Entrepreneurship Question
DEVELOP THE BUSINESS MODEL
We are in the Gym, Health, and Fitness Club business in Texas. We have detected a place to enter the market, possible target customers, and used Porter’s Generic Model of Competition (1985) to position our business. Remember the wedding cake example? Here is where your creativity begins.
For Students Using Readers
This lesson starts with a multi-piece diagram. I will cover more details of Michael Porter’s Generic Model of Competition in the lesson that follows. I can’t use the exact image due to copyright laws. Let me describe my adapted model above. Barrowed from the “Twilight Zone,” imagine if you will.
The model is anchored with a long slender rectangle in the middle of the page. The rectangle recognizes the importance of the end user and measuring the customer’s value proposition. On each side of the rectangle are two smaller boxes for a total of four boxes. Coming from each box is an arrow facing the slender rectangle. The boxes represent arenas where firms can compete. Arena one is located in the top right-hand side and represents the Ford Automobile position of broad market and low cost. I designate arena one as one-dollar sign. Located in the top left-hand corner, arena two is a box representing the Mercedes position or broad market differentiated. Arena two is characterized by two-dollar signs.
Moving over to the bottom right-hand corner, arena three is a box that represents the Ferrari position of narrow market and special. Keep in mind that this product or service is expensive. Arena three is characterized by three-dollar signs. If we look to the bottom left-hand side of the page, we see arena four. Here we very high-end products and services such as the Bugatti Chiron position of an extremely narrow high-end market. Pricing is afforded by only a few high-net-worth individuals. Four-dollar signs.
Purpose
The purpose of this assignment is to test business models, describe customer value propositions, identify our value adding activities, and look for pivots (changes). It is best to start the assignment with the graphic and work around the boxes. You will create a Gym business in Texas and pick a specific box in which to operate. Remember that each box above has unique costs structures, pricing, target market, brand image, supply chain, and customer expectations. Once again, we shop at Walmart for painting clothes for a reason.
Background
Running a successful business takes talent and attention to detail. You have read the chapter and the provided Industry report. Now take a 35,000 ft. view of your business and how you would make it a success. What would you do, how do you get it done, and how do you make money? Let your imagination run wild. Be sure to identify other companies that will supply you or provide assistance (Internet searches). Plumbers, electricians, lawyers, CPAs, painters, HVAC, suppliers, etc.
Now is the time to start thinking about the type of Gym business you will operate. Are you dog friendly? Do you want to attract Millennials? College students? Working class families? Senior citizens? Keep in mind, that if you remain middle-of-the-road, you will compete on price against everyone else. If you offer something different and valued by the target market, you can charge more. This will also influence your supply chain and business partners.
Mechanics
Start with chapter 4 of the textbook, view the lesson videos in Canvas, and look at the examples in the textbook. Submit the assignment file to Canvas as Lastname.Firstname.BusinessModel.docx.) Your written report should have a title page and works cited page, be key boarded, utilize the American Psychological Association (APA) citation format. Start your paper with 2 pages of the Barringer model template (download) and add your written pages of text below the model. The total package should be in one Microsoft Word document.
Your written report (Technical writing) should be key boarded, possess both a cover page and works cited, utilize the American Psychological Association (APA) citation format, and be up to 5 pages in length (excluding cover page and works cited). Use 12-point Arial font, left justified, 1/4-inch indentions, levels 1-2-3 headings, page numbers, and single line and character spacing. (Use the “No Spacing” box selection on the Microsoft Word ribbon to produce single line and character spacing). Do space between paragraphs for readability.
I am expecting a professional report that (a) demonstrates a command and understanding of the topic, (b) uses sound presentation logic and well thought through justifications, and (c) displays use of appropriate graphs, charts, and tables. I have provided you with levels one and two headings to get started.
Turn in your Word files to Canvas for submission to www.turnitin.com. Do not send me assignments in PDF, HTML, HEIC, Pages®, Word Perfect®, linked to Microsoft 365®, linked to OneNote®, linked to Sharepoint.com®, or linked to Google Docs®. All submissions will be graded as to following instructions, content, punctuation, grammar, citations, and sentence structure. Late submissions will not be accepted (unless covered by university policy). Please view the videos below (citations and headings) and answer the following questions in paragraph form.
Assignment
Create your own Gym business. I have attached the Business Barringer – Ireland Business Model for you to use in this assignment. Create the bullet points for each box by following the example in the text.
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