"Apex Performance," A Business Plan and Industry Study of the Health and Fitness Training Services in Saline and Ann Arbor, Michigan
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The aim of this SIP is to answer two research questions; what is the feasibility for the economy of Saline, Michigan to support a strength and conditioning business, and regardless of feasibility, how would one construct a successful business plan to pursue this market? The paper begins by reviewing relevant literature pertaining to the structure of a feasibility study and business plan. This review further focuses on important marketing, operational, and financial theories that help new businesses become successful. This literature review finds nine elemental theories that can elevate new business: 1) core value creation, 2) AIDA theory, 3) network effect, 4] existential customer behavior, 5) revenue diversification, 6) product value creation, 7) product life cycle marketing, 8) customer relationship management, and 9] word-of-mouth marketing. A number of other theories and methods are discussed from peer-reviewed literature, but ultimately, to experience success, a business owner must conduct thorough industry research. Once the research is completed, a business owner can then build a business plan around the research while implementing marketing, operational, and financial theories into the business plan strategies. The literature review is followed by a connection section that connects the strategies provided in the literature review and presents the value they offer to the business. It's broken down into four sections; 1) culture, value creation, and pricing, 2) location and the network effect 3) consumer needs and relationship management, and 4) marketing format and timing. Following the connection section, an application section is presented. This section is comprised of two subcomponents; a situational analysis and a business plan. The situational analysis of the Saline market includes the macro environment, micro environment, competition profiles, consumer data, and opportunities for innovation. The business plan includes a business description, strategies, objectives, target audience breakdown, unique selling proposition (USP), marketing and sales, financials, timing plan, operational plan, and methodologies for measuring success. Following the analyses of the Saline market, one can conclude that there is a high possibility of successfully operating Apex Performance. The demographic profile of the city is compatible with the target audience and overall the market for CrossFit is continuously growing, which can only benefit the probability of this venture.