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

Da Nang, 2023

Table of Contents

I Executive Summary 1

2 Business goals 1

3 Strategies 1

4 The foreign country 2

II Company Description 3

1 Legal structure and location 3

2 History 3

3 Mission statement 3

4 Values 3

5 Company culture 4

III Market Analysis 5

1 Industry Analysis 5

2 Market Segmentation 8

IV Competitors and Differentiating strategy 9

1 Competitors 9

2 Differentiating strategy 10

V Product and Service 10

1 Workout plans 10

2 Meal plans 11

3 Recovery routine 11

4 Motivation 12

VI Marketing and Sale Strategy 13

1 Marketing and Distribution plans 13

2 Pricing 14

3 Cutural requirements 15

VII Conclusion 15

“My Fitness” corporate has recently designed an application that helps students who do not have enoughtime or money to enroll in complex centers The application is “My Fitness” with four main functions forimproving health and lifestyle maintenance, including workout plans, meal plans, recovery routines, andmotivation.

1 The target market

The target market for our application is students 17 years old to 24 years old, who are interested inimproving 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 asstress, peer pressure, and lack of motivation Therefore, this market’s nutrition and fitness app should offerfeatures 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 throughpersonalized 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

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4 The foreign country

 Culture

The culture of America is diverse and complex, shaped by a variety of factors such as history,geography, race, religion, and politics American culture is also heavily influenced by popularculture, such as music, film, and television Overall, American culture is a dynamic and constantlyevolving phenomenon that reflects the diversity and complexity of the country's people and history

 Economy

The economy of the US is the largest and most diversified in the world, driven by a combination ofprivate enterprise and government policies A market-oriented economy that is open to foreigncommerce and investment, a well-developed infrastructure, and a knowledgeable and trainedworkforce are all strengths of the nation The United States is a significant exporter of goods andservices and is home to some of the biggest and most cutting-edge businesses in fields includingtechnology, banking, and healthcare The private sector is the main driver of growth andemployment creation, however, the government does play a large role in social services andeconomic regulation The US economy is distinguished by high consumer expenditure, a robustservice sector, and a concentration on innovation

 Regulatory enviroment

The regulatory environment of the US is complex and multifaceted, with a range of federal andstate laws and regulations governing various aspects of business and society The federalgovernment plays a significant role in setting and enforcing regulations related to areas such aslabor, environmental protection, consumer safety, and financial markets State governments alsohave their own laws and regulations that apply within their borders Businesses operating in the USmust comply with a wide range of regulations and are subject to inspections and enforcementactions by various government agencies The regulatory environment is often subject to politicaldebate and can vary depending on the priorities of the current administration and the makeup ofCongress Overall, the regulatory environment in the US is seen as relatively stringent compared tosome other countries, and compliance with regulations is an important aspect of doing business inthe country

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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 offitness 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, becausemost people here have key considerations for their health, and local costs, like marketing and developingthis application, are lower than average

Through countless hours of research, “My Fitness” successfully launched its fitness app in 2023 The appapproached its target users aged 17-24, who appreciated the personalized approach to fitness and thefriendly interface The company continues to improve its app to provide the best possible experience forits 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 livesthrough personalized fitness and nutrition plans We believe that everyone has the potential to have ahealthy life, and we are dedicated to providing the tools, resources, and support needed to make that areality At “My Fitness”, we are more than just a fitness app - we are a community of like-mindedindividuals 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 oldways before to satisfy new users’ wants and market demands It is also reflected in the determination tobring the best products to the market, in the dedicated working attitude of all members with the aim ofproviding the best experience for users This thoughtfulness is the Vietnamese spirit that was developed inthe company culture and in the way we interact with users in the application through the functions of theapp

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

5 Company culture

At our company, we are committed to upholding the rights and well-being of our employees Werecognize that our employees are our greatest asset, our core value, and we believe that creating a positiveand 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 thefeedback 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 afocus 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 fromdiscrimination, harassment, and violence We will provide training and resources to prevent and addressthese 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 toadjust the application to be suitable for the culture of the country and the physical condition of userswithin the main age range the app is targeting

Finally, we believe that the different perspectives and experiences not only make our team stronger butalso help us better understand and serve our diverse user base We also focus on ethical values andsustainable 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 theprimary language used in the US Everything, such as knowledge resources, work environment, andinteractions with users, partners, and experts, is conducted in English Understanding language isunderstanding culture, creating conditions for the development of the company Moreover, it also helpsour company avoid troubles caused by language misunderstandings For example, mistakes in gaininginformation 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 Understandingthe multicultural societies of the US can help our app reach wider users through application experiencesthat are suitably made for American culture Learning and considering carefully the culture helps usdesign interfaces and adjust interactive language that is suitable for both the characteristics of Americans.This can also prevent our company from accidentally getting into trouble such as racial or genderdiscrimination because of unintentional mistakes in the messages, the materials, and the contentsprovided

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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%, whichmeans that students from this country tend to do work-out more than any other sports This is an importantfactor for “My Fitness” to be developed, since fitness sports hold a substantial proportion of their physicalactivities, 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 therising use of smartphones by consumers The demand for fitness apps is further being propelled by theconstant improvements in network infrastructure and expanded network coverage Mobile networkcarriers 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, thenumber 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 compoundannual growth rate (CAGR) of 17.6%, reaching $15.96 billion With this, “My Fitness” can confidently1generate ideal revenue and huge profit.

Another reason is the growing use of wearable devices to provide new market opportunities A wearablefitness 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 theUnited States use a wearable gadget

The majority of participants preferred apps that were free, easy to use, provided visual/auditory cues, andhad game-like rewards Health College students in the southwestern United States are experiencing weightgain that can lead to serious health issues To address this, health education efforts are utilizing newtechnologies, 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 tochange behavior The study found that most participants downloaded apps to meet a goal and felt that theapp helped them achieve it The participants were divided into two distinct groups: those who used apps tosupport an established behavior education programs may benefit from using apps as college students arealready adopting these technologies Features such as ease of use and game-like rewards can help healtheducators choose appropriate apps for college student programs Considering the preferences and

[ CITATION Grane \l 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 nutritionapp for this market holds significant potential for success By offering a free, user-friendly app withvisual/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 canleverage their existing adoption of technology, providing a seamless and comprehensive approach toaddressing weight gain and promoting healthy habits These factors increase the likelihood of marketpenetration and position us to effectively serve the needs of health-conscious college students in theUnited States

Furthermore, between January 2020 and January 2021, the largest increase in fitness app installationsoccurred 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 yearprior It can be said that, this is a golden opportunity for us to penetrate in Additionally, the substantialgrowth in fitness app installations and revenue in 2021 highlights a growing market demand and alucrative opportunity for us to penetrate By capitalizing on this upward trend and offering a fitness andnutrition 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

[ CITATION Mat21 \l 1033 ], Monthly growth in fitness app installs in the U.S 2020-2021, Statista

c Opportunites and Challenges

On the one hand, the US market provides some opportunities for our application Firsly, the growingnumber of students with busy lifestyles who have less time to pay attention to fitness and nutrition This iswhen fitness apps will be a useful tool to help these people to create a schedule that suits well with theirrapid pace of life Secondly, USA has a large market, the number of students in the US market isextremely enormous, providing a vast market for nutrition and fitness apps Thirdly, the rising usage ofsmartphones and tablets: with the increasing in the usage of these devices, it will be a growing market formobile apps that can improve their health and fitness Besides, it also increases the potential user base forthese apps Lastly, teenagers especially from 17-24 are tending to care more about their health nowaday.Moreover, the affection of Covid-19 has also stimulated the health concerns of the US students

On the other hand, the existence of challenges can not be denied We have to consider age-appropriatecontent It is critical to ensure that the app has age-appropriate material Adolescents have different dietaryrequirements than adults, as well as various sorts of activity As a result, the software should be tailored toteens Moreover, we also want to guarantee that the app is relevant to all kids, regardless of race orbackground, it should be culturally sensitive As well as the content, we are concerned by the privacy, theapp must protect the users' privacy and safety Adolescents are particularly vulnerable to internet attacks,and the app should take adequate precautions to safeguard their personal information

“My Fitness” target market consists of students aged 17 to 24 who are interested in improving their healthand wellness They are likely to be in college or university or to have recently graduated, implying thatthey have limited finances as well as variable degrees of physical activity and food habits Furthermore,kids may confront difficulties such as stress, peer pressure, and a lack of enthusiasm

Our application will provide individualized plans, gamification, social support, cost, simplicity, andflexibility to meet the needs of this market These elements will assist students in achieving their healthand fitness objectives in a way that is specific to their requirements and preferences

Due to their limited budgets, students in this age bracket may be more price-sensitive in terms ofpurchasing behavior They are also more inclined to use technology and mobile applications to attain theirgoals, making a diet and exercise app a viable option Furthermore, they may be swayed by peer

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