rapidly as more and more people are looking for ways to improve their health and well-being. According to reaserch 84 million adults use fitness app and the number is anticipated to grow (Body, 2022). Therefore with this studio more adults will have accessibility to fitness plans which will imrove their health by a big margin while at the same time meeting demand. The target customer for this business is people who are interested in fitness, health, and wellbeing. The studio will initially sell classes online and in person
Part 4. Revenue generation.
The studio will generate revenue by selling classes online and in person. The studio will also sell services related to hot yoga, such as private classes, workshops, and retreats. The studio will also sell memberships, giving people access to discounted classes and other benefits.
Part 5: Competition, Differentiation and positioning.
There are many hot yoga studios already in operation, but there are still room for new businesses to enter the market and tap into this growing trend. The studio will differentiate itself from its competitors by offering a variety of classes for all levels, from beginner to advanced. The studio will position itself as a premium hot yoga studio, offering a variety of classes for all levels, from beginner to advanced. The studio will also be equipped with the latest yoga equipment and facilities. The studio will differentiate itself from its competitors by offering a variety of classes for all levels, from beginner to advanced.
Part 6. Sustainability.
The studio will be designed to be sustainable, taking care of profits, people, and the planet. With the current go green complain I intend to incorporate systems that will favor environmental wellness. Therefore the studio will be powered by renewable energy, and all of the yoga equipment and facilities will be made from sustainable materials. The studio will also have a recycling and composting program in place where most of the products used within the facility will be properly disposed while reusable plastic products will recycled for future use.
In conclusion, the hot yoga studio is a great business idea for those passionate about fitness and well-being. I plan to bring a unique bussines that will suit the needs of several people seeking to be fit and healthy. The studio will offer a variety of classes for all levels, from beginner to advanced and will be equipped with the latest yoga equipment and facilities. The studio will differentiate itself from its competitors by offering a variety of classes for all levels, from beginner to advanced.