ENTREPRENEURSHIP AND SMALL MEDIUM ENTERPRISES MANAGEMENT group 7 diet app lili

FOREIGN TRADE UNIVERSITY FACULTY OF BUSINESS ADMISTRATION ~~~***~~~ ENTREPRENEURSHIP AND SMALL & MEDIUM ENTERPRISES MANAGEMENT Group 7: Diet App – LiLi COURSE CODE : QTRE412.1 MEMBER : Dinh Phuong Anh Pham Thi My Ha Doan Thi Thanh Huyen Nguyen Thi Tra My INSTRUCTOR 1912250004 1912250008 1912250016 1912250018 : PhD Tran Minh Thu Hanoi, 05/2021 Contents Chapter 1Strategic Plan 1.1 Idea description 1.2 Vision and Mission 1.2.1 Vision 1.2.2 Mission 1.3 SWOT analysis 1.3.1 Strengths 1.3.2 Weakness 1.3.3 Opportunities 1.3.4 Threats 1.4 PEST analysis 1.4.1 Political 1.4.2 Economic 1.4.3 Social 1.4.4 Technological 1.5 Competitors analysis 1.6 Market determination Chapter 2Marketing Plan 2.1 Market analysis 2.2 Competitors analysis 2.3 7Ps Marketing Mix 2.3.1 Product 2.3.2 Promotion 2.3.3 Estimate Marketing budget for year 2.3.4 Price 2.3.5 Place 10 2.3.6 People 10 2.3.7 Process 10 2.3.8 Physical evidence 10 2.4 Questionnaire 11 Chapter 3Operational Plan 12 3.1 Facilities 12 3.1.1 Types 12 3.1.2 Business location 12 3.2 Production process 12 3.3 Evaluate, improve and ensure operational activities 13 3.3.1 Planning 13 3.3.2 Testing mechanism 13 3.3.3 Productivity index 14 3.3.4 Time control 14 Chapter 4Human Resources Management Plan 15 4.1 Job analysis 15 4.2 Organizational structure 16 4.3 Recruitment and selection 17 4.4 Training and development 17 4.5 Performance appraisal 18 4.6 Compensation 19 Chapter 5Financial Plan 21 5.1 Marketing (Advertising) 21 5.2 Purchase and Equipment 21 5.3 Utility Cost 22 5.4 Renting Cost 22 5.5 Salary 22 5.6 Profit & Loss Account 23 5.7 Balance Sheet 24 REFERENCE 26 Chapter Strategic Plan 1.1 Idea description Diet app is the program that can be used on an iPhone or Androidbased smartphone, allowing you to track eating and activity habits to help your weight loss efforts One of the most popular features of a diet app is the ability to record the amount of food you eat, track your workout routines and view the nutritional information 1.2 Vision and Mission 1.2.1 Vision We aspire to create a useful and friendly environment for human healthy living 1.2.2 Mission Our company exists to create a useful environment by providing a friendly social media for human healthy living We use the latest technology to profitably develop an app to track your nutritional information We are committed to act in innovation, quality, community, optimism and decency We provide opportunities for development to our employees, our business partners and the communities as we provide services of superior value and enthusiastic attitude 1.3 SWOT analysis 1.3.1 Strengths  Exercise and meal plans go hand in hand and our application is the first of its kind to provide personalized dietary and fitness plans to its users  Many additional functions such as personal training sessions and free sample supplements to help the customers reach their goals  Free version available, upgradable premium one 1.3.2 Weakness  Full functionality not available in the free version due to limited resources  The application is limited to the smartphone users only 1.3.3 Opportunities  Personalized application functions depending on the individual’s goals  Access to personal fitness trainers program in the premium version  Referral system adopted by our application can fetch more downloads and increase premium version users  Upcoming trainers and sportswear brands will have an opportunity to promote themselves, which in turn will promote our application 1.3.4 Threats  Potential competition from other established fitness applications such as Myfitnesspal having prominent users  If users not upgrade the application, they can end up uninstalling it due to limited access to the free version  Emergence of unique exercise or nutrition fads => SO: Our diet app lets users optimize their health planning based on personal schedule, giving users more control over their own health in daily life What we provide perfectly satisfy some groups of users’ needs, which would make potential customers more likely to use the product as the best target audiences are identified and the brand identity of the app is heard => OW: Our diet app is available on smartphones only, so it will be easier for the users to access whenever and wherever they want => ST: Our app has variety of fitness coach and nutritionists, so the latest exercises and nutrition fads can be updated monthly => WT: New users can have a 3-month trial so they can have more time to consider if this app is suitable for them Besides, the users have to practice and update their daily meal on their blog to level up their level (Newbie -> Silver -> Gold -> Diamond) For each of the levels, they can receive some promotion and presents 1.4 PEST analysis 1.4.1 Political  Political stability is very important for a social app to be accepted by its users Since this app allows people to share their daily workout routines, some eating habits they share may be unsuitable for other country’s customs We need to have suitable policies to comply with specific country’s rules and demands 1.4.2 Economic  The GDP of a certain country speaks about the purchasing power and customer patterns of that country which can affect our app For example, if their income is low, they will not be able to buy devices to use our app  Sharing economy has generated employment for people on a large scale who would otherwise be searching for jobs everywhere It has created unique jobs and generated employment for a very large number of healthy food stores, gym coaches, beauty bloggers 1.4.3 Social  One of the impacts of this service is that it is easily available Clients enjoy its platform which is easily accessible and convenient The application can  be installed and used in a smartphone thus easily controlling and tracking your nutritional information every time, everywhere The app provides reliable information for your workout process People share their daily diet, exercises and their results on the app so you can reduce the cost and wasted time searching for information and find the best method for your healthy living easier The consumers have spread their experience on social media, which helps attract more new clients 1.4.4 Technological  Technology is at the root of everything big in the 21st century and to imagine growth without technology is difficult if not impossible We need to base on excellent technology to provide both smooth access and great experience for users and partners It is necessary to integrate several special features into its app to provide an extraordinary experience From images to information, notifications, workout routines all are integrated into a single app Constantly investing in technological improvements will bring more users for our app 1.5 Competitors analysis       MyFitnessPal - Calorie Counter, Diet & Exercise Journal Lose It! - Calorie Counter for Weight Loss FatSecret - Calorie Counter & Diet Tracker for Weight Loss Fooducate - Healthy Weight Loss Coach & Food Scanner Noom - Connecting you with a weight loss coach Nutrino - Nutrition insights platform 1.6 Market determination We choose Concentrated Strategy to focus on one specific market segment Our target customer is young people, especially officers and students, who easily get access to Internet and technology and don’t require too much energy to perform work Chapter Marketing Plan 2.1 Market analysis Nowaday, the fitness space is highly competitive, but not yet saturated There are still unfilled niches within the marketplace A lot of workout planning apps were born but none of them have features for sharing pre-planned workouts among users from personal trainers to users and also the diet meal for people who want to take the most advantage of their exercises 2.2 Competitors analysis Criteria MyFitnessPal Fitbod Strong Category Diet-tracking Strength training Strength training Platform iOS, Android, web iOS iOS, Android Business Model Advertising, paid subscriptions Free trial of a paid subscription Free trial of a paid subscription Remarkable Feature Compare calories consumed to calories burned to work towards the goal weight Workouts are generated based on previous workouts and equipment availability Settings for exercise - rest timer, notes, units, etc Limitations Do not have recommended workout exercises Not available on Android and other platforms Do not have recommended healthy meals The app mostly aimed at users who are at the advanced level 2.3 7Ps Marketing Mix 2.3.1 Product Our potential customer is woman under 30 years old, especially university students and officers, who can not afford to pay a large amount of money to go to the fitness centre and whose time is limited so that the app could help them plan the meal that good for their health and remind them to the exercise everyday as a personal trainer Here are some of the app features: o record the amount of food (calo, protein, fat, etc) o track your workout routines o o o o o view the nutritional information provide meal plans personal training sessions measure the steps and analyse the sleep searching for meals with desired recipe The app also has a special feature that makes it stand out from the crowd that is: scanning the calories in a dish via picture All you need is to align the picture in a given frame and the app will show you what there are in the dishes and how much calories are there After that, you have to type the amount of food (in kilogram, gram, etc ) and the app will evaluate the total calories you will consume after that meal If it is too much, you will receive a warning informing you to cut down some unnecessary ingredients 2.3.2 Promotion - Build brand awareness Online channels:  advertise on Facebook groups related to fitness, eatclean and Fitness Centres fanpage  KOLs marketing through influencers in the fitness field (Personal Trainers, fitness youtubers, etc.)  Tiktok/Facebook ads: short video advertisements Offline channels: corporate with fitness centres for middle class (officers, students, low income people, etc.) and give them free premium trial version - Develop brand loyalty  Incentives such as special deals or birthday gifts  Sale off 30% on Holidays  Reward Loyalty and Offer Incentives  Offer Personalised Content  Appears frequently in Publications  Through KOL’s posts, review  Through online newspaper for youngsters  Through college students’ events 2.3.3 Estimate Marketing budget for year No Categories KOLS Cal 15.000.000 VND /quarter Budget per year 60.000.000 VND Tiktok Ads 1st quarter: 20000 CPC/quarter - 189.000.000 54.000.000 VND VND 2nd, 3rd, 4th quarter: 5000 CPA/quarter - 45.000.000/quarter Facebook Ads 1st quarter: 6.000.000 VND/ 12.000 45.000.000 CPM/month VND 2nd, 3rd, 4th quarter: 3.000.000 VND/ 5000 CPM/month Publications articles/month 500.000/article 12.000.000 VND Standees at Elite 1st quarter: 40.000.000 VND/month fitness 120.000.000 VND Total budget estimated for year: 426.000.000 VND 2.3.4 Price We offer these following packages for different types of customer (based on their goals, their budget, their desires in meal preparation, etc.) Package Free package Description For the newcomers, at first they can experience premium package for free in the first 30 days After that, they can decide to continue using premium package or not For the free package, users can only access basic diet meal, basic exercises for beginner and journal their process (their weight, quality of sleep, etc) to achieve their basic desired goal Premium Package month premium 69.000 VND For premium package (Full access package): users can access all functions including: searching for meals with their desired recipe, evaluating the amount of calo in months premium - the dishes via picture, personal training sessions for 169.000 VND specific body parts from beginner to advanced, etc months premium 299.000 VND year premium 499.000 VND 2.3.5 Place - Get information about the app from social media: Instagram, Facebook page, groups on Facebook about staying healthy, influencer, fitness coach, nutritional professors, etc - Download from App Store/ CH Play 2.3.6 People - CEO - Finance Manager - Marketing Manager - R&D Development Manager - Customer Services Manager 2.3.7 Process - Step 1: Introduce and advertise the app to users through social media (bloggers, Facebook groups, KOLs, influencers), gym fitness centers, etc During this step, customer service team will be available to help customers 24/7 - Step 2: Create a page on Tiktok and upload unique videos that will maybe set a trend (the content will be mainly about fitness, workout and healthy meal preparation) - Step 3: Collapse with influencers in the beauty and fitness field to attract the public attention The app will help customers connect easily with various number of professional personal trainers, nutrition professors and bloggers to have guidance and advice We will develop a robust app base (models, features,interface,etc), updated frequently 2.3.8 Physical evidence - Logo 10   Management of operating equipment As a new small business, we only have the following simple office equipment:  Computer:  Multiple monitors  Desktop computer  Mobile phone  Stand  Router  Business machine:  Printer  Scanner  Photocopier  Office furniture:  Desk  Chairs  Meeting table and sofa  Lighting  Wall art  Telephone  White board Person in charge: Accounting manager 3.3 Evaluate, improve and ensure operational activities 3.3.1 Planning  PERT chart 3.3.2 Testing mechanism  Random test 13   Check the app model and its features randomly once two weeks Check the office’s facilities randomly in term of using it effectively  Check properties 3.3.3 Productivity index The productivity index is measured by the output (value of each premium pack, money from advertising, etc) by the inputs (cost of labours, office, capital, raw materials, etc) 3.3.4 Time control  Preventive control  Testing the systems and securing access to make sure the app runs smoothly  Have a strong internal environment that educates employees on security measures  Proper training and implementation to know how to control the app and protect users’ information On-site control Update, complete features while running the app model Check the content of each blogger or writer before uploading on the app Correct the error of the app as soon as it appears     Control after Check the compliments and criticization of users to learn from experience, adjust and complete the app   14 Chapter Human Resources Management Plan 4.1 Job analysis Job title Job description Number of position CEO - Developing high quality business strategies and plans ensuring their alignment with short-term and long-term objectives - Analyze problematic situations and occurrences and provide solutions to ensure company survival and growth - Overseeing all operations and business activities to ensure they produce the desired results and are consistent with the overall strategy and mission - Review financial and non-financial reports to devise solutions or improvements - Leading and motivating subordinates to advance employee engagement and develop a high performing managerial team Finance manager - Forecasting finance - Analysing market trends and competitors - Developing long-term business plans - Finding ways to cut costs Accounting manager - Collecting, interpreting, and reviewing financial information - Checking accuracy of documents - Ensuring records meet financial regulations - Producing financial reports related to budgets, account payables, account receivables, expenses, - Reporting to management and providing advice how the company and future business decisions might be impacted Marketing manager - Researches and analyses market trends, demographics, pricing schedules, competitor 15 products, and other relevant information to form marketing strategies - Communicates with various media buyers, advertising agencies, printers, and other services to help marketing projects come to fruition - Tracks all marketing and sales data and creates detailed written reports - Adjusts marketing campaigns and strategies as needed in response to collected data and other feedback - Oversees current offerings and comes up with initiatives for new products or services R&D manager - Understand client requirements and how they translate in application features - Build meal plans and work-out routines - Design creative prototypes according to specifications - Write high quality source code to program complete applications - Perform testing before launch - Troubleshoot and debug applications - Evaluate existing applications to reprogram, update and add new features Customer services manager - Keep track of customer’s account - Resolve product or service problems by clarifying the customer's complaint, determining the cause of the problem, selecting and explaining the best solution to solve the problem - Recommend potential products or services to management by collecting customer information and analyzing customer need 4.2 Organizational structure 16 4.3 Recruitment and selection The company will initially operate without a staff, being run completely by founding members and interns As the platform grows to new levels, the company will slowly begin recruiting new staff members Founders of the company will use their network to recruit first interns, performing in-depth interviews to find candidates that are highly skilled and effectively working within the company 4.4 Training and development Goals:  Provide quality, cost-effective training designed to increase individual and organizational productivity and enrichment  Provide development opportunities that enhance knowledge, develop skills and enrich the organization  Create, promote and foster an organizational environment that values development, diversity and growth opportunities for all employees  Provide individuals and the organization with the tools to respond effectively to customer needs as well as current and future demands for service  Provide ongoing leadership and support to the organization’s succession efforts  Promote, support and leverage technology resource and tools to improve and enhance workflow efficiency and improve customer service Training and development methods: Method Case study method Description Participants are given a written down, narrative description of a real situation relating to an organization and its business issue They are required to propose any number of viable solutions or 17 decisions that match the variables represented in the case This method helps to develop analytical, reasoning and problemsolving skills of the participants It also helps to reemphasize messages provided during lectures and group discussions Personal coaching method Coaching is helping self and others gain new perspectives on their intentions and behaviors, to understand what’s possible and how to access inner resources such as motivation, commitment, passion, etc as a coach, the supervisor gently confronts employees with their shortcomings and makes suggestions for corrective actions Group discussion method Candidates are divided into several groups which will work on the same topic or solve the same issue Members in one group will discuss, interact, and exchange information with each other to find the best answer for the topic This method helps to develop leadership, communication, managing, cooperation skills of the participants 4.5 Performance appraisal The company will take the performance appraisal semi-annually to evaluate the employees’ job performance and overall contribution to the company within a half of year These reviews are also used to highlight both strengths and weaknesses in order to improve future performance of employees Based on the evaluation results, the company will decide on the increases and bonuses or even termination Performance appraisal types 360-degree Feedback Description This method evaluates an employee using feedback collected from the employee’s circle of influence namely managers, peers, customers, and direct reports This method will not only eliminate bias in performance reviews but also offer a clear understanding of an individual’s competence Management by Managers and employees together identify, plan, organize, Objectives (MBO) and communicate objectives to focus on during a specific appraisal period After setting clear goals, managers and subordinates periodically discuss the progress made to 18 control and debate on the feasibility of achieving those set objectives At the end of the review period (quarterly, halfyearly, or annual), employees are judged by their results Behaviorally Anchored Rating Scale (BARS) This method compares employee performance with specific behavioral examples that are anchored to numerical ratings Each performance level on a BAR scale is anchored by multiple BARS statements which describe common behaviors that an employee routinely exhibits These statements act as a yardstick to measure an individual’s performance against predetermined standards that are applicable to their role and job level 4.6 Compensation As the business grows and gains profit, we will begin to hire personnel and staff The following table presents the company’s plan for personnel and staff including salary, raises and bonuses, and benefits Job title Salary Raises and Bonuses Benefits CEO 30.000.000 35.000.000 VND 20% bonus if revenue exceeds 400.000.000 VND - Medical insurance - Paid time off such as sick days, vacation days, - Gym membership - Wellness program - Vacation Finance manager 20.000.000 25.000.000 VND 20% bonus if revenue exceeds 400.000.000 VND - Medical insurance - Paid time off such as sick days, vacation days, - Gym membership - Wellness program - Vacation Accounting manager 20.000.000 25.000.000 VND 20% bonus if revenue exceeds 400.000.000 VND - Medical insurance - Paid time off such as sick days, vacation days, - Gym membership - Wellness program 19 - Vacation Marketing manager 20.000.000 25.000.000 VND 20% bonus if revenue exceeds 400.000.000 VND - Medical insurance - Paid time off such as sick days, vacation days, - Gym membership - Wellness program - Vacation R&D manager 20.000.000 25.000.000 VND 20% bonus if revenue exceeds 400.000.000 VND - Medical insurance - Paid time off such as sick days, vacation days, - Gym membership - Wellness program - Vacation Customer services manager 20% bonus if revenue exceeds 400.000.000 VND - Medical insurance - Paid time off such as sick days, vacation days, - Gym membership - Wellness program - Vacation 20.000.000 25.000.000 VND 20 Chapter Financial Plan 5.1 Marketing (Advertising)     Online channels: Advertise on Facebook groups related to fitness, eat clean and Fitness Centers fanpage KOLs marketing through influencers in the fitness field (Personal Trainers, fitness youtubers, etc.) Tiktok/Facebook ads: short video advertisements  Offline channels: corporate with fitness centers for middle class (officers, students, low income people, etc.) and give them free premium trial version No Categories Cal Budget per year KOLS 15.000.000 VND /quarter 60.000.000 VND Tiktok Ads 1st quarter: 20000 CPC/quarter 54.000.000 VND 2nd, 3rd, 4th quarter: 5000 CPA/quarter - 45.000.000/quarter 189.000.000 VND Facebook Ads 1st quarter: 6.000.000 VND/ 12.000 CPM/month 2nd, 3rd, 4th quarter: 3.000.000 VND/ 5000 CPM/month 45.000.000 VND Publications articles/month 500.000/article 12.000.000 VND Standees at Elite fitness 1st quarter: 40.000.000 VND/month 120.000.000 VND Total budget estimated for year: 426.000.000 VND 5.2 Purchase and Equipment  Purchase: No Categories Cal Total Advertising standee 85.000 VND/standee 850.000 VND Paper 315.000 VND 315.000 VND 21 Pens 15.000 VND/couple 60.000 VND Drinking cups 55.000 VND 55.000 VND Water 120.000 VND 120.000 VND Water Dispenser 675.000 VND 675.000 VND  Equipment: No Categories Cal Budget Computer 7.950.000 VND/set 7.950.000 VND Screen 2.050.000 VND/screen 4.100.000 VND Mobile phone 1.000.000 VND 1.000.000 VND Router 690.000 VND Scanner 2.390.000 VND 2.390.000 VND Meeting sofa 6.800.000 VND 6.800.000 VND Working desks and chairs 690.000 VND 1.562.000 VND/ normal set 9.936.000 VND 2.126.000 VND/ L-shaped set Wall art 684.000 VND 684.000 VND White board 200.000 VND 200.000 VND 10 Printer 3.250.000 VND Total 3.250.000 VND 37.000.000 VND 5.3 Utility Cost We estimate the cost of water and electricity is 800.000 VND and for WiFi is 200,000 VND per month 5.4 Renting Cost Our office is a 40m2 room in Licogi 13 Khuat Duy Tien The market price for renting cost is 6.5 million VND/month, pay months in advance with million VND renting deposit 5.5 Salary 22 No Categories Budget per year 30.000.000 VND 20.000.000 VND 20.000.000 VND 20.000.000 VND 60.000.000 VND 20.000.000 VND Cal CEO 30.000.000 VND/person Finance manager 20.000.000 VND/person Accounting manager 20.000.000 VND/person Marketing manager 20.000.000 VND/person R&D manager 20.000.000 VND/person Customer service manager 20.000.000 VND/person Personal trainers first months: 120.000 VND/vid/month Following months: 120.000 VND/vid/month 12.000.000 VND 5.6 Profit & Loss Account Capital Revenue from sale Other Total revenue 200.000.000 885.761.000 1.769.080.000 2.654.841.000 Cost of goods sold Opening stock Purchases Closing stock Gross profit 3.395.000 Expenses Renting Advertising 2.651.446.000 78.000.000 426.000.000 Wages Depreciation Utility Insurance 1.542.000.000 3.700.000 12.000.000 3.600.000 Others Total expenses 240.000.000 2.305.300.000 23 346.146.000 Profit before tax 5.7 Balance Sheet Initial Depreciation Net Assets Fixed Assets Equipment Total fixed assets 37.000.000 3.700.000 33.300.000 Short-term assets Debtors Prepayment Deposits Cash/Bank Total short-term assets Liabilities and equity 0 5.000.000 507.846.000 512.846.000 Short-term debts Creditor Accrual Total short-term liabilities Working capital 512.846.000 Net assets 546.146.000 5.8 Income Statement Net Sales Revenue 2.654.841.000 Cost of goods sold Begining Inventory, 1/1/2022 Purchases Ending Inventory, 31/12/2022 Gross profit Expenses Renting Advertising 3.395.000 2.651.446.000 78.000.000 426.000.000 24 Wages Depreciation Utility 1.542.000.000 3.700.000 12.000.000 Insurance Others Total expenses Net income 3.600.000 240.000.000 2.305.300.000 346.146.000 25 REFERENCE [1] Norman M Scarborough, Jeffrey R Cornwall (2016) Essentials of Entrepreneurship and Small Business Management [2] FGMC (2020), “Global Fitness App Market – Industry Trends and Forecast to 2027” [Online] Available at: https://www.databridgemarketresearch.com/reports/global-fitness-appmarket?fbclid=IwAR0Fsjky2MN2Br8qPQvHYHkFTsQabiNwIuV9Bt7oAUT9 zYNr20y66pt11KA [3] Research Cosmos (2019), “Sports and Fitness Apps Market” [Online] Available at: 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với nhiều ưu điểm vượt trội” [Online] Available at: https://www.brandsvietnam.com/congdong/topic/23888-Quang-cao-tai-Trungtam-Fitness-Hinh-thuc-truyen-thong-voi-nhieu-uu-diem-vuottroi?fbclid=IwAR1Rt1XGPGLcAhQiODvbPPgS7Mq1E7cGT87ULf7i1n04oqH-6vvC1TJCCc 27 ... https://www.researchcosmos.com/reports/sports -and- fitness-appsmarket/528 379 95?fbclid=IwAR1q7Lqy8_diTAHVVzvRjN9zQsk0OyGtcRATn vkdRpH5yDUd73iMFWbAUN8 [4] “Mobile Apps Build Brand Loyalty” (20 17) [Online] Available at:... identified and the brand identity of the app is heard => OW: Our diet app is available on smartphones only, so it will be easier for the users to access whenever and wherever they want => ST: Our app. .. R Cornwall (2016) Essentials of Entrepreneurship and Small Business Management [2] FGMC (2020), “Global Fitness App Market – Industry Trends and Forecast to 20 27? ?? [Online] Available at: https://www.databridgemarketresearch.com/reports/global-fitness-appmarket?fbclid=IwAR0Fsjky2MN2Br8qPQvHYHkFTsQabiNwIuV9Bt7oAUT9