McGregorys is a newly started company with its headquarters in Baltimore, Maryland. It is a sports and fitness company that intends to venture into the business of selling the sensory yoga mats to the people around Baltimore and the nearby cities. The Sensory Yoga Mat is a unique type of mat that provides users with a wide range of benefits compared to what the ordinary kind of yoga mat would provide. In a broader note, these products have sensory devices fitted in them to allow the users detect the amount of energy they use, the mat's temperature, the pressure being exerted during the fitness session, and the ability to adjust the temperature as per the user's desire. Based on the fact that fitness and exercises are vital practices for all individuals for healthy living, our company intends to target individuals and yoga enthusiasts of the ages between 9 and 75 years. As currently instituted, Maryland's fitness and sportswear industry do not have these kinds of mats, and there is an attractive project that McGregorys Company has accepted for investment. Therefore, the gaining more profit, taking the largest market share within the industry and expanding to other parts of Maryland and the entire United States is the ultimate objectives of the McGregorys Company.
To support the business goal of your chosen business opportunity in technical terms such as pricing, differentiation, and responsiveness, the company intends to execute various strategies. Firstly, the company aims at understanding its unique business entity (Ready, 2011). It is undeniable to mention that the company is giving the exceptional value to a precise based of customers through it's a product that is new, unique and first of its kind within the industry. As such, McGregorys will research the competition, identify their points of attractions without the intent to copy them, and understand that no magic formula works in every situation. Secondly, the company intends to build long-term relationships with its customers. To become the most significant brand in the fitness and sports industry, McGregorys not only wants to attract new clients continually but also makes it stay. In this way, therefore, the company will conduct market research to determine the lower product's price than its competitors that it can implement to attract consumers. Moreover, the company intends to design recognizable features as part of building a new business. It will be executed with the target audience in mind. If it means creating a logo, then McGregorys will intend to come up with something catchier, more visually attractive and more unique.
Regarding the demand and forecast for the company's product in the first six months of operations, McGregorys anticipates a profit of $10 million. The value, in this case, is based on the evaluation done on the past sales of other companies, the research on the industry trends, the company's data, and the forecasts based on the higher and lower prices points than what is currently being offered. The company will heavily rely on factors such as price, product differentiation, and its responsiveness to achieve its goals.
McGregorys applied the use of the time-scenario forecasting technique. Primarily, the time-scenario method is a quantitative forecasting technique that measures data gathered over time with the aim of identifying the trends. The data, in this case, may be taken over an interval such as hourly, weekly or monthly. In the case of this company, the use of the weekly range revealed a greater possibility of high profitability in any case appropriate marketing strategies are implemented. The time-series forecasting has a significant rationale when compared to other techniques. Notably, it helps and facilitates the identification of the essential characteristics in the data that can be utilized in making the statements regarding the future outcomes (Clayton, Ozbolt & Confederation College, 2013). Besides, the data collected are credible regarding reliability, and since it is based on verification, it can be subjected to thorough scrutiny for validation.
Clayton, G., Ozbolt, J., & Confederation College. (2013). Entrepreneurship and starting a business. Toronto: Productive Publications.
Ready, K. (2011). Startup: An insider's guide to launching and running a business. Place of publication not identified: Apress.
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