tiểu luận danang unviversity of economicsinternational business group assignment my fitness business plan

It was founded in 2023 by a group offitness enthusiasts who were passionate about using technology to help people achieve their fitness goals.Our company is located in Los Angeles, Ameri

DANANG UNVIVERSITY OF ECONOMICS

INTERNATIONAL BUSINESS GROUP ASSIGNMENT

MY FITNESS BUSINESS PLAN

Lecturer: Lam Minh Quan Group 6’ members: Class: 47k01.2 ° Ha Thuc Hoan

Le Duc Minh Phung Van Thanh

Vo Phuoc Dat Nguyen Kim Ngoc

Da Nang, 2023

Table of Contents

I Executive Summary

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L Executive Summary

“My Fitness” corporate has recently designed an application that helps students who do not have enough time or money to enroll in complex centers The application is “My Fitness” with four main functions for improving health and lifestyle mamtenance, including workout plans, meal plans, recovery routines, and motivation

1 The target market

The target market for our application is students 17 years old to 24 years old, who are interested in improving their health and wellness They may have busy schedules, limited budgets, and varying levels

of physical activity and dietary preferences Moreover, these students may also face challenges such as stress, peer pressure, and lack of motivation Therefore, this market’s nutrition and fitness app should offer features that cater to their needs and goals, such as personalized plans, gamification, social support, affordability, convenience, and flexibility

2 Business goals

Our business goals are to inspire and equip people with the skills to live healthier, happier lives through personalized fitness and nutrition plans We believe that everyone has the potential to have a healthy life, and we are dedicated to providing the tools, resources, and support needed to make that a reality

3 Strategies

In order to rise the number of people who are concerned with health problems and want to take regular exercise in their own homes, we will apply a range of strategies relevant to sales and marketing Firstly,

we collaborate with schools and universities in the field of Health Education Practice to develop and implement health education programs And then making them more popular with targeted and potential customers through social media platforms marketing with funny content and attractive images Finally, we offer two strategies for pricing The freemium pricing model offers users access to basic features of the app for free, and the premium subscription can then offer more advanced features

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¢ Culture

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The culture of America is diverse and comple:

geography, race, religion, and politics Americ R Save to a Studylist culture, such as music, film, and television Ove

evolving phenomenon that reflects the diversity and complexity of the country's people and history

e Economy

The economy of the US is the largest and most diversified in the world, driven by a combination of private enterprise and government policies A market-oriented economy that is open to foreign commerce and investment, a well-developed infrastructure, and a knowledgeable and trained workforce are all strengths of the nation The United States is a significant exporter of goods and services and is home to some of the biggest and most cutting-edge businesses in fields including technology, banking, and healthcare The private sector is the main driver of growth and employment creation, however, the government does play a large role in social services and economic regulation The US economy is distinguished by high consumer expenditure, a robust service sector, and a concentration on innovation

¢ Regulatory enviroment

The regulatory environment of the US is complex and multifaceted, with a range of federal and state laws and regulations governing various aspects of business and society The federal government plays a significant role in setting and enforcing regulations related to areas such as labor, environmental protection, consumer safety, and financial markets State governments also have their own laws and regulations that apply within their borders Businesses operating in the US must comply with a wide range of regulations and are subject to inspections and enforcement actions by various government agencies The regulatory environment is often subject to political debate and can vary depending on the priorities of the current administration and the makeup of Congress Overall, the regulatory environment in the US is seen as relatively stringent compared to some other countries, and compliance with regulations is an important aspect of doing business in the country

IL Company Description

1 Legal structure and location

“My Fitness” is a joint-stock company based in Los Angeles, USA It was founded in 2023 by a group of fitness enthusiasts who were passionate about using technology to help people achieve their fitness goals Our company is located in Los Angeles, America This is an ideal location for a fitness business, because most people here have key considerations for their health, and local costs, like marketing and developing this application, are lower than average

2 History

The team of “My Fitness” spent several months researching, surveying, and consulting with experts in the field of fitness and nutrition to build a comprehensive system that is suitable for diverse users

During the development process, “My Fitness” assembled a team of experienced software developers, fitness trainers, and nutrition experts to create an application that focused on personalized workouts and nutrition plans The team also used the latest technology, including artificial intelligence to create an engaging and effective fitness app

Through countless hours of research, “My Fitness” successfully launched its fitness app in 2023 The app approached its target users aged 17-24, who appreciated the personalized approach to fitness and the friendly interface The company continues to improve its app to provide the best possible experience for its users and commits to its mission of inspiring people to live healthier and happier

3 Mission statement

Our mission at “My Fitness” is to inspire and equip people with the skills to live healthier, happier lives through personalized fitness and nutrition plans We believe that everyone has the potential to have a healthy life, and we are dedicated to providing the tools, resources, and support needed to make that a reality At “My Fitness”, we are more than just a fitness app - we are a community of like-minded individuals who share a passion for health and wellness

4 Values

The value of the company expresses in the benefits provided to users, and in the desire to innovate the old ways before to satisfy new users’ wants and market demands It is also reflected in the determination to bring the best products to the market, in the dedicated working attitude of all members with the aim of providing the best experience for users This thoughtfulness is the Vietnamese spirit that was developed in the company culture and in the way we interact with users in the application through the functions of the app

Besides the values in human resources, our value also expresses in the distinction of the app’s functions compare to competitors The value of the app is also expressed through its ability to meet many different requirements related to physical development, and nutrition

5 Company culture

At our company, we are committed to upholding the nghts and well-being of our employees We recognize that our employees are our greatest asset, our core value, and we believe that creating a positive and supportive workplace is essential to our success

Firstly, the responsibility of the founders is to manage the company in the direction of development, build

a unique company culture, and sustain that culture The management team must always be creative, supporting each other in all roles, and dividing into specialized teams with their own functions

Secondly, we always encourage employees to give their feedback We will seek out and value the feedback and input of our employees, and will provide opportunities for them to participate in decision- making and problem-solving Besides, collaboration and teamwork would likely be highly valued, with a focus on open communication and a willingness to help each other out

Thirdly, we build a safe and respectful workplace: we will maintain a workplace that is free from discrimination, harassment, and violence We will provide training and resources to prevent and address these issues

Next, we desire to upgrade the application, provide a personalized training route, a standard nutrition plan, and a scientific exercise mode We constantly analyze customer demands and consider contributions to adjust the application to be suitable for the culture of the country and the physical condition of users within the main age range the app is targeting

Finally, we believe that the different perspectives and experiences not only make our team stronger but also help us better understand and serve our diverse user base We also focus on ethical values and sustainable development, ensuring that our products and services are developed in a responsible way

> Some essential cultural requirements of the company when operating in America:

To begin with, we require employees to have a good level of proficiency in English because it is the primary language used in the US Everything, such as knowledge resources, work environment, and interactions with users, partners, and experts, is conducted in English Understanding language is understanding culture, creating conditions for the development of the company Moreover, it also helps our company avoid troubles caused by language misunderstandings For example, mistakes in gaining information from research can provide wrong knowledge; or poor communication with partners can lead

to a lack of trust between each other

After this, we also require our employees to have a deep understanding of the local culture Understanding the multicultural societies of the US can help our app reach wider users through application experiences that are suitably made for American culture Learning and considering carefully the culture helps us design interfaces and adjust interactive language that is suitable for both the characteristics of Americans This can also prevent our company from accidentally getting mto trouble such as racial or gender discrimination because of unintentional mistakes in the messages, the materials, and the contents provided

HH Market Analysis

1 Industry Analysis

a Sport choices

The provided bar chart shows a comparison of different kinds of sports that US teenagers participate in

2021 For the most part, fitness sports hold a large proportion of physical activities, up to 55.8%, which means that students from this country tend to do work-out more than any other sports This is an important factor for “My Fitness” to be developed, since fitness sports hold a substantial proportion of their physical activities, there is a potential market for an app that caters to their fitness and nutrition needs

b Fitness application

The United States is experiencing a surge in the availability of fitness apps on the market, driven by the rising use of smartphones by consumers The demand for fitness apps is further bemg propelled by the constant improvements in network infrastructure and expanded network coverage Mobile network carriers in the USA recognize the investment potential of fitness apps, owing to the increasing popularity

of smartphones and heightened awareness of fitness As more and more Americans own smartphones, the number of people using fitness apps is expected to keep rising

From 2020 to 2027, the US market for nutrition and fitness apps is expected to grow at a compound annual growth rate (CAGR) of 17.6%, reaching $15.96 billion.’ With this, “My Fitness” can confidently generate ideal revenue and huge profit

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@ Exercise & Weight Loss © Diet & Nutribon Activity Tracking

Another reason is the growing use of wearable devices to provide new market opportunities A wearable fitness gadget tracks and compiles user activity data, which is then synchronized with a fitness app According to a Pew Research Center research published in June 2019, roughly 21% of people in the United States use a wearable gadget

The majority of participants preferred apps that were free, easy to use, provided visual/auditory cues, and had game-like rewards Health College students in the southwestern United States are experiencing weight gain that can lead to serious health issues To address this, health education efforts are utilizing new technologies, such as smartphone applications (apps), which are increasingly popular among young adults

A formative research study was conducted to understand how college students use health/fitness apps to change behavior The study found that most participants downloaded apps to meet a goal and felt that the app helped them achieve it The participants were divided into two distinct groups: those who used apps to support an established behavior education programs may benefit from using apps as college students are already adopting these technologies Features such as ease of use and game-like rewards can help health educators choose appropriate apps for college student programs Considering the preferences and

[ CITATION Grane \I 1033 ], Fitness App Market Size, Share & Trends Analysis Report By Type (Exercise & Weight Loss, Diet & Nutrition, Activity Tracking), By Platform (Android, iOS), By Device, By Region, And Segment Forecasts, 2023 - 2030

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behaviors of college students revealed in the formative research study, developing a fitness and nutrition app for this market holds significant potential for success By offering a free, user-friendly app with visual/auditory cues and game-like rewards, we can cater to their desires for accessibility, engagement, and motivation Moreover, by integrating the app with established behavior education programs, we can leverage their existing adoption of technology, providing a seamless and comprehensive approach to addressing weight gain and promoting healthy habits These factors increase the likelihood of market penetration and position us to effectively serve the needs of health-conscious college students in the United States

Furthermore, between January 2020 and January 2021, the largest increase in fitness app installations occurred in January 2021 In that month, there was a 61% increase in installations compared to January

2020 Thus, the fitness app industry generated $5.34 billion revenue in 2021, a 54% increase on the year prior It can be said that, this is a golden opportunity for us to penetrate in Additionally, the substantial growth in fitness app installations and revenue in 2021 highlights a growing market demand and a lucrative opportunity for us to penetrate By capitalizing on this upward trend and offering a fitness and nutrition app tailored specifically to college students' preferences and needs, we can position ourselves as

a leading player in the market and tap into the significant revenue potential of the fitness app industry